The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-09-08
Convention for Friday Heartily
Endorsed by Governor Craig
and Dr.. Poe
CALLED BY DR.. ALEXANDER
The President of the Farmers
Union Is of the Opinion That
the Crop Can Be Stored
Without Difficulty But Has
to Be Shown Where the
Money Is to Come From

The cotton situation is far from a
satisfactory condition and the Farm
ers' Union is to be commended Tor
calling together their representatives
from all over the State and trying 10
find if possible if some means cannon
be brought about to save the crop
and prevent the demorailzatloh dhu
sacrifice now threatening H.
AS was published in The News and
Observer Yesterday DR.. II. Q. Alexan-
der, president Of the State
Union, has issued a call to the union
to meet in Raleigh next Friday, Sep
temuer 18th, to discuss the SITUATION
Not only are the members of the
union expected to send representa-
tives but all farmers whether
or not are requested and urged TO De
present.
Endorsed by Governor.
Governor Craig and DR.. clarence
Poe. editor of the Progressive Farm
er. have both endorsed the calling to-
gether of the farmers and are as
surfing DR.. Alexander Of their help and
cooperation.
DR.. Alexander is of the opinion
that the problem of WarehOusing the
cotton crop can be done without diff
Guilty but he is as yet unable 10 see
Wnere the money Is COIhibS
with which to finance the crop. AS has
been stated the State banks are un-
able to secure the emergency cur
rency from the government except
through the national banks and even
these have not all joined the North
Carolina Currency Association. Thus
it would seem hat there is a hitch
in the plan right at the very start.
The McAdOO Plan.
In this connection it might be we'll
to again call attention to the McAdoO
plan which is substantially as fol-
lows:
Notes with a maturity Of not longer
than -four months, secured by ware
house receipts for cotton or tobacco.
will be accepted by the Treasury De-
partment from national banks as a
basis for the issue of additional cur
rency, which may be used to heip
farmers pick and market their cot
ton and tobacco crops.
These notes will be accepted at rs
per cent of their face value, and must
be presented through currency assO-
Citations provided under the Aldrich-
Vreeland law. In making this an
nouncement Secretary McAdOO de-
clared that there is adequate power
under existing law to issue enough
currency through national banks &c
meet any reasonable demand, and re-
ILo - nv
necessary to extend the note issuing
privilege to State banks" He pointed
out that he has power to issue ST.
900, 600, 600 of additional currency il
required.
1t was explained hat since the Law
gives discretion to the Secretary O
the Treasury, this currency will no
be issued unless officials are con
WINGED it is not to be used for specu
lative purposes, but for harvestin,
and carrying crops. Banks, it vas said
will be relied upon TO see that tn
warehouse receipts are accepted which
are issued by reliable warehousemen
and that cotton and tobacco store,
there is protected by insurance from
injury by the elements.
The banks and the assets of a
banks belonging to the currency as
ISOLATION said Mr.. McAdoo, will b
Jointly and severally liable to tn
United States for the redemption Q
such additional circulation, and
lien will extend to and cover the as
sets of all banks belonging to the as
ISOLATION, pursuant to the provisio
of law, but Zach bank composing sue
association will be liable only in pre
portion hat its capital and surplu
bear to the aggregate capital and su,
plus Of all such banks.
This plan ought to enable tn
farmers to pick and market the CO
ton crop, if the bankers, merchan'
and cotton manufacturers will co-ol
crate with each other and with tt
farmers, and will avail themselves
the relief offered by the Treasu
within reasonable limits. Such c.
operation is earnestly urged upon q
these interests. The farmer cann
expect as high a price for cotton tn
year because of the European wa
yet he SHOULD not be forced to sacl
flee his crop.
1.-The banker and the merchan
should not exact excessive rates
interest n the manufacture
should replenish their stocks as mu,