The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-01-28

would have been further i'm
pressed with his familiarity with
finance of this and other coun.
tries. Mr.. McLaurin has given
to this question much of his
time and labor for the benefit Of
his people, Notwithstanding the
fact, that he has suffered from
the misrepresentation of peanut
politicians, because Of his ad-
vance views along the lines of
political economy and was fore
ed to retire from the public SER
vice.
It is only occasionally, per-
haps once or twice in the course
of a mans life that be hears a
really great speech.
None who. heard McLaurin
speak on the Warehouse bill
on Wednesday will hardly be
likely to forget it.
While the subject is dry one,
finance and Warehouslng-Mc-
Laurin for an hour and q half,
had the undivided attention of
the Senate. Nearly every seat
was full and a good many visi-
tors on the floor and in the gal
lerieS.
McLaurin said ''There is no
use in rehashing what [ said last
year, I propose to discuss this
bill from three points of view. y
1st. Its relation to the new
currency bill.
End. How the passage Of Anti
option legislation by congress
will affect the price of cotton.
3rd. The attitude of the New
York Exchange in expressing a
willingness to accept deliveries
of cotton in the South on con
tracts made in the Exchange.
He said that if the Clarke
amendment had passed last year
that the effect would have low.
cred the price of cotton. That
before we pass an Anti.option
bill, that we must make provis'
sions for carrying the surplus
supply of spot cotton.
That section l3 of the new
currency act provided for dis
counting bills ofexchange drawn
for agricultural products gave
US access to the money now tc
carry over cotton, but that il
was up to US, to provide the
machinery.
He went into a very interest
ing exposition of Section 13 and
said now was the time to pass
the Warehouse bill, while the
financial system was in process
OF reformation. He said:
"The purpose of the federal
reserve act, is to reduce this call
loan fund in New York which
while it did foster gambling in
staple products, also furnished
the necessary funds to carry the
surplus supply of theseproducts'
The act looking to this very con
dition of curbing speculative &C.
tivity on the exchanges provides
in section (13) facilities for car
rying agricultural products by
means of loans from the member
banks, which loans may be free
ly discounted. I believe that
this important provision was
due almost entirely to the agita'
tion of the Warehouse bill in
South Carolina, Louisiana, Wis
consin, Texas and other States,
There can be little doubt that
had this bill been in operation
in the States I have named, that
the Warehouse receipts would
have been made the basis of an
actual issue of currency. Had
Congress last winter enacted the
Clarke amendment shutting uI
the Cotton Exchanges, there
would have been no place, where
We could have secured money
except abroad in the cotton man
ufacturing centers, to finance
cotton deposited in the Ware
house. 1t was looking to this
condition of affairs and to render
it possible to pass some restric'
tons on gambling in these ex'
changes that section (13) was
written into the reserve act, tc
provide funds to carry the sur
plus supply of cotton, wheat and
other standard products of the
farm. We must devise the ma