The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-08-19
asked how this was to be done.

asked how this was to be done.
THE point that I wanted to bring
out and get the promise that it would |
be worked out. if. possible, was not |!
to have the treasury to send this |
money TO the central national banks.
like Spartanbur, Greenville, Colum-
bia and Charleston alone, but TO
make arrangements to send that
money direct to our small state
banks and let them give as collat-
eral security, against the issuance of
that currency, cotton; let the man
with one bale Of cotton bring it up
to his little town, go to his little
bank, take his receipt for this cot
ton, properly insured and stored, and
get the money he needs on it right
at his home.
81 told them it was imrracticable
and no use to talk about the aver
age farmer sending his cotton to Co.
lumbia, to Charleston, and storing it.
So said to the committee, Let's get
down to brass tacks. 1t is no use to
sit down here and spin your Court
House theories. What the boy in the
field wants is something that he can
lay his hands On without going to
half dozen so-ca,led experts. I told
them that the rank and file of the
farmers of this county are just as
honest as the best man you have in
the treasury.
81 told them that what I wanted
was that the treasury of the United
States, the comptroller, should rec
ommend an immediate amendment
to the vreeland-Aldrich bill, giving
the secretary of the treasury the
right to send to any bank that will
accept cotton paper as collateral
against loan from the treasury,
such money as may be needed and as
may be properly secured in such
manner, and that there shall not be
charged any more interest than pre-
seribed by that bill, and that the
amendment shall fix the rate of in
terest at just enough to cover the
transportation Of the money, and the
fixing of the necessary papers.
..The last word asked me yester-
day, when the meeting was about to
adjourn, was by the comptroller OF
the currency. t'Now, Senator he
said, what is it that you want?' !
said, I want money enough to hold
every bale of cotton until the mar
kets are open again and the trade
resumes its normal conditions.
want that money put where it can
get right in touch with the man who
makes the cotton
"The comptroller of the currency
promised me that he would go yes
fterday afternoon, although the moth
er-in-law of the Secretary Of the
Treasury was dead, and hold a con-
ference with the secretary; that they
would go over the Vreeland-Aldrich
act together and IL. amendment that
had recently been put onto it, and
Iif they could not find way under
this act whereby they could send
this money to the local banks, that
if such power did not lie in the law
that they would recommend an
amendment for immediate consider
alton.
Senator Overman, Senator Sim
mons, Senator RandeIl and Senator
Hoke Smith of Georgia all pledged
me that when this report was made
to-day, If an amendment were recon-
mended to carry out what I pleaded
for yesterday, that they would intro
| t.duce it in the Senate and see that it
was introduced in the House stimuli
taneously and rush it through SO
that the money could be available
when the'cotton started to move.
I "You will recall that last year,
upon the suggestion of some of us,
the secretary Of the treasury sent
down here money to help move the
crop. Now the conditions are the
reverse, we want money to keep the
crop from moving, and I have no
doubt whatever that within the next
few days we shall have adequate and
convenient means by which the farm
ers Of this country, the cotton farm
,ers, and the tobacco farmers as we'll.
shall be enabled to get profita BILE
Ireturn for the wealth they produce. I"