The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1914-09-10
COTTON SITUATION SOUND.
If the Bankers Will Act, Says Editor
Poe.

our southern 1dTLuelS - III lHe Haiu@
of our bankers.
That, at any rate, is the feeling
of the majority of our people today,
and l believe that feeling is correct.
Secretary MtAdoo has assured the
public that the government through
its banking system stands ready to
issue ample and abundant currency
to finance the crop, and that any
sort of enclosure where cotton may
be protected from weather and in
sured will be recognized as a ware
house, and currency may be issued
against it's certificate.
But as a banker who heard secre-
tary McAdoo make this statement
Monday said to the writer next day,
"even then it's up to the banks.
They may give or refuse loans on
warehouse certificates no matter
what the government wishes"
And there you are. 1t is up to the
banks. The prosperity Of our South
ern farmers is up to the banks.
1t is on behalf of these cotton
growers, gentlemen of our Southern
banks, that The Progressive Farmer
wishes to appeal to you at this time.
you have an opportunity to show a
broad patriotism aand public spirit
edness that will forever give our
people grateful memory Of your ac-
tion in this time of crises, and bind
our great agricultural population in
closer relations with our banks than
ever before.
Or failing in this broad patriotism,
you may show a spirit Of indifference
to the farmers need that will deepen
class feeling, prevent the needed
close cooperation between farmers
and bankers, and endanger the pros
perity of the South.
Which shall it be?
We realize, gentlemen, that there
is not much profit to be made in
lending the one-horse or two-horse
farmer the amount of money needed
to carry over his few bales Of cotton,
and that you may prefer to confine
your loans to merchants, cotton buy
ers, and wealthy money lenders.
Nevertheless, just at this time the
prosperity of the South depends up
on getting help to this bottom man.
A chain is no stronger than its weak
est link. If the banks now fail to
help the poorest class of farmers,
then the markets may be glutted
with distressed cotton" at the very
beginning of the season, satiating
the demands of our American mills,
compelling low prices throughout all
the rest of the marketing season and
endangering the prosperity Of all
classes in the South.
Moreover, Mr. Banker, We believe
this is an opportunity for you to es-
tablish a fellowship, a friendship,
and a companionship with even the
unpromising small farmer that will
inure to your benefit and his
through all the coming years.
Our Southern people, as you know.
have never been thrifty enough. We
don't feel that We must save some
thing and put it aside even il, its only
$40 a year. as every New Englander
feels he must do. And in fact, so
long as the farmer has the loose
change right in his breeches pocket,
it's almost impossible for him to
save. For this reason and many
others The Progressive Farmer has
been saying over and over again, in
season and out of season, that every
Southern farmer ought to have a
bank account. We believe it will
promote thrift and prosperity in a
hundred ways. In the first place, it
will encourage the saving habit. In
the second place, it will make the
farmer feel and act more like busi-
ness man. And in the third place
by becoming a depositor in the bank
and a friend of it the industrious
farmer will be enabled to borrow
money at 6 or per cent. in summer
instead of paying 10 to so per cent.
in time prices" for supplies.
Our main hope in getting away
from the ruinous credit system in
the South and thereby building a
rural population as prosperous as
farmers in the North and West-our
main hope here, we repeat. lies in
enabling farmers to borrow money
at legal interest and pay cash for
supplies instead of paying several
times legal interest in time prices.
We want to see it the common and
usual thing all over the South for
every farmer to have money in the
bank from October to June and then