Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-05
NATION WIDE MEET
CALLED TO PROTEST
FARM CREDIT CUT
(Conttnued from rage -

through inability of producers to
market their products on account of
sistance, not to say governmental eff
fort to reduce prices On farm prod
ucts.
1.-THE Houston policy of discour-
aging exports and encouraging i'm
ports can only mean the artificial
ucts and putting our farmers on a
basis of cheap foreign labor.
I'm view of these conditions, we
feel it an imperative duty to meet at
this time, both to offer protest
aganSt efforts to n 6egtn
take definite steps to see that our
products. at the period of, harvest,
are not depressed to a point where
we shall have to mortgage our homes
and borrow funds to enable us to
continue to meet the world demand
for food and clothing
The Cotton Mass Meeting
The Georgia cotton mass meeting,
held in the state capitol Thursday,
was for the purpose of expressing
disapproval of the announcement by
Secretary Houston. of the United
States treasury, that the federal re.
serve banks should apply a general
ing the growers of cotton and other
by the drop in prices and unload
their products upon a Debated mar
ket. third, OF calling a nationwide
meeting of protest in Washington. ,
Already some favorable results OF
the meeting are apparent. Governor
Harding of the federal reserve hoard
in Washington gave the Associated
Press a statement on Friday that II
was not the purpose of the board TO
curtail farm credits. q. 80.
This statement bears out the pre-
vious assurances given by Governor
Harding to the farmers. it does not,
however, commit Secretary Houston
to the same policy. Secretary Hous-
tons announcements on the suoJect
of farm credits are the source OF the
mite statement from him making
clear his position
A direct request for such a state
ment was sent to Secretary Houston
on Thursday night by Congressman
Upshaw, of the Fifth (Atlanta) dis
meeting. and was a member of the
resolutions committee. He had pre-
viously sent a telegram, on Wednes-
day night, protesting against the
secretary's announcement construed
as meaning that farm credits must
be curtailed. Secretary Houston
sent a reply, declaring that he had
been misunderstood; that he meant
to say the United States treasury
could not make deposits of money IN
The reply to this telegram, sent Fri
day night by Congressman Upshaw,
was as follows:
Reply to Telegram
"Your telegram received and con-
tents carefully noted by myself and
cotton. mass meeting held here
Th 5I;dy Evidently your RE recent Ger
on our situation, but was miscon-
upon the price of cotton. What our
farmers wish is definite information
as to whether farm credits are to
be curtailed by Federal Reserve
"They neither desire nor intend to
hold their cotton for speculative
purposes. but. on the other hand,
they refuse to sell on the present
market aas fo below &c cost ae Of ed u h.
manifestly unjust to require them
to unload upon q Debated market
their principal money crop which
was produced upon inflated costs of
every item s entering into its produc.
Governor We1lborn that the well-es,
tablished policy of extending credit
on paper secured by cotton ware
house receipts is not to be altered by
the Atlanta Federal Reserve bank.
Contrary to this information
your recent statement was construed
as meaning that you would insist
upon a general curtailment of all
farm credits by the several eserve
banks. Your telegram indicates the
you were discussing a different mat
ter entirely. It further indicates
that you are not insisting upon cur
ter be true, public statement by
you making clear your position.
would, in our Judgment, to some ex-
tent repair the damage done by the
general Misrepresentation arising out
of your previous statement" M
ha liz liz.