Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-02

tions. secured by his warehouse re-
ceipts, so that the merchants can
handle the notes at their banks. L
advise him further-and on this
point I wish to lay especial emphasis
the weight of his cotton, the grade
of his cotton. and the storage
charges thereon, and there should
also be attached to the receipt a fire
insurance policy, showing the value
In reply to questions, Mr.. Mad
tdox stated that the Federal Reserve
bank in New York noes not have
sliding scale interest rate, but has q
rate would be better for the Federal
Reserve bank of Atlanta. He ex-
planned in this connection that the
directors of each bank fix their own
interest rate.
Other Speakers
These were the principal speeches
Of the meeting, but there were nu-
nerous short talks by other bankers,
merchants and public officials along
the same line.
The meeting was attended by SEN
ator Hoke Smith, Congressman J.
W w Of the Whit f55 d of ths
Fourth district; Congressman w. D.
Upshaw, of the Fifth district; Con-
gresham Charles H. Brand, of the
Eighth district, and Congressman
Carl Vinson, of the Tenth district.
Among the members Of the Geor-
gia legislature were Representative
Johnson and Tripp, of Barlow;
Grant of Habersham and Fowler, of
Bibb.
Robert F. Maddox, president of
the Atlanta National bank, and w.
J. Blalock, president of the Fulton
National bank, were among the At
lanta bankers who attended In ad-
dition to the above, the meeting was
ident of the National Farmers
union; Harvie Jordan, national sec
rotary. Of the American Cotton as
ISOLATION; J. H. Mills, president of
Union, and Andrew Fleming, secre-
tary OF the Georgia division of the
Farmers Union.
Governor Dorsey was invited to
be presnt, and to deliver an ad-
dress, but could not attend.
Upshaw Sends kilograms
Congressman Upshaw on Wednes-
test to Secretary Houston and Gov
ernor Harding of the federal re-
serve board. in Washington, as fol-
"Hon. David Houston, Secretary of
Treasury, Washington, D. c.: 1 re-
gret to report that your published
decision not to encourage southern
farmers in handling their cotton crop
at a living price has already had a
with your view seem to forget that
the present crop was made on
basis of high values. By careful
computation Of experts, it cost over
38 cents to produce the Georgia
crop. Some states cost more.
patriotic farmers and business
men of rhe south have no disposition
to hold to wartime prices after the
present crop is sold at an honest
price to cover production. but your
millions of dollars, and unless some
thing IS done to bring pack the price
OF cotton at least to cost basis we
face .r!despread bankruptcy and in
has been tco loyal to deserve such
treatment.
"Georgia's delegation in congress
meeting in Atlanta Thursday to con-
slider your action and wire encour-
agement to the desperately depress-
ing situation.
"W. D. UPSHAW,
congressman Fifth Georgia District"
'Hon. w. P. G. Harding. Governor
Federal Reserve Bank, Washington,
D. c.: Allow me to urge you to con-
fer with Secretary Houston. reading
my telegram sent him today protest
Ing dSdluSC treasury dCIlOn COuCSEu-
ing cotton crop which threatens
southern farmers with financial "uin.
We ask nothing unreasonable. But
when farmers and our business men
who have given patriotic support to
the government find themselves the
victims of high-priced production and
now see their great money crop 60
ing at barely more than half its cost,
they naturally feel that any kind of
financial procedure, either private or
nrO611HEG
ruirous effect is little short Of high
way robbery.
with a crop barely more than so
per cent selling at about go per cent
of it's cost, the situation threatens
disaster. We know your heart is in
the right place, but we want you to
helm put the nations purse in the
right place in order to save the
south and the whole country from
commercial tragedy.
"WM. D. UPSHAW,
an c., Fifth District of Ga.
ATLANTA, Ga, September 20, 1920"