The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-10-28
BOND issue PASSES
ADOPTED BY THE STATE SENATE
Vote Being 25.T0 4
FACED A hard fight

I -
Senators Send Committee to Wash.
ington to Consult Secretary of the
Treasury McAdoo-Want to Know
if Bonds Are Securities Under Fcd-
eral Reserve Act
Rejecting amendment after amend
ment and disregarding a desperate
eleventh-hour fight, the Senate We'd
nesady afternoon passed the joint
resolution Of voting s35,000,000 five
year S per cent. cotton bonds for the
purpose of the State buying up the
cotton crop. The vote was oyerwhelm-
ing-25 to 4, in addition to pair be-
ing announced.
Those voting for the issue were:
Ackerman, Applet, Beamguard, Chris
tensen, Dennis, Earle, CHM, Goodwin,
Gross, Hardin, Hough, Johnson, john
stone, Ketchin, Laney, Lawson, Lide,
McCown, Nicholson, Patterson, Rich
ardson, Sharpe, Stuckey, Sullivan,
Werner, Young-Total 25.
Those who voted against the bill
were: Slack, Carlisle, Buck and
Sinkler.
Senator Williams announced that
he was paired with Senator Clifton,
who was absent; that he would have
voted against the bill with Senator
Clifton voting for it. The measure
now goes to the House.
All efforts to change the measure
were rejected by heavy majorities.
An amendment by Senator Christen-
sen to eliminate the buying feature
and retain only the loaning feature
was rejected, to "a. Under the bill
the State will either buy the cotton
outright from the producer on basis
of ten cents per pound, or the pro-
ducer can give his note to the State,
together with the warehouse receipt,
and obtain a loan of nine cents per
pound. In either case the producer
must put. up 10 per cent. in cash for
interest and cost charges.
Under the bill the benefits are for
the producer of cotton, or for the
land owner on which the cotton is
grown, and holders of cotton for ben
eft of producers or land owners. An
amendment was adopted, at the sug-
o-ae+ion of cor ,tnr Njnboleon oyfoo A.
ing the benefits of the bond issue to
those corporations or persons who
purchased cotton outright or took it
in on accounts at ten cents per pound
prior to October 20, provided that.
such cotton was grown In this State
and that such persons or corpora
tionS be citizens Of this State.
Senator Carlisle sought to put in
an amendment permitting the sink
ing fund commission to loan as much
as 20 per cent Of the issue If practi-
cable on real estate mortgages, but
this, was showed under.
Senator Sinkler offered an amend
ment fixing the value OF cotton at 8
cents instead of 10, but this likewise
was overwhelmingly rejected. The
Senate went on record as fayoring
valorizing the cotton crop at l0c per
pound.
Senator Walker said he was against
the bill because he thought it un-
wise, unsound and establishes VIC
ious policy, and predicted that the
results of adopting the bond issue
would be disastrous. eve are SOW
ing the wind and will reap the whirl-
wind" he exclaimed, stating that he
would vote for the bills passage, as
he favored the referendum. Senator
Carlisle stated that he could not vote
for the bill because to do so would be
to give it sanction before the people.
Senator Williams announced his in
tention to vote against the bill.
Stating that he did not have
enough light on the measure, and
that he did not believe under the Re
serve act that currency could be got
ten on the bonds, Senator Buck open
ed terrific fight on the bill just as
the motion to take a vote was being
brought forward. He hammered the
measure vigorously and told the Sen
ate: "You may vote to refer to the
people, but you can't dodge the re-
sponsibility.''
Il wish to say to the Senator from
GEORGETOWN that we are standing IN
a whirlwind and are endeav ring by
this measure to SOW wind to calm
the cyclone now sweeping over the
State" exclaimed Senator Alan john
stone, who proposed the idea OF
bond issue, and who has been one OF
its most steadfast champions.
The measure was handled admir-
ably by Senator Lide, and just after
9 o'clock President Smith ordered
the roll call, which resulted in the
bill being passed % to 4 and ordered
sent to the House.
The explanations and statements
of Senator J. W. McCown had much
weight with the senators, and ne
pointed out that Senator Buck must
have gotten the borrowing clause and
the clause under which currency is
issued under the new federal reserve
act confused. He believed that banks
can take the State bonds and get cur
rency issued against them to 80 per
cent. of their face value through the
regional banks.
Under resolution offered by Sen
ator McLaurin, the Senate sent Sena-
tors J. W. McCown and Robert Lide
to Washington to confer with Secre-
tary Of the Treasury McAdoo to ind
out Just what relief can be gotten
from the treasury on these bonds.