The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-11-04
URGES SUPPORT OF PLAN
McADOO APPROVES FUND FOR
COTTON GROWERS RELiET
Secretary Of Treasury Declares That
Subscriptions Will Act in Bringing
About Improvement.

Secretary McAdoo Thursday nigh
made public letter he has sent tc
clearing house chairmen Throughout
the country urging support of the
$125, 100000 cotton loan fund.
The secretary said the cotton situa
alton presented a problem ''of tht
most urgent character" and declare!
his conviction that prompt. subscrip
ton of the loan fund would "be pre-
ductiVe of immense benecial results.
The contemplated acceptance o,
subscribers certificates as basis fol
emergency currency issues, he added
should greatly facilitate the banks
in making and taking care of theil
subscriptions"
More replies favorable to the loar
fund plan reached the federal reserve
board Thursday but members of the
board pointed out that consideration
by clearing house associations and
then by individual banks might delay
final action in the meter for several
days.
Secretary McAdoo's letter to the
clearing house chairnien follows:
"The. cotton Situation in the South
presents a problem of the most ur.
gent character. It is imperative that
some intelligent financial measures
shall be Immediately adopted to re-
lieve that situation. The problem is
not local but national. because a Sc
rious hurt to the South affects the
entire country. To help the South In
this emergency must appeal, there
fore. not only to our better instincts,
but also to our material interests.
"Gov. Hamlin of the federal re-
serve board has sent you letter to-
day, together with a plan which the
board has approved for raising fund
of $135, 100000 to be loaned on cot
prompt subscription OF this fund and
it's use as proposed in the plan will be
productive OF immensely beneficial re-
sules.
81 wish earnestly to urge upon you
the Importance of the banks in your
city and in Your federalsreserve dis
trict promptly subscribing the
amoUnt allotted to you. New York
has already led Off with S50,000,-
900 subscription, and l sincerely hope
that there may be no doubt whatever
about the raising Of the remaining
S50,000.o00 in the other leading
financial cities Of the country.
II am sure that We may confident
ly count upon the local and patriotic
support OF the bankers of your city
in this emergency. The federal re-
serve board itself, Notwithstanding
the onerous duties which now de-
volve on the federal reserve system,
will constitute itself voluntary COM
nittee for the purpose Of supervising g
the administration of the proposed
fund beca use of the seriousness of the
emergency and the necessity for un-
selfish service on the part Of every
citizen who wants earnestly to help
his country.
'In order to assist the banks which
may subscribe to this fund, desire
to say now that, in the exercise of the
power and discretion vested in me by
law, I shall upon compliance by the
banks with terms and provisions of
act. as amended, &C
cent the Class A certificates referred
to in this plan as securities at Is per
cent of their face value as basis
for issues of so-called emergency cur
rency' when presented to me through
national currency associations. This
should greatly facilitate the banks in
making and taking care of their sub
scription.
"Will you be good enough to tele-
graph me on receipt of this letter if
we may count upon your co-opera-
tion?"
The secretary said that in order to
help the Southern banks which may
subscribe for Class B certificates. he
had determined to accept them also
as Securities" basis for the issue
of emergency currency.