The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-12-10
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BANKERS ADVOCATE
ACREAGE REDUCTION
Join Farmers in Agreement to Cut
Production of Cotton Fifty Per
Cent-Some Think Plan
Too Drastic.-Great-
ly Discussed.

Memphis, Dec. "a so per cent.
cut in cotton production in 1921 and
curtailment in the acreage planted in
cotton to one-third that of the. total
area in cultivation, was agreed upon
at the acreage reduction conference
here today of Southern bankers, mer-
chants and farmers, and to make the
plan effective machinery was set in
motion to restrict wherever neces-
sary credits to individual farmers,
merchants, factors or banks unwill-
ing to agree to the acreage reduction
plans.
The plan, embodied in the report of
the acreage reduction committee,
was adopted by a practically unani-
nous vote of the conference late to-
day 1t includes the formation of an
organization in every township in the
cotton states to secure the support
of the growers, and their adherence
to pledges of reduction. Organiza-
ton work pledged by the bankers
present will begin Immediately and
under the provisions of the plan will
be practically complete by January
Is next.
The resolutions adopted call on the
bankers and credit merchants in the
cotton states "to use their utmost en-
deavor to bring about the enforce
ment of a cotton acreage reduction
by refusing to advance any money
to anyone interested in farming of
any kind who does not plan enough
food and feed crops for their own
use."
Land owners are asked to share in
whatever crops may be raised on his
lands on a percentage basis and not
require any fixed sum of money on
pounds of cotton for rent.
A system of bonded warehouses
for cotton and classification of cot
ton that will be ample to protect it
from weather damage and make it a
safe collateral on which to borrow
money was indorsed.
system of cooperative market
ing of crops was favored and the
work of the American Cotton asso-
citation in effort to stabilize the price
/ of cotton, bring about reduction OF
acreage, improve marketing methods
and in educational campaign for di-
versification of crops, was approved.
An. additional resolution offered
from the floor and adopted by the
conference gave its Endorsement to
"all safe, sound plans looking for the
extension of long credit to foreign
countries" and also to a bill to be
introduced in congress which will
provide for government census of all
untenderable cotton held in the Unit
ed States.
The acreage reduction plan, as Of
fered by the committee of which Col.
W. B! Thompson, New Orleans, was
chairman and composed of banker
a merchant and a farmer from each
of the cotton states, was adopted
after spirited debate Some of the
speakers stated they believed that
the acreage reduction provided for
was too drastic. However, only a
few dissenting votes were cast against
it's adoption.
At the morning session addresses
were made by E. T. Stuart, president
of the First National bank of St.
Louis, who urged diversifcation as
the only solution Of the problem Of
the cotton grower. Gov. Charles H.
Brough Of. Arkansas, who also ad-
vocated both acreage reduction and
diversifcation, and C. P. J Mooney,
editor of the Commercial-Appeal
Memphis, who urged the conference
| to adopt and adhere to the acreage