The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-01-19

iuiiHilS, ana l submit tnat III we arc
going to loan money to the railroads
to keep them running, it is high time
we began to take care of the man who
produces that which we move upon
the railroads and which is absolutely
necessary to maintain the railroads,
the people, and the army ut the front.
Mr. Platt Will the gentleman
yield again?
Mr.. Stevenson: Yes.
Mr.. Platt: Does the gentleman
agree to have the government seize
the farms and run them for the ben
eft of the people as it has the rail-
roads?
Mr.. Stevenson The government
has not found that necessary because
the farmers have shown their capa-
city, If given proper credit and given
the proper facilities, to run their
farms so as to support this great gov
ernment; and they responded last year
in a way that has far exceeded the
ability of the railroads or anybody
else to demonstrate their patriotism
in this country.
Mr.. Moore of Pennsylvania: Could
not the railroads do that. too. if they
mad that much credit from the gov
crnment?
Mr.. Stevenson: They have had
much more than the farmers have
had. They have had their credit in
The money center of New York, and
when in 1907 we had a panic, pre-
ceded by speculation in securities in
New York, the farmers of the south
paid for it in the prices of their cot
ton, and the money that we had in
New York we could not get, for the
treasury Of the United States put
$100,000,000 there in order to main
tain the values Of the stocks of the
railroads and of the bonds of the
great corporations. (Applause.)
Why. Mr.. Chairman, coming to
that, / was president of a bank at
that time. We had money i'm New
York. and could not get it. I had a
reighbor who had 100000 on deposit
in bank in New York, and it took
him three weeks to get $4,000 of it.
and we were having cotton forced on
the maret and were taking certif-
Gates of Indebtedness for it., If it
comes down to a question of aiding
the farmers as special class, want
to call your attention to one other
thing.
The great commercial centers, such
as New York. have had their heart
and center in the Federal reserve
banks. What have we done? There
hes been on deposit in those banks
by the government not less than $50,-
100000 practically. ever since they
have been established, upon which
they do business every day in tn,
year.
Not only that but we passed last
spring here a bill amending the pro.
vision for Federal reserves, so as to
require per cent of all deposits o.
all banks of the reserve system to be
maintained in those banks. and that
meant on the average deposits las.
year $56S.0o0,000 of reserves, put
there for the Federal reserve banks to
do business upon. And yet they say
that the Federal farm-loan banks can
not have O. credit OF 100000, 900
from the government in this way;
when it is absolutely secured. which
it is given the right to control until
the loan is paid off; and it is pre-.
sumed to be secure. because the very
basis of these bonds is the land OF
the farmers OF this country, and land
Is the basis and the foundation stone
Of all credit. and everything that
credit is grown for the sup
port of this country. OF its armies,
and Of its institutions and upon it's
shoulders rests the conclusion and
successful termination Of this war.
And they are doing their duty and
using their best endeavors to provide
the means with which to prevent the
people from starvation. 1t would b.
a tardy act of justice not to give them
at least an opportunity to look in on
the treasury Of the United States and
feel that Uncle Sam is a father to the
farmer as we'll as to the other inter-
ests Of this country. (Applause.)
Soldier and Sailor Insurance.