Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-13
COTTON CROP CRISIS.
IT IS SAID TO De At HAND BY
6RApsTReET.
But IL Reported Imaginary by the Towns
Of the South Most Interested
Currency Plentiful.
lpy .eleeraph % the pI,patch.l

dieated likelihood of crisis in the cot
ton regions owing to the inability of bank
ing institutions there to advance funds ne
cessary to move the cotton crop with any
thing like tho usual freedom. II had be-
como PLAIN that few If any of the southern
banks would, If they could. advance funds
20 cotton-bnyers to enable the latter 10
hold the staple tor advance in price, ana
the recent disturbances among southern
financial institutions began 10 raise the
question how the cotton crop was to be
moved at all.
" Inasmuch as ID costs $3.50 per bale for
packing, ginning, pressing, and ballng
cotton, and about 500. 100000 for gather
ing and preparing for shipment the crop
OF 100000 bales IL becomes plain that the
phrase advancing funds to move the cot
ton crop has real and living meaning.
A considerable proportion OF the cotton
crop is raised by tenant planters,
and the owners of the lond' as
Z rule, are expected to make the
necessary advances TO the tenant TO
provide for picking, ginning, pressing, ana
5allng cotton. But with southern banks
using Clearinghouse certificates and IN
many instances permitting deposltors 10
withdraw only trivial sums OF money
daily, the problem how 10 borrow S5O,O0O,-
90 or more to move the cotton crop mas
become a serious one.
1t is with considerable pleasure. there
fore, that Brddsirfops learns that an agree
ment was made yesterday by the Secreta-
~ Of the Treasury. IN view OF the emer-
gency referred TO. by which the govern
meut, on deposit of currency with the
4ub- Treasury at New York, will, on being
advised Of that fact telegraph the sub
Treasury at New Orleans an order to pay
like sum OF money in silver dollars. ms
arrangement must go far toward relieving
the financial strlngency at the South WIFI
respect to the cotton crop"
AUGUSTA Is AMUSED.
AUGUSTA, GA, August 12.-Bradstreets
telegram about probable crisis IN the
cotton region is laughed at here. Brokers
and cotton-men say that the money need
ed to start the crop will be secured with
ease. Factors are amused ut the idea OF
their not holding over enough money 10
pay for picking in case the farmers need
1t. One quarter of the S5O,000,00 needed
10 already in the hands OF the farmers III
the shape of bagsing and ties. ~ WI VIII
not require even One-twentleth or So,OOO,,
600 TO start the crop, which Will command
enough cash money to complete the mar
vesting, pay back the advance. and put
the farmers in condition to hold their
cotton, for it is a well-knOwn fact that
the farmers are better able TO live ct home
this year and not spend money for proyi-
sions than at any time since the war.
NO CRISIS AT CHARLESTON.
CHARLESTON, S. c., August 12.-Careful
lnquirv among the bankers here ELECTS as
surances that they are not anticipating
any crisis and that the Charleston banks
will be abundantly able TO furnish the
money which nay be needed to move all
Al hat ha ChtnnQH I'm this
port.
ATLANTA FEARS NOTHING.
ATLANTA. Ga, August 12.-Therc is going
TO be no trouble IN Atlanta this fall about
moving the cotton crop. The startling
reports sent out by Brddstree's to the ehect
that there would be crisis IN cotton
affairs at the South because Of the IN
ability or unwillngness of the bankers 70
advance sufficient money to move the
crop have no application to the situation
here. Whatever may DO the arrangements
by the government, Atlanta aud this re-
gion of the State need fear nothing. Inc
cotton crop is going TO be moved.
When Captain Robert Lowry. OF the
Atlanta Clearing House Association, was
seen and asked about the matter he SAID !:
1T IL all right about the moving of the
cotton crop. The farmers of Georgia Will
lose no sleep over a doubt on this score, L
am sure. The crop will be moved Just as
il has been moved all along from season
TO season. don't care what arrange
ments have to be made they VIII be made. "
NO MONEY SCARCITY, IPso FACTo.
THE clearinghouse Of Atlanta Will
have a meeting very soon to handle TINS
sl,i,icct. knew J voice the sentiment OF
every banker in Atlanta when l say that
they will be Just as willing this year to adj
vance money 10 get the cotton crop III
shape as they have ever been: There
cannot possibly be any trouble here.
The banks will oil have money
We have mad no bank failures IN At
lanta. aud everybody knows that there IS
no weak spot IN our finance. We have
the money here. All that remains Is to
pet it loosed. This can be easily done II
the people will keep their heads. There
is no scarcity of money, ipSo tdc,o' In At
lanta. There may be some hesltancy 10
turn 1t loose, but the money Is here, $50,
SIDES we can arrange with New YORK and
Chicago TO get 1t.
Il am as well satisfied IN my own mind
that the cotton crop will move on TO mar
ket as easily this year as before, as am
satisfied that Atlanta is the safest ana
soundest city Ill the Union.
NO sILLIDUB TALK.
1T is no slllibub talk. 1t is the straight
IdtI tUdI hLldulh UaDho NAN IL - PH~'N-SO
TO advance money for the moving OF crops
IN this region of the State, and will do 1t.
"Of course, the very advance OF the
money 10 the men who buy the cotton and
the dissemination of that money through
out this section will restore confidence,
for 1t will put more money In circulation
and will tend 10 do Just what We want TO
be done-get the peoples heads clear OF
any fear about the ability OF the eity's
banks. As soon as the cotton Dales 0eglh
TO roll into the farmers hands, ana the
farmer PAYS the merchant what he owes
hun, and the merchant pays his obllga-
tons. lust so soon will the financial condi-
ton of this region get beyond doubt or
fear, and then we will have that peace
and confidence that it takes TO drive away
the cloud of hard times"
A SUGGESTION.
President W. A. Hemphill, OF the At
lanta Trust and Banking Company, has a
valuable suggestion. He says: If the
United States Treasurer wants to helI
move the cotton crop let him send silver
TO the cotton centres, making the national
banks III these places temporary suo-trea
suriss.
SAVANNAH TuoUGHTFULLY HOPEFUL.
SAVANNAH. Ga, August 12.-The Savan
nah bankers are thinking about the diff
cuItles IN getting CuIlohC1 W nuHuAO Wv
cotton crop and are hopeful that by the
time cotton begins to move freely there
Will be a let-up in the money stringency
so that they can get sufficient currency.
MOBILE ACTUALLY FLUSH.
MOBILE, Ala, August l2.-Relatlye tC
Bradstreet's report Of a probable crisis IN
the cotton regions every leading banker
here has booted the idea. Ohe said Brad
street was little previous, ana that money
| TO move the crop would not be needed tol
/ three weeks. The banks are preparing L
| handle the crop. and will be IN position
TO do so when the time arrives. Anotne
bank president said that so far as the NO
| bile district is concerned the money vii
| be forthcoming when the cotton Is ready
| TO move. There has not been a day
/ since Decem ber." said he. that we coulC
/ not fnd SIS. 600 IN currency TO advance OF
/ cotton without giving the matter q secone
/ thought. There is an abundance OF money