The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-03-03

fered by the state warehouse and the F.
guarantee of title, weights and grades
IN favor of the purchaser. Also the
superior borrowing power Of the state
warehouse certificate. lie told of his
recent trip to Washington and New
ork to see the officers of the treas
uiy department, the big bankers and
insurance men, with the result OF e3-
tabllshing tho loan value of state
warehouse receipts over standard
warehouse receipts, and getting the
concession Of the lowest insurance on
cotton that had ever been offered any
where Then he went on to say that
while the regional reserve system
offered splendid advantages. these ad-
VhntagcS were &C no consequence un-
less the local banks would avail them
selves al it for the benefit of the cot
ton producer, a ld be had demonstrate
ed that this could De done upon prop
or effort.
Up to this time, Mr.. McIaurin said,
the local banks have not shown any
disposition to help the farmer. 1t is
true that member bank can discount
a cotton note at it's regional reserve
bank for so days at per cent; but
in the first place they are not doing
anything of the kind, and in the sec
ond PLACE, they are charging per
cent. for the service. There is moth
ing in that arrangement for the farm
er. His credit is being used to be
sure; but mostly for the benefit of
others. Il do not believe in the use
of the big stick to deprive anybody OF
a single thing that is rightfully theirs
but when the other fellow has some
hing that belongs to me and will not
give it up. | am for the use of the big
stick, and in these circumstances, AN
beginning to feel that the only way
| for the farmers to compel the use of
the reserve banks for their benefit Is
to establish Il string Of member banks
! themselves. The banks will be able
to discount the farm paper in the re-
serve banks at per cent, and then
give the farmers the money at con-
siderably less than per cent Then
when the farmer finally sells his cot
ton he can deposit the proceeds in his
member bank and make for himself
the profit that belongs to him; bat
which is now going to others.
Mr.. McLaurin mentioned some of
tho many difficulties that. he has me,
with in his efforts. to esta blish .the
warehouse and stated that all Of the
opposition arose. out Of tho fact that
interests Observation-Disclosures cotton
dealers. insurance people, mill men,
bankers ard others realized that mos;
fOf the saving that would come to the
farmers will be as the result of q di.
version Of profits that are now going
to them. The opposition generally Is
purely selfish; but in some cases 1t is
the result Of misunderstanding. IL
asserted that several Of the strongest
opponents of the neutrality-suspicious.
who had made the ablest speeches
against the system had convinced
themselves of their error i'm their owr
speeches, and they, are now friendly
to the whole plan. Many Of the poll
ticians had fought him for politica
reasons; but that was unnecessary, fpl
II he can carry out his plans to set
all that is coming to him, he want,
no other reward. He told how the
general assembly had originally ap.
propriated $4,000 per annum for usl
IN the establishment of the ware
house. and how the comptroller gen
cral without previous warning, sud
denly advised him that no more war.
rants would be honored except on ;
new appropriation. He looked upo.
inc WhOlc thing as of piece viii
other similar dagger thrusts at In,
warehouse system; but he did not in
tend to be driven from his work ir
any such style. He determined I,
so on with the work even though ht
had to pay the expenses Of the wholt
business out of his personal mca rs
Mr.. McLaurin said that he had ar
ranged to buy sheet-iron suitable fol
warehouse purposes, at cost for sal,
to the farmers at cost, the money tC
go back into the treasury as it wa!
paid back to him, end if the 5000
appropriation is not enough for tht
purpose, he will supply out Of hi!
own means. on the same condition!
all the money that may be necessary
He told the farmers to organic
warehouse associations of their own