The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-08-11
WORKING TO SAVE
COTTON GROWERS
South CarOlinians on the Job in
Washington.
. THE GREAT PROBLEMS.
Watson ,StaCkhOuseS. "arker and
Others Discuss Hanu.ing of
the Crop.

washington Special to Columbia
State, Aug. 10.-Commissioner +. j.
Watson, T. b. Stackhouse. DIR. Wade
Stackhouse, Lewis w. Parker and
other well known South Carolinians,
besides Congressman Lever and
other members OF the South Carolina
delegation in Congress, are working
night and day to bring order out OF
chaos as a result OF the foreign war
for properly taking care of the sur
plus cotton crop which will be left
on hand this year.
Beginning with yesterdays meet
ing, which lasted all day and far into
the night, conferences were resumed
here early this morning by the so or
more bankers and cotton growers
who have been coming into Washing
ton for the past three or four days
to ascertain If something could not
be done to stem the financial tide.
This mornings work consisted of a
consideration of the Lever cotton
grading bill and consultations with
various government officials.
A LONG STEP.
At that hearing some of the best
known cotton men in the country
were present and it was the consor-
sus of opinion that If this bill could
be hurried through it might be a long
step towards the preventing of inaE-
cial trouble. Another hearing will
be had tomorrow.
T. II. Stackhouse of Columbia be-
lieves that what is most necessary
just at the present is to take care of
the surplus crop OF 100000 bales
which will be left on hand after
! American mills have used all OF. the
crop they can make into cloth.
| Mr.. Watson was candid in saying
now here are working TO bring about
satisfactory solution OF the war
problem but he was not as optimistic
as some OF the others. I'VE are sim
ply doing all we can he said NO
one could do any more"
1t is believed that the federal re-
serve board, organized today, will be
able to take hold of the situation and
weld the many presented ideas into
working plan. That the situation
is serious but not hopeless as long as
the people maintain confidence was
the opinion expressed here today.
SHANNON TO GO.
Mr.. Stackhouse today talked with
C. j. Shannon, president Of the South
Carolina Bankers Association, on the
long distance telephone and Mr..
Shannon, who is now i'm New York
will come TO Washington tomorrow
Representative Byrnes stated to-
day that a new question has arisen
I'm connection with the currency bill
passed last week Under the law the
prohibitive tax OF 10 per cent was
levied upon the issuance of currency
by state banks. The emergency act
provided that state banks could join
the Aldrich-Vreeland associations
provided they signified within 10
days their intention or Joining the
federal reserve associations The
question now is whether the state
banks under the latest act can issue
circulating notes without paying the
tax. Mr.. Byrnes is or the opinion
that they can do so but says the fed
eral reserve board, in order that
there may be no doubt about 1t, is
going to secure an opinion from the
attorney general He stated that to.
morrow amendments will be pressed
I'm both house and senate amending
the Aldrich-Vreeland act and spect
fically providing that notes secured
by agricultural products can ne ,ht
basis OF circulating notes.