Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-05
FederaI ReSerUe Bank
Stands by Cotton Men,
Says j. s. Wannamake1

The Tri-Weekly Journal is in re-
ceipt of a letter from J. S. Wan
namaker, president of the American
Cotton association, in which Mr..
Wannamaker states that more or
less of a misunderstanding exists
concerning the policy Of the Federal
Reserve bank toward cotton growers
of the south.
After the recent meeting Of COM
mittee of the association with Gov
ernor Wade P. G. Garding. Of the
reserve bank, Mr.. Wannamaker says
that Governor Harding'S attitude has
been misconstrued in many quarters.
The head of the federal banking sys-
ten. according 10 Mr. Wannamaker,
edeclared himself at the meeting to
be heartily in favor +t of an no orderly aIy
likewise strongly Endorsed the as
sociation's plan to found an export
company which will furnish growers
an outlet abroad.
The conference resulted success
fully and with many benefits to
the south's cotton-growing interests,
according to Mr.. Wannamaker. In
an address to the visitors. Cover
nor Harding cited figures to show
that the Federal Reserve bank IS al
ready lending full support to financ,,
ing the handling of staple crops and
he promised that complete co-opera-
ton would continue.
governors speech which indicates the
friendly policy Of the reserve bank
toward the interests Of the producers
Of the nations staple crops:
"Speaking for myself personally,
r desire to say, however, that l am
= firm believer in gradual anu VI.
Derby methods Of .t maTse'ipAs gricui-
ture Is the most important of All
Industries, for upon it's fruits depend
the lives of those engaseo III 1',,
other industries. The farmer Is
g great co anS anyth G that affects
his buying power is soon reflector
in the business of the merchant
and the manufacturer. While the
individual farmer may be 1ust as
we'll off with small production and
high prices. the mass of the popu,,
lation is far better off with full
nroduction and moderate prices. But
farming as a business must pc re-
munerative or production VIII IAN
guish. 1t is, therefore, t 1mpor'@hn he
supported and stimulated. that he be
aided in preserving the full meas
ure of his harvest and that ne De
afforded an opportunity OF market
ing his products on terms sufficient
in the business of farming.
! "Great staple crops, the produc,
ton of which extends over PERIOD
of several months, must meet the
requirements of consumption for
full year and in order to prevent
possibility of shortage 1t is desir
able tat there be a reasonable SUI
plus Id over from one crop pen
ing the marketing of the next. Tn
gradual and orderly marketing c
our great staple crops is, therefor
matter of Importance both to pre-
ducers and consumers. The dumI
ing upon the market within a shoi
period of time of large part
a crop, consumption of which eI
tends throughout the year. mean
not only a loss to the producer:
often to those who can least al
strain upon our transportation ia
cilities and upon the banks in pre-
viding the funds necessary for larg
purchases in advance Of actual re
quirements for CONSUMPTION.
Dumping of farm products pre-
suits in higher prices to the ult
mate consumer. Farm products, HOY
ever, should not be boarded or he
back from the market by the
of credit merely in the hope
forenf press sP to by an som a tt
the value of this years sta.
crops will be around $22,OOO.ooO,O
and it is manifestly impossible f.
any banking system to provide fun
to withhold these staples entire
from the market. There is no occ
sion to, discuss the question of pu
| lie policy involved for it is Gle.
that the volume of our great stapl
crops is so large and the value 81
enormous, that any efforts. to valor