The Birmingham age-herald., 1907-11-24
Georgia Man Submits New Plan to Relieve The Fi-
 nancid Stingency
PLAN QUITE FEASIBLE
 SAYS COL LIVINGSTON
Edwin p. AnsIey of Georgia Proposes That Banks Make Cultivated LandD Bases of Credit Up To Half
 Their Value.

Washington, November 23.-tspeoial.)-
 Representative Livingston of Georgia to-
 day gave to the President a letter ad-
 dressed to the executive by Edwin P.
 Ansley of Atlanta. Ga. one of the best
 known real estate men in the south. MT.
 Ansley suggests to the President, as a.
 means of affording relief to the present
 financial conditions, the making of the
 cultivated lands a basis of credit with
 the national banks up to at least 40 or
 50 per cent of their actual market value
 and thus provide a currency or basis of
 credit that could not be controlled by
 the "manipulators of the east" and which
 would afford certain means for pro
 ducing and marketing their crops.
 "It will be claimed by the national
 banks" writes Mir. Ansley, that the
 lands or mortgage based on them, do not
 form quick assets but as these lands
 with even poor cultivation, will pro-
 duce from 25 per cent to 100 per cent net
 annually. on the amount invested, both
 in the land and in producing the crops,
 1t can easily be demonstrated that there
 is more intrinsic value in these lands
 than in nearly any class of securities
 now accepted by national banks and cer-
 tainly they are not so susceptible 70
 the vicissitudes of bad and dishonest
 management that cause large amounts of the bonds and stocks now recognized
 as good securities by the banks, to be-
 come worthless in night. Once let the present legislation against real estate be removed and it will become the most stable of all securities
 Mir. Ansley adds that the New York financiers have not only refused to lend to the south and west a part of the money | they have made by manipulating the | prices of their crops and handling their | insurance money, but actually refuse to allow these two sections to withdraw | their own money from their banks to enable them to market their crops which ] is the only way that gold can be forced 1 from the, rest of the world. By with holding lncse balances and the loans that these sections arc entitled to by reason of these balances. these 1nanciers are thereby depressing the prices or our produtcs and are forcing hundreds of our manufacturers with orders for
 months ahead. to either suspend opera tions or else run on short hours, which is forcing thousands of willing laborerS
 out of employment and thus causing the
 very people who produce the food and
 clothing of the world, flguratively speak ing. to go hundry and naked"
 Representative Livingston believes the
 proposition advanced by MT. Ansley Is reasonable and that the President after giving it his consideration may be fa- vorably disposed towards 1t.
 Ut does not endanger the national bank system in the least' said Colonel Liv- ingston tonight. we take as collateral city bonds, railroad bonds and other securities and there Is nothing more sub stantial and nothing which will shrink less under any condition than improved real estate. This security could take the place in national banks of their reserve funds which would increase circulation to that extent The discrimination against real estate holders who have no other basis of credit is unfair and un- just"
 MT. Livingston at the coming session 1 will seek to amend the national bank l act SO as to allow real estate to be used l as basis of loans. w. s.