St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1915-08-28
ORLEANS BANKS
TO GET PART Of
$3O,0OO,OOO
DEPOSIT

Washington, Aug. 24.-The New
Orleans branch Of the Federal Re-
serve bank will get share Of $780,
100000 gold deposits from the treas
ury department which Secretary of
the Treasury McAdoo announced last
night he would place in the Southern
reserve banks in order to meet the
situation created by the placing OF
cotton on the allied contraband list.
A high official of the treasury de-
partment said today that Secretary
McAdoo would see to it that New Or
leans branch was given as large q.
share of the tremendous gold de-
posts as the needs Of the cotton
growers Of its territory seem to war
rant. He said the deposits would be
made through the medium of the ma
rent reserve institution at Atlanta or
given the New Orleans branch d.
rectly.
The administration is about to
make public announcement to the
cotton growers Of the South. That
such q statement would be issued
has been expected for some time but
1t was not definitely ascertained un-
til today that the statement might
be looked for in the near future. It
was learned that President Wilson
will advise the cotton growers that II
they will keep cool, give the cotton
market their moral support by re-
fusing to be stampeded, avail them
selves Of the resources and assistance
of the Federal Reserve Board and
the new currency system, the prob
lem Of marketing the forthcoming
crop can be worked out successfully.
The president. 1t is understood,
will make no reference to the cotton
problem in SO far as it concerns the
relations of Great Britain with the
United States.
U. 8. Proposes To
Protest Action.
While the administration may note
with satisfaction the rumored propo-
sails Of the British government to sup
port the market by private purchases
Of cotton at judicious times and in
tudici0us circumstances, It Of course
cannot take cognizance Of them In
any way.
The United States, It has bee made
known here, proposes to protest
against the action Of the British gov
eminent in listing cotton AZ contra
band. Whereas the administration
may be and unquestionably Is pleas
ed with the efforts promised by the
British government, its official atti-
tude must be one OF protest, and the
British assistance must be formally
ignored.
The administration announcement
will lay emphasis on the exceptional
~ large amount Of money In the
banks Of the United States National
Banks and Federal Reserve Banks.
According to q compilation by John
Shelton Williams, comptroller Of the
currency. exclusive OF the resources
Of State banks and trust companies
there Is, an unemployed loaning ca
pacity sufficient to carry at market
value the entire cotton crop, and half
II not the whole, Of the wheat crop.
o.. 8. to Stand be-
hind Cotton Growers.
In view Of these facts, the admin
lstration pronouncement will be
strongly optimistic. It will not only
assure the cotton growers that the
government the United States will
stand behind them, but 1t will In
form them that 1t is the patriotic
duty to assist the government in Its
work.
While the new formal note to
England on the cotton order ID In
state department Of
[icials are continuino their informal
efforts to secure the release OF the
Of dollars worth of German
and Austrian goods consigned to the
United States now being held up at
Rotterdam and other neutral ports
~ q result Of the British order In
council.
UnoHcial representations to Great
Britain have been authorized In an
EFFORT to bring forth further state
ment Of the conditions under which
these goods may be shipped without
by the British feet.