Imperial Valley press., 1914-08-27
Money for Cotton Growers
Will Soon Be Available


money will be available for the cotton growers OF the
country Secretary McAdoo has made definite promise
of this and the Imperial valley delegation in Washington
has been promised that this valley will be taken care of
the same as the old cotton growing sections.
1T is not necessary to have everybody issuing cur
rency said the Secretary The national banking system
Of this country properly inspected and under govern
mental supervision should be the controlling agency for
the issue of this currency in order that may know
that every dollar that is in circulation has been super
wherever it appears
IF you turn money over to the national banks it will
find it's way to the state banks inevitably.
"This is what is happening N the Treasury Depart
men every day. State banks actually depostng their
securities with the national banks and the national banks
to the state banks 1t is perfectly simple to get it.
All you have to do is to have proper securities"
Mr. McAdoo again pointed out the necessity of banks
desiring to obtain emergency currency joining the
national currency associations.
81 stated here yesterday" he added "that it was my
purpose accept from the banks of those currency
Citations notes and obligations secured by cotton
house receipts, properly certified and issued by respon
slbe warehouse men or warehouse companies do not
that those warehouses have got to be built of brick
stone steel anything eles that they must be bonded
All ask is that those warehouses shall be of such char
acter to protect the cotton itself from deterioration
destruction with adequate insurance against fire. and
backed by responsible agencies that when their
house receipts issued it will be known that they repre-
sent something actually in storage there something that
can be had on presentation of receipts.
What does this mean? 1t means that the national
banks OF this cOurJfy borrow IF 70 per
CENT Ol unlnpaIeu cap1Ca ana surplus on nOCeS
secured by warehouse receipts for staple products not
alone cOtton) that think it is safe to lend on"
The war in Europe has temporarily disturbed the
industries of this country, but already the vessels
beginning to move again with cargoes of cotton and
grain, while American cotton mills expanding to meet
the immense trade opportunities opened to this country
1t is estimated that the great will last year
and half If it does that will be the greatest period of
industrial and commercial expansion this country ever
experienced
Temporarily throughout the nation there is tight
of money but the farmers selling their immense
of grain and their fat livestock great prices and
hundreds of millions of dollars in few days will begin
TO be released the cotton crops with the inevitable
result of early oosening of money conditions and ac
tive demand for all products
With the American mills consuming 100000 bales
of the lOOOOO bales of cotton produced in this country
and with half the world cut off from the base of supply
OF manufactured cotton. the mills making desper-
ate effort to expand to take of the production and
with the government back of the industry help finance
it, the cotton growers by no means in bad way
The time has when this great valley CROP worth
about four millions of dollars will begin to move The
harvest is about to begin freely
Five days and the new industrial season will
open. Every train is bringing home residents from
vacations and bringing in workers for the cotton field
Things do move The seasons roll and give their
signs Now the sign points to activity and progress Are
you prepared to do your part the great progressive
pe1lod that will open next Teusday?