The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-08-14
Kone Addresses Committee.

war he said cotton had not been able
to take care of itself.
kone Addresses Committee.
Ed. Il. Cone, Commissioner of Agri-
culture for the state of Texas, eX.
planned to the committee the situation
in that state and urged that congress
ought to come othe relief of both the
large and small cotton man. Without
government relief through legislation
he said. the farmer would not be able
to tide himself over the bad period.
"The farmer should be able to get
from $40 to $50 per bale for his cot
ton, said Mr.. Kone. ut would be en-
tirely safe at $50 per bale, for as soon
as the war is over you will find cot
ton jumping to 2Oc per pound Mr..
Kone said that he commissioned twen-
ty men by wire to attend the confer
enco tomorrow and that he expected
the conference would be able to pre-
sent q concrete plan to the commit,
! tees by friday or saturday.
Charles St Clair OF Galveston, vice
president and general manager of the
! United states Cotton corporation said
offers had been made to ship his com
pany's cotton, asking what per cent
charges would be for storing and in.
suriug lie added that with proper
facilities the state of Texas could
care for a great deal of the surplus
crop of that state.
Representative Garner of Texas re
| ceilcd letter from Gov Colquitt fur
ther outlining his proposition for the
government to loan the farmer $50
| per bale on cotton. Gov. COlQutt call
ed attention to the government send
ing large sums OF money to the banks
to aid in handling cotton and that
the chances were the banks would
loan the money to spectators to pur-
chase the staple and that the prOduC-
tl VI NbllOI NOulb lbN bt btlltulth
as much as the governments aid
ought TO assist them. II the money is
only going through banks, he adds,
| the law ought to stipulate that the
banks were not to advance the money
for speculation, but should loan it to
farmers on warehouse receipts and
at a maximum rate of 3 per cent
Garner Writes Gov. Colquitt
A reply went to Gov. Colquitt from
Mr.. Garner suggestin gthere would
be no legislation giving financial relief
to the country that was not based on
sound banking system. He said he
did not think the government would
loan money directly to the farmer
merchant, mine owner or other class
but that assistance, in the absence of
other legislation, would have to come
through avenues atfoyded Ey the
amended Aldrich-Vreeland law.
Senator Sheppard and Representa-
tive Summers of Texas received "A
telegram from Royal A. Ferris, presi-
dent of the National Currency Asso-
citation at Dallas, suggesting an amend
ment to the currency act so that a
bank, could obtain up to IS per cent
of its capital and surplus on CONNER
ciaI paper He said there were no
bonds there and that a maximum of
80 per cent on commercial paper, as
proposed in the present law, would
not give sufficient relief.
May Extend Limit.
The suggestion of Mr. Ferris is met
in the amendment of Senator Ransdell
of Louisiana to the recently amended
Aldrich-Vreeland law, in which it is |
undertaken to allow banks to secure
the limit of 125 per cent of their CAPT |
tai and surplus on commercial paper |
The amendment also proposes that
warehouse receipts as defined shall be |
considered commercial paper. AS the |
result of the conference between treas |
ury officials and Representative Sum
ners, it is understood the former
would be willing to have the law
amended to go above the 80 per cent
limitation, on commercial paper pro
viding the paper is based on staple
agricultural products. The conference
did not develop what the new limit
should be.
"The agricultural department has