The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-09-22

in Washington please tell the people
Of the country why Congress mas
not passed a rural credits bill adapted
TO the needs of the agricultural and
entirely separate and apart from and
Independent of the commercial
banks? \ banking system which
valorizes and accepts real estate and
personal credit for long and short
time oan
Another question:: VIII some
Statesman in Washington tell the
people why the Federal Reserve
banks have not been organized? 1t
has been nearly a year since the new
currency bill became a law. Why
has il not been put into effect? Sec
rotary McAdoo stated in the con-
ference the Path Of August, that he
hoped the Federal Reserve banks
would be organized by October 1st.
Now the newspapers tell us it will be
November 1st, probably longer, be
fore they will be in operation. This
writer was told while in Washing
ton that the New York banks were
opposing the organization of the Re-
serve banks and would delay the
matter as long as possible. Is this
the reason of delay?
II this administration had passed
the right kline of a rural credits law
dS SOch dS 1 tdIIC Illo PoWSi oiiU
went actively to work to organize
and put it into operation. and IL the
Reserve banks had been organized
and put into operation as soon as
the law was enacted, the cotton far
mers would not be threatened with
great financial loss for lack Of
available currency as they are
now.
Therefore, since Congress has fail
ed to do for the farmers what should
have been done and which they
were encouraged to expect, and
since the administration has delayed
| putting into operation Il law that
would have aided us in meeting the
present financial crisis, then IA not
the people just grounds for com
plaint and a right to demand that
Congress co,ne to our rescue in the
present emergency, which we could
not foresee nor prevent?
To whom shall we look for money
but the Government and its financial
| agencies? If we had billions Of dol
lars of gold bullion it would not be
available as money until coined by
the Government. We have hundreds
of millions of dollars worth Of a
product more valuable than gold be
cause it's value is intrinsic and based
upon its uses to the world, while
that of gold is fictitious, conferred
upon it by legislation. Why will not
the Government ave this great
wealth to the people that produced
it?
Cotton is a national asset. 1t con
stitutes 65 per cent Of our total ag-
ricultural exports and turns the
balance of trade in favor of the
United States to the tune Of over
three hundred million dollars pei
annum. 1t is the basis OF the ,most
important manufacturing industry O.
the world. Without his beneficient
plant a large part Of the people Of
the world could not be clothed.
The United States has a natura
monopoly OF the production of cot.
ton, eighty per cent of the world:
crop being produced in the Southern
States. And the best informed stats
ticianS and economists declare tina
we are secure in holding thi
monopoly against all other coun
tries.
Then will some Statesman Civ
us any good sound reasonable argu
and should not buy hat proportion
Of the cotton crop which under nor
NAL conditions would be taken b.
foreign buyers?
Why should not the Henry bill
now before Congress be enacted int
law? 1t comes under the secon'
proposition set forth at the begin
ming Of this article. If this bill i
passed cotton will be yalorized a
once at II cents per pound. Thi
would have the effect of valorizin
1 on the same basis the cotton mil
products. The manufacturers of cot
! ton would thereby be greatly bene
2 fitted. There would then be stabilit
: OF prices and speculation, fluctuatio
I and uncertainty would be a thing Q
! the past.
Then the Government after buyin
q the cotton and storing it, could Sc
+ to foreign buyers as demanded at So
fifteen cents per pound and thu
: turn into the treasury several millio
: dollars, and just now Congress
< worrying over a war evenue bill
3 Here is a suggestion, Mr.. Congress
I man:
The home manufacturer could b
protected against the foreign mil
by selling cotton to him at II cent
e plus cost Of storing, etc, and pay
x or 4 per cent interest on the none