The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-09-08

August D, "Speclncally calIlnS
his attention to the need of I'M
mediate action"
The full text of Commissioner
McLaurin's statement follows:
To the Farmers of South Caro-
lima:
We are approaching the mark
eting period for our crop under
conditions never before prese MT
ed. We can secure prices above
the cost Of production provided
we place ourselves in a position
to take advantage of the oppor
tunity: We need not deceive
ourselves that it will not be a
hard fight, because those who
have heretofore profted by fore
ing the crop out of our hands at
a low price during the market
ing period and reaping an enor-
nous profit in the spring, will
use every effort to do so again.
Yesterday, on a report which
could not possibly be construed
as Indicating much over an elev.
million bale crop, the market
was forced off one dollar and
seventy cents per bale.
LETTER TO WILSON.
In anticipation of these tac-
tics, I wrote President Wilson a
letter on the 5th of August,
specifically calling his attention
to the necessity of immediate &C
ton. In his reply the President
expressed his "genulne inter
est" and promised to discuss it
with those "who understand
these matters better than I do. y
| He conferred with Mr.. Harding,
of the Federal Reserve Board,
and Mr.. Harding, during the
course of an address delivered
in Birmingham last Wednesday
night, read a letter from Presl-
dent Wilson, which, together
with the address, is all that we
could expect. Mr.. Harding
said "the welfare of the South
depends upon this crop being
marketed at fairly remunerative
prices: the prosperity, or the re
verse, of the Southern farmer
means strength or weakness OF
the merchants and bankers of
the South, and vitally affects
trades and industries through
out this entire country" ''Let
Southern bankers" he said,
wherever possible make liberal
concessions in their usual rates
on commodity loans. High in
terest rates means forced sales.
Present conditions fully justify
low rates, and Southern bankers
should be willing to forego tenn
porary profits for the sake Of
security and solidity in the fu-
ture. I am sure that the Fed.
eral Reserve banks may be de-
pended upon, under their power
of rediscount, to cooperate to the
fullest extent with the banks in
taking care of the cotton crop.
What better security, therefore,
could Southern bank ask than
the obligation of a merchant or
farmer which he has been car
rying on crop not yet existing
what better or more liquid in
vestment, could a Southern
banker find, than to carry this
same obligation along for a few
months, if necessary, secured by
the actual cotton properly ware
housed and insured, and certain
of a market"
President Wilson's letter is as
follows:
My Dear Mr.. Harding:
"Thank you sincerely for your
letter of August END. It gives
me just the information [ desir-
ed. What interests me most is
this: it is evident from what you
tell me that the country banks
with whom the farmer and 9TH
er producers directly deal can
get money at from to I I-2 per
cent, and that the question
whether the benefit of this ad-
vantageous rate is to be extend
ed to the farmer is in their
hands. 1t is inconceivable to me
that those who are responsible
for dealing directly with the pro
ducers Of the country should be
willing to jeopardize the pros.