The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1914-08-27

rights and duties.
This country now faces a situation
created by the titanic European War,
whereby five-sixths of our States will
sell their agricultural products above
a normal price, and one-siXth of the
States of the Union can find no de-
mand whatever for it's only selling
crop-cotton.
All people realize that warehoused
baled cotton should be held over for
future use whenever a market shall
be opened for the spinning of the
world necessary consumption.
The operating of the law of sup
ply and demand has already been ar
rested by the cessation of demand
one of the laws component parts,
hence it is our duty to protect the
solvency of our cotton producers by
emergency legislation
All laws governing trade relations
are in allegiance, when the true gov
ernor or balance wheel of supply
and demand ceases to operate, as at
present. I feel that our general
Congress, only one-sixth part of
which has any personal interest in
the situation, will as a legislative
body minimize the necessity of in
reference with the usual laws of
political economy. One-sixth minori-
ty can never control or out vote
fve-sixths majority.
I believe this to be a true state,
ment of the situation, after person
ally being in touch with members of
the stock and cotton exchanges in
the City of New York, and after
personal visit to both the United
States Senate and House of Repre-
sentatives. I fully realize that the
legislators from the South are do
ing what they believe best for the
protection of their constituents in
terests. That we have patriotic men
in Washington is surely true. Still
the country's representation in it's
State Legislatures, and in the general
Congress, no matter how gifted in
law or broad minded in statesman
ship, may be lacking in men of bust
ness training
All this is said not to undervalue
the work endeavored to be done
through the emergency currency is
sue or the Reserve Associations,
which advance directly to needy Ma
tional Banks and thereby furnish
member banks with more credit,
which they may pass on to all their
customers, including those State
banks which deposit with them.
In a sense what helps one assists
all indirectly.
This prelude is an endeavor to
state the conditions truly, and to
prove the inadequacy of any legisla-
ton SO far to really protect the cot
ton situation in the South.
What I believe best, is for the
Governor of this State to convene
the General Assembly in extra ses-
sion. The legislature to pass a bill
to allow the State of Georgia to is
sue bonds drawing interest at four
and one-half per cent up to sixty
million dollars. To place these bonds
with the State Treasurer as a basis
for the State Treasurer to issue cir
culating currency of denominations
Of SIS and $40 against the bonds of
the State deposited to protect the
currency issue. The bills to be eX-
changeable in sums of one thousand
dollars for the four and one-half
per cent bonds. The bills to be not
only obligations of the State of
Georgia, but to be stamped on the
back issued to the Bank of --
endorsed and secured by deposit of
collateral with the State Treasurer
by the Bank of
1t is expected that the bills will
freely circulate as emergency credit