The Manning times. (Manning, Clarendon County, S.C.) 1884-current, October 06, 1920, Section One Pages 1 to 12, Image 8
.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