The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1916-05-24

Declares Some Delegates OF Demo,
cratic Council Were "Duped and
Deceiyed''- Commissioner Unde'
cided a. to Method of Carrying
Principles of Warehouse System to
People.
John l. McLaurin, State warehouse
commissioner, yesterday issued the
following statement:
To the Farmers of South Carolina:
In consequence of the action OF
the recent State convention in declln-
ing to permit the State warehouse
commissioner to enter the Democratic
primary this summer in the interest
of the warehouse system, / am re-
ceiving so many letters from farmers
throughout the State asking. for an
expression from me that It is lmpos..
sible for me to answer them all, and
it is in reply to them that am max
ing this statement.
Broadly and briefly stated, under
our present financial system, the bus.
mess interests of both town and
country are at the mercy of concen-
trated wealth. It acts as a unit; the
people act as individuals.
Until the federal reserve law,
money and credit were under the
control of knot of conspirators, who
used their power to expand or con-
tract the currency so as to enrich
themselves at the expense of the pro-
ducers. The bank reserves were con-
centrated in New York and constr.
tuted that vast fund of "call money
which fostered tremendous specula-
ton in products; cntrolled trans.
portation, locked up credits and
made money panics a part Of our
financial system. It was the fruitful
mother of usury, which, through the
ages, has enablde the drones to de-
your the workers.
To libcrate the producers, the new
currency law must have for its ex-
preston the warehouse. If cotton
values are stabilized, then cotton
gamblers are destroyed.
Cut Out Middleman.
If the federal reserve system rec
opnizes warehouse receipts and de-
crees 6 DER cent. money, then the
usurer can no longer ply his trade.
The central bank now discounts for
the member bank at 3 per cent. 1t
only needs little more legislation to
deal direct through the State ware.
house and thus cut out the proflt OF
q useless -middieman. :.
If the product of land, cotton, is
converted into fluid asset, why not
the land upon which cotton is grown?
Then mortgage companies and other
professional Shylocks will find their
occupation gone. To find employment
for all the hidden boards of money,
it must seek investment in COM
modify paper, land bonds or indus
trial enterprises, which will place
labor in greater demand. Small banks
will be on an equal footing with the
big distributing banks. Small busl-
ness men viii have the same banking
facilities now enjoyed by the captains
of finance.
With the federal reserve banking
system, cotton has become a liquid
asset, and the last IL months has
proved beyond any reasonable doubt
that cotton can be valorized by its
use as a collateral as readily as
stocks or bonds.
If cotton is valorized by use as a
collateral, then Immediately crop
mortgages assume new basis OF
credit and the tenant and share
cropper are placed in more inde-
pendent position to defy the chattel
mortgage robbers.
Hidden Forces.
These are the hidden forces direct
ing opposition to the development OF
the warehouse system and denying
a full and free exposition OF Its prln-
ciples before the people.
I know that factional lines were
drawn in the State convention to keep
me from discussing these qestions.
I know that men who believe In me
and my work voted to cut me out
of legal right and trampled under
foot the law of the State.
They were duped and deceived.
The unqualified Endorsement of the
convention proves this, but the dia'
bolical cunning of the selfish in:
terests, who, when Manning would
not obey their behests on the mill
strike and the anti-compact bill, mis-
led and brought out Cooper and have
now double-crossed Cooper and gone
back to Manning in consideration OF
his throttling a presentation of the
truth before the people, led them into
the trap. There is no man in South
Carolina who is swayed less by fac
tionalism than I. All factions per Sc
are fakes and frauds, through which
honest men are blinded that the sell
fish few may thrive. It is time South
Carolina passed out of political child
hood and took on the sober thought
fulness that belongs to maturity.
Vicious Attacks.
The vicious and underhanded at,
tacks made upon the State warehouse
system and upon me, upon the floor