The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-07-07
WHY BANKS DO NOT FAVOR THE WARE
HOUSE SYSTEM.
MeLaurin Gets Money at 5 Per Cent on State
Warehouse Receipts, While Local
Banks Charge Eight Per Cent.

We called attention in our issue of
Tuesday to the very handsome recep-
tion that the North Carolina State
State Bankers Association gave to Hon
John L. McLaurin, who attended the
meeting with Mr.. Harding, of the Fed
eral Reserve Board. It does seem
strange that the South Carolina bank
ers are so determined in their stand
against the State warehouse system.
They had Mr.. Harding at the Isle OF
Palms, and it does look as if, consider
ing what Mr.. Harding said about the
value of the State warehouse system,
that if the banks really want to help
the people they would seek to encour-
age the warehousing OF cotton and the
use o. the receipts as a collateral for
borrowing money.
We are inclined to think that the
cause of their not doing SO is the state
ment published by Mr.. McLaurin 10
March, that he had secured loan for
Senator Banks, of St. Matthews. in
New York, at 5 per cent, and could
borrow all the money that he could get
State warehouse receipts for at 5 per
cent. and in large amounts could have
been obtained on accepsances at three
and aue.half cent
The banks in this State do not want
to hear of anything less than eight per
cent. discount, and they are determined
break qhe State warehouse system down
If they can, because it furnishes ave-
nue. for farmers to get bheap money.
The function of bank should be
to cons ;rve the credits Of the country.
and DOT mere place to borrow money
The farmers create the credits, and
the banks use these credits to hold
down the very class which makes them.
Such q condition of affairs cannot
last indefinitely, and if McLaurin sue
ceeds in establishing this system IN
Georgia and Alabama, il will be so
firmly fixed tha3 oereafter we will hear
no more of eight per cent discount.
If this fight is continued against the
warehouse system, we hope that Nc
Laurln will enter the race next year
for governor and meke the fight for
the State warehouse system, aud for a
a legislature in sympathy with indus
trial progression the freedom OF the
farming and laboring classes from the
oppression OF the money power.
The present State administration is
the product of bitter factionalism, and
| in spite of his promise, Governor Man
ming is as much a PARTISAN OF the
money power and corporation Interests
as Governor Blease was on the other
end of the line.
We don't think that McLaurin at
present has any intention OF entering
the gubernatorial race, but if the next
legislature shows the same disposition
that it did last winter. we are satisfied
that he will be forced, in defence OF
the farming and laboring interests in
this State, to make the issue.
We must believe that in such an
event former Governor Blease would
urge the people who twice elected him
governor to rally around the standard
OF McLaurin, and let the issue be
souarely made between McLaurin, for
the people, on the one side, and Man.
ming, for the money interests and the
corporations, oa the other. The peo.
pie are demanding relief, and they are
going to have it. MrLaurin is laboring
in their interest, and If he is forced to
carry the fight for them into the guber'
Material race he will not hesitate TO do
so. Blease is pledged to the cause OF the
people, and the farmers and the labor.
ing people twice made him their gov
ernor. And if the peoples standard Is
raised by McLaur!n next summer we
have no doubt that Blease, who bore II