Imperial Valley press., 1914-08-18
Asks For Fiscal Agent
To Care For Cotton Crop

and consumption of our cotton. The
state department has cabled our con-
suls abroad for detailed and immedi-
ate information From the informa-
/ ton we have received we are conf
dent the consumption, domestic and
foreign, of our cotton will be much
larger than is now generally sup
posed The mills of the United tSates
and Canada will consume approxi-
mately half of our production and the
demand for American cotton by Great
Britain and the Orient will not be
greatly reduced Great Britain alone
consumes nearly half of our export
ed cotton Eleven million bales OF
our cotton should be consumed by the
trade even under the most aggra-
waited condition These facts should
be most reassuring and should entire
ly dispel the idea that our foreign
trade in cotton will be wiped out.
"Third-Money to market the crop
and care tor the surplus.
ALREADY the secretary of the treas
ury has arranged to deposit in South
ern banks the sum of $2O,O00,0O0 He
desires this used especially to handle
| the cotton crop. During the present
week your congress has passed an
emergency currency bill, under the
terms of which not less than $780,
900 of additional currency shall be
available to meet every trade emer
gency that 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
insurcs ample money for moving the
cotton crop and to care for such dis
tress cotton as may come upon the
market and also to keep in operation
the factories and various industries
necessary for the consumption of the
cotton crop. The financial situation
of the country could not be better and
when it is understood that the treas
ury department stands ready to lend
its greet power to prevent saeris
flee Of the cotton crop feeling of
confidence and assurance should come
to us all.
'Fourth-Local cooperation. The
agencies of the federal government,
both executive and legislative, are do
ing III possible to relieve the local
strain of the situation. While the
power of the government is great it
should not be overestimated. We de-
sire TO impress emphatically the ne
cessity for the most cordial and un-
selfish co-operationg among farmers,
merchants and bankers of the South,
to the end that every local effort and
every local agency shall be brought
into action in the interest of the COM
mon { ood.
"We believe that conferences in the
respective states and localities would
he most hopeful. They would fur
r;sh machinery through which the
problem in all phases can be thor
oughly considered and dealt with un-
der the peculiar environment of each
state and community. Accurate in
! formation as to warehousing facilities
should be gathered for your local use
and furnished to your senators and
representatives in congress at the
earliest possible moment.
"It is our mature judgment that the
least possible amount of cotton should
lie out upon the market during the
next sixty days, for it is our belief
| that the combined strength of the
federal government and local agen-
cies, coupled with the inherent cour-
age CI the southern people, will make
il possible for the cotton crop to be
marketed without sacrifice.
at should be understood that we
are not in the midst of panic, nor is
financial panic possible under our
new banking and currency laws; aud
it is not necessary for us to throw
our cotton upon the market at prices
less /, an its; real value.
"Oul message to you is: Stand
firm. Sell cotton only as a last ne
voessity.
"Signed: James X. Vardaman, Jas.
P. Clark, Lee S. Overman, Robert L.
Owen, Nathan P. Bryan, Ollie NJ
James. Hoke Smith (chairman), A.
f. Lever, Oscar W. Underwood, Cor
don Lee, Edward r. Holland, Finis J.
Garrett, Joseph ]. Russell, John w.
Garner. Special committee appointed
by congress to report on the cotton
, situation"