Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1920-04-11

nomlcS and numerous other useful
productive occupations Its benefits
when fully developed are calculated
interests of the country as the bene-
fits of the agricultural extension bill
In the early fall of 1914 the
south was threatened with bank
ruptcy. The war had suddenly driven
from the seas the ships that took our
cotton to foreign markets. We had
large crop that was practically d
drug upon domestic consumption.
Farmers were forced to sell their cot
ton for whatever price they could
get. In that situation Senator Smith
turned his whole attention to meas
ures of relief He proposed that the
government issue bonds in exchange
for cotton on a basis Of ten cents a
pound, President Wilson opposed the
plan and the Senator was unable to
put it through A bill was brought
up at the instance of the President to
purchase a number of merchant ships
that had taken refuge in American
haFbors and could be had cheap. Sen
ator Smith voted for and supported
the bill with all his power. 1t was
finally defeated, as will be recalled,
by tilibuster conducted by a minor
ity of senators.
Just at this period, when the
south was most depressed, Senator
Smith eXerted his influence to get I'M
derway the operation Of the Federal
Reserve Bank system, which had pre-
viously been created by act of Con-
gress but had not been launched.
Through his efforts, aided by others.
the system was launched and almost
Immediately the strain was lifted
from southern banks and business
which had not been able up to that
moment to extend to their farmer
customers the accommodations de-
manded by the low price of cotton
and the general depression. In con-
nectiOn with this work, it is well also
that Senator Smith put through an
amendment, when the Federal Re
serve Act was before the Senate, to
increase the number of Federal Re
serve districts from eight to twelve
so that the south could have at least
three banks. These banks were To-
Gated at Richmond, Atlanta and Dial
las. Thus, the full benefits of the
Federal Reserve system were placed
at the very doors of the southern
farmers. All of them appreciate
what this has meant to them in f.
nanclng their crops. And we in
Georgia should also remember that
the influence of Senator Smith was
largely responsible for the location
in Atlanta of the Federal Reserve
Bank of the sixth district. In add
ton to his work in shaping the law
to suit the needs of southern agricul-
ture, and in launching the system at
time when its benefits were desper-
ately needed, Senator Smith was ac-
tive and influential in the passage of
the Federal Farm Loan act, another
measure of far-reaching benefit to
the farming interests all over the
country.
Senator Smiths efforts to get our
cotton across the ocean in the fall of
1914 and the spring Of 1915 are well
remembered. In those efforts he had
the support of President Wilson, who
directed the sending of a strong com
municatiOn to the British government
by Secretary Lansing. Finally as a
direct result of Senator Smiths agi-
tation of this important matter in
volving the freedom of the seas, cot
ton rose above ten cents a pound by
May, 1915, and the south was re
lieved of the terrible depression
which threatened us with bank
ruptcy few months before.
well do | remember, as a mem
Dor of the committee who went to
Washington to represent the Georgia
Farmers Union, Senator Smiths
strong and fearless position to the
bill proposing to fix price on cot
ton in the early summer of 1917. The
committee was composed of ]. H.
Mills, president Of the Farmers I'm
ion: myself, as vice president and
chairman of the executive commit
tee; Colonel Willis Evans, of Sanders
vile; H. A. Boykin, of Sylvania,
member of the executive committee.
A bill had just passed Congress to
fix a price on wheat The price so
fixed was a minimum price much
better than the price then prevail
ing in the wheat market. It's DELHI
crate purpose was not TO limit the