Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-07-31

directed from wall street, winch mas
been deprived of its power to curtail
the money supply when our cotton
and other crops are upon the mar
kets. Their banks have never been
satisfied; and they will fight a"ain
when the opportunity is presented"
The senator struck a responsive
chord with a timely reference to the
enlarged usefulness of the. federal
reserve system with his declarat ton
that the powers of the regional
banks should be broadened, instead OF
leSsened.
To-day" he said, "there are in
dustries in the south lacking addi-
tional currency, and 1 shall do all In
my power to aid them in securing the
relief they require"
Again in referring to the attack
that has been made against the rural
credits act-another great Democratic
Observation-Disclosures Smiths re-
marks carried a ready appeal
Financial interests desiring a re-
turn of high interest rates on farm
ality of the act. believe this at
tack will fail, but if the Republicans
are returned to power the rural cred
it's act will be either emaSculated or
usefulness and value extended"
South and Good Roads
Senior Smith declared that the in
terests of Georgia and the south
demand that the federal appropria-
tions for good roads be carefully
watched, to guarantee that there
shall be no discrimination against
southern states. He told of the effort
that was made in congress, during
the consideration of this legislation,
to prevent the use of the appropria-
ton in those states wherein convicts
are worked on the public roads.
1--WE must insist upon the legisla-
ton remaining in such shape as will
enable Georgia to continue receiving
her proportionate part of the national
appropriation and at the same time to
continue working our convicts on the
public roads," said he.
Senator Smith paused here to re-
count the unsuccessful effort that
was made to amend the Smith-Lever
bill for farm demonstrators and
teachers of domestic and household
economics by providing that negroes
should be used in connection with
this work. His assertion that his
efforts had contributed to the defeat
of the amendment, provoked applause.
He continued:
There constantly is occasion, to
guard your interest in Washington.
tural department each year, are dis
tributed according to the views of
the members constituting the agr1-
cultural committees of the two
houses. I am member of the agr1H
cultural committee of the senate,
| where I have served since my en-
trance to that body. l.! am now next
TO the top among the Democrats and
feel that my length of service quail
ties me peculiarly for service"
Smith alluded to the early seven
ties, when the white men Of Georgia
were called upon to rid the state of
carpetbag and negro rule.
'T glory in the fact that our very
civilization was preserved under the
Democratic banner" said he. II am
| old enough to remember, when United
| States marshalS, armed with revolV-
ers, acting under directions of Re-
publican officer, sought to intimfdate
keep the black yoke upon our necks. y
Administrators achievements
The senator then turned his atten-
ton to the record Of the Democratic
| party, and declared that not within
| fifty years had there been so many
accomplishments to the credit Of any
| administration C m pliShm entS
| that give "a broader opportunity to
the masses of the people. He told,
first. of the repeal Of the Payne.
Aldrich tariff law and the enactment
of the Uhderwood-Simmo tariff act,
which relieved the people of many
unjust burdens and helped equalize
| taxation. From this, ne turned to
discussion of the currency legisla-
ton, and declared that the rigid bank
ing system was in no way responsive
to the demands of the country.
Our great cotton crop came upon
the market in the fall, after our
banks had been strained to carry the
farmers through the period of Gull
| tivation,' said he. 1.-THE cotton was
sold at a sacrifice, largely because it
was necessary to pay up at once Dor
rowed money. Our banks, under the
circumstances, were unable to ex-
tend further credit because the cur
rency was not available. Our bust
ness was dependent largely upon the
willingness of Wall street to extend
credits and Wall street was in a posi-
lions to precipitate currency panics
| at will.
1.-THE Democratic party has given
to the country a great banking and
currency system, by which expansion
and contraction of the currency can