The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-03-22

20 the Governor:
So1tf, Carolina is organized as new
er before. She will reduce her cotton
acreage fully SO s-3 per cen. She VIII
takesthis action regardless Of the
price and regardless of the action in.
other States. AT the same time, with
the information before US, we are
convinced that reduction Will extend
from Mexico to old Virginia. Reduc-
ton in commercial fertilizer will
have marked effect and bearing on
the reduction Of cotton throughout
the STATE Of South Carolina and will
be sensational.
On April 3rd we hold a mammoth
meeting at the State capital. Colum-
bsa. South Carolina. This meeting is
called for. the purpose Of receiving
final reports on the work throughout
the State and mainly for the pur-
pose of discussing and forming plans
for the banking, financing, marketing,
exporting end warehousing Of cot
ton and setting a minimum price for
same The minimum price set to be
SO, 1-3 per cent. above the cost OF
production.
at this meeting we will elect twen-
~ delegates, including the governor,
lieutenant governor, president OF
State Bankers Association, Comnls-
sioner of Agriculture. presidents OF
Farmers Unions. managers of State
Warehouse System, and speaker OF
: the House of Repsesentatives-th
aeIegates being elected for the pur-
pose of perfecting and forming
Plans for the purpose named above;
and they are to meet with ike
number of delegates from other States
of the cotton belt, at New Orleans on
May II, 1919, and cooperate with
these delegates in forming and put
ting into exec ution definite plans for
banking and financing cotton either IN
the form Of cotton reserve banks SIM
f;..r to ore recommended to our leg
islature by chairman of our associa-
ton, or similar form of banking. 1T
VIII result in revolutionibing financing
and banking of cotton and in forming
plans so that the cotton States can
each season Jointly name minimum
price for cotton-namely, 33 1-3 per
cent above the cost Of production
and arrange for the marketing and
exporting of cotton and the ware
housing Of same. This matter has
been given careful consideration by
some Of the best posted bankers and
business men throughout the belt,
and it is unanimously agreed that it
is Of absolute necessity that the cot
ton States take the steps as follows:
NIL
which will meet the needs for financ-
ing cotton SO as to do away with
entirely depressed cotton and avoid
the return of conditions which have
existed in the South for the last sixty
Second: stabilizing cotton by
naming minimum price for same.
Third: Providing for the export
ing and marketing Of cotton and the
warehousing Of same.
The most important Of all of course
is the banking system. The others
follow.
Under the system proposed. re-
ferred to above as the Cotton Reserve
Banks, we believe it is now the most
opportune time to organize three such
banks in the belt 1t will result in,
removing from the market a tre-
mendons amount of middlins cotton.
People would gladly invest Liberty
Loan Bonds and after consulting in
x1uential friends in the North and
South, we are convinced that a meet !
ing called for the purpose above. !
aside from the tremendous advan-
tages gained as a result Of forming |
and carrying into effect the plans sus-
gested, will have marvellous stimu-
lating effect on spot cotton now in
the South.
s we urge that you call a public
meeting in your State jointly of. the