The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-11-05

cost of production.
No such thing as orderly market
ing is now possible. All of these
facts have been repeatedly brought
to the attention Of the high officials
of our government including the
secretary of the treasury and feder-
al reserve board but without avail.
We realize that considerable ex-
tension of credit has taken place
during the past IL to 18 months but
believe this to be largely the result
of the condition under which busi-
ness had to be transacted and does
not necessarily reflect an unsound
condition in the country's finances.
At all events no such drastic defla-
ton as has resulted was warranted.
It is further believed that of the
total credit available the farmer has
received but a pittance while appar-
ently those who traded in the farm
ers' products have been abundantly
provided for.
This distressing condition brings
the farmer face to face with the fac
that, without adequate sources Of
credit, and in view of his inability
now to secure over the cost of pro-
duction, he will not be only unwill-
ing, but totally unable to finance
himself to produce next years crop.
The farmer thus is at once eliminat-
ed as a customer for the products Of
the mills and factories of this coun-
try which even now are closing
down throwing the workers out of
employment and bringing about
Recommendation Made
Therefore, in view of the agricul-
tural situation as recited above it IS
clear that farmers must receive at
least cost of production if they are
to meet the nations needs for feed
and clothing, and in order to accom-
plish this result, the agricultural
representatives meetings in joint
session in Washington, October %
to 20, 1920, do hereby recommend
as follows:
That all farmers at once join the
existing marketing organizations in
their respective communities, or,
should there be none, that they at
once form such organizations as best
suit the needs of their localities.
That all farm commodities be
marketed comparatively in an order
ly manner, i. e. throughout the IL
months period from one harvest un-
til the next as the demand requires
known as the consumption year,
plus a normal safety carryover.
That the government take the
lead in reopening foreign markets
and in developing new ones and
where necessary to finance the
same.
That the War Finance corporation
whose authority and financial re-
sources are unimpaired, be imme-
diately reestablished.
That a standing committee be con-
stituted representative Of and ap-
pointed by the various farm organi-
cations for the purpose of bringing
about coordination of effort and
unity of action between the various
committees now working on the
question of marketing the great
staple agricultural products.
To Ask Congress
That a standing committee be
similarly appointed to consider and
formulate financial policies inc1ud-
ing:
(1) Recommendations to con-
gress to give the federal reserve
bank power to classify loans, and to
give the federal farm loan board the
authority to issue and sell in the
open market short time securities
based on warehouses receipts issued
under the federal warehouse act,
and to issue and sell short time Sc
curities based on proper pledge of
farm inventories where it is neces-