Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1914-08-26
COTTON CONFERENCE.
Secretary McAdoo Urges Cotton
Men 10 meet Situation Calm
ly. Outlook Not so
Gloomy.

w aSnlDSLOu, AuS. Sf'-etSSss'' SSs
ry McAdoo, members Of the fedora
reserve board and members OF eon'
eress today discussed with severa
hundred representa-; 'es of the cot
ton industry ways and means 3tc
meet the situation confronting the
trade as a result of the war in ga
rope. Every state in any way con
nectel with production of cotton
or cotton goods was representedFAt
the conference. II.
Secretary McAdoo, opening the
conference, urged the cotton men
to meet the situation coolly and
promptly. 81,
''I have been distressed" he said,
to find that there is growing
feeling of hysteria over the sltHa-
ton regarding cotton. | have been
receiving. letters and telegl ans
which indicate feeling that unless
something is done Immediately, the
bottom will drop oat of credit and
cotton will lie total ruin. The best
answer to all of these panic stricken
telecrams is: This is no time for
nervous systems. Many of the ca,
!amities suggested to me are ntterly
impracticable."
Secretary McAdoo estimated that
1000, 900 bales of the present crop
would be unable to find market.
He said if the ordinary course OF
marketing can be preserved until
the surplus appears, its disposition
ought to be an easy matter. he
warned the banker that cotton must
not be forced to a sale at a loss,
and warned the manufacturer that
he must not refuse to buy cotton,
waiting for panic price. #s
I'VE must put aside selfish mo.
tives,n s.dr. McAdoo said.
While the German consumption
of 100000 bales, and the French
consumption of 100000 bales
will be cut, the secretary continued,
it is expected the British demand
will be about normal. Proposed leg
islation for government purchase
and operation Of ships, he said,
would open up the South American
trade and increase the American
output of cotton goods, thus Great
ing an additional demand for raw
cotton.
The secretary said the fnancia!
situation was we'll in hand, with the
government in a position to mate
rally aid the banks. He estimated
that with the federal reserve system
in operation the banks of the south
easily could secure national bank
currency, to finance 1000, 600 bales
of cotton at $40 a bale.
Il am satisfied" he said, that
with proper warehouse facilities we
can make warehouse receipts for
cotton the basis for issue of nation
a. bank circulation. "
Senator James asked if tobacco
warehouse receipts could be similar
ly used. The secretary said the dis
position was to include all staple
products properly secured"
A general discussion of the sliua-
ton by representatives from cotton
states followed. Later the cotton
men went to the White House t"
see President Wilson.
II. 5. Mobley, of Arkansas, pro-
posed at the conference that some
arrangement be made to distribute
currency through state banks.
President Wilson, in a brief
speech to the cotton men, expressed
confidence in the present. situation
and said be had no doubt the sltua,
ton would be met without serious
results to any Of the cotton inter
ests. He said his callers. he was
sure, had not come to Washington
to ask for rescue" but to counsel
with all interested, and to place in
the hands of capable aud earnest
men the means for carrying the
country through this emergency.