The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-08-28
Fred Fl. Don1inick In
Second Race For Congress

maze In6 oasis lOI CURRENCY ISSuSu ~
! the new federal reserve banks.
The conference in Immediately took up
the question of proper warehouse ia
cilities and discussed the details Of
financing the crops. Secretary MicAdoo
told the delegation that the DISPOSE
tion was to make not only cotton, but
! tobacco and all other stable pro-
ducts, properly secured the basis of
bank credit.
Called ON President.
The conference watch represented
cotton growers, merchants and banke-
ers manufacturers from p States, af
ter a morning session with Secretary
McAdoo and the reserve board,called
on the president He assured taem
all the full cooperation of the Nation
al government in their efforts to meet
the situation confronting the cotton
industry as a result OF the closing Of
the European markets by war. The
president urged that every interest
do its best to help itself.
Il am not willing to believe" ne
said, that these conferences are in
tended to call upon the government to
rescue men who know how to take
| Of hrrf hot
called for the purpose of common
counsel, and for putting at the dis
posal of men who know how to take
care of themselves every legitimate
| instrumentality of the government it
| self
Lesson in Cooperation.
"The conferences that we have held
in recent weeks have done vast deal.
first o. all to c'erify problems, and
; second, and perhaps more important,
, to show how by cooperation we can
solve the problem Not all Of these
problems are going to be entirely
solved, because the circumstances are
of sucl extraordinary difficulty, but
that they will come very near to being
solved l, for one nave no doubt, pro-
| vided always We keep cool and think
of taese things in the same &-pos
sessed temper We would exercise if
conditions were not extraordinary. We
are not to be run away with by sud-
den excitement; we are not to be i'm
posed upon by unusu ual conditions;
and the minute We sit down together
| am sure that we can work things
out"
Warehouse Facilities.
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
announcement, his company had made
all arran gements for building cotton
warehouses throughout the South
from North Carolina to Texas. He
said that engineers had estimated that
warehouses could be built for from
$500 to $1,000 each, to store 1000 to
1900 bales.
| Postmaster General Burleson urged
the cotton representatives to disre-
gard the many radical plans proposed
J for dealing with the situation, such
as the valerization of cotton, and to
concentrat t:eir efforts toward plans
whic1 would be practical under the
law. He pointed out the limitations OF
the banking laws and urged tnat any
plan be made to CONFORM with them.
Both the postmaster general and the
secretary of the treasury warned
| against hysteria and panic.
FayOrs Buying Ships.
/
oped sentiment favorable to the pro-
Tosed purchase OF ships by the gov
ernment for the foreign trade 1t was
stated tat with South American and
Asiatic trade routes opened to Ameri-
can SHIPS The American cotton man
ufacturers couS extend their cotton
cloths to these markets and increase
their consumption of raw cotton by
: 100000 bales. The general opinion
was that three million o. our million
bales Of cotton could have been car
ried over as result Of TIE closing of
| British, French and German mills
Cotton manufacturers promised to