The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-09-14
MANNING DECLARES
REPORT ERRONEOUS
COMMENTS ON MEETING COT.
TON ASSOCIATION.
Governor Of Eleventh District Did
Not Sound Note Of
Pessimism.

Columbia, Sept. 9.-Press reports
sf the address of Judge W. T. Ram
sey, governor Of the Eleventh dis
:rict, Federal reserve bank, made al
.he Fridays session Of the American
Cotton association at Montgomery, as
printed in the morning newspapers Of
Saturday, are erroneous, according
20 Former Governor Richard |. Man
aing, who returned to ColumbH
from the meeting. The report con.
veys an impression almost exactly
he reverse of the truth, the former
governor pointed out, in saying tha'
Judge Ramsey brought a note Of
pessimssm. into the convention.
There was no note Of pessisism l:
Judge Ramsey's address, ex-Gover
aor Manning said. On the contrar!
he speaker heartily commended tn
,ction Of the cotton convention ant
1rged that every reasonable assist
snce be given the farmers to enable
hem to hold their cotton off the mar,
,e: when the selling meant loss. tor
ner Governor Marning's statemen
'ollows in full:
'sThe Associated Press report o;
he address by Judge W. T. Ramsey
governor of the Eleventh district
federal reserve bank (Dailas), is er
,oacous. Judge Ramsey commenced
.he action of the cotton conVentlo.
Ie advised the raising of more 1000
and forage crops and living at home
he cooperative marketing OF cotton
he effort to raise better grade am
.taple -cf cotton, greater. care In tn;
handling of cotton and the warehous
Hg of it to avoid damage and countr!
waste and to provide for the gradua
marketing of the crop; to use a.
available financial resources, to en-
able the producer to avoid the sale
# cotton below the cost OF produc'
ton; to practice strict economy
There was no note of pessimlsm II
MS address. He advised only econ
,my-to stop spending until the
worlds financial conditions improve
lie told of, a meeting in Dallas a
which he presided Of over 2o,0oO rep
-escntative farmers who were earn
,st and determined to carry out the
recommendations of the American
Cotton association, promising that OF
lis return to Texas he would lead "
organizing farmers in this cause ane
,on;d assure the convention tha'
Texas would join the other cottoT
producing states in this movement
He was confident that the producers
should be informed on the cost o.
production as shown by investigation
# the federal government IN l9lS
to be % cents per pound. Since tina
time the cost has increased as every
factor in the production of cottor
had advanced. He thought this woule
be better than to recommend a price
With knowledge of the cost the farm:
,r could determine, the price tha'
would give him reasonable proh'
His advice was we'll received ane
there was every evidence of strone
determined effort to meet the sltua'
Lion with courage and to offer cottor
Cor sale only when the price obtain
able gave the producer fair proht
He stated that the Dallas Federal re-
serve bank had never raised the IN
crest rate above 6 per cent. Specu-
iation was to be avoided but every
reasonable assistance should be giver
20 the farmers to hold their cottor
off the market when the selling
meant loss"