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

people. ''This money" "they say
'.can be had by the banks at
low rates of interest. and all of
them can probably afford tolend
1t on cotton at not above six per
cent" What better assurance do
we need than that?
The banks of New York, and
Chicago and other money CEN
ters are really suffering from
too much money. The money
market in New York is one and
three-quarters per cent for call
money, two and one-quarter per
cent for sixty days, two and one
half per cent for ninety days,
three and one. quarter per cent
for six months. The tide of gold
coming in from Europe for the
purchase of supplies threatens
to overwhelm them. The banks
of New York alone hold a re.
serve of over six hundred mil
lion dollars, four hundred and
twenty-five million dollars of
which is in gold. One year ago
we were complaining of the en-
forced shipments of gold to
Europe for the purchase of
American securities, and the.
stock exchange was closed to
prevent a panic. Now New York
does not want Europe to ship
any more gold to pay for sup
plies here, but is trying to ar
range a great credit for Europe
of a billion dollars, based upon
American securities and govern.
ment obligations, so as to main
tain the rate of foreign exchange
and afford a basis for the pur
chase of supplies. Representa-
tives of France and England are
on the way to New York now
for this purpose, and I was told
in New York that the govern
ment and the federal reserve
board would be asked to cooper
ate in arranging this credit for
the maintenance of our foreign
trade. If that be true, then it will
not be a difficult matter to ar
range for the purchase of sufi-
cient quantity of cotton to estab
lish a fair price, in line with the
suggestion / made to President
Wilson on August 5, for the use
of a portion of this credit in Sc
curing cotton for the allies. The
important thing is that the pro
ducer should get the benefit, and
not the middlemen, who have
been getting all of the profit for
the past 80 years out of our crop
1t goes without saying that the
federal administration has sufi.
cient, power to carry out the
promises which they have made
to the cotton planters of the
South.
COTTON IN STRONG POSITION.
lido not think that technically,
except for the temporary inter
ruption of foreign exports, cot
ton has ever been in such a
strong position, I am thoroughly
satisfied that the close of the
war will find the world short Of
cotton. and that prices will go
as abnormally high as they have
been low. 7 do believe, however,
that there is a concerted move
ment, just as these was last fall,
to force just as much of the
present crop out of the hands OF
weak holders as possible. and [
wish to warn our people against
being caught by specious reason
ing and making a sacrifice OF
their cotton. Secretary Hester
tells US that the spinners of the
world manufactured into cloth
and other commercial articles
during the past year IA, 1873, 600
bales of cotton. II that be true,
then there cannot be much re-
serve cotton on hand, and the
stocks of the manufactured
goods in Germany, Russia,
France and the Orient must be
at minimum. The tremendous
amount of gunpowder, every
pound of which is 40 per cent
cotton, it is estimated, has taken
up something like three million
bales of cotton. The replenish.
ment of reduced stocks of manu-
factured and raw material is sure