The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-08-20
GOV. HARDING AND COTTON

Unless we are mistaken there is a
concerted and a persistent effort in
some parts just now to depress the
price of cotton. There are many
things which cause US to think So.
Evidently there are others who have
a similar belief. We say that on ac-
count of the following facts.
July 3Oth, the Federal Reserve
Board issued report in which it is
stated, "many New England Mills re-
porting supplies of raw cotton suf-
fcient to last until mex: year"
Upon receipt of this report Rich
ard H. Edmunds, editor c. the Man
ufacturers Record, of Baltimore,
Immediately wired w. P. G. Harding
Governor of the Federal Reserve
Board, advising that the information
contained in the repors was of far
reaching Importance. He suggested
that the Federal Reserve Board would
not have issued such a report with
out information on whicn IL was bas-
ed, and asked for a list of the New
England Mills claiming 20 nave a
sufficient supply of cotton to last un-
til another year, in order slac inves-
tigation might be made as to the
truth of the report.
1t was also suggested that such re-
ports could but have depressing ef-
feet upon the price OF one Of the
chief products of the country and
that the report should be backed up
with proof, or an opportunity be
given to show that the report was
not in fact true.
In reply to that telegram the Gov
ernor stated that the report was
made upon information collected by
investigators and research agents
from cotton mills in New England,
the information being voluntarily
given and that list would not be
furnished for the reason that the re-
ports were regarded as more or less
confidential, etc. 1t did no: occur 10
the Governor that if the reports were
confidential he had no right to use
them at all. He was perfectly willing
to use 20 much of the confidential re-
rort us was calculated to nurt the
cotton growing interests OF the South,
but unwilling to give information as
to those giving the information, to
the end that the falsity of the reports
might be shown, if in fact the report
was based upon incorrec: .nforma-
ton. He was willing to publish a rc-
port disartrous in it's effect on the
cotton growers, without investiga-
tiqn on his own part and mot allow
ing a chance for investigation by
those whose interests are affected.
- CONCERNING the stand Of Governor
Harding, Mr: EE~c..nunds we'll says:
~ "The foregoing reply is wholly un-
satisfactory and will be unsatisfac.
tory to the cotton-produc,ng inter
ests of the country. The Federal Re-
serve Board made a distincs state
ment to the effect that "many New
England mills have sufficient sup
r,y of cotton to last them until next
year" Governor Harding, however,
declined to give any information as
to how many" mills are meant by
the word many" and, therefore, the
country is wholly in the dark as to
the meaning of a term which can be
made disastrous in it's effect to the
producers of the South.
'.If this information mas been fur
nished as a voluntary courtesy to the
Federal Reserve Board by private in
dividuals, firms and corporations, as
stated by Governor Harding, it is
entirely feasible for information Of
this character to be furnished to the
Board fer the express purpose OF
breaking down the market, and we
are amazed that the Federal Reserve
Board should accept such statements
from interested parties bearing on
any phase of industry or finance with
out giving the facts to the public in
order to let the public judge as to
their real value.
ssTLo ,,,ib1ic hoe q ri,rht to demand