The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-08-29
FOR WlREHOUSIMG COTTON.
M'ADOO GIVES ASSURANCES TO
FARMERS OF THE SOUTH.
Says they Can Get Aid from Govern.
ncnt I'm Their Efforts to Prevent
Ruiir-WilsOn Explains That Object
Must be- Only to Secure COOpcr,-
tiOn.

| Washington, Aug. 24.-Rcprcsen I.
tativcs of the various branches of
the cotton industry. i'm conference
here today with the federal reserve
board and other governmental oiIi-
cials. were assured by the secretary
of the treasury that properly safe
guarded warehouse receipts for cot
ton would be made the basis for cur
rency issued by the new federal re-
serve banks.
The conference Immediately took
up the question of proper warehouse
facilities and discussed the details of
financing the crop. Secretary Nc
Adoo told the delegation that the dis
position was to make not only cotton
but tobacco and all other stable
products. properly secured" the basis
of bank credit.
The conference which represented
cotton growers. mcrhants. bankers,
and manufacturers from % states.
after a morning session with Secre-
tary McAdoo and the reserve board,
called on the president. Hc assured
them all the full cooperation of the
national government In their efforts
to meet the situation confroting the
cotton industry as result of the
closing Of the European markets by
war. The president urged that every
interest do it's best to help itself.
II am not willing to believe" he
said. that these conferences are in
tended to call on the government to
rescue men who know how to take
care Of themselves. but that they are
called for the purpose of the common
counsel and putting at the disposal of
the men who know how to take care
OF themselves every legitimate instru-
mentality of the government itself.
THE conferences that we have held
In recent weeks have done vast
deal. first of all to clarity problems.
and second, and perhaps more i'm
portant. to show how by cooperation
we can solve the problem. Not all
Of these problems are going to be
entirely solved, because the circum-
stances are of such extraordinary
difficulty. but that they will come
very near to being solved l for one
have no doubt provided always we
keep cool and think of these things
I'm the same self f-posscssed temper we
would exercise IL conditions were not
extraordinary. We are not to be run
away with by sudden excitement; VIC
are not to be imposed upon by un-
usual conditions. and the minute we
sit down together 1 am sure that we
can work things out"
The conference this afternoon de-
voted considerable time to discussing
warehouse facilities. 5. Il. Morgan
OF Richmond, Va. representing the
Virginia Carolina Chemical company,
said that following the secretary's an
nouncement his company had made
all arrangements for building cotton
warehouses throughout the South
from North Carolina to Texas. He
said that engineers had estimated
that warehouses could be built for at
from $500 To $1,000 each, to store
1000 to 5000 bales.
Postmaster General Burleson urged
the cotton representatives To disre
gard the many radi al plans proposed
for dealing with the situation such
as the valorization of cotton and to
concentrate their efforts toward plans
which would DO practically under
the law. He pointed out the limita-
tions Of the banking laws and urged
that any plan nc made to conform
with them Both the postmaster
general and the secretary of the treas
ury warned against hysteria ana
panic.
The discussion this aftcrnon de-
vclopcd IL sentiment favorable To the
proposed purchase of ships by the
government for tho foreign trade. It
was stated that with South American
and Asiatic trade routes opened t.
American ships. the American cotton
manufacturers could extend their cot .
ton cloths to these markets and in
crease their consumption of raw cot.
ton by 100000 bales. The general
opinion was that 3.OOO,OOO or 1000.
600 bales Of cotton would have t. bo
carried over az II result of the CLOSING
If British French and German mills.
Cotton manufacturers promised t.
make every effort to Increase their
consumption and agreed not To force
down prices for raw cotton. Bank
crs agreed to make every legitimate