The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1916-04-28

IN the presidential campaign.
a copy of which have handed to the
resolutions committee for a report.
The capital stock and reserve de-
posts with the federal reserve banks
today would enable them to issue one
billion Of currency, carrying against
It forty per cent of gold. And in an
emergency, by the payment Of four
per cent on the excess, one billion,
six hundred millions, which Is ample
to cover any crisis that can arise at
this time, and SO far as human liz
teiligenee can see, ample to cover any
emergency for fifty years hence. The
shock of the European war required
less than five hundred millions to
carry this country over the crisis. Why
should any sane man ask for more
than double that amount? We are
living in flush times at present, but
all the additional reserves and capt.
tai you tie up viii, in the time Of
peace to come, reduce the loaning
power Of member banks, to the det-
~-AaA~AN VI COltA1AtCINC anu t1kuuStEFs
AGRICULTURE.
notwithstanding the state of Ala
bama raised 100000 bales Of cotton
less last year than it did the year be-
fore, the worth of its agricultural
products was ten millions and more
In excess. Alabama turned with all
her might from cotton as single in
dustry, to Investigation, and that
work is being pursued by all the
thoughtful interests that constitute
our state. The diversifcation of ag-
riculture is necessary economic out
come for the people Of the south.
With soil and climate that are in
comparable, we have lost the value
of one-half of our human energies in
cotton growing. We put forth our
labors from March until August for
growing cotton crop, and if we de-
pend upon this alone, the rest Of the
year is spent fruitlessly. No man or
set of men viii achieve success unless
he pays the price, and the price is
his conservation to whatever calling
he may have adopted. To succeed,
farmers, like the banker, the mer-
chant, and all others, must work
eleven or twelve months in the year.
During the months he is not actively
engaged with his cotton, he will be
growing ether things; he win be tend
| ing his flocks and herds, and sur
rounding himself with all the necessi-
ties Of life. When he does this, his
credit viii get upon an infinitely bet
ter plane, and as his credit ascends
in the scale, his interest rate win be
lowered, and he viii not have to look
to any authority at Washington or
anywhere else, to protect him from
usury, but men will be seeking to lend
him money at cheap rates, because his
credit is good. Doctrinaires and those
who look upon the surface and not
at the fundamentals of things, and
who are not brought into contact
with conditions that exist, may easily
mistake the situation. We may at
tribute it to motives at once honoring
the conscience and the heart, or ia
policies OF political expediency.
RURAL CREDIT SYSTEM.
The rural credit system has much
to commend It and much with which
to find fault. It must be admitted
by all thoughtful men that it is de-
batable ground. On the one hand we
wish to help our agricultural popula.
ton all in our power, but we do LOT
wish to propagate the thought OF
idea of looking to the government for
; help. To look to the government fol
all things, we become a nation of so.
cialists, whether we call ourselves
democrats or republicans, and a ma
ton of socialists leads inevitably tc
the governments taking charge Of
all business, and in such a condition
of society the character and individ-
uality Of the citizen is lost. His fnfta-
tive and ambition wane and he talks
and thinks, not as man looking to
himself and the results of his indi.
viduai efforts. Such a nation must
break and fall, because II is not strong
CROUCH to exist. Upon the ruins Of
such a people another nation rises
, Therefore, to avoid paternalism, which
is another name for socialism, the
help extended uLder the rural credits
! bill should be indirect, so as nor t.
place too great tax upon the gov.
eminent itself, nor bring the credit
, standing of our nation into question
Men capable of helping themselves
should receive little, If any, assist.
arce from this source, and just how
to give worthy men HELM, who arr
unable to furnish adequate security
! is a difficult problem. The whole mat
ter of rural credits having in It these
: elements of the gravest consequence
, should be given close scrutiny and
most careful consideration by on
!. lawmakers. Wat effect such bill
! would have upor the political for
times Of any party should play M
part, if we arc to have a safe ami
helpful act.
SECRETARY TTLTON,S REPORT.