Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-09
4 Gail for Co-oberat;on to Tide
Ova, the Cotton Crisis

THB ennference of bankers and bust
ness men to be held in Atlanta on
Friday to consider means for steady
ing the disturbed cotton situation bids fair
to yield substantial results. Those who are
to participate are men OF broad OUTDOOR
long accustomed to cooperation for the
| public good. They see plainly that an en-
forced sale of the cotton crop at present
prices would be unfair to all farmers, dis
astrous to many, and extremely untor-
tunate for the entire South. Moreover, they
realize that the one way to relief and re-
assurance lies in the earnest co-working
of all concerned, particularly the growers,
the merchants and the bankers. 1t is to be
expected accordingly that the plans OF the
Atlanta conference will be directed chief
ly to this important end.
Nor can it be doubted that such CO.
working, if thorough and persistent, will
save the day. 1t is not permanent prob
lem but an emergency which confronts the
cotton producer and the manifold interests
that thrive or suffer according to his
state Every pound Of cotton which this
lean season brought forth is needed, and
in time will be demanded at something
like reasonable price. If, then, the IN
terval of sluggishness which now depresses
the market can be tided over, 1T IS tore-
gone that cotton will sell appreciably above
the cost of it's production or at least at a
figure which will not leave the grower
empty handed for all his toll.
But this emergency cannot be met by
mere railing at the universe. 1t cannot be
met by acts of violent folly, such as the
burning of gin houses, or by sullen re-
fusal to join in general, Well-consldereo
movement for relief. 1t be met only by
| thoughtful and united effort in the COM
| mon cause That the rank and file OF
! farmers so view the situation and are
| ready to do their part is not to be doubt
| ed despite an occasional outburst Oh
| &c o.
ferences like the one to be held in At
lanta on Friday that business men and
| bankers can demonstrate their own read1-
| ness to cooperate. Theirs is the peculiarly
| important work of seeing to it, as far as
| they can, that credit accommodations for
| this time of stress are provided. 1t goes
without saying that no right-minded man
asks such aid fer the holding of cotton
| for speculative purposes. Simple justice ana
stark necessity the sole grounds upon
which financial assistance now is sought
| in behalf of cotton producers and the great
business fabric of which they are the foun-
| datiOn.
| They claim no special privilege uut only
the right to a square deal under the law
| of supply and demand. They hold as the
| fruit of their labor basic commodity
! which is worth, according to every stand
ard of values for other staples, much more
than the momentary market price and
! which. according to competent judges, has
cost the producer more than he is now OF
fered. Surely, in these circumstances, it is
not only a legitimate but imperative func-
ton of banking to supply such aid as it's
available resources and its other obl1ga-
lions warrant, to save sound industry and
sound business from imminent sacrifice.
AS the backbone of a great part or the
country's banking strength the Federal
Reserve system naturally is called upon TO
prove it's usefulness at this juncture; and
any narrowly conceived policy which kept
it from doing so would be unjust to the
system itself as we'll as to the public in
terests it was established to serve 1t
should be carefully noted, however, that
the Federal Reserve system no matter
how liberal it's policy might be, cannot
render due service so long as large
number of State banks remain out OF its
membership and thereby lose it's invaluable
support in meeting the needs OF their
customers and communities. Banks at the
| big centers of business, which are mem
bers of the Reserve system, will do their
! best, we assume, to tide the South over
her emergency. But they alone, tasked as
they are with sundry other obligations,
cannot meet a multitude of special de-
mands But if State banks which are out
! of the Federal system will come in, the
means of assistance for crises like the
| present will be far more adequate ana
more effectively distributed.
| Cooperation such the Atlanta con-
| ference is expected todevelop will put heart
| and hope into these dubious times. 1t Will
array in a saving phalanx all the inter-
| ests involved, from the grower to the sup
| ply merchant and from the supply mer-
| chant to the centers of business and bank
| ing. It will reassure the present ana
| abundantly safeguard the future. Let there
| be no Sinking and no tagging In so great
| and good a cause.