Yazoo City herald., 1914-10-16

he has sent to clearing house chair
men throughout the country urging
support Of the SlS5,003,0O cotton loan
fund. He said the cotton situation
presented a problem "of the most ur-
gent character" and declared his
conviction that prompt subscription
Of the loan fund would "be produc-
tive of immensely beneficial results, :"
The contemplated acceptance Of
subscribers certificates as basis for
emergency currency issues, he added,
should greatly facilitate the banks
in making and taking care of their
subscriptions"
More replies favorable to the loan
fund plan reached the federal reserve
board today but members Of the board
pointed out that consideration by
clearing house associations and then
by individual banks might delay final
action in the mater for several days.
Text Of Letter.
Secretary McAdoo's letter TO the
clearing house chairmen follows:
"The cotton situation in the South
presents a problem of the most ur-
gent character. 1t is imperative that
some intelligent financial measures
shall be Immediately adopted to re-
lievo the situation. The problem i,
not local, but national, because Sc
rious hurt to the South affects the
entire country. To help the South il
this emergency must appeal, there
fore, not only to our better instincts
but also to our material interests
Governor Hamlin Of the federal re
serve board, has sent you letter to
day, together with a plan which tn
board has approved for raising fun,
of $135, 100000 to be loaned on cotton
!, 1t is our firm belief that the promp
subscription of this fund and its us
as proposed in the plan will be pro
ductive Of immensely beneficial re
suits.
IL wish earnestly to urge upon yo
the importance Of the banks in you
city and in your federal reserve dis
trict promptly subscribing the amour
allotted to you. New York has a
ready led off with a s50,000,000 sui
scription, and ] sincerely hope tbs
; there may be no doubt whateve
about the raising Of the remainin
$50,000,000 in the other leading finaT
cial cities Of the country. ] am sur
that we may confidently count upo
the loyal and patriotic support Of II
bankers Of your city in this eme
gency. The federal reserve board, |
= self, notwithstanding the enormor
uubics WHICH uuW uSNoiNS upVii ~
: the organization of the federal r
serve system has nevertheless, col
q sented to constitute itself q volui
tary committee for the purpose I
supervising the administration Of Il
proposed fund, because of the ser
: BUSINESS of the emergency and Il
necessity for unselfish service on Il
u part Of every citizen who wants carr
4 estly to help his county.
y "In orde rto assist the banks whit
+ may subscribe to this fund, desii
to say now that, in the exercise Of Il
= power and discretion vested in me
y law, | shall, upon compliance by Il
II banks with the terms and provision
II of the Aldrich-Vreeland act,
amended, accept the Glass 'A certii
i Gates referred to in this plan as s
s curities at rs per cent Of their ia
value, as basis for issues of s
called emergency currency when pr
% sented to me through national Gu
20 rency associations. This should grea
AZ ly facilitate the banks in making al
Is taking care of their subscriptions
Z "Will you be good enough to tel
le graph me on receipt Of this letter
III we may count upon your cooper
tion ?"
'e The secretary said that in order
Ie help the southern banks which mi
= subscribe for class 'B' certificates
- had determined to accept them al
" as Securities" as a basis for the
= sue of emergency currency.
y Stovall and the Irish.
:. In his address at the state fl
- grounds yesterday Hon. p S. Stova
). candidate for governor, said:
IT thank God that ] have no Iri
~ blood in my veins"
: Mr. Stovall has uttered many fooli
I. and insane things during his pub
: career, but the language above quot
:. is about the limit.
- He may not be aware Of the ia
but at least twenty per cent Of
= white people Of Mississippi have Iri
blood in their veins-and they 9