The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-10-25
4 BILLIONS MAY BE
REQUIRED IN 1921
FOR GOVERNMENT
Forecast BY Secretary Houston In
An Address To Bankers-Cives
Farmers A Punch

Washington, Oct. 21.-In addi-
ton to an address by Secretary Hou-
ston on Government Finance" the
program for today's general session
of the convention here Of the Amer
lean Bankers association called for
discussion of the international Il
nancial situation by Fred I Kent,
vice president of the Bankers Trust
company, of.rNew York ,and Of the
publicity phase of banking, by Fred
W. Ellsworth, vice president of the
Hibernia Bank and Trust company,
of New Orleans. =
= Several committees and the va
rious sections of the association
made their reports TO the conven-
ton. .,. -
Southern bankers here for the
convention are arranging for a gen.
eral mass meeting tonight at which
they intend to discuss credit condi-
tions confronting tanners, particu-
larly cotton growers, in an effort TO
work out some plan Of relief.
Today's session was given over
largely to considering the financial
futures of the United States and of
Europe. Secretary Houston, of the
treasury department. told the bank
ers that four billions Of dollars
would be necessary to finance the
federal government next year and
urged that the American people ex-
ercise the strictest economy and
practice thrift religiously.
Federal taxes should be revised,
Mr.. Houstan said, but so as to
bring the federal revenues below the
four billion dollar aevel, which ne
said must be maintained for several
years. ~ y.
Fred I. Kent, vice president OF
the J Bankers Trust company, of
New York and until recently II
nancial adviser 10 the reparation
commission, told the: bankers that
complete restoration "of Europe de-
pended upon? the. nnihilation of Boil
shevism in; every country, fixation
of the German indemnity and re
construction of the devasted re- re;
gions. !, sa5
Turning to the demands of agr1-
cultural interests for governments
help, Mr.. Houston said. that Scarce
" had a reduction in the cost of lW-
ing manifested itself when every
producer. manifested resistance" =
every producer is willing for the
products of every other producer to
decline but protest at the decline in
his own," he continued. "There is
much human nature in this but not
much reasonableness.
"The situation is the result main
ly Of mar and in no small measure
the failure Of this nation. and. ma
tions everywhere to date to devise
better arrangements for storage
and marketing of farm products.
For these things no one particular is
now to blame. -
Gin the circumstances, it seems to
some farmers that they are in the
way of being hit first, if not ex-
clusiveIy. They are naturally dis
turbed and distressed and are seek
ing relief measures, some Of which
are not practical and some Of which
are suicidal.
"The first impulse of many who
are searching for the way out is to
turn to the government and
especially to the treasury as the sole
instrumentality for full economic
salvation. This disposition, well de-
veloped before the war, ; was rein
forced during hostilites by practices
of the government which became
necessary for the successful prose
cution Of -th war and the preserva-
Hion of national life.
"It is the same disposition which
causes resort to the government for
all sorts Of appropriations, many
even Of a purely local character. 1t
is this disposition rather than self