The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-08-14

selfish cooperation among the farm
ers, merchants and bankers CT the
South for t3e cotton goods and de-
clared:
Not Nlnic.
1T should be understood that we
are not in the midst Of panic, nor
is a financial panic possible under
our new banking and currency laws;
and it is not necessary cor us to throw
our cotton upon the market at prices
less than it's real value
The statement of the congression-
al committee follows:
eve recognize the fact that cotton
is the money crop CT the Southern
people and any situation which vital
ly affects its value must be felt by all
lines of commercial and industrial ac-
tivities.
while the condition OF war in Eu-
rope gives rise to a situation which
is serious We believe that it can be
greatly overcome if all agencies, ma
tional, State and local, promptly anu
vigorously respond to their respective
duties.
"Your president, the several execu-
tive branches of tle government and
your senators and representatives are
making efforts to devise means by
which the cotton crop may be mar
keted at a price warranted by a nor
NAL law of supply and demand, and
rot by a condition caused by the Eu-
ropean war.
"The important problems involved
IN this situation are:
Transportation First.
First. Transportation. 1t is es-
sential that lint cotton and cotton
manufactured, should reach foreign
markets where they may be consumed.
We are confident congres will pass
within a few days an anne nent to
cur shipping laws which will greatly
facilitate transportation. We have
no doubt transportation facilities Will
be available for cotton and cotton
manufactured goods within very
short time.
Second. Consumption CT cotton.
The European war; necessarily
reduce temporarily the demand and
consumption O.; our cotton. The State
department has cabled our consuls
abroad for detailed Information. From
the information We have received, we
are confident the consumption, domes-
tic and foreign, of our cotton will be
much larger than is generally sup
posed. The mills of the United States
and Canada will consume approx
mately half of our production, and
the demand for American cotton by
Great Britain and the Orient will not
be greatly reduced. Great Britain
consumes nearly half of our exported
cotton. Eleven million bales Of our
cotton should be absorbed by the
trade, even under the most aggra-
waited conditions.
''The facts should be most reassur-
ing and should dispel the idea that
our foreign trade in cotton will be
wiped out.
Money For Marketing.
Third. Money to market the crop,
and care for the surplus.
ALREADY the secretary of the treas
ury mas arranged to deposit in South
ern banks the sum O; $20,000000,
He desires this used and expects TO
handle the Gotten crop. During tie
present week your congress has pass
ed an emergency currency bill under
the terms o. which not less than
81, 800, 100000 of additional currency
will be available to meet every
emergency which may arise.
''The reserve banks under the new
banking and currency act will speed
lily organize. They will accept notes
secured by agricultural products.
This insures ample money for mov-
ing the crops and to care for such
distress cotton as may come upon
the market and so to keep in opera
ton the factories and various indus
tries necessary for the consumption
of the crop.
"Tle financial situation Of the
country ccould not be better, and
when it is understood that the treas
ury department stands ready to lend