The county record. [volume] (Kingstree, S.C.) 1885-1975, 1915-10-07

lima, more especially the cotton
farmers, fair share of the pro-
ceeds of their labor, it would at once
throw all it's powerful influence to
the cause.
We have recited these facts be-
cause of the light they throw on the
peculiarly mean and sneaking edi-
torial we have reproduced above,
and now by statement of certain
facts of which the Columbia State
and most of the public are aware,
we will proceed to show how mean
and sneaking that editorial really is.
The former editor of The State
owned that he knew nothing about
finance, etc. AS to whether the
present editor is in the same posi-
ton, we do not feel warranted in
saying. We will say, however, that
in his statement Of the requirements
necessary to make bale of cotton
available as security in New York or
Chicago, he is either very ignorant
or very careless. The existence"
of the cotton is important, of course,
and so is it important, that the cot
ton be sheltered from the weather
and insured against fire. But above
all these the one thing that the
banker wants the receipt to guaran-
tee is the title. The State ware
house receipt does that as does no
other receipt.
1t will be remembered that at the
outset of this warehouse movement,
Mr. McLaurin sought to get a fairly
large initial appropriation for the
purpose of establishing State-owned
warehouses. Having been thwarted
one way and another in his efforts
in this direction, he accepted a law
that gave him nothing but the right
to pursuade people to invest their
money in warehouses to be placed
under his management, with the
understanding that these people
also pay him a rental of 3 cents a
month to help defray expenses.
And the thing that is hurting some
folks right now is the fact that the
people of the State are showing
their confidence by putting up their
money.
Can the owner Of 100 bales #
cotton carry it's receipt to New York
|
and there obtain a loan upon it at 6
per cent or less?' asks The State.
Did not Senator Banks, of Calhoun
county. say in speech last winter,
that he had gone to New York and
borrowed $40, 900 on his State ware
house receipts at 5 per cent straight
interest? If that does not answer
your question Yes" then what
more do you want?
Does the State not remember that
letter from the Guaranty Trust COM
pany of New York to South Caro-
lima banker that was published last
spring, in which the Guaranty Trust
company declined to loan on ware
house receipts except the money
went through the office of the Com
missioner, and did not MIR McLaurin
decline the arrangement because 1T
would deprive the banks Of a legiti-
mate Junction." and did not Mr. Nc
Laurin go on to say that if the
banks refused to handle this paper
at satisfactory rate of interest. he
would see to it that the farmers
were able to borrow money without
the interposi,ion of the banks?
Except on basis Of what we have
said at the outset of these remarks,
we do not understand what the
State wants, anyway. In view of all
that has been accomplished during
the past three years, in the face of
so many obstacles,it is surely able to
see that if it really wants perfect
,,,o o,,co cve{a,o oil II hos to do 10