The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-10-25
BANKERS BELIEVE
SOUTH MUST Be
HER OWN SAVIOR

ULU MM NnHUU
HUN ,NHuUM
Hill VuN NltIOlt
-
The Wac Finance cnrporation Will
,a.,.-, ,.,.,....,..,.. g.. ,I,, most
MOI pe FeNl"Su' "N''' "'''N w.
tive belief Gf Memphis bankers VII"
are lust back from The meeting Of
~ -. r,,.,.,,., ,.s,.,,tinu
tne american &''n"v'N 'S'''
Mt Washington, where che VropoS'F'o''
10 have Che rorporation revived Was
-, -. - s,ra,,rood discussion.
'ie 7""J'N' VI
As Corsllary 10 HAS e'a'ee"T"''
these bankers state that The S"uth
r,rs. or,a,,. T., holm HERSELF IN che
-. ,,t,i,h
lilahciHl &lu '"'''ii''' '''
now faces her.
And the best way - 90 lus,
cordinC g. these same bankers Is "'
organize a giant corporation Tor l,e
purpose ~ cxtendAnG lonE-tern cred
its abroad TO che end that l"rcEh
countTies WhO Nant ere cotton 81 Vhe
South may secure it,
This in brief. is what the Mem
phis bankers hSoUgNt back WIN
iherN from che Westminster meeting
While in Washington, ~" bankers.
among whom NErr H. VI Armstrong;.
vice president Of She Cou'hl'TtiA'
Trust and SayiUgS Eank, d" !.
Humcs. vice president " we NsuaI
anty Bank and Trust 'omp'nE, ana I'd
f T,,i,e' and TlsTters H,nls and Trust
carnanr n = Polk. yica pre- sid.n'
~ ~" Irnion anal PLANTERS EasE and
Trust company Fred collins, slice
president Of ,hc Rank of Commerce
Snd Tr,,sY co,wnany. and Edward a.,
Taff, caShie, ~ ~" National city
nanL srnnlersn'cd their work
W,ith ShO bankers association with
Norl, in the interest of plans 20 IL
nance the cotton CSop Of the south.
The War Finance corporation viii
not be revived because bankers and
business men OF the country, includ-
ing many from the South, believe
that il woul6 be the worst sort OF
policy for the government TO re-en-
Ter the business field. according TO
Dwight Nj. Armstrong. These men
take the position that the govern
ment must retire from the business
field and must stay out of IT, They
believe that the bad precedent estah-
llshed by Il revival of the corpora
ton would do more harm in general
than revival Of the corporation would
do good in helping the agricultural
interests of the country. great as
they acknowledge that good would
be.
Would Set Rad Precedent.
-.-
According TO MI AItlls,l "i'''c
VINO represented the "'utuue u
the Memphis Chamher OF 1ulIl
merce on thIs question: 'neic "elo
friends or the SCUM hi'eFeSteu ~
her welfare ana anxious Iot neI
prosperity would nave nkeu 10 seo
tne war finance GoIpoi , ntloi' 80,
vlVeo' BUT as pHlNeIs, ulese mn
recognized the lhauNlSauHI'S VI
establishing any EoNerhiiie AZ, as','
cy In the business worlu; Ills ms. mu
SAID was the attituue OIL SeC s
OF the treasury houston ana ol os'iel
government oitlclals' VINO sho"eu an
unbiased interest In the siiudtuHt,
ana were slhcereiy synlpa al WI" 49,,
Inc South ana olhei seCI'ohs W Wv
country which are shouiuerlile heaN9
losses , -,
hesarulhE Tue plopoSeu WI pVta
uon Tor the llhanclhs % we eNpU i1
trace IN cottoh' Mr' AIlls,EVls S 1.
that the plah represented tLiG oesl
tnought or the bankers asselnp'eu ~
me washington meeuns' no PA
tlcai steps nave peen taken towar ,l
periectlng the corporation anu "Une
VIII ne takeh anu uHIvss ~ ~ ~
uorseu pN tEe various cieaiths nuuHe
orsahiza tlons oi pdIiAs III tiIo Sou,,t'
suocolhhiltlee' con,posee vi
southern oanhets' ol Mnt'h i'oovi
r. MACON president OF me A'ianta
Nauonal pahh, Is si,atii III We" ,hs