The county record. [volume] (Kingstree, S.C.) 1885-1975, 1919-10-02
Senator Mciaurin Responds to Re-
quest of Mr.. Wannamaker For
Letter on Cotton Situation

Southern Cotton Association, Tor d
letter on the work of the association
Senator McLaurin has written as
follows:
Mr.. ]. S. Wannamaker, St. Matthew'S
S. c.
Yours to hand and l heartily COM
mend the efforts you are making 70
form an export association for the
sale of cotton. If we form a COM
pany in each county for the purchase
of all cotton offered for sale below
= the minimum price fixed In New
Orleans we will soon tie up every
available dollar in the SOUTH and
still not have enough to carry the
cotton crop. We must have an out
let for the cotton purchased, so that
the capital raised will be sort OF
revolving fund. Otherwise business
would soon stagnate as it did In lSle'
There seems to be considerable op-
position in congress to the bill de-
s,pned to finance export cotton. The
chef objection urged, is that it is .
further measure of imitation, and de-
creases the safeguards thrown around
depositors in national banks.
So far as imitation is concerned
there is nothing to it. The new para
praph in the bill merely permits the
advance to be made on note secur-
ed by a bill of la6ing, instead OF .
warehouse receipt. The security Is
the same, only the evidence OF that
security is different How does that
make imitation? 1t only makes the
asset more liquid, which is not only
good banking, but also good sense.
So far as the security is concerned
the borrower is limited to 25 per cent
OF the capital stock and surplus, and
gives $110 worth of cotton as secur-
isy for the loan, with the cotton COW
cred by an insuranc, policy. 1 have
studied the bill carefully and it is a
good law.
NV personal opinion is that the
state of South Carolina should sell
its cotton, through its warehouse
system, taking potash or other COM
modities in exchange. Even If you
get this new law Europe cannot buy
from us, unless she sell at the same
time.
The contention that the state
should not engage in business Will
not do. This very bill is for the fed
erai government to enter the business
field. The lesson Of the war is too
recent. l prefer state to federal con-
troll. We are too dependent on Wash
ington, and if the country goes Re
public, the Democrates of the south
will realize that too much power has
been taken away from the states and
centralized in Washington. The food
supply was taken charge of in 1917,
and not only the price Of it regulat-
ed, but the quantity of food to the
family regulated. The government
purchased raw material and turned
it over to private corporations to be
manufactured, fixed the wages Of la
Dor and the price to the public. 1t
took over the railroads, built and
operated ships, engaged in life and
marine insurance. 1t openly and
effectively controlled the commercial
life of the nation upon large lines
and with far better success than is
being done today.
South Carolina has the law on her
statute books, empowering the state
warehouse commissioner to negotiate
sales Of cotton, why not try the ex-
pertinent? These are still war times,
for who does not know that war is
not over when you put an end to it
between nations? It is only the most
superficial view which confines the
meaning Of war to conflict between
governments. Our present Industrial
system makes society itself state
of war, active, irreconcilable war on
every side and in everything. The
very essence of war is this needless
competition between corporations or
individuals.
Every government, up to 1914, was
founded upon the principle of individ-
uality. This war seems to have ended
that epoch Man is now trying to act
10 the mass. l believe these strikes
are an unconscious struggle on the
part of the masses for the enthrone-
ment of the principle of association.
That is the meaning of the New Or
leans convention. This is the true
meaning of Republica.
War differs from peace in its re-