The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1920-11-04

4
means, Wall streets dominates the
federal reserve board, as completely
as it ever did the national banking
act. One has only to read the state
'ment made by John Shelton Will
iliams, comptroller of the currency
for confirmation. l believe this Is
the real reason why Mr.. McAdoo re-
signed and also why he did not de-
sire to be a candidate for president.
I wish he was in there now, for am
sure he would answer Wall street In
the only way it can be answered,
flood this country with credits and
put prices up, so that the debts can
be repaid in the same kind OF money
in which they were contracted. 1t
is the only square, honest thing to
do. There is no hope with Houston
and Harding. The first is common
man risen to power, social climber
currying favor, and Harding hasn't
got the backbone of guinea pig. 1t Is
easy to see what John Shelton WAL
liams,. the real man, would do II ne
had the power. We all know what
would be McAdoo's policy. In 1act
if McAdoo were in there, that wall
street bunch would never have dared
attempt this bold robbery OF our en-
tire people.
Now falling in that, what is our
best policy? l can say this: Inc
governor of any Southern state VINO
does not exercise every constitution
al power to protect his people Is ell
ther a coward, a weakling or TOOL
III were governor Of South Car
olina. I would Immediately call the
legislature together as we did IN
1914. and 1 would put the whole
power of this state behind the cotton
crop. The very notice that intend
ed to do it would intimldate men,
who know that it is an unjust anu
cruel attack they are making on
the producers of this state.
AS long as they refuse to accept
warehouse receipt as a collateral
there is no advantage in having
warehouse receipts. 1 would oy
proclamation call upon every farmer
not to gin a bale of cotton, nor sell
a bale and would advise the legls-
lature to pass a moratorium which
would protect debtors while things
were standing still. 1 would warn
every man that we were proceeding
strictly within the law, and l woulo
see to it that the law was enforced
everywhere to both rich and poor.
If banks in 1907 could declare
moratorium without law, why can
we not declare one with law! IL
will be too late after our cotton Is
sold far below the cost OF produc-
ton. For myself, would freely
sacrifice my life before l would see
tho farmers 60 back industrially 10
where we were in 1914. If we DO, IL
IS because we are too cowardly or
too ignorant to stand up and main.
tain our rights. There is no reliel
for us that 1 see except for the gov
ernors of the Southern states to step
to the front like men and becaome
the champions of their people.
We are opposed by official finan-
cial power directed by shreWd Eng
Ilish domination. The Whole piail
was worked up when Sir George
Paish visited this country last winter
Why should America graciously low
or and defer payment of interest on
foreign debts due us, and simultane-
ously Increase interest ana CLOSE
credits down on cotton? Are we 10
pauperize the South, in order TO re-
habilitate England. I know 1t TO De
a fact, that Germany will do any
thing in her power to get two million
bales of cotton. She wants 1t from
America, not as a re-purchase from
England. Germany has the men,
women and machinery to manutac-
ture it and return payment IN gooas'
Why not return for time to Darter
and escape the tyranny of manipu-
lated foreign exchange rates.
Are the present leaders in the
South going to allow our cotton TO oe
squeezed out of our hands by the
English board of commerce, which
was in session all during the war
to devise ways for their own post war
interests? This board actually pup
lished after the armistice, that cruue
products must be withheld from Ger
many until England, France ana
Belgium could rebuild their factories
and virtually control the commerce
of the world at the expense or the
producers Of America.
The recent arbitrary action OF the
Federal Reserve bank only empha-
sizes English power, through wall
street, to pauperize our people, to En-
lish debts.
No honest man wants TO escape
his Just share toward paying the cost
of the war, but it seems that only Ia
bor and the products of labor are to
pay. What are we gong to do? LOCK
! the stable after the horse is gone!
Run off after some impossible export
company, founded on voluntary con-
tributions? l say no, let us use our
state governments to the limit. IL
is the only way to get united action.
Take all the law will give us, bring
r. hnN