Historical Newspapers of South Carolina

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LAOUVIS APPN3LT. Edito~r M4ANNI-NG. S. C., OCT. 28& 1914. PUBLISHIED. EVERY WEDNESDAY EXTRA SESSIN. Capitol C;orrespondence:-AU other week of cgwatchful wait ing in the hope that something mwin be done to aid the masses in this, their day of tribulation, and yet nothing has been accom pished; as time goes on- 1 am beginning to lose faith of any remed&ia legislation, not because the general assembly is without power to give substantial relief, but because the "Big Interests" appear to have a mysterious in. frence to prevent legislation which 'promises relief. I am ' j ast coming to the conclusion that South Carolina is in the grasp of the corporations, and -nothing will be done without the sanction of these institutions. It 6s clearly evident that the cotton mill interests and* the national basnkers are determined to do all -Jn their power to prevent this legiature from-doing anything wIc- may lighten the burdens oppressng the massei;; the large 'dl -newspapers of the State ~seco~trolled by. corporations. and they are daily filling their editorial columns with adverse ..Crticisms of any attempt to pro vide ameans to bring on a bet I"s state of affairs, not only so, ,',:-,.'.butxreprbsentatives of the "Big Intieests" Are daily engaged in' an active lobby to carry outkthe prpof those who oppose the bond isste, warehouse, curtail ~au fcotton -productin and 'nyand evrthing suggested 16r relieL eaiigth~e depressed con d4itons I introduced and had pIsdthrough both. of the , -uueSenate and House of the crutJudg,,; not -' to order foreclosuqsof-property Sbefore next October, the sole --~.Purios tou direct atten - into thi grave matter a.nd . t-peAkm1to1the courts to prevent ~ sfor es powsibe the saifice impart immediate value to the cotton now on hand. It was then that the proposal for the bond issue assumed definate strength, several test votes showed that the Senate was al most unanimously in favor of it: the exception being a small coterie, who objected to a call of the special session for remedial legislation and persistently threw cold water on every measure proposed. The special committee who drafted the bond bill reported for an issue of $25,000,000 of bonds to be used in making loans at 9 cents per pound or purchas ing the cotton outright at 10 cents per pound. The idea being to take care of one third of the crop, and the Wade plan was supposed to take care of another third; on Wednesday morning Senator McLaurin in troduced a resolution to send Senators Lide - and McCown, both bankers, to confer with the Secretary of the Treasury at Washington to ascertain what position would be taken as to negotiating these bonds through the federal reserve board under the new currency law. Mr. Mc Laurin said that it was idle to talk of selling the bonds in the open market, citing the difficul ties Tennesseo had .in placing only -0Q.000 at 6 per cent. He said e new federal act only- provided for discounting commercial paper. A bond was an investment security and could only be used as a collateral, that it seemed to him what we needed was cotton in the form of a ne gotiable security with the credit of the State behind it. The Senate voted in favor of the Mc Laurin resolution, and the House subsequently adopted a similar resolution and named Messrs. Stevenson and Dick to join the Senators named. In the mean time the debate upon the bond issue proceeded; I offered an amendment to increase the -nmit reported by the com miie crom $25,000, 000 to $50, ,000.000 in accordance with the original proposition to give aid 'to all of the cotton growers, and by which, it was the purpose to handle 1,000,000 bales of South Carolina grown cotton at 10 cnts per pound; my reasons for doing this are as tollows: 1st. Because $25,000,000 is not sffcient to accomplish the pur pose stated in the bill. 2nd. If our cotton will secure $25,000,000 it will also secure $50000,000, provided in both cases the Federal Reserve Board recognizes the security, and if the security is recognized, as I have reason to believe it will be, then I'cannot see why all of the cotton growers should not par ticipate in the benefit as well as a part. '3rd. The Wade plan, so much heralded by the National bank ers, notably E. W. Robertson of Columbia, has already fallen to pieces and only proposes that outside banks loan on cotton upon a basis of 4j cents, per pound, hence to care for even one half of the crop will require more bondsMhan named in the Committee Bil My amendment for $50.000,000 was defeated, whereupon Sen ator Laney of Cherterfield of fered an amendmentjfor $35,000. 000) which was also voted down. but after a vigorous debate and some sharp language the Sen ate reconsidered and voted for the $35,000,000 amendment as a compromise,which,if the commit tee sent to Washington reports avorably, may yet be increased to $50,000,000 in free conference. If the committee report unfav orably, I heard Senator Me Laurin say, and he is regarded an authority on finance, having made a special study of finance for a number of yeas, "that the bond bill can be amended so as to conform to the Federal Re serve Act, providing discounts, that it was just as easy to use the credit of the State to bank commercial paper, as investment securities. That it was a ques tion of being authorized by the people at the billot box." Certain large banks and bond brokers are protesting through their plutocratic newspapers against the government coming to the aid of the farmers, and yet this same class are insisting that the government buy out right the millions of American securieties, held in Europe. Wall Street is loudly shouting for' Congress to make it a penalty for a foreign holder of American stocks or bonds to offer them for sale in this country. The stock exchange was clos ed to prevent the collection of an honest debt due a London cit izen, yet they have, when it is proposed to prevent a poori man's cow and mule being seized, thrwn a fit anrd in effecrt- saird no, let the opportunist go on unrno lested and profit upon the mis fortune of his fellow citizens. It is alright for the government tb come to the aid of the "Big In terests" when they are in a panicky condition, but "it is paternalism run mad" when the government manifests a willing ness to devise means to releive the farmer who is suddenly brought to face a condition for which he had no part in bring ing on. When the government a few years ago rushed its treas ury to New York to stave off a panic, and did stave it off, the plutocratic press were loud in their approval and praised it as a wonderful financial achieve ment, when the present adminis tration issued millions of dollars and loaned it to the large banks, and called it "Emergency Cur rency" to aid the southern farm er to move his crop it was consid ered a great financial achieve ment, even tbo' the farmers o1 the South did not benefit from the emergency currency issue, the banks diverted this fund from the purpose intended and used it to take up their own paper, this was true to the ex tent that it became a notokious scandal and Secretary McAdoo read the riot act tb them. and finally called it a part of the issue. These banks borrowed the emergency money from the government at two per cent, and took up their five per cent paper with it, what they did let the smaller banks have was at an advanced rate, in some instances as high as eight per cent-THE FARMERS FOR WHOM THIS MONEY WAS INTENDED DID NOT GET IT. The South Carolina general assembly c9nvened to legislate for the relief of the masses in this direful emergency, and at every step it was met with the powerful influence of the mon ied interests to obstruct and pre vent anything beintg done to af ford relief, the newspapers con trolled by these interests, have not only argued against it in their editorial columns, but they have resorted to all manner of misleading arguments-to confuse the masses so that should the bond proposition be submitted to the voters they will be preju diced to vote against ib. But I say here and now, if the ques tion is submitted to the people they should not be influenced by the daily newspapers, because, they are working with all of their power to pre 7ent the mass es from securing any aid what ever, and when they go to 2the polls next Tuesday, and every man should go, have no hesita tion in voting in favor of the bond issue. it is the only hope of relief, and if it should fail the worst is yet to come. It is a singular coincidence that when the McEaurin resolu tion to send a committee to con fer with Secretary McAdoo was adopted, Mr. Edwin W. Robert son the principal owner of the Columbia Record, and head of the National Loan and Exchange Bank in Columbia, who, togeth er with his bank directors open ly resisted this bond legislation, left for Washington on the next train. What for? It is believed that he went to defeat the object of the committee's visit, at any rate he went to Washington, and it was not for his health either. Something must be done or our people will be brought to financial destruction, and the nioney loaning syndicates, will, through their mortgages have the prc perty of the people, which mu a.,t result in making of our peop~le the slaves of plutocratic greed. The monied interests that are fighting remedial legis lation have not proposed tbe slightest remedy other than that "the masses must live at home," not one suggestion to save them from their present affliction. Read tlae editorials in the Columbia Record, Tbe State and the News and Courier, not a single suggestion that ters to offer hope to the dis tress, but in each issue, it is ''do not try to save yourselves, if you do, the Devil will catch you sure." Some of The State's ed itorials remind me of the stories told to children to make them behave, and those in the Record teem with the lobby arguments of the Rober tson interests to the extent, it is askea. whether our good friend Col. Gus Kohn who is supposed to be a correspond ent for the News and Courier, but only doing his newspaper work in his odd times, the other times he is pouring into the ears of the legislators arguments to frighten them away from voting for the bond issue, unless the bill is so framed that certain large bankers, and he is connect ed with one of them as well as binga stocnkl hnor in the Rec ord, can have a monopoly in the handling of them. The Record in a spirit of ridi cule said "My Dear Apilt" wanted to make it $50,00000, and it seem to be very gleeful because "My Dear Appelt"-' did not get his amendment through, but I think The Record. would have been equally gleeful or more so, if the entire propOsi tion had fallen through, -just as it will be should the legislature adjourn without doing anytbing to better conditions in this State. The opposition found Senator Tillman in Columbia Friday and becaus i he asked where would "the State sell the bonds" the inquiry is u .ed to aid them in throwing cold water on the prop osition. I had a talk with the Senator myself, and his conver sation With me did not indicate hostility to the measure, but on the contrary he seemed greatly interested and was anxious for something to be done, No doubt h e like many others would like to know where t he bonds- will be sold, b u t this is not the time to inquire, the first step to be taken is to have the authority of the people to issue the bonds, and then it will be up to those in authority under the Act to consider the manner of floating them, but, for argument sake, say the bonds cannot be sold, and the banks will not receive them as a negotiable collateral. we will not be in any worse fix than we are now, except, perhaps. the trivial cost of printing the bonds which will be but a few dollars. There is abs6lutely no cause for appre hension, not even if the bonds are issued, and the State takes the cotton for 10 cents a pound and loses by the transaction several million dollars, which loss is not probable, unless those who think so are ready to be lieve the war will last always, and there will never be a de mand for cotton .again. I say suppose there is a loss, would it not be better for the State to meet with a loss of even several million dollars, and 'have that loss spread over a term of years and paid back by all of the tax able property, cotton mills, rail roads, banks, and the many vari ous other enterprises, than for one class ot our people, the mainstay of our existence to be come bankrupted at one fell stroke? A similar condition ex ists in Egypt and that govern ment did not hesitate to go to the rescue of its people, then I do not see any need for this great State to become alarmed and get stampeded by the argu ments of thoso who are urging nonaction, and I have no doubt this obstructing element mn a condition, where a people are reduced to practical slavery, a magnificientopportunity to estab lish a system of peonage, such as Mexico is cursed with today. I can imnagine the palms of the shylock itching if relief is not obtained. Even now while the effort i's being made to secure relief, greed is manifesting its self in many quarters; ask the fellow whose guano note is due, and the man who has a note in the bank; there are some bankers doing all in their power to in dulge their patrons, but there are others demanding the pound of flesh now while the flesh can betaken from above the heart. Ask she tenant whose landlord demands his rent in real money, and refuses to take cotton un less it is at the price paid by the speculator; ask the merchant whse all is invested in supply ing the farmer with the mens to make a crop, and see if you do not find him wilh red eyes from loss of sleep because his creditors pay no heed to his rea sons for not being able to meet the demands pressing him. The farmer has not withheld from him what he made, but notwithstand ng thn fact the farmer stands ready to give him his all, it will not satisfy by fifty per cent whereas under the normal con ditions every dollar could be paid and something left for the man who made it You do not have to ask anybody and have them to rehearse their sad story, lookover theicolumns of many of the newspapers, and see the number of foreclosures adver tised for sale at this time., Is the time propitious for the forced sale of property? Who in the name oft heaven can at a time like the present raise the ready money to prevent a grasping mortgagor from taking advant age of some unfortunate who, perhaps, is a victim of the con dition that is making paupers daily with no prospect in the near future. unless the State will come to the rescue with its redit. - The more I think about the entue of the -Stna issuing bonds for the relief of the peo-! ple the more I am convinced that it is not only what it should lo, but it is good political econ omy, and wise statesmanship. D, says certain newspapers, "it is the function of the State to govern, but not to embark in business." Ordinarily this is a correct theory, but I contend that it is a proper function of the State to protect its citizens when they are Iconfronted with ruin, and, if necessary to do so, it is justified in exerting not only its power. its influence, but its fullest credit, and then some, to put its citizens in condition to restore normal conditions. Issue bonds, of course issue bonds, if by this means our people can obtain the means to relieve their distress, this is no time to con sider whether or not the people will have to be taxed in the future, relief is needed and must come or the entire business is paralyzed. One of the arguments of cer tain newspapers to frighten the voters away from the issue is tha6 there will have to be a. tax lei ied for these bonds. Nothing of the sort for the present, be cause, under the terms of the Act as passed by tie *Senate, provision is made for two years interest which is to be paid by the person selling or borrowing, therefore 1 say this tax scare amounts to a misleading buga boo. There is an element, fighting the scheme as impractical, who argue in one breath that a bond issue will not do and will bank rupt the State, and in the next breath urge a bond issue solely upon a loaning basis to be hand led by banks, the loans to be made on a basis of seven cents per pound with a reserve of 10 per cent for expenses. "Consis tency thou art a jewel." If it is good business and a proper func tion of government to loan the tte's credit with cotton as se curity on a basis of seven cents per pound, a value greater than the market price, then why is it not as good business to buy out right at a stated price, or loai more than seven cents per pound. The loaning proposition as pro posed I do not seelany relief in, but I do think I see a splendid opportunity for lawyer-bankere to reap a fine harvest in the way of fees for negotiating the loan and fixing the papers. Those who borrow money know the scheme of the lawyer-bankers to their sorrow, I have no doubt. Application is made for a loan, the bank at the time has loaned all it can for the present. but the lawyer-banker thinks he can arrange it otherwise, and to make the arrangement a fee is charged for negotiating and then another fee is charged for pre pairing the necessary papers,'of course, the bank does not share in these fees, it is solely for the lawyer, then too, there comes a time when misfortune causes de fault to be made in thejpayment, the bank stockholders if consult ed might be willing to grant in. dulgence, but they have no say in the matter. the lawyer banker prepares foreclosure papers, ob tains a decree from the court and the property is sold to lawyer banker as "attorney," -but this does not mean that the mortga gagor need lose his home, be cause, it often happens that the lawyer banker will resell to him at an advance price and new pa. pers to be paid for by the pur chaser, the lawyer banker has not only made his original fees out of the property at tbe outset of the transac~on, but when he foreclosed additional fees and costs roiled into his pocket, and all in the name of the bank, when in fact, the bank had no knowledge of it nor did it get one cent out of the transaction, it is purely and simply the law yer's fees, but in transactions by laymen it would be charac terized as graft. Therefore, if the loan sharks succeed in get ting what they want in the bill now in. the House, I can but regard it as a misfortune, and the object of the relief legisla tion will be considerably maitr~ed I1 do not know- just what the report ot the committee that went to Washington will be, but from private information I somehow think the Robertson interference failed of its purpose in that guarter. I am told that members of the reserve board were shown the Senatejbill, and after mak ing some suggestions for mmnor modifications, spoke very en eouragingly about the matter so rar-as the bonds being accepted s collateral by the board is con. erned. But it matters not if the report is not encouraging from bhe reserve board, South Caro ina's 5 per cent bonds are an ttractive security, and there ~v e absolutely no tranhin in' exchanging them in the commer- i cial world. I talked with a bank- 4 er and I asked him the question? "Which would you rather have, a 5 per cent State bond; or an individual note?" He unhesita tingly replied, "I would rather have the bond, and will gladly exchange individual paper for the paper of the State." There fore, I say, if a farmer can sell his cotton at more than the market price and take in ex change a State bond, and this bond will be accepted in pay ment of accounts. or for the re lease of mortgages, then I can not see fop the life of me any reason for the opposition, other than as I have intimated before to gratify insatiate greed. I endeavor to be conservative, I would regard it criminal for me to advise any man to defeat his creditors or to make any effort to circumvent his creditors, but I have no hesitency in advising every man to resist with all of the power he can possess any imposition on the part of those who turn a ddmiear to the en treaties for an extension of time, provided, however, the man pleading for the extension has not forfeited his right by some dishonest conduct, but if he is honest and making every effort, and still his creditor is relent less, then my advice is to hold himoff with such force as may be necessary, and the juries of the land will never harm him. It is a man's duty to :protect his family, and if he is so un fortunate as to be in the power of a relentless and grasping creditor who would take advant age of him now, he should not submit until the strong arm of the law overpowers him. I do not like to write such sentiments, but matters have been called to my attention within the past few weeks, if true, the creditor in this case rather than be per mitted to cellect should be pros ecuted in the courts for violating the usury laws, and more, if he takes the property that he has gotten his greedy clutches upon, he should be made to answer a damage suit in the courts, if to do nothing else, than to expose the man and his methods in order that all men may avoid him .as they would a thief, for a man who practices the methods I am told this man does, is little short of a thief, the fact is, I have more respect for the thief, be cause, when he is pointed out as a thief, he is ostracised from so ciety, but the othe,r fellow re mains to continue his nefarious busines. Usually such men have money, 'therefore. thbe more dangerous to society, and the more necessary is it for society to be rid of them. Oh, what crime is comitted in the name of the' law, and how many victims be come the prey of these conscien celess creatures; they dry up the milk in the mother's breast and thereby rob the infant of its nourishment; they take the roof from over the heads of the help less and laugh ,at the tears of the widow and orphan; if they have a soul, it is so seared that nothing short of the tires of hell will soften; then why not public sentiment modtfy the law, and refuse to permit the gratification of their conscienceless and mor bid greed for wealth. Tne bond bill is in the House for final determination, the Sen ate has finished with it, the Senate has also finished with the warehouse bill, and the acreage bill, which by the way is to reduce the production of cotton to 2000 pounds to theI plow with a penalty for over~ production. But this bill is now in free conference, and I think the penalty feature' will be changed and a tax for the over-! acreage imposed. Everything looking for reme dia! legislation has been done by the Senate. and it is through, even tinishiag with the appro priation bill which is usually the very last bill acted upon, and if the House will just finish the bond bill and advance the Joint! Resolution for the constitutional auiendment 1 see no0 reason why we cannot adjourn by Thursday night. Now a word about the elec-tion and Ilam done. There will be~ an effort made it prejudice the voters against the bond issue, pay no attention to it. Vote "Yes" and relief will come. Vote "No" and you play into the hads of those who fatten upon your misfortune. It behooves every man to take a deep inter est in this election, because if there is a small turn out in the lower section of the State the bond issue will be lost, the cot ton mill interests will have their entire force out to vote the bond issue down, and if Charleston follows the leadership of the News anrd Courier that conty will also vote "No." Why? Jharleston has no cotton inter )sts to any extent, except that which is shipped, very little is grown within her borders, and Lt does not feel the strain like the country counties, hence would be unwilling to share in giving relief to those needing it now. Tnrn out next Tuesday and urge every one else to . do so, and vote for the bond issue. It ought to be called The Salva tion Bond Issue. A. Columbia Oct. 26. BOIDS CAd BE SOLD. To The General Assembly: It is said the State bonds, the issuance of which you are at present considering.-can not be sold for anything like par. This is correct only in so far as the question of selling them means the marketing of t sue in the ordinary way-that is, through brokers in New York or elsewhere for cash. They can, however, be ab sorbed by our people; and, if they are issued, they will un doubtedly be absorbed by them at par. There is not a merchant in South Carolina who will not gladly accept them in payment of debts due hiim by the farmer at 100 cents on the dollar. There is due !my Co. by high class, well rated firms in this State approximatelyj $50.000. These merchants are perfectly good. They haveplenty of prop erty behind their debts, but they can't pay us at tLis time, because they can't collectfrom the farmer If the farmer can get bonds for his cotton he can pay the mer chant with them and the mer chant can pay us. My company will gladly accept these bonds at par for every dollar that is due us. I am satisfied that every other manufacturer, every fertilizer company and every merchant will be glad to do the same thing It is nonsense to say that they will not do it. The merchant can use the bonds in the bank to pay what he owes, and the bank in its turn can use them with the regional reserve bank and with Stylep Cloth "Tesmepi teCod-a age. Amerc desrta sll s na cas soThat yowh si arrange for i * STYLEPLUS 4 They represent price is low. You *rics, depend on t on long wear. Ifevenoeoftese fall down you could return, according to' tee behind tbieped FOR S) D. IRS MANNIN their New York correspoll3nts without the slightest trouble. If this bond bill is properly safeguarded I cannot see where the State will run the slightest risk in exchanging bonds for cotton, basis middling, at from 8 to 9 cents per pound, as that is what it means. The cotton can be held until the price advances. and the price will certainly ad vance within a year or, two. Even if it does not advance and the cotton has to be sold at a 4 loss, it will not- hurt the indi vidual taxpayer appreciably. On the other hand the good to everybody at a time when help is badly needed will more than offset a small loss, even if it is sustained, two years hence. If the general assembly will pass Lhis bill, and the cotton acreage reduction bill, other States will follow, and we will have fairly good times. If noth ing is done, hard times and bankruptcy will surely fellow. I congratulate the senate on having the co9rage of its con victions. I believe the house of representatives is going to con cur, and the people can be de pended upon to vote for the measure. It is the only thing that can save the situation; and as I see it, the State has'practi cally no risk, and while the bonds can not be sold through the ordinary channels at par, yet they can and will be absorbed by the p'eople, as outlined above and the results will be the same. J. G. ANDERSON, Pres. Rock Hill Buggy Co., Rock Hill, S. C. Hew's Thist We offer One Hundred. Dollars Reward for anycas ofCatrrhthat cannot be cured l' Hal's Catcure. F. cENEY & Co., Props., Toledo. 0. We, teuiersigned. have known P.3. Cheney for the 15 years, and believe him perf honorable Inall business transactions and fnn colable to carry out any obligons made by their rm. WEST & Tau&x. wholeal~e druggists Toledo, 0. WALMWG, K=i-A. & MARVMl, Wholesale drug Han tar Cure la taken internally, acting directly upon the blood and mucous surfaces of the system. Price 755c. per bottle. Sold by all, prugists Tedlmonnlsfree. HaVsFail3Pll Re= the beat. Where Some Reformers Err. A reformer usually has big Ideas Frequently he Insists on proceeding on a wholesal'e basis Instead of rum ning a small but active business re vulating his own faults. 41 SI Lues uid out au like to dress band out from bove the aver hants it is our lothes that lift Sby ourselves. : were quick to the exclusive ig of 3LOTHES $17 b~ig values and the can trust the fab-. Le style and COunt imamentalsshould have a new suit in the absouteguaran-' d suit. iLE BY CH MAN, 6,S. C.