Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-02
Big Meeting at State Capitol
Condemns Houston's Pol
icy and Plans Nationak
Gathering of Farmers

Resolutions condemning the policy
announced by Secretary Houston, Of
the treasury department, that loans
should not be granted by the Fed
eral Reserve banks for the holding
Of crops, declaring that the present
price of spot cotton is below this
cost of production, and uring farm
ers to hold their cotton off the
market, were adopted Thursday aft
ernoon by the general mass meet
ing held in the senate chamber in
the state capitol.
he resolutions were prepared by
a committee appointed at the morn
ing session. During the noon lunch-
con the committe reduced the reso-
lutions to writing, and submitted
them to the meeting at the after.
noon session. In addition to these
resolutions, the meeting appointed
committee of nine to confer with the
heads of all farm organizations in
the United States concerning the
advisability of an immediate C; Ifer-
ence in Washington to express dis
approval of any effort to curtail
farm credit.
On this committee were appointed
J. J. Brown, commissioner of agri-
culture, Senator Hoke Smith, Charles
S. Barrett, Harvie Jordan, Congress"
man Charles H. Brand, M. J. john
son, A. F. Hodges, c. G. Fitzpatrick
and E. G. Daniel. The committee
will get in communication at once
with the heads Of farm organiza-
tons.
Telegram From Houston
There was read to the resolutions
committee by Congressman w. D.
Upshaw, a member of the commit
tee, a telegram received by him from
Secretary Houston, in reply to a
telegram he sent Wednesday night
protesting against the secretary's
announced policy that loans to farm
ers secured by their crops should be
curtailed
In this telegram Secretary Hous-
ton asserted that his recent state
ment had been misunderstood; that
he was not talking about loans to
farmers by the Federal Reserve
banks through members banks, but
was talking about the proposal for
the United States treasury to make
large deposits in the national banks
t ofinance exports, and for other
purposes; that he does not desire
and has not suggested a curtailmen&
of farm loans by the Federal Rer
serve banks, but on the contrary
wishes to see the banks continue
their established policy of making
! loans to enable the farmers to mar.
ket their crops in an orderly man
ner" ~"
The resolutions committee was
composed of J. J. Brown, Sonator
Hoke Smith, Congressman L. K.
Overstreet, w. c. Wright, d. Up
shaw, Charles H. Brand and Carl
Vinson; Charles 8. Barrett, ma.
tional president Of the Farmers'
Union; T. S. Johnson, Jefferson;
John NJ. Graham, Rome; A. v.
Hodges, Americas: Joseph Gay, Gay;
J. A. Moss, ignall; L. B. Jackson,
market bureau director; M. L. John
son, Gainesville; S. W. Dudley, CO.
lumbus.
Purpose OF Meeting
The meeting was called Jointly by
]. j. Brown, commissioner of agricul-
ture, and r. w. Mattox, president Of
the Georgia division Of the American
Cotton association. The object Of
the meeting was two-fold. t,t
First, to register a protest against
the assertion by Secretary Houston
that all farm products, including cot
ton, should move freely into the
the federal reserve banks should not
be expected to extend loans to farm
ers for the purpose of holding cots
ton to force up the price.
Second, to inaugurate a holding
of about twenty-five cents pound,
which represents decline of ten to
fifteen cents in the past ninety days.
Cost 80 Cents
Commissioner, Brown opened the
meeting with spirited address In
which he asserted that Georgia.
pound to, produce; that there is
absolutely no justification for a
heavy decline in the cotton market;
that Secretary Houston's statement
with the usual bear movement
which takes place on the cotton ex-
changes about this season of the
year, has forced down the price; that
bankruptcy would be universal in
the south if the farmers should UNI
load their crop on the market at
prevailing prices; that the Federal
Reserve Bank of Atlanta recently
assured him Of its intention to con-
tinue the handling of paper secured
by cotton warehouse receipts, but
apparently a different policy has
been laid down in Washington by
Secretary Houston.
Senator Hoke Smith was called on