Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1920-09-29
COTTON MEN TO.
FIGHT POLICY ON.
RESERVE CREDITS.
Meet Thursday To Plan
Action Against Sec
retary Houston

ATLANTA, Sept. 29-Anoounce-
ment As made here ,Lday by the Geor-
gia Division Of the American Cotton
Asso cation that 4 conference will be
held tomorrow e hursdayl in the
sena,C chamber at one state capitol of
the heads of every important interest
i. the state for the purpose OF taking
ac:tn against tne policy enunciated
by St,letary Houston of the Treasury
Department, in ltllect to farm cred
it's
kilograms have already been dis
patched to congressman in every dis
trict in the state, 70 the U. S. SEN
ators, to the heads of farm bureaus,
and to the chairmen of the cotton as
sociation in every county urging their
attendance at the Atlanta conference.
The Georgia conference will also
consider the question of appointing
delegates to go to Washington to
confer with the heads of every farm
organization in the United States,
who will be called together at the ma
tional capital.
In recent statements issued in
Washington Secretary Houston has
declared that federal reserve banks
cannot extend credit to farmers for
the purpose of holding their products
until prices go up for such policy
he says, would be in fact conspiracy
against consumers.
Compels a Fight
These statements issued by Secre-
tary Houston are sharply challenged
by President J. s. Wannamaker, of
the American Cotton Association,
which has both it's state and national
Headquarters in Atlanta, in telegram
sent to the governors, senator's, con-
gressmen and commissioners of agri-
culture of the cotton states.
J. J. Brown, state commissioner of
AAgriculture in Atlanta, said today that
Secretary Houston's announced policy
in regard to farm credits makes it
necessary for the producers of food
and raiment in this country to assert
their rights, once and for all.
"The fedeal reserve act explicitly
provides credit facilities for the pro-
duc-ers of farm crops, the intent OF
this being to enable them to hold
their crops for favorable markets"
said Commissioner Brown. Apparently
Secretary Houston is undertaking to
repeal the policy of the federal re-
serve act by personal dictum. his
logic, if carried to its ultimate con-
cIusion must mean that the farmer
shall dump his products on the market
regardless of price and regardless OF
whether he gets the cost of production
plus a reasonable profit.
Conflicting Statements
"We have been positively informed
in writing bv the officials of the Sixth
FEDERAL Reserve bank in Atlanta, that
thev are not going to curtail their dis
counts on paper secured by cotton
uarehouse receipts. We want to know
whv Secretary Houston is outlining
one policv in Washington while off,
rials of our bank in this district are
outlining another"
Two questions were propounded py
President Wannamaker, OF the COT
ron association, in his telegram sent
broadcast. The first was tire qeust1on
as to what steps should be taken to
ob+ain modification of the policy
annnciated hv Secretary Houston.
The second was the question as to
what steps should be taken to finance
exports of cotton.
r W Maddox and W. H. Lathrop
Jr.. president and secretary respec-
tivelv of the Georgia DIVISION OF the
American Cotton Association, VINO ar
ranged for the meeting at the state
capitol Thursday said today that
many responses have already been re-
ceived from leading Georgians' cot,
tom men and farmers, stating that
thew will attend the meeting.