The Monticellonian., 1915-09-30

tons to 2,636,000 tons-a.most in half and the effect of this cut will prob ably make itself most evident from now on as closer scrutiny is given the fruiting of the crop
 The reader can easily see for him. self, therefore, that if we have only 10,000,000 bale crop, the factories ot the world would utterly drain the mar ket dry, leaving it subject to such conditions as occurred a few years ago when spectators carried prices to IT and 20 cents a pound.
 And now having pointed out that tVelve-cent prices are justified be- cause the 1915 crop is certainly 3,00o,- 900 and possibly 5,000000 bales short of the worlds demands, meaning that factories and munition factories Will consume all the present yield With the greater part if not all the world visible surplus l also wish to call at tention to the fact that
 American Prosperity Justifes Twelve
 Gents.
 The American Bankers association has just been meeting in Seattle, Wash, and what was the message that the president of this greatest or ganization of financiers brought the country? He predicted, says press dispatch. that an almost unbelieV- able prosperity is rushing on the na- tion, or to quote his exact words:
 When bank reserves, which are greater now than they have ever been in the his tory of the country. are distributed, the nation will enjoy almost unbelievable prosperity. The volume of money on hand is so great that 1t cannot find a natural outlet. The movement of the tremendous crops, with the attendant financial activ- ty. will still further increase the bank re serves.
 And manufacturers are no less op- timistic than bankers. The Factory Magazine of Chicago recently took poll of 163 eastern and middle west ern manufacturers as to the prospects for business in the fall. Forty, or practically one-fourth of the total number, declared conditions "excep- tional," g fine" or above normal. 60 good IS fair" and fairly good. only seven dull and poor" and only one much below normal and very poor"
 Another point not to be overlooked is
 The New Federal Reserve Act lnsures
 Better Prices.
 President Hirsch of the Texas Bankers association told the big Cotton States conference of southern bankers at Galveston. For the first time in the history of the South gen tlemen, the southern bankers have the financial ability to market gradually this crop. It would almost appear as if the federal reserve act had been drafted for the benefit of southern producers. Just because the reserve act doesn't give the farmers all the help they need-just because il doesn't take the place, nor profess to take the place, of the mueh-needed rural credits legislation-is no reason for denying or minimizing the great advantages it does offer.
 Ht ltdEI al ItSti NC SJ SlCAiA hON+S enable the banks in the South where money is needed to draw upon the great reserves in other sections for making loans on the cotton crop: or as Mr w P c. Harding of the fed eral reserve board officially says:
 Banks have now ample facilities which they have never before enjoyed for redis- counting the notes taken against such loans, and it is for them more than for any other agency, to determine the policy of the South in regard 10 the marketing of the present cotton crop.
 And President Woodrow Wilson in a letter to MT. Harding writes: Tt is evident from what you tell me, that the country banks with whom the farmer and other producers directly deal can get money at from four to four and half per cent think that We can confidently expect that the banks in the cotton states and in the agricultural regions generally will content themselves with a rate not more than one or two per cent above the rate which they themselves pay. It is up to the banks to justify this faith expressed by the head of the nation.
 And the crop can be warehoused. Mir. Harding points out that even last fall the South had facilities for stor- ing II ,577 ,465 bales, and these facili- ties have been greatly increased since then.
 Only by the most thoroughgoing cooperation of all forces can we save to the South the full quarter of a bill lion dollars of hard-earned wealth that will otherwise go into the hands of spectators and foreign interests.
 With $500, 100000 for her new cot ton crop, the South will barely pay out" With s750, 100000 the whole sec tion will have jubilant and abounding prosperity. Bankers. merchants. and all classes. therefore, should join our farmers in the fight for 12-cent prices now and for a state warehouse system in every state to help insure fair prices in future years.
 The United States does more to stock it's inland waters with edible fich than any other nation