The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-10-02
COTTON SITUATION
DECIDEDLY BETTER
Senator Z. ID. Smith Says Conference
Has Brought it Well in
Hand.


Washington, Sept Ex-senator E.
D. Smith. discussing tae cotton con-
ference of the Southern governors
and congressman, which has been go
ing on here for the past two days, to-
night expressed himself as being Of
the opinion that because Of the dis
cussion which has been had the gen
eral situation is now we'll in hand.
TIE conference OF governors. SEN
ators and congressman lasted practi-
cally a night and two days Senator
Smith said. Every phase o. the prob
lem confronting the cotton growers
was thoroughly discussed Tnere was
sincere interest upon the part Of all.
1t was gratifying to me, after my
years work for the cotton growers Of
the South, at least to see the governors
of all the cotton growing States as
we'll as the senators and representa-
tives OF the cotton growing States so
determined in their efforts to relieve
tie present conditions.
"The financial situation was careful
ly canvassed The difficulties in this
respect seemed to be: First. that the
money available for loans on cotton
mad not been applied for and where
applied for iand obtained had not in
a great many instances been used in
such a direct manner or had been
used for other purposes that it had
been of little or no relief to the farm
ers.. Second, that in the absence Of
some fixed standard of valuation
guarantee OF some price below whicfa
the producers. merchants, bankers
and all parties having either direct or
indirect control of cotton, had de-
termined not to sell, the lenders Of
money, mill men and investors were
not disposed to enter the market for
fear it would go lower.
"There seemed to be pretty unani-
nous opinion that there was an
abundance of currency to take care Of
this crop but there was lack of con-
fdence in any given price below which
cotton would not go. There was some
suggestions that there were influences
at work adverse to any rise in the
price OF cotton, but after the matter
had been thoroughly discussed, the
conference adopted the two following
resolutions;
"'Resolved That it is the sense Of
this conference:
First That the acreage of cot
ton to be cultivated in the United
States in 1915 Shall be materially re-
duced. That to accomplish this end
every legitimate means sail be en-
ployed.
Second. That the members of this
conference make every possible ef
ort to secure federal legislation watch
will enable the producers of cotton to
obtain loans of public funds deposited
in the banks, at reasonable rate Of
interest to be fixed by tae government
upon such part of the present crop
and under such conditions as may be
prescribed by law and by the rules and
regulation lawfully made by tne treas
ury department.
The following resolution also was
adopted by the conference:
Resolved, by the governors,
senators and representatives in con-
gress from the cotton growing States,
in convention assembled in the city OF
Washington, September 20, 1914. That
we will most earnestly endeavor to
maintain the price Of cotton above 10
cents per pound and to accomplish
this end will bring to bear, as far as
we can, the powers of the national and
State governments to restrict acreage
for the year 1915 and furnish govern
mental aid to handle tie present crop.
Pledge of Success.
The resolution pledging the gov
errors, senators and representatives
to use all their power, political and
personal, to maintain the price OF cot
ton above 10 cents a pound, and i'll
furtherance Of this to invite every
legitimate aid of the federal govern
ment along financial lines, has given
the pledge OF success and makes the
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