The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1914-10-15
APPROVE ST. LOUIS PLAN.
RECOMMEND STATE BANKS TAkf.
PART OF S15O,OOO,OO LOAN.
South Carolina Currency Association
Fully Indorses Plan to save
Cotton.

tion there is one that is now taking
very definite and exact shape. 1t is
REGARDED by those who have studied
it as the one really practical plan OF
providing prompt relief to the South,
in that it undertakes to raise and
put in the hands Of the Southern
people s150,0O0,000. The plan has
the approval, so it is understood, OF
the Secretary of the Treasury, Nc
Adoo. and the federal reserve board.
It is workable and practical.
Several days ago Mr.. E. w. Robert
son, president of the National Loan
and Exchange bank, was asked to be
one of ten Southern bankers to meet
with Mr.. Festus J. Wade, Of st. Louis,
to consider what is now called the
st. Louis plan. The idea was to have
a conference of the leading bankers,
one from each Of the Southern
States and have these bankers carry
home details of the plan if it met with
this central committees approval.
Mr.. Robertson was largely instru-
mental in shaping the plan and as
soon as he returned to Columbia
called a meeting of the Columbia
Clearing House association, which
heartily approved the plan. He then
took the matter up with the execu-
tive committee of the South Carolina
Currency association, which also ap-
proved it, and today it secured the
hearty and unanimous approval OF
the executive council of the South
Carolina Bankers association. There
we're present the following:
Those Present.
Chas ]. Shannon, Jr., president
South Carolina Bankers association,
Camden, S. c.
Jno. NJ. Kinard, chairman execu-
tive council, Newberry, S. c.
Bright Williamson, Darlington, S.
c.
Harry D. Calhoun, Barnwell, S. c.
W. T. Bailey, Greenwood, S. c.
Emslie Nicholson, Union, S. c.
The following bankers and others
not members of the executive coun-
Gil were in attendance by invitations:
T. S. Cave, director Home bank,
Barnwell, S. c.
]. P. Matthews, cashier the Pal
metto National bank, of Columbia,
S. G.
Edwin W. Robertson, president the
National Loan and Exchange bank;
B. A. Taylor, president the Bank Of
Columbia, Columbia, S. c.
August Kohn, Columbia, S. G.
Lewis W. Parker, Greenville, S. c.
T. B. Stackhouse, Columbia. S. c.
Mr.. J. NJ. Kinard of Newberry,
chairman of the executive council,
called the meeting to order and pre-
sided.
Mr.. R. Charlton Wright acted as
secretary.
AS a result of the deliberations
the following resolutions offered by
Mr.. ]. NJ. Kinard were unanimously
adopted:
Resolved, That the executive
council of the South Carolina State
Bankers association hereby approve
the ST. Louis plan with regard to the
financing of the cotton crop, as out
lined and explained at this meeting.
and heartily recommend to the banks
of the State of South Carolina that
they subscribe Immediately to their
proportion of the proposed 0,0O0,-
900 loan fund.
Resolved further, That Mr.. Ed
win w. Robertson be, and he hereby
is, authorized and requested on be-
half of this council to communicate
to Mr.. Festus ]. Wade information OIL
the action taken at this meeting.
Robertson Explains.
Mr.Robertson was called upon to
explain fully the plan, and he made
it quite clear that the purpose OF the
undertaking is to handle the surplus
cotton crop with the Si52.ooo,9oo
syndicate which is to give notice to
the world that it is the intention OF
America to protect its chief solo pro-
ducing crop. 1t was stated that be
fore the undertaking was started
that S50,000,000 Of the fund had
been pledged in New York city. The
East and West will raise the other
s50,000,000, and it will therefore he
incumbent upon the South to raise
s50,O00,000 to protect its own crop.
In other words, for every dollar the
South puts into the fund the North
and East will put two. Another CEN
tral idea of the plan is that the grow
ers or owners of the cotton will con-