The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-10-07

representatives as well as l re-
ceIved hundreds of letters to the
effect that it was impossible to
obtain loans on cotton; that what
money had been sent into the
different cotton growing States
had not been used for the pur,
pose of loaning to the farmers to
enable them to meet their press
ing obligations and to hold their
cotton off the market.
WHAT Mc&DOO SHOULD DO.
eve impressed upon the pres
|ident the fax : that several mil.
lions of bales could not be sold
at anything like the cost of pro-
duction because # the European
situation; that what was needed
was to get the money direct to
the farmer at the lowest posi-
Die rate of interest. and that the
situation demanded immediate
relief; that tbe secretary Of the
treasury in depositing govern
ment funds in the national banks
in the South for,the purpose OF
relieving the situation should IN
|struct the banks to whom this
money was sent that it should be
Iloaned specifically and exclus-
lively on cotton. There is with
lout doubt now sufficient funds
| to relieve the situation if they
can be gotten directly to those
needing the money,
sThe president was informed
10y members of the committee
that under the law the secretary
lof the treasury had the right tand
power to instruct the national
banks acting as fiscal agents for
the government to what specigc
ends governmet money should
be used.
ssOfS course, the secretary of
the treasury has the right to
concentrate the government
funds at such points as he sees
lit. Therefore, the committee
laid before the president the
proposition that the secretary
T of the treasury place such
amounts of the government
funds in the South as were. ne
Iieessary to meet the situation
with instructins to the banks to
use these funds as above indica-
ted.
THEIR IDEA.
SIT was also brought to the
Z s-..sion Of the president that if
| the secretary of the treasury
were TO use this power with the
added instructions to the nation
Eal banks that they accept from
IState banks in good standing
Icotton securities or paper Sc
toured by cotton and furnish
these banks the money received
lby the national banks from the
government for; this specific pur-
pose. the situation would be re.
llieved.
.The question as to the power
of the secretary to determine the
rate of interest was also discuss
led. In the opinion of most Of
| the committee, it was clearly IN
his power to do so. The presi-
ident was intensely interested in
the conference and is profound
tly in earnest in using every eff
fort in his power to relieve the
tsituation.
ssHeywili talk this matter over
with the secretary of the treas
ury at once and will also discuss
the situation with the federal re-
serge board. It is now. very
probable that in the next few
days under the new banking and
currency law the regional re-
serve banks in the South will be
organized which ia a few weeks
will be operative This will un-
Idoubtedly add still further re.
lief, for under it's terms paper
| on farm products is made eli
lgible to discount upon which
federal reserve notes may be is
sued for six months. It was al
| so pointed out to the president
that the secretary of the treas
ury in depositing these funds in
1.-THE South for the purpose set
forth should also inform the
banks that the treasury depart
| Iment would not call for these
deposits under six months, and
if possible the time for these
loans wonld be extended for II
months. The attitude of the
president was extremely graft
tying to the committe, and ev.
cry member of it confidently ex-
poets immeniate results. :"
SOUTHERN BANKERS PLAN COTTON
LOANS.
St. Louis. Oct "a plan for
raising a cotton loan fund of
$3.50, 600, 900 proposed by a con-