The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1919-08-21
FOOD SEIZURES
STIR BANKERS
Urge Government to Stop
Seizures and to Return
Railroads.
LAW WON'T REDUCE H.C.L.
Greater Production, Prudent
Buying True Remedy, in
Their Opinion.

| Following conferences between To-
cal bankers, members of the Chatta-
nooga Clearing House association,
strong recommendations urging the
immediate return of railroads to pri-
vate ownership and the discontin-
uance of the present policy of seizure
of foodstuffs were made, addressed TO
| the Tennessee delegation at Wash
| ington.
The conferences were held Wednes-
| day afternoon.
In the judgment of the bankers, the
high cost of living can best be rem
edied by stimulating production and
by educating the public to work, save
and buy prudently.
Any drastic legislation in connec-
tion with food, clothing or other ba-
sic commodities will. in the judg-
ment of the local bankers, bring
about the very thing that the govern
ment desires to remedy
The effects of the seizure of food
stuffs in the local warehouses has al
ready been felt. Reservations are
being cancelled and the indications
are that very little food will be stored
If the policy OF the government is not
changed. Banks have already an
nounced that if the policy is contin-
ued they can no longer lend money
upon cold storage receipts. This will
largely prevent food from being
stored, which in turn will result in
an unstable market and exorbitant
prices at certain seasons of the year
All Sign Statement.
The recommendations OF the clear
ing house association are signed by
the president of every local bank.
Copies will be wired to the senators
and representatives in congress from
Tennessee. The last of the sigma
lures was secured Thursday morn
Ing. The full text of the communica-
tion released for publication by The
News is as follows:
The public here are disturbed over |
the threatened railroad legislation, also |
over the various Investigations now in |
progress and the threatened legislation |
IN connection herewith. especially with !
reference to foodstuffs, clothing, etc.
We would strongly urge:
tlrst-Ihat you use your infiu-
ence in having the railroads re-
turned as quickly as possible to
private ownership and management,
with such safeguards in th9 way OF |
legislation as may be in the inter-
est OF the public. Above all, they
should be given an opportunity to
use their credit for extensions and
betterments. The interstate COM
merce commission, or some power,
should be given authority to in
itlate or suspend freight rates A
compulsory arbitration board to set
tie labor disputes should be cre-
ated.
Secondary drastic legislation In
connection with food, clothing or
other basic commodities will, in our
judgment, aggravate the very thing
the administration is trying to pre-
vent, by making the cost OF liv-
ing higher than lower. The peo-
pie are tired to death OF restric-
tions. Investigations and threat
ened prosecution. There is, we be-
heVe. very small per cent of wilful Il
prot1teers. Those, of course, should
be punished, and business should be
left unhampered.
In our judgment there are only two
things that will materially bring down
the high cost of living:
(a) Stimulating production.
CD BY great educational campaigns
urge the public to work save and buy
orudently. (This, to some extent is ]
1ow being done by the treasury de-
partment)
Yours very truly,
First National Bank.
BY Charles A. Lyerly, president.
Chattanooga Savings Bank.
BY w. A. Sadd, president.
Hamilton Trust & Savings Bank. {
BY T. r. Preston. president. '
Hamilton National Bank. {
by T. r. Preston, president. {
American Trust & Banking Co. =.
by R. H Griswold, cashier"