Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-09-10
MANNING AND THE WAREHOUSE
Governor Will Take a Hand In Revis.
ina the Law.
Stat

I'm
Columbia State.
Speaking last night at the opening
session OF the joint meeting Of the
Conference for the Common Good and
the south Carolina Conference OF
Charities and Corrections, Gov. Man
ming discussed from the standpoint or
the farmer the problem Of marketing
the cotton crop of 1915. Viewed as
whole, he said, he thought that the
situation in which cotton planters
found themselves his yea was dis
tinctly encouraging. The cost OF pro-
duction Of cotton had been cut, great
quantities Of foodstuffs had been rails
ed at home and the people had econ
omized. Gov. Manning said that in
view OF these facts. II the farmers had
only this seasons crop of cotton to
market, they would have nothing to
worry about. However, the fact that
O large part Of last years crop was
still unsold complicated the situation
decidedly. The governor said that he
believed that proper system Of ware
housing the cotton raised this season,
cooperation between the merchants,
bankers and farmers and the Federal
reserve banking system would save
the day provided farmers sold their
cotton with the greatest care.
Aside from its able treatment Of
the marketing problem, Gov. Man
ning's address last night was chiefly
important because in 1t he outlined
improvements he intended to ask the
next general assembly to make in the
present state cotton warehouse sys-
TEN, all Of which he believed would
tend to safeguard the value Of ware
house receipts as collateral.
II am In favor Of a state system Of
warehousing cotton" said Gov. Man.
ming. However, I intend to recon-
mend to the text general assem- bly,
certain changes In our present state
system which I believe will safeguard
our warehouse receipts. The changes
in the system which I intend to rec
ommend are: First, that managers Of
the warehouses in the state system be
disinterested parties, neither owners
Of the warehouses nor Of the cotton
stored in them; second, that cotton In
warehouses In the state system be
graded by an official grader; third,
that the state warehouse commission
have inspectors and weighers to visit
the warehouses In the state system
and check up the number Of bales In
them, the weight Of the bales and the
grades Of cotton to see II these ere
as represented in the state warehouse
receipts.
IF the receipt for cotton warehouse
ed under the state system represents
the value given on its face, I believe
that II will be eagerly sought and
readily accepted as security for loans"
declared Gov. Manning.
In his address last night, the gov
ernor showed an intimate knowledge
Of the problems connected with grow
ing and financing the cotton crop.
This was to be expected rs he Is a
farmer and before becoming governor
was also q banker.
Gov. Manning said that IL he were
in a position to make rules to govern
cotton planters in marketing this sea-
sons crop he would provide that no
cotton was to be sold below the cost
Of production, that the whole crop was
to be sold slowly, that none Of 1t was
to be sold until the price reached the
cost Of production or just owe Il and
that the marketing Of cotton by indi-
viduals take place only as their debts
made II necessary.
Gov. Manning declared that when
the Federal reserve banks or banks in
the north lent money at 4 per cent to
the banks In the cotton belt, the last
named banks should lend 1t to farmers
on cotton warehouse receipts at 6 per
cent.