The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1916-06-07

ing that in 1904, the price Of cot
ton between October and June of
the next year, rose from Scents
to 1887 per pound this showing
a loss of about $50 per bale to
farmers who had to sell when
the crop was put on the market,
and which amount was made by
the middlemen and others who
could hold on TO the staple for
eight months Mr.. Hardings
figures had showed that between
October and June, for a period
Of ten years, there was an aver
age difference in the price of cot
ton of S27 per bale. In 1916,
Mr.. McLaurin showed, men who
had put their cotton into the
State warehouses, and were thus
enabled to hold it, got from to
5 cents more per pound. The
object Of the warehouse system
is to remedy such a state of
affairs.
Mr.. McLaurin declared that
he resented the charge that he
was proposing "class legisla-
ton" in he warehouse system,
since the object of it was to put
more money inIo the farmers
hand and this meant greater
prosperity FOR every citizen and
every class of business in the
State, since the prosperity OF
the farmer was the basis of most
other prosperity in his State.
Greenville county has shown
more Indifference to the system
than any other county in the
State, said MIR. McLanrin.
Mr.. McLaurin pointed out
why it was that under the old
system, it became necessary for
farmers, who had made their
crop on borrowed money, to sell
as soon as possible. Cotton is
Synonymous, international trade
with gold, he said, and the fnan
cial interests, OF New York, in
order that New York's superior
ity in the financial world be
maintained, found it necessary
for their own interests to start
the expectation of cotton as soon
as possible, in order to bring the
returning tide of gold into this
country. It was not that these
interests were seeking to infict
injury upon the South but were
merely preserving their own in
terests. Consequently, the mon
ey centers weuld not permit the
bank to renew the notes held by
the merchant who had put out
their goods with the farmers on
credit until the cotton should be
sold, and as a result of this, the
merchant was forced to make
the farmer sell his cotton.
The middleman, Mr.. McLaur-
in pointed out. stands between
the farmer and the cotton mill,
and takes toll, and with a per-
fection of the warehouse system,
this middleman would be eliml-
mated. The warehouse system,
he said, was to enable the farm.
erS to hold the cotton until the
mills of the world were ready to
take it up.
PRIVATE WAREHOUSE MADE
QUATE.
The iuadequacy of private
warehouses for such a purposes,
because of the fact that their
certificates are not recognized
outside of their immediate local
ity, was pointed out by Mr.. Nc
Laurin. The only relief is to
have the guarantee of the State
placed back of the warehouse
certificate. This would make
the cotton a "fuid asset" similar
in character to the bonds Of the
railroads and other securities.
and would put the farmer on the
same basis as his wealthier
neighbor. Under this plan, the
State would guarantee the
weight, grade and delivery of
the cotton. and enable the Ger
tiicates issued by the warehouse
to be recognized as security by
the banking system the United
States, thus making it negotla-
bic security, the value of which
is attested by the States guar
antee.
Mr.. McLaurin said that the