Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-08-24
COTTON MEN TELL
STORIES OF WOE
Growers Tell McAdoo Ruin
Faces Them Unless Govern
ment Finances Crop.
SAY SUGGESTED PLAN
WILL NOT WORK OUT
Small Farmers Barred by Currency
Laws Rigors-Ask Changes to
Aid State Banks.

cOtlOl-S rOWlnS states unless the gov
eminent came to the rescue and finan-
ced the cotton crop We're drawn by
the cotton producers at the conference
OF producers. manufacturers. bankers
and government officials held in the
Pan-American Union building today
The conference was called by Secre-
tary McAdco with the idea of forming
plan whereby relief could be grant
ed to the cotton growers.
Secretary McAdoo. in opening the
conference, declared that he had esti-
mated that 100000 bales of the pres
ent cotton crop would be unable to
End market. but that with the federal
reserve system in operation the banks
or the south would be able to secure
currency to finance that amount He
ue sea that the government was dis
poseu TO regard properly certified
warehouse receipts as security for the
issuance of emergency funds under
the Vreeland act.
Producers Give Views.
however when he called upon the pro-
oucers for their side of the ouestion
tney protested that this plan would not
reach the small farmer. the man he
tween the pillow handles who actually
prouoces the CROP Such help. helm
where it was needed more than any
pace else. could come only through the
STATE banks. which are admitted into the
DAhs system by measures which
MAKE 1t prohibitive for them.
NJ. MORLEY, representing the Farm
ers Union OF nine cotton states. as soon
as the Secretary finished outlining his
pan. declared that the south does not
i suIncient. dependable warehouses to
plan would help but little. 1.-The Score
Ia! recommendations do not reach US
the men who produce the CROP" he said
we are asking that he go further and
mat congress go further and extend this
opportunity to the state banks in the
solvent" " ~ NC
Asks Governments Aid.
E. W. Palmer representins tho nro-
oucers or Bullock county, Ala. pro-
posed that the government advance,
through the state banks, an amount
equal to one-half of the current crop
at cents per pound for six months,
with the privilege of like extension, the
cotton to be stored in brick and cement
Warehouses; Inere Is necessity for I'M
mediate action, for II the farmers are
forced to sell it would be at a great
sacrifice, he said
Deplores "Hysteria.
Secretary McAdoo urged that every
one connected with cotton do his best to
meet the situation coolly and promptly.
Il have been distressed" he said, ito
find that there is growing feeling of
hysteria over the situation regarding cot
ton. 1 have been receiving letters and
kilograms which indicate a feeling that
unless something is done Immediately the
bottom will drop out of credit and cot
ton will be a total ruin. The best answer
to all of these panic stricken kilograms
is: This is no time for nervous systems.
Many of the calamites suggested to me
are utterly impracticable."
He said that il the ordinary course of
marketing can be preserved throughout
the cotton season until the surplus ap-
pears it ought to be an easy matter to
take care of the surplus. He warned
the banker that cotton must not be
forced to sale at loss, and warned
the manufacturer that he must not re-
fuse to buy cotton waiting for a panic
price.
We must put aside selfish motives, -
he said. I'VE have got to work for
each other, and all interests will thus be
best served