Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-08-25
TUESDAY, AUGUST IS, 1914
BONDED FARM GOODS.
Government About to Make Them sa'
sis Of Currency Issue.

sis OF currency lssue'
Washington, August 24-Represent-
atives of the vsfious branches OF the
cotton industry(in conference here To-
day with the<Federal Reserve Boara,
and other government ofhcials' W.
assured h% the secretary of the treas
ury that properly safeguarded ware
house receipts for cotton would pe
made the basis for currency issued pS
the new Federal reserve banks.
The conference Immediately TOOK up
the question of proper warehouse "a
ciIities and discussed the oetalis VI
nancing the crop. Secretary McAuoo
told the delegation that the ulsposi'toN to
was to make not only cotton' puS "
hacco and all other stable products
nronerlv secured" the basis OF bank
credit. The conference, which repre-
sented cotton growers, merchahls'
bankers and manufacturers from twen-
ty-two states, after morning session
with Secretary McAdoo and the re
serve board, called on the presluea'' ~
He assured them Of the full co-opera-
tion of the national government In their
efforts to meet the situation confront
l ING the cotton as a result OF the CLOS
ing of the European markets py wal.
The president urged that every interest,"
do its best to help itself.
II am not to believe" he said, that
these conferences are intended 10 can
upon the government to rescue men
who know how to take care Of them
selves: but that they are called for the
purpose of common counsel, and tor the
nutting at the disposal Of men who
. know how to take care or themselves
every legitimate inStrumentality OF the
government itself.
The conferences that we nave helu
in recent weeks have done vast deal,
olo
second and perhaps more important 10
show how by cooperation we can solVe
the problems Not all of these prob
lens are going to be entirely solved
because the circumstances are OF such
extraordinary difficulty, but that they
will come very near to being solved. i,
for one, have no doubt-provlded al
ways we keep cool and think OF these
things in the same self-possessed tenn
per we would exercise II condluons
were not extraordinary. we are not
to be run away with by sudden excite
ment. we are not to be imposed upon
by unusual conditions and the minute
we sit down together l am sure we can
work things out"
The conference this afternoon de-
voted considerable time to discussing
warehouse facilities S. T. Morgan of
Richmond, Va, representing the Vir-
ginia Carolina Chemical company,
said that following the secretary's an
nouncement his company had maze
all arrangements for building cotton
warehouses through the south from
North Carolina to Texas He said that
engineers had estimated that ware
houses could be built for from $500 TO
81 900 each, to store 1000 to 1000
bales.
Postmaster General Burleson urged
the cotton representatives to disre- |
gard the many radical plans proposed
for dealing with the situation, such as
the valoriZation Of cotton, and to con- |
centrate their efforts toward plans
which would be practicable under the
law. He pointed out the limitations
of the banking laws and urged that
any plan be made to conform with
them. Both the postmaster general
and the secretary of the treasury |
warned against hysteria and panic.
The discussion this afternoon devel- |
oped a sentiment favorable to the pro- |
posed purchase Of ships by the gov
ernment for the foreign trade 1t was
stated that with South American and
Asiatic trade routes opened to Ameri- |
can ships, the American cotton man |
ufacturers could extend their cotton
cloths to these markets and increase
their consumption by 100000 bales. |
The general opinion was that three
million to four million bales Of cotton
would have to be carried over as a re-
suit of the closing Of British, French |
and German mills
Cotton manufacturers promised to
make every effort to increase their |
consumption and agreed not to force |
down prices for raw cotton. Bankers
agreed to make every legitimate effort
to aid in the financing of the crop.
The conference will meet again to-
morrow.
Bill Passed Senate.
Washington, August 24.-The senate |
late today without roll call passed the |
so-called cotton warehouse license bill, |
proposed by Senator Hoke Smith orig |
inally to add value to cotton ware |
house certificates by means of govern |
mental inspection and certification Of
the grades Of cotton stored in licensed |
warehouses.
On the floor of the senate the bill |
was amended to extend its provisions |
to tobacco, naval stores, canned sal |
mon, grain and flaX-seed. Amend |
ments for extension to apples, peaches |
and oil were voted down.