The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-08-27

MI H. w. DaDDS, president of the
state Farmers Union, was in Green
vile last night and while here talk
ed OF the prospects which the farm
ers Of the State were facing, both
with reference to the crop which
will be raised, and to the money for
the marketing Of the crop. Mr..
Dabbs was especially interested in
the treasury funds which will be de-
posted in Southern banks and made
inquiry as to the manner in which
the local banks would handle this
money. He has looked at the matter
from the farmers standpoint, and
Is now seeking to ascertain Just what
benefit the farmer will reap from
the money which will come to the
agricultural States
Mr.. Dabbs stated that in his Opin-
ion banks which receive the money
direct from the treasury, should in
case they sub-loan any of this money
to banks not designated as depOsi-
tories by the treasury, fix the rate of
interest so that the original deposit
tory and the bank which borrows
may share the interest profit. BY
this he meant that if Greenville
bank should loan money to n bank
in some of the surrounding towns.
oil Il nlyn q,
borrowing bank would be able to
loan direct to the farmer at q rea-
sonable rate Of interest and yet re-
tain a legitimate profit. The idea is
to divide the profit which accrues
in the difference between the two
per cent charged by the government
and the rate at which the money
will be loaned to the ultimate con-
sumner. Mr.. Dabbs favored the loan
ing Of this government money at u
lower than the legal rate Of in
terest II such a step were feasible
Otherwise he stated, the good to 'he
farmer would be curtailed for the
money he borrowed would cost him
just as much as if there had been
no special deposits made by the Unit
ed States treasury. The banks would
get the profits, but the farmers would
not. He went on to say, however,
that the deposits made by the gov
ernment would have the effect Of
making 1t possible for the farmer to
market his crop, whereas without
this money. perhaps there would be
a stringency, and the marketing
would be difficult. The announce
ment of Secretary OF the Treasury
McAdoo has served to tide over a
crisis by placing the money here, bat
unless there is some reduction i'm in
teres. charges, the greatest possible
good from this money will not
accrue.
Mr.. Dabbs said that one Of the
great factors which depresses the
price Of cotton is the failure OF the
farmers to exercise business judg-
ment. When the crop is picked and
there is ever tendency to place it
on the market This will obviously
cause a decline provided cotton in
large quantities is offered for sale.
Sraightway the farmers rush the
market, hoping to sell before prices
90 lower. 1t is this rushing Of the
market which causes the loss of
money to the farmer. Did he see
the situation as whole and wait
for the market to recuperate from
the effects of the first large selling.
he would then be able to sell his
cotton in n rising. instead Of a fall
ing market. Or would the farmer
be content to feed" his cotton to
The market according to immediate
demand from the market then would
there be no great depression in price.
But instead Of this the immediate de-
mand of the market is more than
MET DI the rush " tolloIl' tuu thc
bears wax fat. Intelligent marketing
of the crop is essential to steady and
good prices and intelligent market
ing is possible only in case the farm
or is willing to hold back and not
flood the market with his product.
Continuing Mr.. Dabbs said, that
one of the drawbacks to the success
Of farming today was due to the
failure to see the good OF organized
and systematic effort to market the
crop SO that the farmer himself
would profit most, and not the specu-
latOrs.
Having travelled in all parts of
South Carolina Mr.. Dabbs was en-
ablcd 10 give a fair estimate of the
crop outlook. with tn q exception OF
two or three small sections, he said.
hn loo 4