The watchman and southron. (Sumter, S.C.) 1881-1930, April 25, 1917, Image 2
?'UMHIN TALKS ON COTTON.
TELLS rARME KS THAT PRICE
WILL Kl U li THIRTY CENTS
AND HOLD IT.
However, He Teils Farmers That It
tm H?ele Duty to Ward Off More Ne?
rton? Situation ami as Patriot.*? to
Halse More Than Kufllclent Fnotl for
TssMli Omh < otisumpdon?Mooting
Well Attended.
From The Dally Item. April 21.
The meeting at n?on today, when
former United'States Fonator John L.
McLaurln of Marlboro spoke to an
aucllenc? In the Court. House on cot?
ton and Ire relation In the world war
of today, was largely attended and
the cpowd was very attentive to what
the speaker had to say. Mr. McLaur?
ln stated that Sumter, at the close of
the war. had an opportunity of be?
coming a great cotton center, if the
auslasse men would take advantage
of the opportunities before them. He
said that a compress was a necessity
Is) export trade and, already having
one aero, with the excellent facilities
tor warehousing which Sumter had.
he saw no reason why the city should
not bo the leading cotton center of this
section of the South.
Ho said that last year he had plant?
ed one acre of grain for every acre
of cotton on his plantation. This
year he had done better than that.
Bo went on to say that the farmer
Who did not raise sufficient foodstuffs
for himself this year was a most sei?
fleh hind of man. If he did not have
enough foodstuffs for his own con?
sumption a very serious situation
faced him. and it was his duty as a
patriot to plant more than enough, so
as to htlp feed others who could not
grow foodstuffs.
The meeting was presided over by
Senator R. D. Kpps, who presented
the apeaker. Prior to Mr. McLaur
In'e talk, a collection was taken to
defray the expenses of the meeting.
It waa announced that Mr. Mel*iurin
would meet with a committee during
the afternoon to confer about making
Sumter more of a cotton center. A
resolution was passed by a rising vote
asking Congressman Lever and Secre?
tary E. I. Keardon to see If they could
not secure another competent cotton
grader for Sumter this full and win?
ter.
Mr. Kpps Introduced the speaker o
the day as a man who knew more
about the cotton situation than any
other man In the South.
Mr. McLaurin's speech was as fol
lows:
Fellow Citizen?:
I thank the gentlemen who Invited
me to Sumter, I am always glad of
an opportunity to meet the people of
this county. I have mado a great
many speeches i South Carolina in
the peat twenty-five yeais, and I had
rather discuss public questions before
an Anderson or Sumter audience than
any county In the State. The people
as a whole are better posted and take
a more active Interest in the great
questions of the day.
1 note that I am expected to tall:
on the cotton situation. If I may be
permitted to amend this just a little.
I would say "On the cotton situation
In Its relation to a world at war."
So far aa Sunder is concerned it is
one of the most favorably situated
townn In the State to become a great
cotton m irket. You have tho advan?
tage of being a great ruilroad center
In the heart of the very best belt of
cotton territory. I venture the as?
sertion, that with Sumter as the huh
that within ? radius of 7ft miles the
yield of cotton per acre exceeds any
area of like size In tho world. You
havo splendid warehouse facilities
and strong banks. To draw cotton to
Sumter means trade fot your mer?
chants a \d deposits for your banks.
When the State Warehouse system
was established, it was my hope to
sss sales of cotton direct from the
warehouses to the mill. . There is no
better pi k * than Sum'cr to ir. n.i. i
rate the movement. This sllmifiatSS
useless middlemen and enable the
farmer to get more than he can else?
where. This will bring cotton her"
You can always draw cotton to Sum?
ter by Rising storers of cotton the
lowest rate of interest ohtainalde. A
warehouse In connection with a
bank Is a good proposition. The bank
gets the deposit when money is hor
rowed or cotton sold, it is a stead'
stream. The warehouse gets the stor?
age which makes a profit. The hank
does not lend Its own money. It takes
the warehouse receipt ami tho Feder
al Renen I bank discounts th? re?
ceipt by placing the amount to the
credit of the Sumter bank. Taking
Into consideration the fn't that the
farmers furnishes the security, pnys
the storage on the cotton, and leaves
money on deposit except as he neods
It. I think your bank could well af?
ford to act as the go between for one
per cent, above the dlneount rate, h
will pay you to do this. If you want 10
moke Sumter the cotton market of the
State. Let the people understand that
Sumter afford* the cheapest money
and best cotton walket and you will
have to double the capacity of your
stores and will noon treble the re?
sources of your bank. Whoever built
your compress was s*,!king at ths
right thing for Sumter. To develop
a really great cotton market, you
cannot afford to depend upon the do?
mestic trade. It Is the export trad<
which fixes the prices and affords a
never failing market. You cannot de?
velop a big export trace without, a
compress. I begged the legislature
three years for a compress to no avail.
A compress in Sumter would do just
as well and can compete with one in
either Charleston or Savannah. Cot?
ton could be shipped at one rate of
freight from Bennettsvi le to Liver?
pool or Bremen, it would bo taken off
and compressed In Sumter and go
from the cars right on board a ship,
just as it does In Charleston. The
?yarohouses in Sumter connected with
the compress could store nearly dou?
ble the cotton and the saving in space
would greatly increase their profit. I
lave been hoping that a gin com?
press would be perfected I saw one
in Atlanta but it is too expensive and
requires too much power Col. J. H.
Marlon of Chester has one that if it
docs what is claimed may revolution?
ize the methods of handling cotton,
as it would all then be compressed. I
said I would talk about the effect of
war on cotton. Statistics show that
when war comes, cotton always goes
down first and Stays down longer than
any other article of commerce. Peo?
ple can wear their old cedthes but
must eat every day. On the other
hand cotton finally goeB higher and
stays up longer than any other pro?
duct. Cotton has not yet gone as
high relatively as grain, meat or
metals, and under this rule it must go
higher and remain up longer. The
reason for this is the firs-, drop cur?
tails production and high priced food
forces more land Into grain and
stock. If war continues a. cotton fa?
mine is as sure as fate, because the
reserve stock Is used up and the
clothes on hand are worn out. There
Is another rule that never fills to wori;
out. war means inflation from credit
money. I never had the slightest
doubt in 1914 as to what tite inflation
sure to come meant in prices of cot?
ton. I have a considerable portion of
my 1914 crop yet and I know of sev?
eral wise men in Sumter who fore?
saw It as I did. I congratulate them.
The price of cotton will be letermined
by the price at which we who have tlu
spots turn It loose. 1 said when cot?
ton was selling at 12c per pound i1
was worth 23c compared with tbe (?Ib?
er products and I am of the same
mind now. In 1914 the middlemen
reaped a tremendous proft. Intoxi?
cated with their success they sold
more cotton ahead than has been
made In 191fi, and we farmers are in
a position to even up with them. The
New York future market has been
manipulated shamelessly to break the
spot market. They rar it down under
13s but the markets of -he South re?
fused to follow and now we are at the
20c lever again. The submarine war?
fare has interfered with shipping and
raised the Insurance rates or cotton
now would be &c per pound higher.
The entry of the United States will
undoubtedly shorten the war. Some
way will be found to abate the submu?
rine nuisance. Both the submarine
and airship are America's mentions,
und once the inventive genius of this
country is fOCUSPSti on tbe proposition
they will find a way to handle it. It
may be that VOOSOlS will on y leave in
great fleets convoyed by battleships
with numerous destroyers and aero?
planes. England must have cotton
and some means will bo provided. The
Unitod States will need at least one
half of the cotton on hand for the
manufacture of explosives, uniforms,
tOOta, and o?ber equipment. I saw the
itntemnt that one munition concern
had used up n millon bales of cotton
since the war heran. The plant at
Hopewell. Va., had the product of a
quarter of a million of bales on hand
, at one time last summer. It takes an
a v? i age of two and one-half acres n>
make one bale of cotton and one dis
charge of I IG-lnch gun consume:; It.
Cotton will be high for seseral yearv
for the following reasons: 1st. The
scarcity and high price of fOOdsttltf
forces curtailment of acreage 1 2nd.
The absence of Immigration and call
for army recruits makes a constantly
Increasing labor shortage. 8rd, The*.
Is a shortage <>r goods and the mill*
have practically no reserve supply of
raw material. 4th The entry of the
United Btaf >a means an expansion of
the home market Which Will at bast
offset the loss of the Buropeon ?un?
ket. It roOUlfOU four times as many
clothes for army as it do. a for men
In Civil life and it is all heavy mater?
ial requiring more cotton for ihn
manufacture. f>th. The inflation ot
the currency mu?t continue BO long as
the war lasts. The dollar will buy
less and less of nil producta InclUdtnH
cotton. Money gi ta i h< a per and things
nearer In war. If n man has mon y
be had better buy cotton, com, wheat
Off any other standard product, it will
advance while his money will shrink
in value. On every decline there h
buying by the leaning trade Interests,
fcr $850
2**985
Si
Prices Effective April
1st, 1917
Light Fours
Touring. .
Roadster
Country Cub
Big Fours
Touring\
Roadster
Coupe .
Sedan .
Light Sixes
Touring. .
Roadster
Coupe . .
Willys-Six
Touring .
$6qs
$08o
$703
$830
$833
$1230
$1450
$0S3
$070
$1383
$T4*3
Willys-Knights
Four Touring. $l.i03
Four Coupe . . $1650
Four Sedan. .$1050
Four Limousine $toso
Eight Touring. $1950
Advance in price. Big Four
end Light Six models. May tit
next?deferred until that dale
account too late to correct cdocr.
tisements appearing in magazines
circulating throughout the month
of April.
All prices f. 0. b. Toledo
Subject to change v?hout notice
"Made in U. S. A."
Pedigr
eOicSl
1
9* ?M*
Nine years of continuous, consist?
ent development, improvement,
refinement!
Each year a better car and a bet?
ter value!
Over three hundred thousand now
in use!
That is the history of the car that
built Overland because it repre?
sented integrity of value.
And as steadfastly as this car has
represented original integrity of
value, so also has The Willys
Overland Company sustained
that integrity of value through?
out its service in the hands of
those who purchased it.
The Overland Big Four of this
season and its twin?except for
the motor?the Overland Light
Six, are the direct outcome of
all this development.
More than three hundred thou?
sand owners and more than
four thousand dealer and fac?
tory-branch organizations have
assisted this development by
their experience with these cars y
and their helpful suggestions of /
improvements.
In their new beauty, in their per?
fected easy riding qualities, in
their proven sturdiness and
mechanical excellence, in their
admitted tire, fuel and oil
economy, these cars are worthy
of the confidence we have, that
they will further enhance Over?
land prestige. J
The prices are $850 for the Big
Four, $985 for the Light Six,
while we have them to deliver
until May 1st?thereafter $895
and $1025.
OVERLAND SALES CO.
DEALERS
210 W. Liberty St.
Phone 723
while selling is almost entirely specu?
lative in its character. The technical
situation is very strong. On April 1st.
tho stock in New York was around
80,000 hales, the lowest that I can
recall. It was the short interest on
March which caused the adw.ee and
there is a larger one in May. July is
the month when the works are due to
come. The short interest in that
month must he enormous, as traders j
have bean selling July to hedge pur
chasers of March, May and October.
What will they do? More cotton pass?
es into consumption every day and
stocks decline, so that when these
short attempt to cover their July sales
they will hid the market up on them?
selves. Spots in the South are high?
er than they are quoted in New York.
The final ginm >g report shows that
tho agricultural department over esti?
mated the nop about 200,000 hales.
There is one danger in all this we may
he tempted to plant cot ion and neglect
our food supply. These are war
times. Wheat has heen in War as
high as 14.00 per bushel and other
products in proportion. If I knew
cotton would be $1.00 per pound next
fall I would still raise my corn and
meal at home. 1 am planting an
acre of grain for every acre of cotton,
and the man who does not do it is
liable to meet disaster. Foodstuff is
not nearly so high as it will be. liaise
your meat, corn, potatoes and peas
then grow all tho cotton you can.
?OUth Carolina may lace a famine
if this war continues a year longer.
South American countrle" are al?
ready placing embargoes on the ex?
portation of foodstuffs. Production
is greatly curtailed in Europe and
those vast armies must bo fed, and
rest assured will bo fed, even if yon
and I go hungry. Those armies and
British Heal stand between us and the
destruction of some <,f our sea coast
cities, our navy is Inadequate to pro
tect our groat coast line. It is not
only sensible hut a patriotic duty for
each one of us to raise a surplus o
food. Tho man who under these cir?
cumstances plants all of Ills land in
cotton ought to be deull with by law'
it is little .short of a crime. I doubt |
if Sumter county can feed itself for
.10 days.
Now listen my friends, when the
railroads arc taken by the govern
mcnt to transport troops and war sup?
plies, you will find it hard to got cars
for carrying your food supply, and
when wheat, com and meat are
scarce, and the government goes to
commandeering if to feed armies here
and in Europe, some of us are going
hung -y if we don't raise a food supply
at he me. Prices will go higher and
you can't eat money or cotton.
Most people do not think, just look
at it. The average balance of trade
in favor of the United States pr ior to
the war was five hundred million do!-'
lars. li is now four times that: two
i
billlor dollars annually drawn in here
from abroad. This two billion dollars
is good yellow gold. It is the basis up?
on which seven times that much cur?
rency can be issued under our bank?
ing system. In addition to this 11 * * ?
new federal reserve system provides
for commodity loam; on warehouse
receipts for wheat.,' cotton, coin or
CCttle. Why wouldn't cotton and e1 -
cry thing else advance in prices"
In 1914 the country was paralyzed]
by the contraction of credit and scar?
city of money. Now like King Midas
we seem in danger of being smother?
ed under an avalanche Of wealth.
Our attention has been BO centorcd
upon the war and its tragic happen?
ings, that few of us realise that b tre?
mendous financial revolution has oc?
curred light hero in the United St lies.
I* Is to be honed that mir being dm .\ n
into war will not turn the hands oi
the clock backwards. The federal
reserve and the farm loan acts menm'
that for the hist time in history, the
producer Is in a position to demand
the use of money as a medium for
the exchange of his products. Not na
a favor be', as ;i right. 11 means that
the tii k has come when land is to n,
recognized as the basis of all wealth
and that he who owns land must be
able tC borrow money at the same rate
of interest as ho who owns bun.Is.
in t ie futun tlu re must bo no di
crimination against producers i'oi J
non-producers. The Wilson adminis
trat Ion has done a wonderful service
for the farmers, a greater service than
any .sl ice the formation of the re
public. The millions of the producers
and Ofeators of real wealth need no
longer cringe and cower before mon
f?y /lenders. In the future nat ional
banks Will not be permitted to im>?
nopolize the function of issuing mon?
ey, so as to control prices by coun?
teracting or expanding at their pleas?
ure the credits of the country. The
tanner can go with his head up not as
suppliant begging for the use of Rion
; ey for which he la prepared to give
) good security.
! The money of this country belongs
I
, to the people of this country. It is
created by their agents, the govern?
ment, without whose H ! it would not
I be money. Bach citizen is a unil of
the power which creates the dollar,
and through law he obligates himself
and ins property to redeem his pro?
portionate share of the dollar. Thia
war has completely exploded the gold
fallacy. It Is products not gold
w l ieh cany the country on. Our re al
wealth is not gold, it is land, stock,
cotton, corn, wheat, Iron, steel and
coppor, the things thai so to clothe
and feed mankind. Man ahould not
be the servant of the dollar. He is
its creal >r. Iiis labor or his property
is more Important than tbe dollar
Which is a mere medium of exchange.
The valuo of a dollar docs not de?
pend upon a banking1 system or gold
reserve, these are entirely artificial.
It depends for its value upon tbe
products drawn from the farm, mute
ai d factors by the sweat of the la?
borer. Ever since lM;r> we have had a
money system discriminating against
I lie producers in favor of non-produe
ei i. It lias made farming the most
uncertain business on earth when it
should lie the most reliable ami cer?
tain. In cause it is fundamental. It has
driven the brightest and most am?
bitious boys to the city, leaving the
farm no re and more to the dullard
and incompetent. Labor in the coun?
try is scarce, while the towns are over?
crowded with non-producers earning
a precarious living. The earth must
support c u b Individual. Its pro- J
ductlveness is the beginning and fo in
dation of ail wealth, it makes no
d{(Terence where a man lives, it may
be in the heart of New York city, be
yet bears a direct relation to the defi?
nite piece of land from which Is drawn
his fend and clothe-. The test of his
usefulness from an economic point of
View, is what do< s he put back in the
world's common store bouse in return
for what he takes out of it as a COO
umcr. I
The great cities have a luxurious
spendthrift class, and a business sys?
tem, where men prosper not by mer?
it, but through superior cunning.
Men overcome and crush each other
In a mad struggle to acquire wealth
created by others. Those are not na?
tion savers or nation builders. You
will find them in the quiet country
places of the land, where men think
soberly, live temperately, and have
time to commune with God in the
temple of his untarnished skies.
Thomas Jefferson said more than a
century ago that, ^roat cities were
like cancers eating the life out of a
nation. Students and statesmen have
become alarmed at the growth of the
cities compared to the country. They
are increasing in population nearly
twice as fast as the country. Tho
only way to check this is to make
the farms so profitable that people
living on them can have comfort
equal to the man in town. Woodrow
Wilson has started upon the right
road to develop agriculture by making
credits easy and money obtainable
through farm loan banks. I don't
know what this war will do to check
it. T do know that every great war
in history has been the means of bur?
dening the people with a false system
of {?nance. The monied interests al?
ways use the national peril to force
advantageous terms for themselves.
J. P. Morgan, Jr., is credited with
having made more money since 1914
than J P. Sr., did in a life time, and
we thought he u ;ia a collossus. Such
men always pose as public benefactors
sr.vim; the country, but under cover
they never fail to drive the hardest
argains. There is one factor about
this war which is unlike any other.
\i is heiug fought entirely on credit,
and O'ould seem that the point of ex?
haustion for all concerned is not far
off. Men have quit thinking in mil?
lions, the bond issues are in billions.
The accumulations of many genera?
tions hav been destroyed, and a
mortgage for all time placed upon the
labor and property of generations vet
unborn.
The last world war was when
Fiance ran mad under Napoleon.
These wars, however, practically paM
their own Way. Napoleon used funds
derived from taxation and forced
levies on the conquered countries,