The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-10-19
WANNAMAKER TELLS
OF CONFERENCE
Continued From Page ~

exports corporations. These export
corporations will form great organ
ization, through which cooperative
marketing can perfect direct sales
abroad.
sI. beg that the people of the
South give careful consideration to
the present existing conditions.
Exports Shut OF.
"Our exports have been throttled,
Central Europe and vast consunn-
ing country abroad are unable to Sc
cure our agricultural products, i'm
ports are showing a tremendous in
crease; cheap products from the
Orient and other sections where Ia
bor can be secured from rs to so
cents per week are pouring into
America. A worldwide campaign
has been conducted against the high
cost of living; all Of this has result
ed in absolutely destroying the law
of supply and demand and it can not
be restored until the channels are
opened and restored. The channels
of trade will not be opened except
through our own efforts.
"The solution reached by many
seems to be that the only way to re-
duce the high cost of living is to per-
nit these conditions to continue.
This however, would eventually bring
a death blow to agriculture and in
crease the high cost of living.
"From our present cotton crop
more cotton will remain ungathered
| in the fields than from any crop
within the last so years. We have
passed through FIVE consecutive short
crops and this will ba the sixth, the
shortest Of the SIKH If the markets
of the world would open the matter
of sufficient supply of cotton would
be of grave concern to the manufac-
turing industry, and there would be
an active demand at and above the
minimum price recommended by the
American Cotton association. How
ever, we are withouta market and
it is for this reasonsthat the various
lines of agriculture unanimously de-
cided to use every effort possible to
put into operation The necessary
means for reaching smarkets and if
! they fail in this there will be the
greatest reduction Of acreage and
production nationwide that has ever
been recorded.
Had Stormy Session.
"The conference with the secre-
tary Of the treasury vas very stormy
| at times, it being the firm conviction
of the delegates representing the en-
tire agricultural interests Of the ma
ton that the reestablishment Of the
war finance corporation would be
complying with the law; that it was
the absolute duty Of the secretary OF
the treasury to comply Herewith
land that it would bring immediate
relief to the serious situation facing
the agriculture of the nation. This
Judgment was confirmed by many
leaders in Washington. Every Off
cial, with the exception Of the secre-
tary Of treasury, indorsed in the
strongest terms the reestablishment
of the war finance corporation,
leading senators became so impress
ed with the necessity Of reestablish-
tment of the same that they used
every effort in conjunction with the
delegation from the conference to
secure this, all however to no avail
The secretary absolutely refused to
comply, taking the position that it
would not be wise to increase the
Indebtedness of the governments OF
Central Europe for the purpose OF
marketing agricultural products
there, as requested. The policy OF
beating down prices was startlingly
illustrated by one of the prominent
government officials in statement
made on March 4, in which he said,
4 do not think it will be wise Of the
government to subsidize our produc-
ers or to maintain or increase the
level or prices here by stimulating
sales to European countries, which
find themselves unwilling to make
payments for their purchases