Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1915-09-24

TONS 10 Z,b56,UOO tons-almost IN nA4A
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
a 10, 900. 900 bale crop, the factories Of
the world would utterly drain the mar
ket dry. leaving it subject to such
as occurred a few years
ago when spectators carried prices to
II and 20 cents . pound.
And now having pointed out that
~twelve-cent prices are justified be-
cause the 1915 crop is certainly 3,OOO,-
900 and possibly 5000, 900 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 worlds
visible surplus, | also wish to call at
tention to the fact that
American Prosperity Justlfies Twelve
Cents.
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 a press
dispatch, that IAN almost unbeliev-
able prosperity is rushing on the ma
tion," or to quote his exact words:
When bank reserves, which are greater
now tn 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-
ity, will still further increase the bank re-
serves.
And manufacturers are no less op-
timistic than bankers. The Factory
Magazine of Chicago recently took a
poll Of 1853 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," % fine" or above normal"
60 good" Is fair" and fairly good"
only seven dull and poor" and only
n much below normal and very
poor"
Another point not to be overlooked
is
The New Federal Reserve Act Insures
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. 1t would almost appear az
II the federal reserve act had beer
drafted for the benefit of southern
producers" Just because the reserve
act doesn't give the farmers all the
help they need-just because II
doesn't take the place, nor profess tc
tale the place, Of the much-needed
rural credits legislation-is no reason
for denying or minimizing the great
advantages 1t does offer.
The federal reserve system does
enable the banks in the South where
money is needed, to draw upon the
great reserves in other sections fol
making loans on the cotton crop; OF
as Mr.. W. P. G. Harding Of the fed
eral reserve board officially says:
Banks have now ample facilities which
they have never before enjoyed for reds
counting the notes taken against such
loans, and 1t is for them more han for
any other agency, to determine the policy
Of the South In regard to the marketing
Of the present cotton crop.
And President Woodrow Wilson In
a letter to Mr.. Harding writes: 1T Ia
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 a 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 n 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 ever last
fall the South had facilities for stor.
ing 11,577,465 bales. and these facili.
ties have been greatly increased since
then.
Only by the most thoroughgoing
cooperation Of all forces a 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, 900, 900 for her new cot.
ton crop, the South will barely pay
out" With $3.50, 900, 900 the whole sec.
ton will have a jubilant and Astounding
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.