The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1920-05-05

Suldlng SplflC that made possible this
proud American achievement, but he
was the active head of the department
that did achieve it.
This much to bring your attention
to the abnormal conditions prevailing
during the period Of the war and
which must prevail more or less dur
ing the period of reconstruction.
Democrats Won War.
What did the Democratic partv
achleve during the years of it's adj
mlnistration antedating the war? On
March d, 1913, the Democrats for the
nrSt time in so years, came into full
possession of the entire machinery of
the federal government. The Republi-
cans had had, with minor eXcep-
ton the spoken control for SO years.
by the every nature of the case thew
were the party of vested interests
they were the party of high tariff
and high tariff meant the protection
OF American manufactures and Amer
lcan manufactures meant organized
capital and it is needless for me to
say that capital never organizes itself
to pay dividends to the public to re-
heve the conditions of labor or to
lower the cost Of government, but it
organizes itself to pay dividends to
Itself and to accumulate wealth for it.
self. Therefore, the logic Of events
was that the party having committed
itself to the protection Of vested capi-
tai framed every law with regard
thereto. The result was that trusts
ana combination sprang up through
out the country, labors and producers
unorganized were left to feed upon
he hat Ill
ter's table.
Republicans for Privileges.
The banking and currency law of
1865 was SO rigid and .inflexible that
1t was wholly an instrument for the
use and protection of the capitalists.
Under this Republican regime stupen-
dous fortunes were acquired the in
terest from which gave to the lords
of capital in America an income so
prlncely that it would have in itself
alone made comfortable support for
hundreds of American Families. These
immense fortunes with their consc-
quent stupendOus incomes were made
possible. They were the direct result
OF the policies of Republican legisla-
ton and yet not one penny did these
fortunate ones under government pro-
lection pay from their incomes to the
support of the general government
What did the Democratic party do to
the party OF the people whose slogan
was and is, Equal rights to all and
special privileges to nonc," when they
came into power? 1t immediately re-
vlsed the iniquitous tariff laws of the
Republican party and lifted the burden
from the shoulders Of producers and
consumers in this country and re-
moved the protection of the govern
ment from the monopolies that had
grown up hereunder.
1t put those articles sOrely needed
by the people on the free list and
save to the producers of the raw ma
tcrlal in this country, who had to
sell their articles abroad, the priv
legc of buying in the market in which
they sold, chcaponing by millions and
millions of dollars the things they had
to buy and enhancing the value of
the articles that they exchanged there
for.
kca!lZlng that currency was the life
blood of commerce, the Democratic
administration addressed itself to the
problem of banking and currency and
passed that act known as the new
banking and currency law, the fed
eral reserve act.
nanics Prevented
Those vino framed this act must
have been inspired. In its effect upon
the affairs of this country it is second
only to the constitution Of the United
states. Previous to the enactment of
this law, this country was periodically
shaken with financial earthquakes. The
terrible panics, money panics, that oc-
CURED IN this country since the close
OF the Confederate war were more or
less the direct result of our Inefficient
and iniqutous law the min force. IN
der the operation of this federal re-
serve act, passed in 1913, scarcely then
more than four years old, it met the
crucial test Of a worlds war and
proved its marvellous efficiency. Not
only did it finance America and cause
business to flow undisturbcd during
that trying period in this country, but
1t stretched out its bencficcnt influence
and supported our allies in Europe
What has it done for the South Pre-
vious to the passage of this act the
banks of the South were practically
commission houses for Northern bank
erS. Money was obtained from our
Northern ncighbors at their will and
under such impulses or purposes as
suited then and in such quantities as
suited them.
While formulating this speech for
YOU | asked the comptroller of the cur
Tcncy to give me figures, official fig
urcs, showing the resources of the
banks in The Southern states previous
to the, c,cnactmcnt Of the federal reserve