The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1916-06-07
it would feel as if he had beel
stealing.

N1I. hSAduAAA oCSioiSo oAA%o
he knew that people who held
their Office only by partisan poll
tics would take q stand against
him, and there were a good many
of these in the general assembly,
he intimated. Speaking Of
Greenville county, he said 'you
didn't send men from Greenville
county to help the farmer. l
don't know what you sent them
for. Maybe you sent them to
get good roads, and maybe you
will get good roads and poverty
along with them.
SYSTEM SUCCESSFUL.
Mr.. McLaurin said the ware
house system has been in opera
ton for about eighteen months,
and a great many bales have
been handled and considerable
money borrowed during this
time. But the system has not
lost a bale of cotton, and had no
difference with any banking in.
stitution in that time. "Where
can you find a private business,
be asked, that has been in oper
alton this long, and has had SO
little trouble?:"
Mr.. McLaurin said that if he
had started the system in the in
terest of the middlemen, he
would have had no trouble at all.
Since it was started iu theIinter-
est of the farmer, however, op-
position has arisen, and he indi.
Gated that obstacles had been
been thrown in the way, in the
matter of insurance, and in 9TH
er ways. Mr.. McLaurin said
that now, since they don't dare
an attack upon him personally,
but he declared that this would
not stop him.
The warehouse system was
the beginning of the cutting of
the rates of interest on money,
Mr.. McLaurin pointed out, and
he declared that the farmers
had been "eaten up" by usurious
interest rates. Mr.. McLaurin
praised President Wilson for
what he had done for the farm
ers. He declared that people
needed to have more knowledge
on what a bank is. and to learn
the difference between a true
bank and pawnbroker's shop
He quoted from Mr.. Harding's
speech in Raleigh, in which the
latter told Of the excessive rates
of interest charged by many
banks in the Southern States,
some of these rates going, IN
some instances: above 100 per
cent.
Such a condition would be rem
edied by the valorization of cot,
ton under the State warehouse
system, Mr.. McLaurin pointed
out, and would relieve the poor
man, the man who had no per-
sonal credit, and upon whom the
difficulties of borrowing money
at fair rates fell hardest, and
who suffered most in bis negotia
tions for borrowing Eohey. The
State warehouse system makes
a bale of cotton of equal value
as collateral for the blacklist he
gro, as for the well-to do white
man.
RURAL CREDITS.
Mr.. McLaurin discussed the
need for rural credits. and sug
gested that the same principles
involved in the warehouse could
be enlarged to apply to land, as
we'll as the product Of land-cot
ton-and this would give an ef-
fective rnral credit system.
He outlined a system which
he had suggested. by which
bonds would be issued upon
land, guaranteed by the State,
and the interest collected by the
State just like taxes, with a
small amount added that would
wipe out the Indebtedness in a
given period say thirty years.
He said a New York banker had
told him he could land a hund.
red million dollars on such
bop1c