The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-10-18
CREDITS AT BANKS
ALWAYS AVAILABLE
(Continued From Page One)

mercial purposes by an amount eX-
ceeding s1,sOo,OOo,OOO. This great
increase in the credit extended to
their customers, has in the main
been made possible by the accommo-
dation extended member banks by
the federal reserve banks.
Holdings Of Banks.
During the same period, the IL
federal reserve banks have increas-
ed their holding of agricultural and
commercial paper by more than
$500, 100000 and from January rs
to October 1, 1920, increased their
issues of federal reserve notes by
over s46O,OOO,OOO. At the same
time, federal reserve banks having
surplus funds have extended &C
commodations to federal reserve
banks in agricultural and live stock
districts by means of discounts ag-
gregating on October 1 over $685.
100000.
"The disturbances in price and
demand which have recently mani
Tested thnselves in markets for va
rious agricultural and other COM
modities, not only in the United
States, but in other countries as well
are inevitable and unavoidable con-
sequences of the economic derange-
>ments occasioned by the world war.
The United States continues to have
a heavy volume of exports, although
foreign demand for certain agricul-
tural staples has somewhat de-
creased. But the chief market for
our raw and manufactured products
is at home, and our, present huge
crops of immense value may be ex-
pected gradually and in regular
course to move from producers to
consumers. The recent census,
recognizes our population at 1885,
100000 emphasizes anew our own
capacity as consumers, irrespective
of the demands of other countries. /
Report of Farmers
After consideration of the state
ment issued by the federal reserve
board, the joint committee of the
recent agricultural conference, left
here to deal with the matter, sub
mitted the following report to
Chairman Charles S. Barrett of the
conference:
"The statement issued tonight by
the federal reserve board not only
does not attempt to meet the situa-
ton and will not alter conditions
but is even couched in terms to sup
port the erice declines. The boards
declaration that present dis
turbances are inevitable and una
voidable is indefensible in this
erisis.s
eve advise that the next meet
ing of the full conference be held
here October % to complete plans
already discussed in executive ses-
sion."
Mr.. Barrett, who is president Of
the National Farmers union, also
issued a statement attacking the re-
serve boards statement as quib-
bling in essence and offering no re-
lief whatever for agriculture from
the present oppressive financial con-
dition, he, said. "The board is either
totally and inexcusably ignorant of
the real conditions as they affect
the farmer or is willing to publicly
admit the facts.
EVERY farmer who is an appli7
cant for credit knows that agricul-
ture is not now and has not for
months been supplied with funds
needed to effect the marketing of
their crop.
"It is an astounding proposition
that the federal reserve board
should be ignorant of this fact.
"The statement promises that
credit would flow in future as it has
In the past. If this means that the
present apparent policy of the
board is to continue them its no use
to tell the expectant farmers that
they will be given necessary and in