The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-22
HOUSE VOTES AGAINST
COTTON RELIEF PLAN
Compromise Proposed by Southern
congressman Is Defeated,
1913 to 81.
STRENUOUS TIGHT is IN VAIN
Chairman Glass, of Banking and
Currency Committee, and Minority
Leader Mann Oppose Deposit OF
Government Funds as "Unsound."

WASHINGTON, october 21.-The
compromise cotton relief pan. pro-
posed by Southern congressman to re-
lteve the situation resulting from the
decreased European demand for cot
ton on account of the continental war,
was defeated in tho House to-day.
l % to 81. The proposal contemplated
the deposit of S25O,O0O0O0 of govern
mcnt funds In Southern banks to be
loaned to cotton and tobacco growers.
Southern members of the House
fought strenuously, but in vain. for
|, the bill Chairman Glass, of the Bank
ing and Currency Committee. and Re-
publican Leader Mann opposed the
plan as utterly unsound" declaring
II would contract the credit of the
South rather than expand it,
The cotton belt members. led by Rep
resentatives Henry and Hardwick. in
sisted that the plan followed past
Treasury policies. and that the Treas
ury often made large deposits of gov
eminent funds to avert financial stress
In the various sections of the country.
Tho cotton relief supporters sue
ceeded In setting aside the calendar
"Wednesday rule. under which consid-
Grafton of the cotton plar woui" have
been prevented for the day. Repre-
sentative Henry moved to close ali de-
bate on the special rule brought in for
the consideration of the Lever cotton
warehouse bill, the Glass bill author
izing the issue OF Federal reserve notes
OIL 100 per cent commercial paper, and
the cotton relief compromise.
ROLL CALL TO ENFORCE
ATTENDANCE OF QUORUM
Thereupon, Representative Glass
made tho point that no quorum was
present, and n roll call was ordered to
enforce the attendance of absentees.
The roll call disclosed the presence
of n bare quorum, and debate on the
rule was closed by vote OF l20 to 95.
All efforts to extend the time allowed
under the rule for discussion of The
bills failed. and the consideration of
the 100 per cent commercial paper
measure was begun. Representative
Bulkeley, for the Banking, and Cur
rency Committee, supported the bill.
but opposed the amendment proposed
by the cotton States Representatives.
Many Southern members urged the
Rules Committees cotton amendment
to the Glass bill FOR increasing the
circulation, based on commercial paper
to 100 per cent of the unimpaired capt.
tai and surplus of the issuing banks.
Representative Henry said the cot
ton amendment was necessary, because
the Aldrich-Vreelan act had failed to
get money of the South, and because
the Federal Reserve system was
"tardily organized"
Representative Mcclellan. of Tennes-
SSe, Sulu tuc Iiousc IstS nO DdHhl1lS
system for the producers, that the
South needs immediate relief, and was
only asking what the Secretary of the
Treasury isaslSing, the Southern banks
to loan money on cotton as security.
NOT A LOCAL, POLITICAL
Or SECTIONAL QUESTION
Representative Crisp, of Georgia,
commended that 1t was not II local, pollt-
ical or sectional question, that the
Southern farmers have no money to do
business on "A cash basis, but have to
| transact their cotton business on a
credit basis, because the South has
never recovered from the War Between
the States.
| Representative Helm, of Alabama
said that thirty odd millions of pco-
pie were asking their countrymen to
| put some OF the governments money
| in the banks of the South to relieve
II suffering caused, not by economic
conditions, but by the European war.
| Representatives Burnett, of Ala
bama; Byrnes. of South Carolina, and
others pointed to the presidents of
/ tho South joining with the North in
relief for the Salem disaster, the San
! Francisco fire and earthquake and the
Ohio floods.
Printing large sums of money never
will help the cotton situation" Repub
lican Leader Mann told the House.
! THE proposition to increase the legal
| tender notes by S25O.O0O,0O0 without
any additional gold reserve is IL dan
gcrous proposition. What the South
needs Is market for the cotton
| "If 81 600. 100000 were placed In the
/ South, doubt if money would be any
! easier. The people in the South or
/ elsewhere will not loan money on cot
ton or anything else unless the Sc
curity is good. The more asset cur
/ rency you have without sufficient as
! sets behind it. the less credit there
will be-"
COTTON AMENDMENT
| WITHOUT PRECEDENT
| Representative Glass said that, while
! appreciating the situation In the South,
( the cotton amendment was unsound
and without precedent I'm the history
| of the country, that shrewd business
| men would not buy the vast amount OF
bonds proposed, and that the amend
mcnt would contract credit instead of
expand 1t.
/ Lack of quorum prevented action
Greatest of All