Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-16
The Atlanta journal News Bureau,
623 Riggs Building,
NY THEOnORE m1rnrn

! WASHINGTON, Oct. 14,-Secretarv
Houston reiterated today to repre-
sentatlves of agricultural interests
in conference here that the treasury
would not be a party to the with
holding OF any commodity from the
| market IN order to maintain artifi-
c:ally high prices. -
| Another conference with Governor
t1ardlng, of the Reserve Board, was
! held by the general committee of the
! cotton conference late today. Gov
ernor Harding, who alone heard the
| farmers yesterday, had other MEM
Ders OF the board present this after
noon. The second conference was ar
ranged after Secretary Houston had
| given the delegation an unsatisfac-
| tory answer only this afternoon and
the final attempt of the committee to
OBTAIN some promise of federal as
| SlStance for agriculture.
| Spokesman for the delegation were
| frank in their criticism of Mr.. Hous-
toms recent statement that prices
mad begun to recede, but the secre-
| tary told them as frankly that his
statement properly represented condi-
The dele cation sought mainly to
nave the treasury revive the war
finance corporation, arguing that
tnrough 1t they would be able to. OBJ
they claimed were falling off, Gre
| ating stagnant market.
Secretary Houston asked If any
member of the delegation would loan
securities, explaining that previous
appeals of cotton producers were
that the government should make
available to them the, German mar
ket; A heated eeolloquy between the
South Carolina, followed.
Germany must live" the sena-
tor said. You know she must live
l see no reason why her bond should
not be accepted. L would reply to
sand times yes, for, as I said before,
Germany must. live or the world
Senator Smith told the secretary
one" in the government who could
direct resumption Of governmental
activities which would relieve the
| situation complained of by the agri-
| cultural interests.
Secretary Houston explained that
the treasury was constantly in the
market to borrow money for the
payment of current bills. He told
them that the war finance corpora
ton tiien could obtain money only from
loan it meant, only that the treas
ury's borrowings would have to be
Increased and the government would
have. to call on the people contin-
Senator Smith declared that If
such were necessary, it was the
proper course to pursue. He said he
had no objection to another poular
loan If the exigency required.
lon OF the treasury not to revive the
war finance corporation had been APP
proved by the president and 'numer-
Gus prominent senators and repre-
the problems with which the cor
poration would deal if it were re-
vived. the secretary said, adding that
the co""ensus of opinion was that
the benefits derived from restoration
er-balance the evil effects it would
have on the general money market
and credit conditions.
The war finance corporation pro-
amount to this governments lending
money to Germany and other nations
in central Europe with which to hny
American farm products.
he said, "to go into the banking bust
ness accepting as collateral the fed
eral state or municipal bonds of
Germany. Farmers of the country,
pend on the regular agencies to get
money to handle their crops-that
is the banks. I trust this will re-
suit in gradual and orderly with
drawal of the situation in which we
now find ourselves"
Stormy Session
Mr.. Houston received more than
thirty officials of farm organizations
at a conference beginning at 1890.
which was still in session at 1
o'clock The conference at times be-
came stormy. Senator Smith. of
South Carolina, and J. S. Wanna
maker, president of the American
Cotton Growers association. pressed
for the establishment Of the fl
nance corporation under a special
clause to stimulate trade. The farm
tor Smiths speeches.
eff it is necessary to lend money
to starving Germany to enable them
to buy from US, would do it through
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