Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-04-28
COUNTRY IS SMILING
IN GREAT PROSPERITY
Smile Will Grow Into Laugh as
Federal Reserve System
Grows Older.
HAMLIN IS ENTHUSIASTIC
Governor of Reserve Board Believes
Country's Financial Ills Have
Been Permanently Cured, and
Panics No Longer Are Possible.

Z MUSkOGEE. OKLA. April 27..-Thc
country is smiling with prosperity as
II result of the Federal reserve bank
act and as the system grows older.
the smile will grow :nto laugh, &C
,ordinS to Charles $. HamIin. COVER
nor Of the Federal Reserve Board. who
spoke before tn" Southern Commercial
Congress here to-day.
Nj iIamlin set out that while for.
mcrly "we had the worst financial sys
TEN in the civilized world. We now have
tho soundest."
lie answered advocates OF n single
centralized bank by asserting that he
cause Of the large territory involved.
twelve dcccntraiizcd banks ar" pre-
fcraDlc TO on" centralized bank, and
that the Federal Reserve Board holds
all the authority OF a centralized bank.
"A financial panic. such as tina, OF
1907. is now Impossible" Mr. Hamlin
continued In time OF financial
stringency farmer deserving Of
credit can get II We have real
elastic. a real local liquid currency
The Federal Reserve Board is empow
cred AT such times 10 put out enor-
nous sums sufficient TO dissipate any
idea OF panic"
HAVE REALIZED NEED
OF BEING PROvIDEST
DR.. Charles Brand. chief OF the
division of markets and rural orga MIA
tion OF the United States Department, Of
Agriculture, declared that the Southern
farmer and ranchman has realized the
need OF being more prov!dept. Tho
time Is passing. he said. when products
OF the farm and ranch are shipped 10
market and there bought back as food
stuffs.
Cooperative societies throughout the
South are being organized and utilize
home products. AS tho result. the
farmers progress and hold the young
people b. offering broader l!fc. he
said.
Bridge the gap between tho ordinary
country boy and girl and the agr!cul-
tural college or industrial! institute. and
YOU have accomplished much toward
tho solution Of tho farm problem" was
the advic" offered by II T.. Biakeslec.
Commissioner OF Agriculture OF Mis-
sissippi. and their speaker.
Although In" place OF the 1916 meet
ing of the Southern Commercial Con-
gress viii not be determined until a
meeting OF the board OF directors. sew
ersl months after the close of tho pres
cnt convention, spirited contests all
ready have arisen. Ovcrtures have
been received from Little Rock. Ark ::
Cincinnati; Charleston. :. -. Chatta-
nooGa. Tenn: Roanoke. Va. Raleigh.
~ G; Baltimore; st. Louis, and Rich
mond
Agriculture as a sectional problem.
railroad rates and the work OF the Fed
'ral Department OF Agriculture throug n
It's national marketing committee were
The leading topics discussed at the
morning session OF the congress
The ATTENDANCE" was largely Increased
by the arrival OF scores of delegates
VINO wcr" unable TO attend the opening
r'cctinEs.
CASH MARKETS FOR
LOCAL-GROVVS PRODUCE
cash markets for local-growu pro-
ducc should bc established; the coun-
try tx the important thing. and in lend
INK a hand TO help the country to pros
per!t%. city is hclling itself TO pros
pertty," declared bradford knapp. head
~ the farmers cooperative division Of
The United States Department OF Agri-
culture
According 20 Colonel Robert VI. Mix
son. planter OF South Carolina. the
american farmer is greatly like an
ostrich that sticks his head in the Sand
and won't see" lie asserted that the
farmer OF to-day refused TO use bust
ness Judgment. and supply that for
which there is n demand in such GUAM
Titles as arc needed
Colonel MiXson urged the protection.
through governmental or State agencies
o. agriculture in the cotton States by
warehouse systems modelled after that
of South Carolina, under which a
farmer may store his crop and order "a
certificate OF storage on which h.. can
negotiate "A loan