Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-04-13

twelve, so that the south could have
at least three banks. Those banks
were located in Richmond. Atlanta
and Dallas. Thus the full benefits
placed at the very doors of the south
ern farmers. All of them appreciate
what this has meant to them in IL
nancing their crop. And we in Geor-
gia should also remember that the
influence of Senator Smith was large
ly instrumental in securing the loca-
ton in Atlanta of the Federal Re
serve bank of the Sixth district. In
addition to his work in shaping the
federal bank law to suit the needs
of southern agriculture, and in
launching the system at time when
it's benefits were desperately needed,
Senator Smith was active and influ-
entail in the passage of the federal
farm loan act, another measure of
far-reaching benefit to the farming
interests all over the country.
Senator Smiths efforts to get our
cotton across the seas in the fall
of 1914 and the spring of 1915 are
we'll remembered. In those efforts
he had the support of President Will
son, who directed the sending of
strong communication to the British
government by Secretary Lansing
Finally, as a direct result of Sena-
tor Smiths agitation of this i'm
portant matter, involving the freedom
of the seas, cotton rose above. ten
cents q pound by May, 1915, and the
south was relieved of the terrible
depression which threatened us with
bankruptcy a few months before
Opposed Cotton Frice-Ftxing
Well do 1 remember, as member
of the committee who went to Wash
ington to represent the Georgia
Farmers union, Senator Smiths
strong and fearless opposition to the
bill proposing to fix a price on cot
ton in the early summer of 1917. The
committee was composed of J. H.
Mills, president of the Georgia Farm
ers' union, myself, as vice president
and chairman of the executive COM
mittee; H. A. Boykin, of Sylvan1a,
tee; Colonel Willis Evans, of San
dersvi1le. A bill had passed con-
gress to fix a price on wheat The
price so fixed was minimum price
much better than the price then pre-
vailing in the wheat market. Its
the price paid for wheat, but to slim
ulate production by insuring the
wheat growers a generous profit, and
it's provisions extended for two years.
The nation was obliged to have wheat
for war. Our allies were obliged
to have wheat for war. Hence the
wheat growers were guaranteed a
minimum to stimulate production.
Some members of congress argued
that price should also be fixed on
cotton, since the wheat pr1ce-tlXlnS
bill had been passed But our posi-
ton was that supply and demand
were making a price for cotton that
insured production; but beyond this,
the price proposed for cotton was
not to be a minimum price, like the
price fived for wheat, but was to
be maximum price. In other words,
the wheat growers We're guaranteed
not less than a stated and very gen.
erous price on their product; whereas
the proposition regarding cotton was
to say that our farmers should be
prohibited by law from getting more
than a certain stated price, and the
price proposed was to be less than
the cost of production. Against great
pressure, Senator Smith stood by
us in the fight, fearlessly exert
ing his great influence against the
bill. Largely as the result of his
mastery presentation of facts and
figures showing cotton production
cost, the bill was defeated.
MIR. Baruch's Plan
In September 1918, announcement
was made in Washington by Bernard
Baruch, chairman Of the war indus
tries board, that the price of cotton
was to be Stabilized" by ascertaining
the cost of production and fixing a
price that would be paid by single
purchasing agent who would buy for
all the allies. Cotton was then SELL
ing for thirty-eight cents. Imme-
diately following the publication of
Chairman Baruch's statement, cotton
began to break. He kept up his state
ments; the cotton market kept on
breaking. In a short time it dropped
from thirty-eight cents to below
twenty-five cents. Senator. Smith
took up our fight in that situation
with his usual force and courage.
He urged the president and Chair
man Baruch not to carry out their
plan. He insisted that single pur-
chasing agent was not necessary. He
showed that the market, already
broken, was below the cost of pro-
ducing cotton. He made his fight
in our behalf without regard to po-
litical consequences, knowing he
would be severely criticised. He new
er let up in his efforts until in the
early summer of 1919 he succeeded
in getting cotton removed from the
embargo list, which had further OPP
Grated to depress the market. And
when this happened, cotton rose rap
idly and has held up we'll ever since.
These are not all of the matters
and measures in which Senator
Smith has rendered great service in
behalf Of the farmers of his state
and the United States. His principal
efforts in the senate have been in
the cause of agriculture and educa-
ton No man that ever served in