The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-09-25
BANKS ARE NOT SHIREING.
PRESIDENT OF STATE ASSOCIA-
TION SPEAKS.
John w. Simpson, Declares South Car
olina Ffnancicrs Aid Farmers In
Gathering and Harvesting Crop.


oiina Bankers association, when in
terviewed I'm regard TO the statement
OF Warehouse Commissioner MsLaur-
In. appearing In The State today.
said:
'If any understanding exists among
or any effort Is being made, by South
ern bankers to prevent the gradual
marketing OF the cotton crop or to
influence Northern banks to refuse
accommodations for this purpose 1t
has not come under by observation
and Is contrary TO the expressions and
plans OF the recent conferences of
Southern bankers which have been
held on this subject. Mr.. McIaurin
Is surely not aware of the conference
OF Southern bankers I'm Galveston in
August. attended by representative
bankers from eight OF the cotton
States. at which series of resolutions
were adopted. 100. 900 copies Of which
have been distributed over the South
ern states, in which II was declared
that 1t Is the duty OF the banks and
business men OF the South to assist
the producer In obtaining fair value
for the 1915 crop by the gradual sale
OF same and that the resources of
the banks OF the South are sufficient
for this purpose. with the facilities
available through the federal reserve
banking system, and the cooperation
of the financial centres OF this coun-
try Nor can he be aware OF the
subsequent conference OF State bank
association presidents with Mr.. Har-
ding In Birmingham, at which meet
ing the Galveston resolutions were re-
affirmed and approved by Mr.. Har-
ding.
These resolutions are the official
utterances OF conferences OF repre-
sentative bankers OF the South, and
theif sincerity can not be doubted.
They indicate every desire on the part
OF Southern bankers to assist the
farmers In getting the best possible
price for their cotton.
80 far as the banks OF this State are
concerned. these resolutions have been
put into their hands. with the official
letter. signed by the president and by
the secretary OF the South Carolina
Bankers association. directing their
attention to them and urging upon
them their duty to cooperate with
the farmers in successfully marketing
their crop.
Following this. in lieu OF calling an
extra session OF the association, which
was suggested to me by Congressman
Lever. I wrote letter to every men,
Der OF the association. under date of
September 15. emphasizing the inn
portanco OF assisting In the gradual
marketing of cotton. pointing out both
the state and national banks available
to them, Qnd Offering. In my official
capacity. to assist them In so far as
could.
mo one recognizes more clearly the
interdependence of banker and farm
er than does the banker, and the
bankers are all ready to help the farm
ers In every way. and upon the best
possible terms. They have done it In
the past. They are doing 1t today.
Tho farmers know this. and any utter
ances tending to induce an antago-
nism between farmers and bankers are
much To be regretted.
Il am sure that the banks OF this
state are ready now. and that their
customers know they are ready. TO
extend all needed accommodations TO
farmers. and that they will do 1t at
the lowest rates that local conditions
and the condition OF the specific loan
permit. IL Is uttorly impossible to fix
n minimum rate. as this would. in a
sense. be valorizing the interest rate.
which is just as unwise as valorizlng
cotton itself.
MIR. McLaurins statement that the
bankers ot New York are disposed 10
be less liberal this year than last, IN
their attitude toward the South. is sur
prising. In view Of speech he deliv-
cred In Spartanburg some two weeks
ago. In that speech understood him
To say that several New York bank
ers had told him they would lend
money To their Southern correspond
ents. especially to the smaller banks
which can not enter the reserve sys-
ten. upon practically the same terms
that the reserve banks Offer upon
paper secured by warehoused cotton.
subsequently,. In interviews with some
of Tho aann hanknrn thn,. n nnu.>i -.