The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-01-28
MANNING, S. c.. WEDNESDAY. 49, 1914
WILL BE GREAT HELP
THE CURRENCY BILL AND THE
COTTON FARMER.
Congressman Ragsdale Points Out
Where it. Will Help Them to Get
the Money They Need.

|
| Among those who spoke in favor of
the adoption of the currency bill in
the House of Representatives was
Congressman Ragsdale from this
State. Just a few minutes before he
spoke Mr.. Hayles of California had
attacked the bill as increasing the
power of the Southern cotton farmer
saying that it would give to the far
mer the power of holding his crop
and securing higher prices for it. Mr..
Ragsdale replied to this by saying
the people of the South, whom the
gentleman from California has so un-
necessarily criticized for the benefits
we receive, look upon it as very
God-send to US that at least the cot
ton growers of America are recog-
nized in this currency system.
Mr.. Ragsdale went on to ask why
should the cotton growers be barred
from the benefits? Why should the
agriculturists be barred from the
benefits of financial system? Do We
not produce that which feeds and
clothes the world? Do not the pro-
ducts that we grow help to sustain
the balance Of trade with other coun-
tries? Why then should our pro-
ducts be outlawed and the right Of
credit be denied to us? All, Mr..
Speaker, the Republican party have
grown so accustomed to denying any
rights to the agricultural people on
everything and heaping unjust bur-
dents on US in tariff laws that they
welcome this last opportunity to hurl
! another stone at them.
Mr.. Speaker, the gentleman from
California says there Is no system
here by which money may be loaned
on lands. If he will turn to section
"a of the bill, it is provided there
that any money received on time and
which interest is paid may be loaned
for five years directly on land, the
loans based either on capital and sur
plus or time deposits. What is a say
ings bank? Is it not bank that re-
ceives time deposits and pays inter-
est on them. Does not this bill spe-
cifcally provide for their entrance
into the system? Does it not provide
that money may be loaned under the
systemo Why then is the gentleman
from California so disturbed? Why
is it that he never offered anything
by way of relief along this line, but
merely contents himself with trying
now to muddy the water?
Mr.. Speaker, the time has come
and it has been written into this
statute for the first time in this coun-
try, that farm lands are a basis for
credit in America, and that the own
ers of them who produce the wealth
of this country share in that lnan-
cial system which everything in this
country goes to support and sustain.
The time is here when farm products
are a basis of credit and subject to
rediscount in the national reserve
banks of America, and men on whose
shoulders rest the feeding of the
masses now have some recognition
in the hands Of the nation through
the Democratic party.
Mr.. Ragsdale was one among the
few especially invited to the execu-
tive Office to witness the signing OF
the great currency reform bill. Be
ing asked for some Of the main points
of advantage in the bill for the
Southern farmer, he said that he re-
carded the power given the national
banks to have farm paper rediscount-
ed for six months particularly good
feature. The farmer can now put up
his paper on his crops or stock in the
national bank in place Of the OLD
bank note, issued heretofore.
He can now secure loans on i've
wear contract basis from the national
banks and the bank can put these up
with the central reserve bank and re-
ceiye treasury notes on them. 1t will
necessarily make money easier in the
South.