Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-02-23

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that they have not experienced q great
deal Of actual suffering.
But the speaker was unwilling to ad-
NIT that crop Investigation was a
complete solution Of the trouble. d.
Versification, he said, was wise as a
precautions; and farmers should always
produce plenty to eat. Plenty to eat,
however, Is not sufficient. The fullest
enjoyment Of life in comfort and con-
tent, calls for more than something to
eat, and whatever may be the merits
or dement's of the all cotton system,
compared with the cotton as a surplus
, system, the fact remains that cotton
is the only crop we have to depend up
on to get money for u own needs, or
to bring money from abroad to supply
the needs Of the community generally.
There Is no escape from the fact, Mr..
McLaurin asserted, that the main
question to be solved in connection
with the most profitable marketing Of
the crop Is finance. There e has
been q crop the whole years supply Of
which could be marketed within three
months without loss to the producer,
and that Is one Of the handicaps on
cotton. People other han farmers un-
derstood this situation thoroughly and
they make the most of 1.-THE cotton
buyers, the banks, the spectators and
others. It Is up to the farmers to bring
about some reforms along here in order
to secure for themselves a fuller share
of the products Of their labor, and the
state warehouse system, he declared.
will If properly managed, backed up
and utilized, furnish the key to the
situation.
By way Of illustrating h necessity
for the warehouse, he cited the previ-
ously published case Of the Texas
farmer who a few years ago, placed In
a bale Of cotton a letter in which he
stated that he had sold the cotton ats
cents a pound and asked the spinner
to advise him what he had paid for It.
In the letter was q return envelope,
stamped and addressed, and in the
course Of time came the reply from a
German manufacturer, stating that ne
had paid 16 cents q pound for the cot
ton. The difference in the price had
gone to pay numerous profits which
under q better system could have been
avoided. He went on to say that In
1911 when on account Of the big end OF
a tremendous crop going on the market
in the fall months he sold the bulk OF
his crop from 8 down to Z cents, and
because he could not get an offer Of
more than 6 cents for the balance,
some $50 bales, he put it in q ware
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month. In the spring he sold the cot
ton for future delivery at 10 cents, and
when 1t came time to ship, in order to
save any misunderstanding he employ
ed two Bennettsville buyers to grade
it. He shipped the cotton to New
York, where 1t was regarded and al
though New York has not the reputa-
ton Of giving people any more h Is
coming to them, the New York graders
placed the cotton 60 points higher than
it had been placed by the Bennettsville
graders. He had made something like
$12, 900 by holding his cotton in a ware
house.
But Mr.. McLaurin did not want to be
understood as saying that the mere
matter of warehousing was the whole
thing. Other matters to be taken into
consideration were the cheaper rates
Of storage and insurance offered by the
state warehouse, n the guarantee OF
title, weights and grades in favor Of
the purchaser. Also the superior bor-
rowing power Of the state warehouse
certificate. He told Of his recent trip
to Washington and New York to see
the officers Of the treasury department,
the big bankers and insurance men,
with the result Of establishing the loan
value Of state warehouse receipts over
standard warehouse receipts, and get
| ting the concession of the lowest in
surance on cotton that had ever been
| offered anywhere. Then he went on to
say that while the regional reserve
system offered splendid advantages,
these advantages were Of no conse-
quence unless the local banks would
avail themselves Of 1t for the benefit Of
The cotton producer, and he had dem
onstrated that this could be done upon
proper effort.
UP to this time, Mr.. McLaurin said,
| the local banks have not shown any
disposition to help the farmer. 1t is
true that a member bank a. discount
a cotton note at its regional reserve
bank for 80 days at 5 per cent; but
in the first place they r not doing
anything Of the kind, and in the second
place, they are charging 8 per n for
the service. There Is nothing in that
arrangement for the farmer. His
credit Is being used to be sure; but
mostly for the benefit Of others. Il do
not believe in the use Of the big stick
thing that is rightfully theirs, but
when the other fellow has something
that belongs to me and will not give 1t
up, I am for the use Of the big stick,
and in these circumstances, I am be-
| ginning to feel that the only way for
the farmers to compel the use Of the
reserve banks for their benefit, Is to
| establish a string Of member banks
themselves. The banks will be able
to discount the farm paper in he re-
serve banks at 5 per cent, and then
| give the farmers the money at con-
siderably less than 8 per cent. Then
when the farmer finally sells his cot
ton he can deposit the proceeds In his
member bank and make for himself
the profit that belongs to him; but
which Is now going to others.
Mr.. McLaurin mentioned some Of the
many difficulties that he has met with
in his efforts to establish the ware
house and stated that all Of the oppo-
sition arose out Of the fact that the in
~terests affected-independent cotton
dealers, insurance people, mill men,
bankers and others realized that most
Of the saving that would com to the
farmers will be as the result of a d.
version Of profits that are now going
to them. The opposition generally Is
purely selfish; but in some cases 1t is
the result Of misunderstanding. He as
serted that several Of the strongest OPP
ponents Of the warehouse-those who
had made the ablest speeches against
the system, had convinced themselves
Of their error in their W speeches.,
and they are now friendly to the whole
plan. Many Of the politicians had
fought him for political reasons but
that was unnecessary, for II he can
carry out his plans to get all that Is
coming to him, he wants no other re-
ward. He told how the general assem-
bly, had originally appropriated $4,000
per annum for use in h establish
ment of the warehouse, and how the
comptroller general without previous
warning, suddenly advised him that no
more warrants would be honored ex-
cept on a new appropriation. He look
ed upon the whole thing as of a piece
with other similar dagger thrusts at
the warehouse system; but he did not
intend to be driven from his work In
any such style. He determined to go
on with the work ven though he Ia
to pay the expenses Of the whole bust
ness out Of his personal means.
Mr.. McLaurin said that he had ar
ranged to buy sheet-iron suitable for
warehouse purposes, at cost, for sale to
the farmers at cost, the money to go
back into the treasury as 1t was paid
back to him, and II the $4,000 appro-
priation is not enough for the purpose,
he will sur''y out Of his own means,