Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1917-03-09
URGES PREPAREDNESS IN
MONEY AND AGRICULTURE
Chairman M, B. WeIIbOrn, of
Reserve Bank, FavOrS Farm
and Business Development

Chairman NJ B. Wellborn, of the
board of directors OF the. Atlanta fed
eral reserve bank, has given out state
ment in which he advocates agricultural
and financial preparedness as well as
military and naval preparedness His
statement follows:
81 believe in a big navy and big army
program, that by show of strength of
preparedness war may be averted or in
the event of a conflict will prove vic
torious. And, it is equally important,
If not more so, that we should learn
and spread the doctrine of economy and
the necessity of greater individual pro-
ductiveness. and not fall into the error
Of the allies in waiting three years to
awaken to the consequences of delayed
economy and enlarged production.
"In this connection, the bankers as
sociations of Georgia and other states
in the federal reserve district Of At
lanta are doing a great work in aiding
and encouraging the diversification of
crops. Would it not be we'll to broader
this into an Increased production, and,
as Mr.. Harding, governor of the federal
reserve board, so fittingly said in a re-
cent address, Coax from the soil dur
ing 1917 as great an abundance as
possible of crops of all kinds" Not
withstanding increased diversification
and spread of scientific farming statis-
tics of the United States department of
agriculture show the production of food
stuff has not kept pace with the in
crease in population. The wheat crops
and other cereals have been short for
the past two years, and the export de-
mand has been such as to cause a short
age of meats. The rapidly increasing
cost of living is reaching a point dan
q N he mo fa 0tV1a emf
of the people of our nation, and to my
mind the only solution is individual
economy and increased production.
There need be no fear Of over-pro-
duction under present and prospective
future conditions. In the event this ma
tion becomes involved in war, a coQdi-
tion now apparently more probable than
peace, we would find ourselves in a Sc
rious situation if we follow the doctrine
of decreased acreage" Little, if any,
labor is coming into the country, and
with the withdrawal of hundreds of
thousands of our best men from the
farm and factory for the army, the navy
and the munition factories, we might
find ourselves starting a war on meat
days" and bread tickets" | feel this
is particularly applicable to the, south
for while the United States is nearer
self-sustaining than any other nation,
the south, with it's long seasons Of por-
duction, must in crisis be the mainstay
of our country. SO that with the war
cloud lowering over us, the policy of
our planters should be to cultivate every
acre of ground
IF the president is fortunate enough
to keep us out of actual conflict, we
still must continue to feed and clothe
a majority of the people of the world,
and each day of the war brings further
demands on our resources. There is.
and will continue to be for some years,
a scarcity of wool. so that cotton must
take it's place and the south should de-
crease cotton acreage only to the ex-
tent Of raising our food supplies; for
with the inroads of the boll-weevil
shortage of supply and increased demand
for the staple, 1 am firm in the belief
that cotton will bring a very profitable
price during the continuance of the war
and for some time thereafter The plant
er should not lose sight of the fact that
this country at war would mean further
demand for cotton. For three years the
northern and western farmer have TAX
en- advantage of the world demand for
their products, and the same opportun-
ity now presents itself to the southern
planter.
"As representative of the federal re-
serve board i'm the Sixth district | have
been conducting a campaign to secure
membership of state banks in the fed
eral reserve system. No situation could
more fully set forth the need of greater
financial preparedness than the present
international crisis While only a
small number of state banks have Joined
the system, with the outbreak of war,
] am sure the state banks would be
willing TO weld themselves to the fed
eral reserve system in one great finan-
cial army to back the nation-for they
are equally patriotic institutions. But
this consolidation could not be con-
summated within a day or week and such
unification should be now, with a for
ward look to a national crisis and help
ing hand i'm impounding the gold in
this country for effective use in the ex-
pansion of our world trade