The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1915-09-23

1T is evident from what you tell
me, that the country banks with
whom the farmer and other pro-
ducers directly deal can get money
at from four to four and a half per
cent. | think that We can con
expect that the banks in the
cotton States and in the agricultural
regions generally will content them
selves with a rate not more than
one or two per cent above the rate
which they themselves pay" 1t is
up to the banks to justify this faith
expressed by the head of the Nation.
And the crop can be warehoused.
Mr.. Harding points out that even
last fall the South had facilities for
storing II. SIT, 465 bales. and these
facilities have been greatly increased
since then.
The next thing probably ought to
say is
FLED, CONTRABAND OR NO
CONTRABAND.
Of the 8,543, 900 bales of Ameri-
can cotton shipped to Europe in the
fiscal year ending July 81, 1915, only
242,000 bales went to German
ports. OF course, there was more
that went indirectly to Germany, but
we must remember that consider
able part of Germany's normal de-
mand for cotton was exported to
Germany's foreign trade and that
this trade will now be supplied by
other countries. The contraband or
der may almost be termed Infamous
if England does nothing to compen-
safe us for trying to make Southern
farmers bear her burdens, but in
any case to offset the cOntraband
order we have Q) the greatly in
creased demand for cotton for wal
purposes, ~ the increased demand
for American, English, and cont
mental factories that must supply the
trade formerly supplied by German
mills, together with the fact g,
that Germany is almost sure to buy
and store up cotton right here il
America to hold until sea trade i:
re-opened. Even with the contra
band order in effect, therefore
twelve-cent prices are amply justi
fed, whereas with open seas to al
Europe, cotton would likely brin&
IA or Is cents
An able and eminent committe
on arbitration ought to be named a
once by England and America, t
make fair and just estimate of tn
damage in price per pound resulting
from the ''orders in council an
contraband order, and Englan
should then be required to pay thi
amount per pound as bonus to eI
cry American cotton producer thi
fall.
| confidently believe that if Ems
land should change her contraban
rules so as to infict correspondent
injury upon any strong America
manufacturing interest, some sue
settlement would be required; an
Southern farmers should rise up an
demand that the same recognitio
be given an agricultural indust1
as would be given a manufacturin
industry
The practical lesson clearly taugl
by present conditions then is
!, vI.-FARMERs SHOULD HOLD FC
; TWELVE CENTS AND BANKERS
! SHOULD HELP THEM HOLD
; Of course we must be reasonabl
J Don't expect bankers to lend on CO
ton not stored or insured, nor e
pect them to lend the full mark
value. Land-owning farmers of go(
: character who have been deposito
in banks, however, will frequent
9 be able to borrow without such r
, strictions.
: The thing to do is for farmers
e every neighborhood to organic
+, formally, or Informally, for standil
s together in holding and marketil
t the crop, and find out just what t
/ local banks will do. Last year
: was repeatedly stated by the mino
e ty Of bankers who were willing
it lend money on cotton, that few farl
e ers applied for such loans. Let n
d that be said this year. We mt
e keep the crop from being rush
;, to market at present prices, a
IS that means that farmers must av
G themselves Of all the cooperation
IS forded by banks--for many ownt
must have advances in order to me-
IS pressing obligations. And let eve
e farmer remember this: 1t hu
le prices just as much for your neis
3r boris crop to be rushed to market
)r for your own crop to be. Con
d. quently we should have neighb