The Prescott daily news., 1914-09-09
NEEkLI LETTER COM
 MISSIONER JOHN PAGE

l
 commerce greatly and has disturbed
 the markets of practically ali pro-
 ducts. As result of the war. which
 has so recently begun, the cotton
 market has been depressed. and
 great anxiety has been felt through
 out of the entire South as to the final
 effect on the price of our cotton crop
 for the season just now opening. The
 fact that a large part of our cotton
 crop Is consumed in foreign countries
 and that some of the largest con sumers are at war, makes it uncer-
 tam as to what the foreign demand will be. There is also anxiety upon
 the part of the merchants and bank
 CTS as to how the crop can be moved. or marketed and held until the cotton can be taken by foreign markets or
 be consumed by American mills. if | 1t were possible for them to increase thelr capacity sufficiently to take the crop, manufacture it into goods and export the finished products It is a big question, and more or less of problem. Various meetings have been held to discuss the situation, but as yet little has been accomplished. A
 meeting was called by Hon. F.. J. Watson, Commissioner of Agricul-
 ture for North Carolina, and was held in Washington, D. c. A week later a meeting of bankers, business men and
 producers was held in Washington. over which Geo. w. Rogers, of this State, presided, and the following
 week another meeting was held in the same city at the instance of the Sec retary of the Treasury. On August 27th another meeting was held in New Orleans at the instance of Hon. Harvey Jordan, President of the Southern Cotton Growers Association and more recently the meeting of the National Farmers Union was held in
 Texas, at which the same subject was discussed and dealt with. As your Commissioner l attended one of the
 meetings in Washington City, and sat with them during their delibera-
 tions. So far as my observation ex- tends, but little has been accomplish ed to give relief to the cotton pro- ducers, especially the small farmer, who is in greater need of help. The meetings in Washington resulted in
 the Secretary of the Treasury adopt ing a policy that would make cotton warehouse receipts basis of credit upon which money could be obtained for moving the crop and holding a part of it. However, this assistance must come through the regular bank ing channels, and in such a way that
 the banks themselves will have to stand behind these credits. The uncertainty of the market value of
 cotton will of course weaken this source of relief, and so after all the
 South will have to carry whatever burden is involved. The various
 meetings that have been held have
 brought about some confusion, and
 makes it doubtful if any great good
 has been accomplished. Personally
 was in favor of warehouse system
 of holding the cotton, with the gov
 ernment loaning through the local
 banks direct to the farmers on ware
 house receipts to the extent of $35.00
 per bale at per cent, for the first 1 six months and the interest rate to | increase one per cent a month there
 after. It was my idea that the gov Iernment make loans on cotton held
 in warehouses built according to plans Iapproved by the government at points where as much as 5000 bales is mark
 eted during the season, and that the warehouses should be in charge of a government Agent and the cotton be
 graded and classified by the govern
 ment, and that a charge of one dol
 lar per bale be made for warehouse charges and insurance, and that ten | per cent of all warehouse cotton be placed on the market each month. called upon the Secretary of Agricul-
 ture in Washington and presented
 this plan, but the Secretary would
 not agree to any plan for the gov
 ernment to loan money to the pro ducer direct, or through the local
 banks
 have been urged to call a meeting
 of the cotton growers ard business