The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1914-08-15
URGE FARMERS to
HOLD COTTON FOR
IL CENT PRICE
COTTON CONGRESS WILL COOP.
ERATE WITH STATE AND FER.
ERAL AUTHORITIES.
WANT saOo,ooo,ooo TO Be
PLACED IN SOUTHERN BANKS
President Wilson Authorities To Name
Committee Which Shall Arrange
Convention For Purpose of Urging
Special Legislative Session To Take
Up Warehouse Question.

Washington, Aug. 15.-The Southern
Cotton Congress, after indorsing varl-
GUS plans for relief in the cotton mar
ket crisis resulting from the European
war, authorized committees to cooper
ate with federal and state authorities
in their efforts to enable planters to
secure a fair price for the present
crop.
After indorsing the work so far done
by southern representatives in Con-
gress in the matter of furnishing trans
portation for the export trade, and pro-
viding currency to finance the crop,
the congress indorsed bill introduced
in the House by Representative Wingo
of Arkansas, authorizing the issuance
of federal reserve notes on cotton.
Later the report from the resolutions
committee was adopted, outlining a
plan to meet the entire situation. This
provided for the appointment of a com
mittee of five members to co-oprate
with Congress, the Treasury Depart
ment and the Federal Reserve Board,
to seek means of financing and mar
ketng the crop without unnecessary
loss to the farmer"
The report recommended that all
growers hold cotton of the present crop
for the price of 1212 cents a pound,
based on middling cotton.
Notes Secured by Cotton.
1t urged the Federal Reserve Board
and the secretary of the treasury to
place $500 100000 in the banks of the
South on the basis of the cotton pro-
duced in each state. 1t then proposed
that every farmer should have the
right to go to his bank and secure a
loan on notes maturing in six months,
but renewable for six months, secured
by his cotton, on one-half of the crop
he raised, TO so per cent of the value
of the cotton, based on the average
price for the last five years. These
notes, the report recommended, should
be made rediscountable in the federal
reserve banks.
AS originally presented the report
recommended that the notes contain
a stipulation that the farmer would
raise only half of normal crop in 1913,
and if the war was still in progress on
April I, should raise only one-quarter
of his crop, thus holding down the 1913
production to prevent glut caused py
carrying over this years surplus.
A vigorous discussion resulted IN
striking out this provision and recon-
mended only that the farmer be urged
to cut down his crop without stlpula-
tion in the proposed notes.
Want Legislatures to Act.
The report recommended that tobac'
co and other crops should be handleu
in the same way in the discretion OF
the reserve board.
President E. j. Watson was author'
lied to appoint committee to take up
the question of providing warehouses;
TO store such of the crop as Wouio pe
held over until next year lie "'So
was authorized to name comml''ee
of a member from each cotton s'''0
to call state convention OF nine "e'
gates from each county replese"'''7
farmers, merchants ana p'"N''
urge governors to cali special sessions '''
of state legislatures to lmmeuia'e''
take up the question of installing sta'e
warehouse systems.
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