The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1916-04-29

ing.
GOLD INITIATION.
This country is now having gold
initiation which is hurting it more
than anything else today. It is due
to the war abroad, both directly and
Indirectly. The imports are abnor-
maliy small, while the exports are alb
normally large. That is the first
reason. The second Is that the larg-
er banks in the country are receiving
gold from abroad, which gives them
basis for greater loans. They can
afford to make loans to commercial
houses in the smaller towns at rate
of interest lower than that paid to
the local banks. One result Of this
after the war Is over will be that
the banks in New York, Chicago San
Francisco and several other large
cities viii cease to be national banks
and become international banks.
In conclusion he discussed briefly,
the acceptance Of paper by banks and
outlined the most desirable classes.
From this he proceeded to a short
explanation Of the clearing house
clause in the federal reserve act,
which he said, was unnecessarily the
nightmare of most banks.
The president then announced that
the address of Emmett o. Jones,
chief Of immigration and markets bu-
reau OF Alabama, which was sched-
uled to follow Mr.. MeCord's, would
be postponed until the evening ses-
sion. After which the meeting adj
Journed and the bankers were invited
to take a trip over the bay and to
the gulf beach.
Night Session.
The third session convened last
night in the San Carlos auditorium,
with about $50 members and guests
present. Judge G. e. Thomas, chair
man of the agricultural committee,
presiding in the absence Of Jas,
Keith, Jr.
The first address on the program
was that of Emmett o. Jones, chief
of immigration and markets bureau
OF Alabama, who was to have deIiv-
cred it at the morning session but
was postponed on account Of the rush
of business.
| Mr.. Jones said that Alabama was
the first state in the union to have
marketing bureau, and since its
organization, and the results obtained
have been shown, twelve other states
have seen fit to follow her example
| The main purpose of the marketing
bureau he explained is to convert
farm products into money, into this
work three factors have entered: the
school, the churches, and the home
For" he said s'the commercial side
of agricultureiis a vital subject and
is. OF great interest to bankers" Elab,
: Grating upon this point he showed the
! actual money vaius OF crops and the
enhancement OF property values by
the cultivation of certain eropg. Int
this study Of the subject he brought
that Of crop-diversifcation as q move.
ment which has just been started II
Alabama. "But our state" he said
has a crop that she has ever known
TO be valuables and which at the emo
OF the war in Europe will have an I'M
precedented demand, that is hav
grass. Not only is it confined to our
state but all the other states in the
south have large quantities which
have hitherto been thrown on the
market, practically valueless. This
change has been brought about by the
scarcity of cotton seed bulls as a food
for stock, which necessitates a sub.
stitute."
Then touching upon the imnigra-
ton, he discussed briefly the needs OF
great state, and its agricultural
growth. He said that 1t depends upon
the people in that state and that agri-
culture depends upon the two factors,
the soil, and the tillers of the soil.
alabama has the soil, but not the
t1llers of the soil. Statistics show
that less than one-third the total
area OF the state of Alabama is under
cultivation" he said. "We need the
people and the cattle. Many people
have not the capital with which to
buy cattle, that matter is up to the
bankers. The one solution that he
pointed out is the land book. With
this he said that the outside world
could be acquainted with the adyan-
tages of Alabama, and learn the great
opportunities which await them
there.
st. Louis Man Speaks.
w. 3. Harrison, vice-president Of
the Saint Louis Cattle Loan Elk
change, then addressed the conven-
ton. He said in part: ''There is no
cheap land suitable for tiIling any
where in the United States except il
the south, and ] have no doubt that
when the rest of the country learns
OF this condition the south win be
flooded with people from all parts Of
the United States.
The south industrially," he con-