The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-03-17

IS of the entire banking system
IF South Carolina-at least IN
the eastern part of the State
was cotton, and that the farm
ers, when they sold their cotton
in the fall, could deposit the
money in their own banks, and,
by making arrangements in the
cotton manufacturing and mon.
ey centres, let them use the sur
plus money and credits arising
from our cotton during the fall
months, when we have no use
for it, and then they could ex-
tend US the same accommoda-
tions in the spring, when we
need credit and they have a sur
plus of money. That the busi-
ness of this world was done on
credits; that for every dollar of
actual money used it was estl-
mated that there was ninety dol.
lars of credit. That the trouble
with the present financial sys.
TEN was that the farmers Great
ed all of the credits. and under
the banking system these credits
were confscated and the banks
given a monopoly in their use.
"Why not get together and use
the credits which we create to
our own advantage, and lnaug-
urate a banking system based on
the only correct theory--that
banks are simply a channel for
the distribution of money and
credits, in order to carry on the
real business of the country"
He said that under the national
banking system and under the
new currency law as now ad-
ministered, that the banks,
through this sequestra ton of
credit, had the farmers by the
throat, and were doing them
selves,and the country an injns-
tice in it's continuation.
He said that the warehouse
system was a mere incident in a
financial plan for handling and
marketing the cotton crop; that
under the present system the
local banks had been helpless,
because the credits for making
the crop had been obtained in
New York, and that New York
wanted cotton sold abroad in
order to force imports Of gold,
and therefore during the fall
months a twelve-months supply
of cotton was annually forced on
the market in three months, and
that no product in the world
could be sold on that plan and
the price not run below the cost
of production. That the farmers
could store their cotton at home
under the State system, at a cost
of about eight cents per bale per
month, as compared with the
twenty-five cents a bale now be-
ing charged by standard ware
houses, that the receipt given
by the State guaranteed the
title of the cotton and Identified
the bale. so that there could be
no substitution, and this made
the State Warehouse receipt a
better collateral once it was un-
derstood in the money centres,
than a receipt from any private
or corporate. owned warehouse.
That the State warehouse sys-
tenn was not generally under
stood, and that he was making
these addresses around over the
State for the purpose of giving
the people information as 10
what could be done. He said
that the system had been fought
from it's inception by persons
who were proiting by conditions
as they exist, and that he knew
that it would be done-that it
was natural that it should be
done.
He referred to the personal
and political attacks which had
been made upon him in the Leg
islature, saying that some of
these attacks were made by hoa-
est men. who was misied and
did not understand the PROPOSE
ton, and others by those who
were interested on the other
side of the financial question;
that be accepted it in a philoso-
phical way, and did not intend
to abuse anybody: that Of course
it was very unpleasant, and hurt