The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-08-26
PLENTY MONEY
NOW in SIGHT
COTTON CROP IS SAFE If
FARMERS WILL ONLY
COOPERATE
A CO M M ITTE E
Eighteen Men Appointed To
Work Out Plans For Bringing
Money Into Circulation
(By Associated Press }

tDS AC5Oclatcu freSS
Washington. Aug. 25.-Assured that
all the currency necessary to finance
the country's cotton and other staple
crops will be furnished by national
tanks on warehouse certificates, a
committee OF eighteen representative
planters. manufacturers, dealers and
bankers and government officials to-
night began working out plans for
actually bringing this money into cir
culation. Stepa toward providing safe
and adequate warehouse facilities
ready are under way. and lenderg in
throughout the producing centers all
the movement are confident that In
the course Of few weeks the emerg-
ency created by the European war
will have been met. The committee
was appointed after g. conference at
the treasury department today, and
to cooperate with It Secretary Nc
Adoo designated w. P. G. Harding, Of
the federal reserve board; G. J..
Brand. chief Of the office of markets,
and T, N. Carver, OF the office Of
markets and rural organizations. 81
In an address to the conference,
Secretary McAdoo emphetlcaliy con-
demned, valorizatIon schemes and
suggestions that state banks issue
currency. He dwelt upon the dangers
of an inflated currency and declared
that the Integrity and the financial
structure OF the United States de-
pended upon the national banks.
ut is not necessary to have every
body Issuing currency" said the sec
retary. THE national banking system
OF this country. controlling agency
for the issne OF this currency In order
that we may know that every dollar
that is In circulation llas been super
vised by the government and that It
will psss current wherever it ap-
pears.
This Is what Is happening In tho
treasury department every day. State
banks are actually depositing their
securities with the national banks
and the national banks are betting
the Issue against those securities and
turning 1t over to tho state bankp- It
is perfectly simple to get II. All you
have to do Is to have proper sacuri-
ty."
Mr.. McAdoo again pointed out the
necessity Of banks desiring to obtain
emergency currency joining the Ma
tfonal Currency Association.
II stated here yesterday" he added,
that 1t was my purpose to accept
from the banks Of those currency as
sociations notes and obligations Sc.
cured by cotton warehouse receipts,
properly certificated and issued by
responsible warehouse men or ware
house companies. / do not say that
those warehouses have got to be built
OF brick. stone. steel or anything
else or that they must be bonded. All
ask Is that these warehouses shall
be OF such q character as to protect
the cotton itself from deterioration or
destruction, with adequate insurance
against fire, and backed by responsi-
BILE agencies, 30 that when their ware
house receipts are issued we know
that they represent something actu.
ally In storage there, something that
can be had on presentation of re-
, ceipts.
What does that mean? 1t means
that the national banks of this coun-
try can borrow to the extent OF 7h
per cent of their unimpaired capital
and surplus on notes secured by
warehouse receipts for staple pro.
ducts (not alone cotion) that think
1t is safe to lend on"
4 The committee Of eighteen follows
Producers: G. 8. Barrett. Union
City. Ca; F. M. Coker. HaftsyiIle. 8,
c.: J. O. Thompson. Birmingham,
Ala.
Manufacturers: G. Gunby Jordan.
Columbus. Ga; q. Farnnam Greene,
Boston. Mass; Lewis W.. Parker.
Greenyille. s. c.. :
Bankers: A. Fl. Wiggin. New York
city: Royal "A. Ferris. Dallas. Tex; (;
Festus J. Wade, st. Louis. Mo.
Warehouse and Transportation: 8.
r. Morgan. Richmond. Va; Harry
Walters. New York city; B. L. NAL
lory. Memphis, Tenn,
Tobacco: d. Y, Cooper, Henderson,
N. c.; William Elliott. Henderson,
Ky; r. @. Ewiag, Cedar Hill, Tenn.
Commercial Interests: W. b.
Thompson. New Orleans. In; Rich
nrd II. Edmonds, Baltimore, MIDI n.
}oodwyn Rhett. Charleston. s. c.
Theodore H. Price, New York. sec
retary.