Bryan daily eagle and pilot. [volume] (Bryan, Tex.) 1909-1918, 1915-12-07

task OF restoring cotton 10 something
like It's fair value by advising farm
ers to hold 1t and by refusing to H.
nance the crop except upon the basis
NJ Sc or more pound. In this under
taking they were greatly fortified by
the attitude and ruling OF the treas.
ury department and the federal re-
serve board. Our bankers perceived
and proclaimed the economic truth
that the farmers could hold their sur.
plus cotton OF the 1914 crop ana alb.
sorb II In reduced production OF
1915. To this doctrine they committed
their resources and their reputation
as financiers. Immediately after PRO
mitigation OF this view and purpose
cotton reacted and gradually assembled
from about &c at the low point to
, about &c In the spring.
For the first time in the history "
the South bankers and business men
advised producers not to sell cotton
the moment II was ginned. but 20 mar.
ket II gradually and for the first time
Southern bankers having to do with
Horticultural credit. came to recognize
food and feed crops as a basis OF
credit. and that the farmer who raises
his food and feed supplies and makes
his cotton a surplus is safer credit
risk than the farmer who grows all
cotton.
Early In the spring Texas bankers
began a systematic campaign for cot.
ton warehouses under new Texas
law. and they freely advanced neces.
sary funds for erection OF warehouses.
I There are now 1870 warehouses in
Texas under the administration Of the
warehouse department. created by ;he
new law governing the warehouse and
gin industry. fifty.seven were charter
ed since the law became operative
Besides there are 1856 general ware
houses for the storage OF cotton and
other commodities.
The price OF cotton this fall. com
pared to the price last fall, Is sufii
cient evidence Of the wisdom OF this
years method compared to last wears
I firmly believe the action Of the bank
ers was a large factor In bringing the
price OF cotton to It's present figure
"The bankers Of Texas declared In
resolution that the bankers owe the
duty 10 agriculture TO use their NJ
most resources In helping the farmer
To obtain a price for his products
above the cost OF production. II this
attitude Is maintained firmly and this
doctrine put into practice there will be
n speedy end TO the antagonism
which heretofore vexed the relation
between farmers and bankrs. II will
accommodate interest charges to the
necessities Of agriculture. have nc
sympathy with any Of the radical pro
posals which seem TO contemplate
cheap interest rates without valid Sc
curity. but believe the bankers pres
ent state OF mind will result in more
satisfactory farm credit.
"We have much unbusiness.lik'
farming and quite as much unbusiness
like money lending. There must b.
improvement at both ends Of the trans
action. with clear thinking and mutua
service between. The main point
wish to make Is that the experience
Of the last year has demonstrated thu
power Of bankers to insure agricul
tural prosperity-they have only 4
apply the simple credit formula o
food and feed supplies as the basis o
accommodation and the task will b.
accomplished. with abundant food AM
feed supplies In the South. the cottoI
crop will fall we'll within the world
demands and will sell at a price abov,
tho cost NJ nroduction