Great Falls daily tribune. [volume] (Great Falls, Mont.) 1895-1921, 1920-10-13

anu 11dIIiS VI dSoTSid, VINO are cOulett-
ed with the movement, called at the
White House to proffer request for
the conference with Mr.. Wilson and his
cabinet, and We're told by Secretary
Tumulty that they would receive an ans
wer from the president Wednesday.
The senator's laid stress on the neces-
sity for prompt action as the regular fall
conference of the federal reserve board
and governors of the various banks is
scheduled for Wednesday. The question
of interest rates, it was said, would be
considered at that conference, and the
agricultural representatives gathered
here declared they wished to present
their views on the whole question of
crop financing before action was taken
by the federal authorities.
Speakers at the meeting, before the
adoption Of the resolution proposing to
take the problem to the president, per
sonally repeatedly denounced the defla-
ton policy of Secretary Houston. Farm
ers stood to lose billions unless the gov
ernment acted to check the fall of prices.
they said, if means to remedy the sit
es market prices were now below the
actual cost of growing. The resnlt would
be greatly reduced production next year,
they saod, If means to remedy the sit
uation are not found.
Conspiracy Charged.
A charge by Former Senator Marion
Butler, of North Carolina, that there
was conspiracy" of officials to force
down the price of agricultural products
s.rougit protest from John j. McSwain
Of South Carolina.
II cannot believe one of them capable
of conspiring to rob his fellowmen."
Mr. McSwain said Il believe. however,
they made an error of judgment. Let's
reason with them and see where they
made a mistake"
"CrEsis" but Not "Panic."
J. J. Brown, agricultural commission
er of Georgia, and Senator E. d. Smith,
a statement by Mr.. Butler that the coun-
try was about TO face a panic as re-
suit of the deflation policy. Senator
Smith said there was "a crisis, but no
panic"
A general committee composed of
representation of each agricultural or
ganization attending was named to draw
up statement to the public presenting
the plight of the growers in declara
ton of principles to be adopted by the
A resolution calling for the
polling of low grade cotton under a SELL
ing commission to handle export sales
went to a special committee on cotton.
Right Under Reserve Act.
Senator Smith suggested that the
farmers find out their legal rights un-
der the federal reserve system and de- |
mand them.
IF 40 cent cotton is profiteering, If |
S3 wheat specializing, who says it is?"
he demanded Who in America gives |
any one the legal right to fix the price
Of anything?'
The senator said he did not see any |
authority in the federal reserve act for |
of credits.
Il don't believe the law gives any ad- |
officer the right to say what !
kind of business shall have credit and |
what shall not" he asserted
Excess Profits Charged.
Declaring that the New York regional |
bank had made 200 per cent profit when
the law allowed it only 6 per cent, Sen
ator Smith said, they are robbing us in
to pay taxes
Just let this situation continue, he
said. land let the wheat men. the cotton
men and the cattle men say. Here is
our price. We demand our rights and
we will not loosen up, one pound OF
meat wheat or cotton until we get
hem. !"
Revolving Fund Proposed.
A suggestion By ]. S Wanamaker that
! committee be appointed to work for
FEDERAL revolving fund of S1o00,oo0,o00
% be used for the economic handling and
of crops was not acted on.
Ben Marsh, of the Farmers National
protested against the motion.
saying no one body could be said to rep
'esent all the American farmers, for
;ome were reactionaries, some reformers
Ind some radicals.
Mr. Marsh also opposed strike of
armers which he said was suggested by
Senator Smith, adding:
Everybody knows there is no panic.
4et us not be bolshevikis"
John Trumbull. of the Kansas Farm
,rs Union, said it had been estimated
hat the cost of this years wheat crop
vas above $21 per acre. The cost to the
enant farmers, he said, was placed ut
'2.77 bushell. He thought So busheI
would just pay the costAof labor and ex-
,ense of growing the crop. not counting
my for fertilizer and depreciation of the
and.
DR.. W. j. Spillman, former chief of the
ureau of farm marketing. department
# agriculture, charged that Secretary
Iouston and the reserve board were en-
aged in Il 'irive TO force down the price
Il wheat
'Those gentlemen are using authority
,laced in their hands for the purpose
f manipulating the market" he assert
Alfred Fumlin, of Cave Spring, Ga,
aid not half crop of cotton would be
aised in his section next year.
The whole trouble" he said, ''is In
Washington. There are night riders in
seorgia and day riders in Washington. !