The Birmingham age-herald., 1914-10-10
NORTH WILL SOON ! FEEL EFFECTS OF
 INJURY ID COTTON
One Section of Country Can not Come to Grief Without Every Other Section
 Feeling It

Washington October a.-(Special .)-That the manufacturers and merchants of New England and the north within 90 days will feel the effects of the cotton financial stringeney in the south was a prediction voiced today by Representatives Henry of Texas and indorsed by several mem bers of the Alabama delegation
 Within 20 days-at all events. within a very short time thereafter" said Henry to the correspondent of The Age-Hcrald, the manufacturers of New England and the merchants of the north will be terri ply pinched by the same financial strin- sency which now is squeezing the south because of it's inability to market the cot ton crop. A tremendous portion of the south will be absolutely unable to pur- chase goods and the rest of the south will not buy when relief is refused it in its time of desperate need.
 '1 have absolutely reliable information that concerns in the north are taking practically all their southern 'drummers' off the road and they soon will find that they'll have to take off the remainder. No one part of the country can suffer without the entire country being adversely affected, and the north soon will share the trouble with which the south now is af- nicted"
 In diametrie opposition g to Secretary McAdoo, who asserts that credit must be continued and expanded and that this course will relieve any stringency, Henry and other southerners declare that the south, at least must have actual cash.
 We want money-rea money-not credit, said Henry. "I can show you scores of letters from Texas and other southern states telling how literally hun dreds of small planters with their fam flies are deserting their homes becasue they cannot get money to buy bread ana neat, let alone looking after their crop. Such condition cannot prevail for any time in one section of the land without all the rest or the country suffering also.
 Several Alabama members also have letters which they describe as disclosing 'pitiful conditions"
 As has been said in these dispatches however no effective relief is to be ex- pected until the statesmen and lavmen from the south themselves can get to- gether on some policy. They have been divided from the first, they are divided still and there is no prospect of any agreement. Even if the divergent ele- ments should reach an agreement, they then will have to devise some scheme &C., eeptable to the treasury or the federal reserve board.
 The basic trouble Is a wide demand for the valorization of cotton generally at 10 cents pound, while Henry himself says 1t 'fs selling at this time at eM cents in Texas and is apt to go down to cents" The Alabama men are inclined to agree with President s. P. Mcdonald of the First National bank of Sylaca1ga, who said to the correspondent of The Age-Herald:
 The amount which a banker may be Wiling to loan on cotton depends not on any valorization,' but on the personality of the man aslSig the loan. When a loan is asked by a strong. responsible man who, the banker knows always has paid lis notes promptly in the past and can be relied on to do so in the future. he is apt to loan that man money on cotton at, say l0 cents. whereas he would loan 10 an unstable, unrelab ble man at only 6 cents. The personal equation enters so largely into bank loans that a valoriza- ton scheme is absolutely impractica ole. !"
 Beyond this, some men, like Henry look at only the cotton situation and are blind to the fact that the tobacco planters and men in other lines of agriculture and even mining and packing require and are demanding help. So, plan must be devised for relief of the cotton men which will be eqaully applicable to the tobacco men, the salmon packers, the naval stores men and others, and no plan adaptable to the cotton interests only will be per mitted by these other elements to go through.
 And 1t is this situation which puts the Henry relief bill beyond the pale This provides avowedly flor the temporary relief of cotton. growers in the United states by advancing them directly s5O0,- uO0'O00 of government funds at 3 per cent on cotton as collateral. No mention is made of tobacco, or silver or copper or naval stores or canned salmon or any other commodity-"fo the temporary re- lief of the cotton growers" says the bill specifically.
 Naturally, representatives of other sec tions interested in other industries resent this attempt to monopolize Uncle San1's sympathies and to this feeling may be attributed in large measure the turning down Of Representative Levers request Tor suspension of the rules to put through the warehouse bill. Few members outside the south knew what it was, and an opin- Ion prevailed that it was some more or less wildcat plan. It was tainted by the Henry relief bill
 Thus, until the men from the south ca n |