The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-12-10

executive were to be the clty 5 soeS'
for the remainder of the day.
Harrisburg, Pa, Dec. 4.-Ihe
governors conference today adopted
. committee report urging the fed
eral government to create finance
eorporation which through loans to
foreign countries, will permit ex-
mort of American foodstuffs and
other products to relieve the crltlcal
situation confronting the nations
farmers. The report further urged
the federal reserve board to ADVISE
nh banks to adopt liberal policy
Of renewals on farmers indebted
ness.
The action was taken on the re-
eommendation Of committee OF
five governors appointed yesterday
who presented the following report:
.The financial situation in the
whole country is cause for the gray
est concern but not for despair. All
lines of business are realizing heavy
losses, but the swift decline of prices
Of farm commodities to far below
cost. of productions threatens ma
tional disaster. The =, situation de-
mands infinite patience and forbear-
ance and supreme wisdom and cour-
age. Nothing but evil can result
from anger or fear.
Ways Of Relief
"We believe that the tenseness OF
the situation can be relieved in sew
eral ways:
81. Let every individual do all ne
can to help and encourage bis neigh
Dor. Let there be complete mo-
Utilization of the financial and spirit
nal assets of every community.
Neither God nor the government
ought OF be asked to help those who
do not first make every effort pos
sible to help themselves. There ought
to be a united effort in every COM
munity to keep any good man from
being destroyed because he cannot
Immediately meet his obligations.
Under existing conditions it would
be the acme of inhumanity and of
unwisdom to force any debtor into
Bankruptcy if by the most liberal in
diligence he would be ultimately able
TO pay. Business failures. do more
than wreck business; they oft-times
destroy man.
Liberal indulgences and renew
nj should be granted by the manu-
facturers to the jobbers, by the
jobbers to the merchants, by the
merchants to the individuals. 1t is
NO time for a creditor to seize the
debtor by the throat and savagely
say: "Pay me what thou owest."
."2. Let the federal government
create a finance corporation OF
some sort that will enable the people
of other lands to obtain from US the
commodities they so greatly need
but for which they are not able to
make immediate payment. We be-
Eeve such a corporation to be entire
ly feasible and that its mere creation
would substantially help the situa-
fon.
33. The federal reserve board
should be urged and authorized to
advise all banks to adopt a liberal
policy of renewals. The law authori-
King six months credit on foreign
paper should be literally construed
and renewals for like period
should be freely granted wherever
consistent with other solVency. Inc
real wealth of the country Is unim-
paired. It would be a suicidal policy
10 destroy this wealth by pre-emp-
tory can of loans.
Congress Should Act |.
eff necessary the congress should
act at once to amend the federal re-
serve law so as to temporarily sup
ply additional currency and afford
more time in which to pay to debtors
IN distress.
Eve believe that the general adop-
tion by individuals and by the gov
eminent Of the policies herein sug-
Gested would not only afford mater
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