Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, February 07, 1913, Image 1
YORKVILLE ENQUIRER.
ISSUED SEBIX-WEEHLY.
L.-Ji, grist's sons, Pobiiihers. ( $ : <^or % grotnotion of th$ political, Social, Agricultural and Commercial -Interests of thf $eogl<. J
ESTABLISHED 1855. YORKVILLE, 8. C., ti'RIDAY, FEBRUABY 7, 1913. IsTO. 11.
{ THE AMERIO
I
I
By ETTA H
I
CHAPTER XX.
The Next Morning.
Tntn>>U_tl? ... ..j J. ... ,.j
Aiu^auriiujr, up auu uuwii, up anu
down his elegant room at a certain
grand New York hotel. Count Stahl
was pacing, on the morning after the
Sardis ball. The hour was what the
fashionable world calls early. Probably
Ethel had not yet wakened from
sleep, nor Mrs. Sardis shaken off the
Influence of that tremendous drug with
which she stupefied herself nightly?
soothing her nerves by weakening
them.
The count's blonde face looked pale
and worn. His slumbers had been of
the lightest; evidently late festivities
did not agree with him. A tray upon a
table near at hand seemed to indicate
that he had been trying the soothing
influence of brandy and soda. His eyes
were haggard and blood-shotten. Now
and then he swore audibly in French as
he paced back and forth over the deepplle
carpet A stream of life was moving
up and down the street without;
and again and again the count stopped
)in his feverish tramp to listen?not to
passers-by, but for an approaching
footstep in the passage outside his door.
He was waiting for a visitor?waiting
with a feverish impatience very unusu- ,
al in a man of Count Otto's cool, phleg- ,
matic temperament
Suddenly a rap echoed on the door. ,
The count started, paused.
"Enter!" he called.
Dark, smiling, shining from top to
toe in faultless attire, and calm as a '
May morning, Baron Strozzi stepped
into the apartment.
"Monsieur le comte, I wish you a very '
good morning," he said in fluent !
French, and doffing his hat with a low ,
bow. "You bade me come to you, and ;
I am here?such is the force of habit.
Ma fol! I even arose an hour before my '
usual time, that I might not keep you
waiting. Monsieur, you are pale?I fear 1
you danced too much at the ball last :
night"
If looks could kill, Baron Strozzi |
would have fallen llfeles then and there 1
under the Are of the count's furious
eyes.
"Scoundrel! you have forgotten none
of your old impudence!"
"I trust not monsieur," answered the
baron, smiling; "it has served me so
many good turns in life that I should be
extremely sorry to part with it"
"In Heaven's name," demanded the
count sternly, "how is it that I find you
masquerading in this new land, and in
the highest circles of society, in the
character of a Roman baron??you,
whose father kept a wine-shop in the
Faubourg St. Antolne?"
' The baron waved his gloved hand
v airily.
"As some English writer says, 'What's
in a name,' monsieur? I am a man of
nerve and courage. When I have an object
to gain I stop for nothing. He who '
hesitates is lost. I never hesitate. The
name of Strozzi charmed me; the title
of baron stirred my profound admira- ;
tion. I determined to make them my
own. X did so?with what success you
can judge for yourself?you, who saw
me moving among the elite last night.
Pardieu! our unexpected meeting was
as great a shock to me as to monsieur
le comte. True, I had heard that the
fair daughter of the house was engaged
to a Count Stahl, picked up somewhere
abroad; but my heart said to me, "No
it cannot be the noble aristocrat whose
k humble slave I once was; he is still in
retirement, mourning the loss of his
beautiful, his adored countess."
The count gave his visitor a strange
look. His face was as white as chalk.
Strozzi flung himself into an easychair,
and began to draw off his elegant
gloves.
"Pardon," he said, politely, "but to
sustain a conversation in standing posture
is somewhat wearisome. We are
no longer master and servant, count
and valet, but simply two gentlemen
met to talk over private affairs for mu
lum eiiiiguieiiiuciii wiu auiaiuaic,
With his back against the door,
Count Stahl transfixed the other with
the blue eyes from which all languor
had now vanished.
"Where have you been since we parted
in Paris?" he demanded.
Strozzl spread out his hands with an
expressive gesture.
"Everywhere, monsieur?on the Continent,
in England, in the antipodes,
and now you behold me here. Ah, did
not you always say that I was a man
of parts?a person of talent? Many
times have I proved the correctness of
your Judgment."
"What brought you to this part of
the world? You had some especial pur.
pose, I suppose, in coming to New York
jl ?in donning the character of a fullblooded
baron?"
Strozzl shrugged his shoulders. His
wicked eyes danced.
"Purpose? Yes, monsieur. What
would you? One soon tires of games of
chance?luck will not always stay in
one side; then, too, there are places
where a man soon becomes so well
known that he is no longer appreciated.
This New York is a gigantic field of
enterprise, open to all men of talent. Its
m people, though republican in name
adore titles. The belles of society are,
as a rule, enormously rich, and are to
be had by any aristocratic. foreigner
for the asking. When reaches
my age, he naturally bef|^^^?hlnk of
matrimony?the claims Bex
^ arise before his vlew^^^Jpieur le
comte my purpose in t*r^^^Hny gifts
and talents to this market
was to secure by them ^^^Kig which
I now need exceedlngly^^Hft wife. If
I do not mistake, I have {Biese words
not only stated my own|rt ambition,
but that of monsieur le comte, also.
Like master, like man."
The count grew furious. He started
up from the door, and made as if he
would lay violent hands upon his visitor,
but upon second thought, he restrained
himself and fell back reluctantly.
If "Impudent knave!" he fumed, "you
do not mean to say"?
"Exactly monsieur!"
"You have not dared to lift your
cursed eyes to"?
Strozzi waved the expressive hand
again.
m "Monsieur, I was about to say that I
have already found the ideal of my
dreams?a being, young, fair and rich
beyond belief?a Jewel, which, with the
help of the gods, I will win and wear?
a coy, spinicu ucaiuic, ai.a, K V, ....
sue and with the mettle of a halftamed
filly, but charming nevertheless.
Monsieur, I speak of Miss Beatrix Sardis."
W The count's face grew black. His
~ lips tightened omniously,
"Adolphe," he said, "you were a very
good valet. You understood to perfection
the duties of a servant, and though
often Insolent, you were always faithful.
But now I perceive that you have
^ gone mad. Hound! Do you know that
* the lady of whom you speak is a near
relative of my betrothed wife?"
"Yes, I know it well," answered the
baron, airily.
The next instant the count had him
by the throat, compressing his windpipe
in a very unpleasant way: then
dragging him from his easy-chair, he
hurled him violently against the oppo^
site wall.
"And you dare tell me this to my
face?" hissed the count. "It's a wonder
that I do not murder you! Now listen
to me. I decline any connection of this
sort with a former servant. I command
you never to cross the Sardis threshold
^ again?I command you to leave New
York at once, and never more show
yourself in society here, or, as Heaven
[N COUNTESS f
? ?i
f. PIERCE. |
hears me, I will strip you of your false *
name and title?I will tell your true *
story to your American admirers?I will
set the police on your track?I will de- ?
nounce you as my former valet de
chambre?a gambler, a swindler, a 8
cheat; and these, remember, are the <3
very mildest names that I can apply to a
you." a
The baron seemed bewildered for a 0
moment. Then he passed his hand In- J
quiringly over his throat, adjusted his '
disordered neck-tie, and shook himself. P
"Pardon, mon count, you will do
nothing: of the sort," he answered, as
soon as he could recover breath; "your
will is good, without doubt, but you do ^
not dare." h
The two glared at each other in open h
hatred. <
"You dare not monsieur," repeated 11
the baron, "because I, too, can make
unpleasant revelations. You think that b
I am in your power. Reverse the case,
and you will have the truth?you are in
mine!"
His dark, scarred face was full of
menace, and a certain tigerish gleam
made hideous his coal-black eyes. b
The count grew deadly pale.
"You can prevent me from securing a
rich wife," Strozzl went on, "and I also
can take from you your beautiful be- s:
trothed?oh, you have done well for e
yourself there, monsieur!?and with
her the banker's millions. Suppose I ,
should go to Monsieur Sardls and say 11
?your prospective son-in-law is a P
born count, his title is not spurious w
like mine, but if you tnew what I know .
of him?I, his former servant, from h
whom few secrets of his life have been
hidden?you would sooner cast your .
daughter into the Are than give her to
him. Think a moment, monsieur, and
you will see that I am not a person to
be safely defied. When we parted in h
Paris, I took the bribe you gave me, .
snd promised that I would not of my ,
own will cross your path again, or mo- jL
iest you m any way, ana i nave Kept
my word. Well, what would you? Accident
has thrown us together here, ?
and you have seen ft to recognize me
by a name which I have now abandon- L
ed, and which is associated with as ?
many unpleasant thlags for you as for ^
me. Mon Dleu! That is no fault of
mine."
The count seemed Incapable of h
speech. He simply glared at the speak- t]
er, who was in full possession of his
wit, and quite conscious that the game
was his own. tl
"Monsieur, you need money" contlnued
Strozzl; "sc, also, do I. Tou 5
have found an heiress as berutiful as
the angels, and you wish to marry her. t
I will not lift a finger to prevent you,
providing you do not In any way meddie
with my plans, bet us both forget ,
the past. I have borne a great deal for g
your sake. Ah, heaven! I have even
heard that many people In Paris ac- t,
cused me of the death of the late Coun- .
tess Stahl, your beautiful and adored f
wife who died so suddenly and myste- r
riously one night, after dancing at the
Tulleries. Eh! eh! How pale you are, t
monsieur! Sit down, I Implore, and let t)
me ring for brandy. You will not?
Well, as I was saying, you must re- t(
member these things. Peste! what an ^
outrageous thing is ingratitude! Bear
in mind that I am nor. Adolphe Sassard
now, but Baron Strozzi, a person whom
you met last night for the first time,
and whom you are bound to treat with jj
becoming courtesy wherever you may
encounter him. I mean to move heaven .
and earth to marry the girl Beatrix?I
shall marry her. be sure of that. Your "
future mother-in-law gives me every ?
encouragement. By my soul! she is as
wild for the match as I am. If, through ,,
any knowledge which you may have of
my past history, you place so much as
a straw In my way, monsieur, look to ^
yourself?to your beautiful heiress?to .
your neck!"
The count sank involuntarily into the j
nearest chair. Before this threat, which
he understood only too well, his pride
of birth and blood, his inherent prejudices,
his wrath and contempt, seemed
to fall helpless. He was deprived at
once of all further power of resistance, f
"Monsieur, do you yield to my terms?"
demanded Strozzl, watching him as a
cat watches a mouse. "Will you permit
your ex-valet to marry into the same r
family with yourself?" 8
The count's face told how deep was J
the humiliation thus set before him? 1
how fiercely he rebelled against it. But *
alas! this was a case, not of choice, but 8
necessity. He stared fixedly down at t
the floor, and made no sign.
"Speak, I entreat you, monsieur!" 8
urged Strozzi, gayly. "It is a bitter pill J
for you to swallow, eh? Well, console '
yourself. After all, we need not see 8
much of each other. Without doubt 1
you will take your bride to Paris?I 8
know your penchant for the delights of
that naughty :ity. I shall remain in 1
New York. I adore New York! I shall .
settle quietly down here, and live like
a prince on the money of the old western
pork-packer. You need never deign
me a thought; and I, for my part, will
remember you as little as possible.
Family Jars will be out of the question,
with an ocean rolling between us; and
your pride?well, monsieur, you must
put a wholesome curb upon that, and
make a virtue of necessity. Do you ac[
cept my terms?"
The count shook as if with an ague.
"I accept" he answered, in a hoarse,
difficult voice.
"A thousand thanks, monsieur' It
rends my heart to disturb you so
much. Very good. I have then, to
mention but one thing more. My purse
Is quite empty. The money which you
gave me on the night of your countess'
death is spent?ever." franc. My marvelous
luck at cards has deserted me,
and some valuables which I possessed
are in the hands of the Jews?that is,
the pawnbrokers. A fresh supply of
money is now imperative. Monsieur,
oblige me with the loan of two thousand
dollars."
The count transfixed his adversary
with a gloomy stare.
"Two thousand dollars! You must
be mad! You, who pretend to have an
unlimited knowledge of my affairs,
ought to know that I can scarcely meet
mv nwn nprsonal expenses. I am beg
garly poor. Was there ever a time :
when I was not?"
"Yes!" cried Strozzi; "when you ,
married the Countess Olga. She brought
you a handsome fortune, and for a time '
you had plenty; but. alas! it was not '
long."
The count frowned darkly.
"It is impossible for me to oblige
you " he answered; "and now we will
end this interview?that is. you will
have the goodness to take yourself out
of my sight at once."
"Pardon; I am in no haste," smiled
the baron. "Let me suggest a way by
which the impossible may be made
possible. It is true that monsieur is
poor?I never doubted that for a moment.
and ah! what an unsatisfactory
thing is a title, however genuine, to a
man who hasn't a sou! But monsieu's
future father-in-law is rich?enormously
so. Monsieur has only to hint
delicately that his remittances from
Europe have been unaccountably delayed
and the money will be forthcoming.
Try it, mon count, and let me
know the result."
"You serpent! Do you think I will
borrow money for you?" cried the
count, bursting with wrath.
"I do not think it. monsieur?I know
it. Without two thousand dollars I
cannot exist; therefore I shall be forced
to press you to the utmost to obtain
it for me. Call this morning at the
banking-house of Sardis & Co., and at
evening I will wait upon you here to
ecelve the loan. I beg you do not des)late
me with excuses, monsieur, for I
:annot listen to them."
"Is this the beginning of what I am
:o expect henceforth at your hands?"
laid the count, under his breath. "Am
[ to go on bribing you to the end of the
:hapter?"
"By my faith, no! When I am the
lusband of Miss Beatrix I shall have
10 need to seek pecuniary aid of you.
[t is settled, then, monsieur? I will call
:his evening?well, let us say at eight
>'clock. I dine at the Sardis'mansion,
ind I have several later engagements
imong the haut ton; therefore I must
jeg you to be prompt. Tou will be
vaitlng here with the two thousand at
:he hour named?is it not so?"
The count could only trust himself to
>ow. He was entirely in tne power or
his man.
"Then au revolr, monsieur," said
Jtrozzi, picking up his hat and cane.
'Remember, we have entered Into an
tlliance; remember, also, that one has
lulte as much at stake in this matter
s the other. Keep your lips sealed,
md I will keep mine. I adore the fair,
ibdurate Beatrix; you adore her superb
ousin. The first is for me, the second
or you. Bless you, monsieur! Be hapy,
as I mean to be. Tou will not shake
ands? As you please. Adieu."
Then the baron bowed low, waved ,
lis gloved flnger-tlps, and was gone,
ind behind, In the elegant room which
ie had left, Ethel Sardis's betrothed )
usband stood for a long time voice>8s,
motionless, staring at the door .
ke a man who, through some Medlsake
fear or perplexity, had suddenly
een changed into stone. 1
(To be continued.) ,
STUART THE CAVALIER I
loted Confederate Cavalryman Was <
Childlike and Loved Display.
J. E. B. Stewart had a childlike, ,
Imple vanity which all his biographrs
smile at, liked parade, display and
omp and gorgeousness, utterly differ- ]
ig in this from Jackson, who was too t
roud, or Lee, who was too lofty, 1
rrltoa OnmalUI Bradford. Jr.. in the '
.tlantlc Monthly. Stuart rode fine
orses never was seen on an inferior
nimal. He wore fine clothes, all that
is position justified, perhaps a little
lore.
Here is Fltz Lee's picture of him
His strong figure, his big brown beard
is piercing, laughing eyes, the droopig
hat and black feather, the 'fighting
icket,' as he termed it, the tall cavaly
boots, forming one of the most Jubiint
and striking figures in the war."
And Cooke is even more particular: |
His fighting jacket shone with dazzl- i
ig buttons and was covered with gold 1
raid; his hat was looped up with a i
olden star and decorated with a black t
strich plume; his fine buff gauntlets y
eached to the elbow; around his waist I
ras tied a splendid yellow sash, and i
Is spurs were of pure gold." After ]
tiis we appreciate the biographer's as- 1
ertion that he was as fond of colors as <
boy or girl; and elsewhere we read i
tiat he never moved without his gor- <
eous red battleflag, which often drew
tie fire of the enemy. 1
As to the spurs, they were presented 1
a the general by the ladies of Balti- 1
lore, and he took great pride in them, i
igning himself sometimes in private <
Jtters K. G. S., Knight of the Golden t
purs. 1
Women liked Stuart. It was a grand ]
tiing to be the first officer in the Consderate
cavalry, with a blue eye and a <
lir beard, and all gold, like Horace's i
>yrrha, rrom nat 10 spurs, wneu uc
ode singing and laughing into a little
own, by river or seashore, they flocked >
o meet him, young and old, and touch- '
d his garments, and begged his but- <
ons and kissed his gloved hands until I
e suggested that his cheeks were 1
vailable, and they kissed those, young <
nd old alike. They showered him with 1
lowers, also buried him under nose- 1
;ays and garlands till he rode like old 1
od Bacchus or the Queen of May.
What an odd fashion of making war! 1
ind the best I have met with is, that 1
ne day Stuart described one of these j
ccurrences to his great chieftain. "I '
tad to wear her garland till I was out 1
f sight," apologized the young cava- ]
ler. "Why aren't you wearing it now?" '
etorted Lee. Isn't that admirable? I '
erily believe that if any young woman !
tad had the unimaginable audacity to
hrow a garland over Lee he would 1
tave worn it through the streets of
lichmond Itself.
* * ' 1
GRIZZLY ATTACKS SURVEYOR ]
dan Feigned Death and Eecaped With <
a Severe Mauling.
Left for dead by an Infuriated fenale
grizzly bear who had mauled him (
ilmost to unconsciousness Is the nerveacking
and thrilling: experience that
C C. Chipman chief of a Dominion
reologrioal survey party, while camping
>n Mineral creek, near Wllmer, says
he Vancouver Sun.
Mr. Chipman had gone out from camp
ilone with his rifle to examine the ,
nountaln-side behind the camp, which
s very steep, as to the best place to
icale it for triangulation purposes on
he morrow. Presently he sat down on
l log to rest; a bear charged at him
rom some bushes without the slightest
varning.
As he struggled In surprise to free
ilmself he saw a pair of cubs to one
ilde and behind him. Unknowingly he
lad sat down to rest between a female
frizzly and her young. Firing one shot,
ie rushed down the steep mountainside,
the bear following with such de:ermination
and force that it rushed
?ast him.
Instantly Mr, Chipman turned and
tvent back up the hill. As a bear, however,
can run easier up hill than down,
ie was quickly caught by the huge
seast and shaken as easily as a terrier
shakes a rat. Luckily the fierce shaking
caused the bear to lose her footing
jn the steep hillside and both rolled
L 1,1 ? ? ? ? ? 'U~4? Jntim Kfifrtro
logeiner sume uisihiiic uunu ?&? ?
bringing up.
It was now ihat Mr. Chipman displayed
the courage and presence of
mind that saved his life, for on bringing
up among some bushes he lay perfectly
quiet, feigning death. Satisfied,
ifter sniffing him all over, that he really
was so. the bear ambled away to her
cubs.
On his men getting to him he was
carried into camp and made comfortable,
while a couple of men were sent
down here for Doctor Opie, as it was
found impossible to carry Mr. Chipman
out from the head of Miner Creek to
the junction with Toby river and the
logging road. Doctor Opie got to Mr.
Chipman about midday on Saturday,
after a gallant fight for miles with
burnt and fallen timber.
He found that the leather leggings
worn by Mr. Chipman had practically
Baved his right leg below the knee from
serious injury.
Unanimous Juries.?The system of
permitting a single juror to prevent a
verdict in a criminal trial very often
puts a premium on vice. Shrewd lawyers
sometimes find it possible to get
"a friend" of the accused into the Jury
box, in which case the evidence counts
for nothing. Two bankers have just
been on trial in New Orleans. They
managed to get away with more than
half a million dollars. The case seemed
to be absolutely clear-cut and their
guilt established without the possibility
of error. Yet the Jury stood eleven
to one for a verdict of guilty. That did
not make any difference In Louisiana,
for the law empowered nine of the
twelve jurors to bring in a verdict. The
presumption in that state is that if a
jury stands three to one in favor of a
certain course of action, that action is
probably right. Evidence that will convince
nine out of twelve men of the
guilt of the accused must be very convincing
evidence. The propaganda for
majority verdicts is spreading. Were
nine of the twelve jurors authorized to
bring in a verdict in all except capital
cases, much jury-fixing would straightway
be done away with.?News and
Courier.
STATE WAREHOUSE BILL
Hon. John L. McLaurln Dlscusse
Fundamentals of Plan.
BANKING AND FINANCE INVOLVEI
Able Speech Feature of Last Tueada
Night's Segtion of the Senate?Cham
pion of New Plan to Finance Cottoi
Crop and Regulate Prices, Make
Known the Reason for His Faith.
The feature of the legislative pro
ceedings so far was a speech by Sena
~ ?
tor John L<. MCLaunn ui
last Tuesday night, on the state ware
house bill. The bill having been madi
a special order, it was announced ii
advance that Senator McLaurin wa
to speak and not only were all but i
few of the senators In their seats; bu
there were many visitors from varlouf
parts of the state, on the floor and ir
the galleries. Governor Blease anc
Chief Justice Gary were among th<
more prominent public officials wh(
were present to hear what the senatoi
from Marlboro had to say. Senatoi
McLaurin spoke for more than ar
hour, and was listened to with th?
closest attention throughout The full
text of his speech is as follows:
Senators:
About one year ago, i was permitted,
with Mr. Chas. Crosland, to represent
the state of South Carolina at e
conference of the governors of ths
cotton states in New Orleans.
The question under conslderatior
was how to regulate the sale of cottot
so as to insure to the growers a fail
profit and to the manufacturers thai
stable price for the raw material, whlcl
would destroy a speculation in futurei
as ruinous to grower and spinner as it
Is burdensome to the consumer.
It was the unanimous opinion of the
conference that state owned and operited
warehouses constituted the key
:o the problem, and the representatives
from each state pledged themselves tc
?o home and begin an agitation to thii
end. So far as South Carolina is'concerned
that promise has been faithfully
redeemed.
Constitutionality Tasted.
The matter was presented to the
South Carolina State Union, where 11
net at first with decided opposition
>ut after a thorough discussion was
jnanimously adopted by that body, and
:he President, Mr. Dabbs, became by
/lrtue of his official position, sponsoi
'"* monaiire Before the bill was
jubmltted to the Union, however, at a
public meeting of the citizens of Marlboro
county the idea was endorsed and
>ur delegation in the general assembly
requested me to draft a bill, which 1
lid.
Those in charge of the measure lr
Louisiana deemed it necessary to amend
the Constitution, but I felt sure thai
this could be avoided by megns of a direct
appropriation, and tnat in any
event, we could get a declaration frotr
the supreme court as to whether the
purposes of the act came within the
police powers of the state.
The bill passed the legislature, received
the signature of the governor
ind under an agreed case was argued
before the supreme court.
I may also add that it was unanimously
indorsed by the Democratic
state convention. In Its decision thf
court denied the constitutionality ol
the act on the sinking fund provision
but sustained the act as being withir
the exercise of the police powers of the
state. The court could easily have annulled
the provision as to a bond issue
and let the act go into operation
Just as the knife of the surgeon removes
the useless vermiform appendto
ind the patient lives on. I think, however,
that the court realized as I did
that the bill needed improvement, anc
perfecting in many respects before 11
was put into operation, and so far as I
was concerned I welcomed the court'i
legal opinion and rejoiced in its practical
wisdom. At the meeting of tht
Farmers' Union in July, I expressed
myself in this way and pointed oul
what I thought should be done.
The state president and myself wer<
Instructed to prepare a bill, and it ii
this measure which we now have under
consideration. The fundamenta
principles of both bills are the same
but the bill under discussion is broader
in scope.
Time Favorable.
Last year at this time the entire
south was deeply interested in cottor
prices, and ready to try almost anj
plan or scheme that was proposed
While I realize that the interest is nol
so wide spread with cotton at thirteer
instead of seven cents, I believe thai
this is the more favorable time for th<
consideration of this bill, because w<
are not so ready to try experiment!
and are better prepared to give th<
calm, serious consideration which ?
radical departure of this kind shoulc
receive.
I am perfectly frank in saying tha
the time is not as favorable so far ai
inducing other states to join us, anc
realize that to accomplish all that 1
should, every cotton state must oper
ate a warehouse, because it is only it
that way that we can carry out th<
trust principle of establishing a mini
mum price for cotton, which will In
elude not only actual expenses o
making, but a reasonable Interest 01
the amount invested in land and ma
chlnery.
We have been fortunate this year it
South Carolina. Some counties hav<
raised staple cotton which has com
manded from 16 to 28 cents per pound
short staple has ruled from 11 to 1!
cents, and with a great corn crop ou
people are prosperous, where a yea
tigu i uiii aiaitfu us 111 nit? laue. oup
pose this year had been a repititlon o
1911; where would we be?
Is it not well then in time of peaci
to prepare for war? I have no doub
that this year will see the largest acre
age and with the heaviest use of fer
tilizer, we may face a twenty millioi
bale crop. It will be too late next Oc
tober to provide banking facilities, an<
warehouses to avert another disaster
which will mount up in the millions
We must start a year ahead, ?.nd usi
some of the fatness of these days t<
tide us over the lean years sure t<
come. Had an adequate banking am
warehouse system been in operatioi
for the last crop I believe that it wouh
have saved the farmers of this stat
twenty millions of dollars of loss,
sold cotton in October as low as 6
cents and in June I sold what I ha<
warehoused at 12$ cents. I think
hazard little in saying that 800,00
bales of cotton were sacrificed in thl
way because it was impossible to hob
it until spring.
The losses on any one of ten crop
would establish a warehouse system
and provide funds to finance it as well
Take a table of prices for ten year
past and the average difference be
tween October and May is about $1
per bale. If a man for ten years pas
had bought 1,000 May and sold 1,00
October and absolutely made no othe
transactions, he would have lost mone;
only once and his profits would ap
oroximatp {100.000.
The strongest argument that I hav
heard advanced against this bill Is th
difficulty in securing efficient manage
ment. The trouble with everything o
this kind is that politicians get hold o
it. and use it to further their own self
ish ends. If this is to be the case, thei
I am utterly and absolutely agains
this bill, it is a failure before it start!
The plan we are proposing In Soutl
Carolina differs from the Louislan;
plan which might be better callei
the New Orleans plan because it wa
designed to build up the commerce o
that great city, and has behind it al
of the financial wisdom and bankin
resources of the metropolis of the soutl
The city of New Orleans first acquire
thirty-two miles of terminals and th
water front with such warehouses as p<
were already in existence. Then after to
successfully operating the plan for four sc
years, the state was authorized to vail- ra
J date the warehouse certificates. It is of
proposed to build the greatest cotton
warehouse in the world, but it is to be
from the sale of bonds, which were 1fl
taken by the moneyed men of New Or- *u
I leans, and is not to cost the state a
* cent. The city has financed the scheme
from beginning to end. Not only this, te^
y but think of the efficient management {*
to be had from the experienced bank- 1
- ing and cotton experts of that great "C
city. I confess when I think how ab- c?
solutely essential expert management c"
s Is to the success of our plan, I grow th
sick at heart. J"'
I say to you, senators, that unless we
. can get men not only of character, but 8'1
of supreme business ability and wide 181
experience in finance, we are engaged th
' in a costly and foolish experiment. I to
* Kill la ve
" D6II6V6 mat HUB Wtticiiuuou u?*i hi e
scientific In principle, but It is also co
fruitful In practical possibilities, for de
either good or evil. tw
A Pig in a Bag. j?
1 If the men selected In my calm, hon- tEL(
t eat Judgment are not fitted for the
s place, I will vote against the bill and
, suffer the evils we have, rather than gtl
those we know not of. Senators, you pe.
1 know the old saying?"Never buy a j ,
} pig In a bag," and any man who votes ha
) for this bill without knowing who is to
run It, is "buying a pig in a bag," and I co
for one, do not wish to take such a re- we
r sponslbility. It was for this reason h
i that the bill was drawn with blanks to ,
. Insert the names, so that they can be 90(
' supplied by amendment from the floor. st
1 It Is difficult to get the kind of a man .
we need for chairman, and we might t"
as well make up our minds that he will L
have to be paid what might seem a .
large price. To be chairman of this ?
' board, requires unusual qualifications. r_|
| Men fitted for places on It are not men
- who will come seeking it, they are men
of affairs, whose success in handling
' their own business Is a guarantee of
[ being able to handle this proposition.
You must seek them for they will not
c be found In these lobbies asking for ar(
1 Jobs. ^
. Finance More Than Warehousing. oni
The more thought tnai i nave given ma
, this subject the more firmly I have cia
, been rooted In the opinion that the Th
problem confronting us Is more a ques- ere
i tlon of finance than of warehousing, tlo
> The opportunity Is peculiarly open to of
! the south through Its cotton crop of ser
, establishing a credit system of Its own hoi
. entirely independent of the rotten bank- hoi
ing system that centers In New York. pr<
In 1907. we had a panic, which some tlo
said came from the too great expansion up
i of credits, because the country was too th<
1 prosperous, as though we could have in
, too much demand for the products of thi
i labor, for that is what makes prosper!- the
1 ty. Some ascribed the panic to Roose- res
' velt, others claimed It was an attempt mj
of the money power to.discredit Roose- tht
i velt by the trusts. of
l This is all moonshine, the panic P]a
came, as others ape to come, from the tlo
| Inherent weakness in the present bank- <ph
r lng and currency system. Indeed It is
[ a misnomer to call It a system. We
merely charter any number of either coi
t state or national banks, and each unit |s
I Is left to stand or fall, there being no un
I place where a perfectly solvent bank miJ
, can go if there is a run, with a certain- ex(
ty of securing aid. A panic can come ten
i any day, with a run on a few New or
) York banks. The reason is that banks ^et
> are required to carry a reserve fund of wa
fifteen per cent of their deposits. The na1
. reserve banks never carry less than wj,
, twenty-five per cent. Now bankers are jeg
I In the business to make money out of OUI
! bm fnr thalr health. Thev do not
. loan this fifteen per cent at home, but v^a
: they deposit it with the New York th<
s banx*. and Tt is shown In the local W]
' bank statement as cash. As a matter rei
, of fact It is loaned, because they re- ot
i ceive interest on the deposit. The gov- ea<
> ernment allows this, and the enormous th(
. sums shown on deposit in the big New p]e
. York banks are the reserve funds of
, the entire country, which should be j_
. kept at home for the protection of de- u_
: posltors. I am aware of the fact that lav
since the panic of 1907 the so-called *
, country banks are not depositing so t .
I heavily with New York, at least they
t think they are not, but if they knew .
4 ^ mnnov thov wnilM
[ Wild I Weill Willi UICU ? !?? U.V/ ? ? ...
j find that sooner or later every dollar of ,
. It finds Its way to the vaults of i New *? :
> York. The New York bank pays the ?
I South Carolina bank Interest, hence it .
t must be expected that the money will
be used. These reserves constitute
? what Is known In New York as "call "
s money." It is loaned to speculators at P?.
. from five per cent up. Stocks or cotton
I are bought or sold on margin. In the "
, place of constituting the reserve in.
tended by law to protect depositors, It
is at once transformed Into the huge
gambling fund out of which fortunes aD'
are made and lost overnight on the ex,
changes. The banks as long as the ini
| movement of money is toward New
r York encourage this speculation, so as Un
to get interest, but suppose as In the
I fall of 1907, the country banks begin ,
j to withdraw their surplus funds? Price or
t of stocks and bonds have been Inflated, 8tr
? the profits on margin account begins to me
j melt away, and there is a rush to sell. a 1
\ Frantic efforts are made to borrow
, money and rates advance sometimes to
i 100 per cent. Stocks are dumped on
j the market and when three national cu>
banks and four big trust companies 'ar
t closed their doors in New York, it was *b<
j too late for South Carolina banks to cui
j get their money back.
t The banks all over the country were thi
. at once notified that they could not get ln
, their money until the trouble was over, for
? Business Interests entitled to protec- adi
. tion were sacrificed according to Dunn Pis
. and Bradstreet of two billion of dol- rnc
f lars, all because of an unsound bank- na
, lng system centered In New York. It us
. is rotten and dishonest, and the send- coi
ing of Morse to the penitentiary as the ba
, "scape goat" was mean and cowardly, of
e The deposits of country banks in New tin
. York today equal about one-third of Dc
; all the money in these United States, sue
j and let something occur that would in on
r a week's time cause the withdrawal of sai
r say one-tenth of this one-third, and th?
* - l-'-* * 1hAT 1 Qf
. you wouia see me msiury ui u>vi icf
peated. I believe bankers are more eas- th<
lly frightened than any class of busl- no
p ness men In the United States, and It is '
^ because they alone fully comprehend In
. the weakness of the present system un- odi
. der which they handle trust funds. wll
, Think of a scheme or plan that en- ne
. courages the banks to enforce collec- be<
j tlons, when they should give exten- th?
. slons; to hoard funds In stringent pai
i* times, when they should give credits, sys
g thereby bringing about the very panic Ch
a they would avoid. The money from bu;
a the country banks goes to New York, sul
j where it is given a set of bankers, who
f, loan It to stock speculators at heavy of
j interest rates. In 1907 the New York an
e banks between Aug. 22nd and October su|
j 30th, reduced their loans about 190,- Ur
i 000,000 with such an advance in inter- gei
j est rates that a call of less than one fin
j hundred and forty million from the an
0 country banks by October precipitated ba
B a panic. en<
j Stock gamblers were forced by the ad
terrific advance In interest rates to tic
a throw the stocks held on margin upon fa<
lt the market, and the knowing went ela
i* short to the extent of their ability and ha
3 kept selling on a scale down." It Is a se(
. matter of public history that a $75.00 rei
5 clerk In Chicago, named Llvermore. ini
X became In a few weeks several times In
0 a millionaire. Only to lose It on cot- thi
r ton within a year and disappear like all
y a passing shadow. pr
Another thing, suppose you have a of
business and think you have made ar- in<
e rangements with your local banker for est
e funds, and call money goes to 20 per six
. cent in New York, your bank has Its bo
if money on deposit in New York, and cri
f when you come to get money to carry of
- forward a legitimate business enter- le<
n prise, you are told, "Money is very cei
it tight in New York; don't you see It Is bo
i. 20 per cent 'on call,' you will have to ch
h wait," etc. Who hasn't had that ex- gii
a perlence? As a matter of fact, the no
d high rate has tempted your banker tei
8 and he has wired his correspondents cri
if to loan his deposits at 20 per cent, and
II legitimate business at home must wait Its
g until the gamblers on the exchange cri
i. havf, either "made a killing," or pre- of
d cip tated a panic. If I can help the lss
e people of the south to use the vast un
>wer God haa given them in cotton
get out of the hands of a conlenceless
"Money Trust," I would
,ther do it, than to be the president
the United States.
Money Trusts.
I noticed In the State of January
th, the startling statement that one
ink in New Tork on a capital ol
00,000, had since the war dlstribud
eighty millions of profits, besides
ylng up-a vast reserve. Let me read:
Snormous profits of the First Na>nal
Bank of New York were reunted
today by George F. Baker,
airman of the board of directors of
e bank, a witness before the house
ney trust committee. Mr. Baker
rnlshed the committee with records
owing that since Its organization in
S3, with a capitalization of 1500 000,
e bank has made profits amounting
mure kiia.ii ov,vuv,vw. iu
ars since 1908, Mr. Baker told the
mmittee. the bank had paid divinds
of 226 per cent, or more than
ice the total capitalization, which
now $10,000,000. Samuel Unterrer,
counsel for the committee, from
:t8 supplied by Mr. Baker, calculated
it since he assumed the presidency
the First National in 1873, that intutlon
has paid dividends of 18,660
r cent on Its original capitalization."
agree with Mr. Baker, "This thing
s gone far enough."
What a commentary on financial
iditions In the United States, when
consider that the Bank of England
d only 166 million dollars In gold
its vaults, while there was about
9 millions locked up In the United
ites treasury, and 300 millions more
the vaults of banks doing no good
stay a panic, while the Bank of
igland, the world's great clearing
use, could with one-twentieth of
tat we had, send us 66 millions of
Id with perfect confidence. It could
this because It only uses gold to
tie balances and to redeem its notes,
ilch are based not on bonds, but the
lets of the various banks Issuing
;m. Banks in the British empire
? not reauired to carry a fixed
lount of reserve funds, hence this
all money" Is not concentrated in
e place to promote speculation, but
tributed according to the commer1
necessities of various localities,
e Bank of England raises and lowi
its discount rate to meet condlns
as they arise, so does the Bank
France. This protects the gold reve
and makes the banks clearing
uses for all of the other banks. They
Id the gold reserve of the nation to
>tect credit both individual and nanal,
while our gold reserve is piled
in the treasury like cord-wood, at
s mercy of a Money Trust centered
New York, which can any day draw
s gold out by using the currency
it the entire country ships to the
erve banks in New York, and bankjt
the treasury. This is the reason
Lt in the panic of 1907 the secretary
the treasury went to New York and
iced the whole resources of the nan
at the command of Mr. Morgan.
Is is why the president of the United
ites had to stay his hand and conit
to the absorption of Tennessee
al and Iron by the Steel Trust This
how the natural resources of the
ited States are exploited to make
iltl-millionalres. No relief can come
:ept by a banking and currency sysn,
not dependent upon New York,
any other one city. Our slaves were
iree uy numuos ?uu ouugut u<n
ys; what we now need Is a few fatlcs
seeking new ways to aet the
ilte people free, for when tne shackwere
stricken from the limbs of
r slaves, the national bank act rivetthe
broken fetters on all, both
ck and white, for he who controls
i means of subsistence controls mor
lere shall we find relief? Do you
nember the bondage of the children
Israel when the Lord commanded
:h to sprinkle the door post with
! blood of a lamb? It was so slmi
that many refused, and the Angel
Death carried away the first born
that household. The solution for
lies at our very doorway, If we will
r aside personal and political Jealsies,
and utilize the best brain and
ent obtainable; we have in our land
d Its product, cotton, one asset that
unrivaled since Moses led the hosts
I of Egypt and from the top of that
lely mount saw them cross the Jorn
into Canaan, the land that flowed
th milk and with honey.
Cotton is used the world over, it alys
commands its price in gold. New
rk uses our crop to deplete Eurom
n-nlri reserves In order to main
n her own commercial supremacy,
e price of cotton is fixed abroad
d measured In terms of gold. Evr
time New York calls for gold, the
rchasing power of our customers
road is curtailed and the price of
tton falls. Cotton is the one crop
it always insures the balance of the
rld's trade being in favor of the
lited States. Cotton is the very
ner-stone of international finance,
by not use it to build us up Instead
permitting it to be used as an obuction
to our industrial developint?
Why is it that we have become
lation of panics?
No Panics Abroad.
Why is it that these constantly rerring
panics do not come in Engid.
France or Germany? This is not
} time or place to enter into a disjsion
of the banking and currency
item of the United States, and yet
s warehouse bill must be considered
its relation to the general subject,
warehouses are useless without
equate means to finance cotton
teed in them. There is no lack of
>ney in the United States, no other
tlon in the world can compare with
in this respect. The reports of the
nptroller of the currency show a
nking capital of nearly double that
the entire British empire, and four
ies that of continental Europe,
es it not seem strange that with
:h resources we should be financially
e of the weakest nations, unable to
ourselves from such disasters as
i panics of 1873, 1893, 1903 and
17 and the present "near" panic,
i murmurings of which can even
w be faintly heard?
The answer to this question is found
the fact that while business meths
have changed in all Industrial lines
thin fifty years, to meet radically
w conditions, a Money Trust has
?n evolved that holds us rigidly to
s National Banking act of 1863,
saed in war times, not to provide a
item of banking, but as Secretary
ase said, to compel the banks to
y bonds to carry on the war for the
Pjugation of the south.
We hear a great deal in these days
the Canadian system of banking,
d every one must admit its infinite
periority to the one followed by the
lited States. It is not, however,
lerally known that the United States
}t inaugurated this system in 1791,
d that Canada copied it almost vertlm
a few vears later. The differ
ce lies In the administration; Cana
succeeded, because they kept polls
from Interfering, and from the
:t that they Imparted the element of
istlclty to their note Issue. Canada
s not made the mistake of a bond
:ured circulation, because It was
illy the desire of her statesmen to
lugurate a plan, not for a few men
Montreal to profit by a weakness In
b system, but to enable bankers In
sections to do a safe business and
ovlde a sound and adequate volume
currency to meet the needs of bus;ss
at all times. The rates of lnter;
In all parts of Canada Is never over
: per cent. These men knew that a
nd secured circulation of a bank debased
Its capital by Just that amount
money that It was necessary to col:t
In the locality and send off to a
ntral point for the purchase of
nds, thereby leaving a national bank
artered, say In Bennettsvllle, to bei
business with original capital in
tes of a fixed and rigid amount ut"ly
Incapable of expansion at the
op moving period. 1
In Canada the bank does not Issue
notes against bonds, but against Its
edits, thus giving It the use not only
its original capital, but also of its
ue of notes, which cannot exceed Its
Inrmalred naid-uD eanltal. Without
i going into aetaiiB 1 win merely say
that the entire system Is under the
I supervision of the Canadian Bankers'
: association, and the government has
nothing to do with it. The banks act
as a unit, and such things as panic by
, reason of bank failure, is unknown, as
, it Is In the United States, where in
. time of stresa each bank stands alone,
refuses extensions and calls loans to
| pile the actual cash up In their vaults,
and Issues clearing house paper as in
1907. Now what can South Carolina
do to avert such a condition of affairs?
Shall we await tne action 01 a democratic
president and congress, or shall
we push ahead and try to devise a system
of our own, and through cotton
get access to the Banks of England,
France and Qermany, who are now
furnishing money Indirectly to buy
our cotton? Something must be done
to give relief to the agricultural element.
Why Not Deal Direct With Our Cue*
tomers in Europe?
President Taft has given lnforma- <
tion to the country as to the European ;
system of co-operative credits, which ,
Is making France and Qermany rich- ]
er and more powerful every day. The <
underlying principles are the same as ]
are written into this warehouse plan, <
with this difference: This bill seeks to t
convert the products of the soil into (
a commercial security as negotiable
as the bonds and stocks of the rail- ]
way, steel trust and other corporations. <
The European system does not deal i
with the products, but the land Itself, 1
and It seems to me that we could ' ead- i
ily adapt It to our needs In the south, j
so as to apply to both land and its i
products. At any rate, I have gone <
far enough to feel it Is worth lnvestl- <
gating before we Irrevocably commit i
ourselves to anything. This country f
has Just now reached the period that <
confronted Europe 100 year* ago. ur
an enormous population, with wornout
soil. Germany and France have
well nigh solved the problems and
surely we would do well to heed the
lesson. Census figures show that
within twenty years the town population
has grown 25 per cent faster than
the country. This has attracted attention
from students, statesmen and
patriots, and has caused deep research
into the underlying causea The department
of state has been gathering
information, and a delegate, Mr. David
Lubln, has been sent to the International
Institute of Agriculture to be
held In Rome next December. The
last meeting of the Southern Commercial
congress recommended that a committee
consisting of two from each
Btate be sent abroad to Investigate the
land loan schemes that are operating
so successfully among the agriculturists
of France and Germany. The
president of the United States has
written a letter to the governor of
each state, enclosing a report from
the American ambassador to France,
which I think it will be well worth the
while of each senator to read. There
are two types of these agricultural
banks, one for character and personal
property credits, and the other for
land loans.
In reading these papers, the thought
struck me how wonderful are the natural
resources of this cotton country
that has survived a barbarous land
mortgage system and the extortions of
a Hen and crop mortgage law, whose
underlying thought has ever been to
"size the pile and take it all." Under
the German Landachaftan or the
Credit Foucler of France such a thing
as nersonal mortgages are unknown.
On pace 17 of his report the ambassa- '
dor says: "The whole theory of the organization
of land credit is based upon
the debenture bond and system of
amortization and^slnking^ fund deviled
One without the other two is useless.
The three must be combined and also
coupled with wise management under
wise laws in order to attract a steady
flow of cheap money to agriculture.
It Is remarkable that this truth has
never been realized or applied to the
United States for farm mortgage
loana In spite of the example of
practically every nation in Europe for
generations, the lending of money on
mortgage still remains largely a mere
brokerage business unrestricted by
proper laws, either to individual or
corporations, while mortgages continue
to be drawn for three or five
years, when experience shows that the
average life of a loan is far in excess
and needs to be renewed again ana
again, with added expense to the debtor.
Amortization is simply a method
of paying off a loan by returning a little
of the capital each year. These
payments are called annuities, and are
composed of the interest and contribution
to the sinking fund and the cost
of conducting business. They are
calculated for periods of from ten to
seventy-five years, and at the end of
the period the mortgage debt becomes
extinguished, and the property returns
to the owner free and clear from all
incumbrances. The prevailing interest
rate on amortization mortgages in
Prance is at present 4 per cent. By
adding a little over three per cent to
this, and paying 7} per cent per annum
a French farmer can extinguish his
aeDi wunin iwemy ycaio.
Frenoh Vs. American Farmer.
Let us suppose a case of a French
farmer who borrows $10,000. He
pays $750 annually, which covers his
4 per cent Interest and the sinking
fund expenses. At the end of the
twenty year period, he has paid interest
and expenses, $15,000, and his
debt is cancelled. Who can estimate
what a South Carolina farmer would
pay on $10,000 for 20 years with Interest
computed annually and paid in
advance? When he gets the money at
plain, straight simple interest, he
would have paid $16,000 in Interest
alone and would still owe the original
$10,000, making $26,000 against the
French farmer's $15,000. Now what
would a loan of $10,000 to run for 20
years cost the average South Carolina
farmer? It Is hard to say.
No bank in the state or institution
that I know of would make a loan for
20 years. Five years at 8 per cent,
payable annually, would be about the
best he could do and trust to luck to
get renewals, and in each case would
probably have to pay a bonus to get
some one else to carry the loan. The
largest business of this kind Is done by
Insurance companies, and I do not
know that I could better illustrate the
point than by telling of an actual case
that came under my observation.
It is Insurance money, but a trust
company makes the loan on a mortgage
at 8 per cent. The borrower is
required to Insure his life and assign
the policy as additional security. A
hnniin nf 2 ner cent is paid to the
broker who negotiated the loan, and
$100 to the attorney who fixed up the
abstract of title, making $1,100 taken
out In advance. The annual interest
Is $800, and the premium on the life
Insurance about $600, making $1,400
per year on a loan of $10,000, to say
nothing of the expenses and difficulties
of making new arrangements at the
end of each five-year period. At the
very best it would foot up $28,300
paid in actual interest, life insurance,
etc. The principal of $10,000 would
still be due, making a total of $38,300,
for carrying $10,000 twenty years,
while the French farmer under his
banking system has paid out $15,000.
which cancels the debt in full through
the sinking fund. It is exactly the
same principle upon which states,
counties, towns, railroads and corporations
borrow money. There is no secret
about it; every man except the
farmer is benefitting by its application.
It is by giving the same fluidity to
real estate credits, as are attached to
bonds and stock, which in reality are
based absolutely on the soil and its
products. The French statesman has
for the benefit of agriculture devised
a banking system which mobollzes |
land and makes its value negotiable
for current use in the money markets, (
easy to pass from one to the other, |
while the American statesman has j
provided for agriculture a banking i
system, making it a crime for a national
bank to lend money on land and
delivering the farmer to the stock exchanges
of the country to be plundered 1
without mercy. My hope is that the I
warenouse dui win pave me way 10 a
system of agricultural banks, based on
land and Its products. I could not
Imagine a better credit basis than
cotton, because no other product Is so
readily convertible Into gold.
These agricultural banks are worked
In harmony with the Imperial German
bank or the Bank of France, and instead
of the bond secured circulation
which holds us down, each bank can
Issue notes to three times Its cash reserve.
Three years ago, when war between
France and Germany seemed
sure to come, France had about two
hundred million dollars of call money
loaned in Germany for which demand
was made. The Bank of Germany lost
about forty million of its reserve in
one week, just about the same amount
lost by New York when the panic of
1907 was precipitated. But what a
difference, the banks in New York suspended
payment and were at once in
the thrnes nf nnnlc.
The German banks went on as if
nothing had happened, Instead of calling
In money, they Increased their
loans 145 million and issued one hundred
and fifty-four million more currency.
In this country in time of stress
each Individual bank begins to call
loans, and hoard money, while In every
ather up-to-date nation they ward off
threatened danger by increasing loans,
uid abundant note Issue.
New York with about one billion do'ars
belonging to banks scattered all
aver this country, loaning It to stoc'ind
cotton gamblers Is a standing
nenace to the prosperity of this na:lon.
Let us finance our cotton as far
is we can ard establish relations with
noney centtrs abroad, where certlfl:ates
for cotton In a state warehouse
?n be placed. Land or Its products is
die basis of all wealth. Railroad stocks
rovernment bonds and every commercial
security In the world are worthess
were it not for the products which
come from the soli. In passing this bill,
et me warn you, that we must as soon
is possible, go further and establish a
>anking system, based on land values
n order to furnish long time loans at
nitmAaaa Ckt
U v* IdVCB U1 IIIVC1 COl iV/1 |/ui pv?va wa
ndustrlal development Pass the wareiouse
bill, and place the management
n the hands of those prepared to operas
It as best they can under present
sonditions. A board that will proceed
cautiously and slowly, looking to the
:lme when our people will be educated
;o the point where co-operative bankng
is possible.
This plan can be started without a
rery great outlay of money. We must
iave a warehouse in Columbia, one In
he up-country, and one In Charleston
:o begin with. I have thought thsjosaibly
with suitable freight arrangenents,
the compress could be in Florence,
& central point so far as railroads
ire concerned. It can be made selflustaining,
and when other states see
is operating successfully, they will
*eadlly fall In line. I look for great remits
from the next Southern Commercial
congress, when recommendations
vlll be made as to a uniform system of
igrlcultur&l banks. I hope they And
South Carolina already operating a
varehouse system, which will enable
is to use our cotton as a credit basis,
rhere is one thing that we might as
veil understand at the outset, we canlot
get funds for making the crop and
:he money to hold It from the tame
lource. New Tork is always ready an i
inxlous tc supply funds for making the
crop but when the fall comes, she needs
cotton to draw from the gold reserves
>f Europe. She needs this gold to
nalntaln her power, and under no circumstances
Is she willing to aid the
louth in holding cotton. Indeed, I
sometimes think that these warehouses
vlll be something like a man "totln" a
run. As long as he has It in sight, ho
never -needs *e It-Is only when fie?*?Hasn't
got It that the necessity arises,
[f several of the southern states are ,
prepared to hold and finance the cron.
ill that they have got to do is to fix a
ninlmum price, that Is fair to all concerned,
and it will be accepted as all
:rust made prices must be and are accepted.
In this event the warehouses
vould be used by those able to hold and
leslrous of Securing the maximum
price arising when supplies become
icanty. The mills are now put to the
>xpenae or neaging men wuci m mr
'uture market, thus encouraging a
iplrit of speculation, that has sap if"
the honesty and ruined many a mill
nan. Suppose South Carolina, Georgia.
Texas and Louisiana went into this
business. They could within certain
Imlts absolutely fix the price of cotton
10 that it would be stable and a mill
lot forced to sell futures to hedge its
:ontracts for cloth.
This bill In a certain sense, is an attempt
to naturalize our one great inlustry,
cotton. I wonder how much the.
lystem of co-operative bankinar abroad
las had to do with teaching those nations
the lesson that In "Union there is
itrength." I do know that If cotton
vas grown in Germany, England or
Ftance, they would swiftly hold the
lalance of the world in tribute by it.
They have in Germany the potash inlustry
and they have nationalized it
ind force an ever increasing tribute
'rom the farmers of the United States
svery year. In Sweden the government
landles its iron and steel industries.
Sngland has chosen to make herself
:he banker for the world, and through
:he Bank of England all the nations
dear and settle their balances. The attitude
of the public mind on governnental
questions is indicated in old
ige pension bills and government inlurance.
In France the question is serously
agitated of the government con
rollng the extortions of middle men
)y buying up all food stuffs and selling
t at cost to consumers. So that wherever
you may turn there Is no escape.
The whole trend of the time Is toward
;o-operation, and making use of the
rovernment to protect the weak againec
:he encroachments of the strong.
This bill Is In accord with the trend
>f events and harmonizes with the
iplrlt of the times. You can pass It or
let It alone, but the Idea Is firmly Implanted
In the minds of the people, and
:he longer It Is delayed the more far
eachlng and radical will the reform be
when It does come. Our present financial
system '8 a relic of barbarism, a
lerltage from that monumental catasirophe,
the war between the states. Af:er
fifty years, we are still struggling
is a nation with Its nearby effects.
Reverence for the past Is admlrabl ,
put a generation of live men who canlot
turn the ignorance and blunders of
lead ancestral generations into sublime
iteming stones to lift themselves into
i loftier plane of being, will m s
lirely the road which leads to the land
vhere pro?Tcss and justice find their
ibldlng place. The over-whelming elec:ion
of Woodrow Wilson is not a mere
?arty triumph, It is a notice served by
the American people that this "devil
:ake the hindmost" civilization, where
:he crafty and strong always have
chelr way, is at an end. It is part of a
novement over all the land without re
rara to party wnicn cannot De aispos;d
of by Jeers and ridicule. A comnanding
public opinion has declared
tself on the side of justice, and it will
lever stop until righteous reforms are
wrought Into law, and then honestly
ind impartially executed.
It Is not only the concentration of
:he money of the country Into the
lands of a few but with that gives the
ibsorption of its hand. Vast land estates,
with tenants instead of home
iwners, is the logical sequence. There
ire no more free homesteads in the
vest, but home-seekers are being forced
back into the older states where
irices ever climb higher. Without long
J me loans, how can the laboring man
ever buy and pay for his home under
jresent merciless Interest rates? I say
to you, fellow senators, that a republican
form of government cannot be
nalntQinoH nvnont o a o notlnn *\f
wners and hon e builders.
?"Is your wife going into active politics?"
"I don't think so," replied Mr. Meekton.
"I don't believe anything could
nduce her to take that new J50 hat of
iers and throw it into the ring."?
Washington Star.
Perhaps the man who is looking
tor trouble is better prepared to dodge
t when it comes.