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.BLAMES R[SERV BOARD Hon. John L. McLaurin Considers Present Conditions A Crime. OUTRAGE OF REASON AND JUSTICE Currency Wa. Inflated for the Purpose of Fighting the War, and to 'rake the Inflation Out All at Once Is An Act of Bad Faith to the Peo ple Who Bear the Real Burdens. What is the matter with cotton ? What is the matter with iance? What is the matter with the country ? These are questions on the lips of farmers and business men through the south. Only a few weeks back cotton was sellinig at 40 cents a pound and over, and business was pulsating with health and vigor the like of vIich ha" seldom been known. The growm i Crop, though produiced at. extrardin ilia l.y expenlse seemed sure to brin- a prico far in excess of the cost of pro duction aid w:Is therefor I Imatter (:f Small concernl. Th'li; uN:1" espe1cially true because of eneral omfience ib the fede r: es erve istem. 1nown to be capatble, n friendly hniml; of almost unli h suddenly pr tonl goes down h ever, wnt-?" h e1 yesterday nii i day, (the ; the hopes til y Uectinl %n serve Yo bet itis There rei few olfcl i nn~ (i G ran ge-Cruish antd Lemon are not the fatvorites at the * hole." Quality, purity and have won this tribute dIrink only the best. Ther< isfaction in knowing thIat all cious flavor comies from the fran-ant oils pressedI from ti: fruits, purest sugar, and citric * the natural acid of oranges and in bottles or at foun Preparedl by Orange.CrsushCo.(,iengo Laboratory: Los A ngeles PA.Stov... _a&om ground, and they cannot understand. I In the belief that Hon. John L. Mc Laurin of Bennettsville, knows more about cotton, finance and banking than any other man in the south, the editor' of The Yorkville Enquirer on last Sat urday wrote Mr. McLaurin as follows: Iloii. John L. McLaurin, Bennettsville, S. C. Dear Mr. McLaurin: Our people are perplexed over the hcavy drop iii the price of cotton. As a genet(cral thing they have been feeling that while probably they might not get the forty cents they have been getting, there wss no reasonable probability tim tthey would have to take less than thirty. Remembering as they do, what was domie for them thi rough the federal reserve banlk by MAessrs. McAdoo and llanilig inl 1915 an1d 19146) as the result of your good oflices, they have natu -rally been loking for collti. ued 1)r teetimi frml the slinle sourc. I have I heein t'eling- that way about the mat tr. tuysell'. Uut just now it, as ii, the ollicials1 who emwtrol the policy Of the bnlk 1:iV let u go by the Sho n . I till h< !Wvt. :11 Inoe , of mly r -e - rs beieve. that11 you kow mor ! m in .\ e-ir:. an- ' v m 'i i in, I w ill 6 "'un 'n .' ' '" tt i drink -CrushA "19th' flavor olfers ~~r is sat- / #~ kelicate, ,,,~A e. fresh atcid lemnons. tains ''i )ound. Now it has dropped from over 10 cents to around 20 cents. This in .he full time of prosperity, when the )eople of Europe are half naked crying >ut for clothes. Every war leads to a period of infla Lion, which is followed by a panic. il'e federal reserve act was supposed to guard against rapid deflation, and It does, if carried out according to the purpose of the act. With almost un imited power to inflate, it was neces imry to create a corresponding power to deflate, but it wias expected that the board would exercise common sense and justice in wielding the enor nous powers con ferred upon them in itler cases. The act itself is a. grand conception ilmost perfect, but it was never ex )ected that bankers alone should die ate its policies, or that a man who (Wms SO totally devoid of practical wis 1(11n as I louston should be secretary >f the treasury. Ulnder his policy, the p'rice of cottoni is not to be fixed by the Ia%. of supply and demand, but by lie federal reserve board, through its pw to expand and contract credits. licfore Olw pas: .e of the Federal lieserve act. our surplus cotton Was 411 inished by act'taices or bills of ex h:I e on E-lbhh banks. After the I.,v (if th i 'vIerl reserve act, thi a :'rlu cItl has been financed t 1br1w.ih Iw 11 eral re:erve bal s. . II ciu.tn co~ ellls dIs to e h' ro. Whe leI vam we t"o? 1-!'- Ce - the surp1us cotton tIme to make oth1er. n makes the i NG1 IC' i LUU> Flooring Siding Lumber Mouldings Casing Ceiling Metal and Composition Shingles Framing Lumber Red dedar Shingles Pine and Cypress Shingles Doors, Sash and Blinds lPorcl Columns and Balasters Beaver Board Valley Tin And Ridge Roll Every tOOT1 SU.MTERf o hatsis since 1917, when we de-I bI'ed war, an issue bonds wiicl le treasu1)ry allowe.I hIIks to cnter IIe(ney III iirculation just the amount i tl. hlui issue. Tie fede-:I1 Ieve ct provideos for! resrv( 4 f 10 ~ilt' ccnt. ill bId to ph . p I 11h t 1at h)s. h 1I:'hod up i h a \ r V: 1 1 C '1 i~ - ~ I%, - t } s - l1 \ 1!)[ . . In ' 'is-')5) t . .0, ani 4(I() )Or nIW mi n th te eouldofipro -O'0 '.101 .I wi s 0)I be i b:41! any. 14:4r, hIwever, t hat I n i ~nbl i1 a reiii aV1 (~t the 5 fiin e:ui repetedly :Iits o xwrni tvirht we col notII4 lon eneI uposnn tis m s etrc of a fer ar wld fallt~ under1 thei ontri h o -u amipul at inlI of 4 no 1nducrs Ital clarto m th at the onl perma- 041 ar iSowarhdle Horsenin h-t Sve rai i yletrfa Sp ew eekl agood willesbe wa logta ti See us! forod jCOFFmmmmm .~E ~U uE .~E-I |1. IOR ~EU* Brick L Linte Building a PiCement Pelaster G Fire Brick S Fire Clay 1 Sewer Pipe D Stove Flue Terra Cotta Thimbles C Mota: Colars anil Stains p Water Proofing Mineral Corrugated Metal Roofing Asbestos and Composition Roofing I Wire Fencing, Iron and Wood Post C thing for the H( I & M cLE",. elr tI store Cotton extensively withotli n11i :deluate salet; and imanciai .y - temii uInder their control. At the preseint time we are isolate i from the European mar kets lecauste ) the prohibitive rate of foreign ix ch ki-la d this conlitMion ()faf ir will 1ece(ssarily colitinli mitil Europe mbdi lii \\s fi ish io in whnge or. raw material. W h ould wN no(t be ale to ,P on- raw nterlds dire.ct to En.p t a o? Thepa " < l' cof sn h :mI ,Irr!:mI,(,n,,,nI Mud n rwetoday. and1( etotl tl tj c h , n , I slih 1 i 5jit .74 Pa'lmatto Collegoe offer 1 Steno ra phy, Secretarial, blg, Acountng an kind:! ship in Palmetto College Soleges in the South. Y tabl)1ished11 hulsins lWScollegt~ dul nsrutin.New< ;'anuteedl. Y'ou cant tomle of studinPmttCo ;. htune requn-ed~t( ml any oti C (olleg~e is knowyn 'everyvwl Addr1ess, Box (;5 Vari i Schoo l) or1 Rox 178 Orant w \orth St. Charlestoni, S.I I ~ The School that's IR WVe 1ay youri1 railroad : S and 1A -load Just Ar ;, Driving Horses, stersin the buncf ime in this car. Up-to-date Farm E Y& R cks ails Hardware, rates -ths Paints, Oils atchets oor Hangers arpenter's Tools aint Brushes aints and Oils wide Decorations alsomines and Cold Water Paint >use ! DD, Inc. SOUTH CAROLINA Im still firmly of -opinioni that we wi1 never be able to f(1l se(cur (it. A ho-tile imanipulat tion 1!nt : ea ch ak hai it. own waithoise, s and ianial 1 ystemi1. Events asI see t ..( ;r11abl justifying~ this belief, and furthr I will say that I ought not, to be a v ililicult, unldrthaliln to brbI-: 'inait a comphte realizationl of tin.- idel. (;eorg-inv North Cariolinaz L 'i ind Th-vo1k x a! now have h ws n-.a ieled after ev Snth Carolina v ak t' binge thei $;im thorough couse in. Typewriting, HookkeepA erl banche. A shohn- ill ie tn ll ohe e furnish all1he s- ! i ii Owan Sw t . Imlii If led i -les 'tha I t Ih - s a-ins hou t-I and 'sI iv ie S C. Mohe ii 't '' 'are t Pamtto lg. $1T,~*~( S \Vt IIteacers.md i i 'lUo. ~stii 'S !I I riv te d.Srh(1Ci S MacQi hiery.t nda Ihe Beso YSPIme