Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-07-29
Looking to Reserve Board.

Lhcr by way OF explanation, nearly live
billions OF dollars and the Federal Re-
serve system is now in position to in
crease that circulation to seven and
onc-half billions. [ am therefore moro
optimistic. because | believe that the
Federal Reserve is going to allow easier
credits 10 the member banks who serve
ter do it, said he, because if they don't
| have it straight that the management
of the board is going to be changed.
The next thing that makes me more
hopeful, he continued, is the fact that
recently we have gotten through con-
grcss an appropriation Of S25,00D,00O
additional for the Federal Farm Loan
banks. Statistics show that farmers
nave applied for loans totaling, $143,-
600, 900 and that most Of this money
has been borrowed to pay debts incur
red in raising last years crops, which
were produced at a big loss to you and
]. This appropriation means that much
more money TO loan to the cotton far
mres Of the south and the wheat and
corn farmers Of the west, who arc real
Is in il worse condition than you are,
because many of you have managed to
hold. your cotton. This the western
farmers who produce wheat and corr
cannot do, because or the weevils,
which destroy their products.
There was quite fight over this ap-
preparation for the Farm Loan banks,
Congressman Stevenson went on to say,
and it was only through combination
OF southern Democrats end western
Republicans that we were able to put
it over. You'll need not look for imnle-
diate relief from this, but think that
you will find that during the fall and
winter the Farm Loan banks will have
gotten into shape where it will be Of
great benefit to you another year:
War Finance CORPORATION.
Third, [ feel more optimistic now
because tine War Finance Corporation
is taking n deeper interest in the
farmers than ever before. Angus Me-
Lean OF Lumbepton, y. c., one of the
best lawyers, one Of the best bankers
and biggest farmers in l2obeson coun-
t.. ~. c., is member or the War FL
nance corporation. lie is 4 friend of
the farmer and hn knows their plight
because he lost $4,000 on his own
farm last year. This corporation can
produce the money necessary to cX-
port your cotton and until you can
ship your cotton out OF this country
to Enrope you can never expect TO get
Il good price for it.
Now don't look for an immediate
rise in the price Of cotton. But all OF
the great interests are beginning to
realize that upon pOur salvation de-
Dends the salvation of the country and
it is n case of where they have got to
help you or else so; down themselves.
The Tariff. ~
Congressman Stevenson made hot
attack upon the action Of the admin
istration On account OF the tariff Dill
passed Il few days ago. There are q
few little potash mines in the far west,
he said and they are undertaking 10
protect these through putting a nigh
tariff on German potash and kainit
which you can now buy at Charleston
cheaper than you can pay the freight
on American potash from the west.
The american potash is not pract1-
cable for southern Use anyhow because
of the fact that there is too mucn
buraX in it. But they have put Il tax
OF $50 per ton on pure German potash
which will amount to about S12,30o,-
900 and the attorney FOR the potash
people Of the west has said in the re-
cord that this will not matter be-
cause 90 pcr cent. Of this tariff VIII DC
Daid by the southeastern SECTION
meaning. the cotton farmers. C1ii-
,c.ressman Stevenson told of the efforts
of New England interests TO put q TAR
iff on all cotton IN inch and. one
eighth in length, claiming that it was
u protection against foreign cotton
and also legislation whereby the New
England manufacturer coald pGl III
extra 10 per- cent. on his finished pro-
duct which would Clfset this, ii was
claimed: but which WAS llnreisonHnie
and which would have To bc borne u!
The consumer. They tried also to ful
Il Is per ccat tariff on hides ana IN
extra ten per cent. on the !nlShed l,!',
GI,ct with yon paying the bill. But
fortunately we managed to XIII lhe
whole business and I tell you, m!
friends. the friends OF the farmers in
the halls of congress are increasing
Soldier Bonus.
Discussing the bonus for soldier:
Congressman Stevenson declared he
was for it despite the South Carolina
,;cuarlment of the American Legion
or ANYBODY else. The Republicans. de-
clurcd thax they were going to puV !
through anA yet Il few days ago l'fes-
jrlcnt Harding called them off saSlnE
that the country WIS 100 poor TO pa.
thc soldiers now. II this S0yernInca
can take care OF the railroads and pa.
then, fpr what they claim they los
while the roads were under govern
ment control as we'll us loan the rail-
roads mon,.y, all the money they Wanl'
ed. ihcy can certainly take care or th'
soldiers who did not have the chahc
to make moncy that civilians had dur
ing the World war.
( have no apologies TO make for III!
stand on this Inattcr even II !t uoc:
cost something The boys who wen
to var were all ready 10 lay dowl
their lives if necessary and many .
them did 90 1t. -,
When anybody tells YOU that IN
government can't afford to pay q so!
dier bonus ask that person how 1t VA
,h,t the government WaS able to pay
the railroads.
saving that he wanted to discus
briefly in conclusion Republican claim
of eronpnlv in the government, Con
rressrlan Stevenson declared that til
| Invited States GOvernment was annuai
" spending between four and five b:l
lion dollars.
omy and all of that, but they are no
going 10 reduce taxes. They are mere
! ly going to shift the burden OF taxa
! tion. They are going 70 take OIL IN
! excess profits tax which makes ltocke
! frller and others of his class pay on
millions and they are going To put ina
tax on consumption. so that instead 2
thn hi,- fellows paving, the little fel