The Birmingham age-herald., 1915-09-06
M 'ADOO'S PLAN HAD FULL ENDORSEMENT OF W.P. G. HARDING Knowledge of Cotton Has Shown Wilson's Wisdom in Harding Selection MISS SCHURZ LEFT
 ESTATE OF $1OO,OOO Her Father, Carl Schurz, Was Not Looked Upon as Man of
 Special Business
 Ability
By HOLLAND

pose to utilize funds within his control as secretary by placing S30,000,000 on de- posit in the cotton growing districts, ex- pecting that by this means and by, the cooperation of the federal reserve banks the cotton situation of the south would be easily handled, no doubt he looked trict In this city.
 Nevertheless, Secretary McAdoo could have pointed to the opinions and counsel which represent the views of w. P G. Harding, member of the federal reserve board at Washington, for approval of his plan. When MT. Harding was ap- pointed member of the federal reserve board there was a commonly expressed opinion in the financial district that Presi- dent Wilson could not have made a bet ter appointment. MT. Harding was known both personally and as a banker to many of the leading bankers of the north, es- pecially of New York. His achievement in building up a great banking institu- ton at Birmingham, has often been re. ferred to as one of the great trlumhps of modern American banking. Moreover, 1t has often been spoken of as especially fortunate that man who has such inti- mate knowledge of the cotton industry of the south and all features of it, especially the financing and marketing of it, as MT. Harding possesses should have been named as member of the federal reserve board
 Several times since the war in Europe began, and when the cotton situation in the south was especially perplexing MT. Harding has intimated that it was the duty as well as the opportunity and privi. lege of the banks, as well as of the fed eral reserve system, to aid in removing the embarra ssment. He had no doubt that the banks would If acting in CO., operation, be able to do this. He knew what a great factor cotton is in Ameri- can industrial and financial life. He knew how stupendous were the cotton bills which have reached New York and been bought and discounted here. Cotton has represented in the past several times, approximately the international trade bal ance established in favor of the United States. Therefore, in MT. Hardings view, it Is not mere matter of local concern to the planters of the south but Is really of most vital importance to the entire country that the cotton situation be amply cared for by those who possess financial resources with which this can be done. Therefore it is to be inferred that when Secretary McAdoo decided that the mo- ment is opportune for announcing that the federal treasury will, under his dis cretion, aid the cotton planters. intimat- ing also that he expects the cooperation of the federal reserve banks. he must have had good understanding of what the views of Mr. Harding are So if there be criticism of his action it is probable that it is implied criticism of the view taken by MT. Harding. Not be- fore have any of the views of Mir. Hard- ing been criticised. The probability Is that if there has been criticism 1t is based upon technical grounds. since there ap- pears to be not the slightest doubt that the banks, national and the federal re- serve banks, are amply fortified so that they will be able to give such protec- tion to the cotton planters is needed.
 The Cotton Situation
 Cooperation upon large scale is likely to be established in the south with in- tent sufficiently to protect cotton planters Texas, which in the past four or five years has been revealing excellent under standing of modern industrial and finan- csal conditions, has through the bankers of the state secured a meeting for con ference between prominent bankers of the south and also representatives of the At
 anta, the Dallas and the St. Louis fed eral reserve banks. Furthermore repre- sentatives of the Clearing House associa- tion took part in the conference. The spirit of cooperation is reported to have prevailed. It was possible to work out a plan whereby cotton can hereafter be marketed in response to demands and not be dumped all at once upon the market just after the crop has been harvested.
 If this spirit of cooperation is main- tained then the presumption Is that it would be worth at least an additional one cent pound to the cotton planter Ap parently, the chief purpose behind the plan is to make it possible for the cotton planters to sell their crop gradually month by month throughout the year instead of by enforced sale in the autumn months The plan will involve the utilization of the federal reserve bank system. But that would be no more than Mir. Hard ing. since he became a member of the federal reserve board, had expected or at least hoped would be one of the oppor tunities even privileges, of the federal reserve system.
 Agatha Schurz's Estate
 The interesting feature disclosed through the disposition by the late Agatha Schurz of her estate is the fact that it is esti- | mated something over s100,Oo0 Miss Schurz was a daughter of Carl Schurz l and the presumption is that her estate represents her inheritance from her fa ther. Carl Schurz was not regarded a, a very successful man or business. He withdrew from his association with F. l.. Godkin and Horace White in the owner ship and direction of the Evening Post only little while after that association was formed This new ownership of the Post was announced few weeks after MT. Schurz retired from President Hayes ca binet, where he served as Secretary of the Interior during the entire term. After he withdrew from the Evening Post he was placed in q position of executive re- sponsibilty associated with one of the ocean steamship lines His success as an executive manager in that capacity was thought not to have been very great. His was an order of mind which makes possible the highest success in literature, although he was an excellent executive when Secretary of the Interior. It WE commonly reported just after MT. Schurz died that the largest single sum he ever received was s4o.000 the amount paid to him by the publishers of a magazine for lis "reminiscences. Some part of that sum must be included in thes estate of his daughter, who died on July IS. Mir. SchIrz was always in comfortable circum- stances, even after he retired from offi- cial life, but this was not due to any appreciable extent to any gains whic..