The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1915-09-07
SPLENDID ADDRESSES
BY SOUTH CAR0L|N|ANS
Congressman Lever, Col. E. J..
Watson, Lieut.. Gov. Bethea
and J. L. Roddev Speak.
GIVE EXCELLENT ADVICE.
me Morning Attractions Feature
of LancaStcr'S First Chau-
tauGua.

much pleasure to our people and we
hope that it was profitable as we'll
The program was varied and some
features of it most interesting, but
many of our people enjoyed the ad-
dresses on Friday and Saturday
mornings more than any of the 9TH
er attractions. There was so much
that was practical and helpful for
these speakers were all native South
Carolinians and well acquainted with
our needs. Mr.. r. ,E. Wylie presid-
ed as chairman and introduced the
speakers. Hon. A. +. Lever. con
gressman from the seventh congress
sional district. was the first speaker
Friday and the peopIc of Lancaste
county enjoyed their first oppor-
tunity of hearing this able young
man. Mr.. Lever prefaced his re-
marks by congratulating the town
upon its evidence of development and
the county upon the strides it has
made. particularly in road improve
ment. This talk in Lancaster was
the third Mr.. Lever made last week
and the eighty-third during the sprin.
and summer. He described in an
amusing way his first public speech.
told other jokes at his own expense
and at the expense Of Colonel Wat
son. the second speaker Mr.. Lever
launched at once into discussion OF
the outlook for cotton. which he be-
lieves is very bright He spoke first of
the outbreak OF the war last year. O..
how suddenly il came and compared
its effect upon business with the ef-
feet OF monkey-wrench thrown into
a piece OF finely adjusted machinery.
Three great cotton exchanges closed
their doors in order to prevent ruin.
treasures were practically empty.
and sources of revenue ceased.
About the first of August, 1914. the
people OF the South were about to
begin marketing the largest cotton
crop ever made, when combined cir
cumstances for more than thirty days
totally destroyed the cotton market
OF the world. Money could not be
had from banks or anywhere else
Currency was issued but did not en-
tirely relieve the situation. A CON
dition of panic seized upon the peo-
pie OF the South They were ready
to sell their cotton at any price. The
condition financially was worse than
the condition which faced the South
Immediately after the war. In con-
trast TO this. Congressman Lever
described the situation today. when
instead of no credit. credit facilities
were never better. Banks are in
better condition than ever in the his
tory OF the country "YOu have 4
federal reserve system which for the
hrst time recognizes the paper of tho
farmer as OF equal importance and
strength as the paper of ANYBODY
else. For the first time the govern.
ment has taken the banking system
mobilized II and put il under the
control of the government. II has
taken the grip Of New York. Phila-
delphia and Chicago of of the peo-
pie. When currency is needed in the
South IL can be transferred from
New York and other centers to the
regional banks at Richmond and else
where In the South" explained Mr..
Lever. adding "As far as money and
credit are concerned. the South need
nave no fear" He praised the new
system by which the farmer may
warehouse his cotton and present
his warehouse receipt to the bank
which as matter OF self-interest
sheuld make loans on The ware
house receipts. "Since every bust
ness in the South is dependent on the
financial strength OF the farmer. the
administration. said Mr Lever. sis
using all the influence it has 10 ge,
money for the farmer at the loves.
price He said further that the
money proposed to be put In the
banks OF the South should be loaned
at rate of interest not exceeding
four per cent. 'This," he declared
rs the first time a President has ha