The Anderson intelligencer. [volume] (Anderson, S.C.) 1914-1917, 1914-08-28
g. : fr.s 3 - = J --
;; MONEY
NOW in SIGHT
= j p Il 4.st II,
COTTON CROP IS SAFE IF
FARMERS WILL ONLY
COOPERATE
Jn:.:'li ~
A COMMITTEE;
'-ss,rT :7s-!r.,.sss, Al,
Eighteen n Men a.,. Appointed !.;.l.,. To
Work Out Plans For Bringing
Money Into Circulation
COM Mll.l.ITT E.
(By .ATsociated Press)


Washington. AUG. 25.-Assured that
all the currency necessary to finance
the country's cotton and other staple
crops will be furnished by national
hanks on warehouse certificates, q
committee of eighteen representative
planters. manufacturers, dealers and
bankers and government officials to-
night began working out plans for
actually bringing this money into cir
culation. Steps toward providing safe
and adequate warehouse facilities
ready are under way, and leaders. in
throughout the producing centers al
the movement are confident that in
the cOurwa of a few wceks the emerg-
ency created By the European war
Twill have been mot. The committee
was appointed after q conference at
the treasury department today, and
to cooperate with Il Secretary ;. Nc
Adco designated w. P. G. Harding, Of
the federal rescrye board;. G j..
Brand, chief of the office of markets,
and T. N. Carver, Of the office OF
markets and rural organizations. /,
In an address to the conference,
Secretary McAdoO emphaticaliy con-
demned valorization schemes and
suggestions that state hanxs ..name
currency. He dwelt upon the dangers
OF an inflated currency and declared
that the integrity land tho. financial
structure of the ;United States de-
pended upon. the national blanks. ~.
,..'It fs-not necessary to- have every
/ body issuing .currency;''' said the sec
retaFy. The national banking System
OF this country. controlling agency
for the Issue Of this currency in order
|that we may know that every dollar
THAT is In circulation has been super
ivisednby the government and that it
will pass current wherever it ap-
pears. :. i.
tThis Is what is happening in';the
Treasury department every day. State
bankU are actually depositing their
securities with the national banks
and 2tae national banks are betting
the Issue against those securities and
turning. It oEerst0 the, ,state banks 1t
simple to get 1T. All. you
have to do is to have proper securl-
ty.' s.,.,. ~, 4. ,.,..ss,s ). ~,
+ Mrs 'McAA1oo egeia 5pcla4ea out TIE
fleceasity Of banks desiring to, obtain
emergency currency Joining the Ma
tionai Currency Association. ,.,,.,-s.
II stated here yesterday he added,
that 1t was my purpose to accept
from the banks OF those currency ias-
sociations notes and obligations Sc
cured by cotton warehouge receipts,
properly ceTtificated and issued by
responsible warehouse men or. ware.
n n1l a - s0o nm mt T. .
those ewarehouses have got to be built
of brick, stone, steel orr, anything
else Tor that they must be bonded All
! ask ia that these warehouses shall
be Of such aieharacter Es to protect
the cotton itself from, deterioration Or
destruction, with adequate insurance
against fire, and. backed Dy responsi-
bile agencies, so that when their ware
house receipts are Issued we know
that they represent something actu-
ally In Etorage there, something that
can be had on presentation OF res
ceipts.
aWhat does that mean? It means
that the national banks of this colin- 4
try can borrow To tho extent Of &c
pei cent sof their: uhimpaired capital
end surplus, on notes secured by
warehouse receipts. for staple pro,
dnets (not alone Cotton) that think
It ds safe to iendson, 20. 70, ~ =
THE committee OF eighteen follows:
Producers: g.. Barrett, Union,
City Ga; F. M.eCoker, Hhrtsville. s.:
c; 9 !, y. 9 Thompson sf fqa birmingham, p
!. Manufacturers: q. 81 Gunby Jordan
Columbus, Cal 81, tFarndam; Greene. 4
Boston. Mass: Lewis w. Parker.
s,