The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-08-15
HOLD COTTON;;
ADVICE GIVEN
FARMERS URGED TO HOLD
CROP FOR IL 1-2c
PLANS PERFECTED
Thousands of Dollars VIII Be
Placed in South to Enable
Farmers to Hold Cotton

Washington. Aug. 14.-!rhe South
ern Cotton Congress, after endorsing
various plans for the relief of the cri-
sis In cotton market resulting from
the European war, concluded its ses-
sions here tonight. The congress au-
:acrized the various committees to CO.
operate with the Federal and State
authorities in their efforts to enable
financial storm and secure a fair price
Tor the present cotton crop.
Federal Reserve Notes
After endorsing the work so far
done by the Southern representatives
IN congress In the matter Of furnish
ing transportation for the export
trade. and providing the currency to
fnance the crop. the Congress endor-
sea a Dill introduced in the House
Dy Repre- sentative Wingo. of Arkan-
sas. authorizing the issuance of Fed
eral reserve notes on cotton
Later the report from the resolu-
lions committee was adopted outlining
plan to meet the entire situation.
NhlsproVided for the appointment of
a committee OF five members to COON
crate with Congress. the treasury de-
partment and the Federal reserve
board to seek means Of financing and
marketing the crop. without unneces-
|; 5ary oss to the farmer.
The report recommended that nil
growers hold cotton O. the present
crop for the price Of twelve ant a
palf cents pound based on middIipp
cotton.
To Save the South
It urged the Federal reserve hoard
and the secretary Of the treasurer to
place $300.000.000 in the banks OF the
South. on the basis of the cotton pro-
duced In each state. It then proposed
that every farmer should have the
right go to his bank and secure a loan
on notes maturing in six months hut
renewable for six months, secured by
MS cotton on one half Of the crop he
raised to eighty per cent Of the value
or the. cotton based on the average
price Tor the last five years. These
notes. the report recommended should
, !, be made rediscountable In the Feder-
al reserve banks.
Raise Less Cotton
As originally presented the rennrt
recommended that the notes contain
stipulation that the farmer would
raise one half of anormal crop in
1919 and II the war was still in prog.
ress on April 1. should raise only
one quarter OF his crop, thus holding
down the 1875 production to prevent
& g-nt caused by carrying over this
years surplus.
A vigorous discussion resulted in
striking out part of the provision to
| recommend only that the farmer be
urged to cut down his crop without
the stipulation in the proposed notes
The report recommended that to.
bacco and other crops should be han
died In the same way. in the discre.
ton OF the reserve board.
To Provide Warehouses
President E. j. Watson was au.
! thori7ed to appoint a committee tc
take up the question of providing the
warehouses to store such of the cror
as will be held over until next year
/ He was also authorized to name @
committee OF member from each
cotton State, to call state conven.
| tion OF nine delegates from each coun.
| ty representing farmers. merchants
and bankers, to urge governors to call
special sessions OF state legislatures
to Immediately take up the question
! OF installing state warehouse sys.
tens.
Representatives Of the Congress-
Will remain in Washington to coope.
rate with the Southern representa-,
tives In Congress who are working ou,
the plans for legislative aid to the
South.