Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1920-10-13

OF FARM MIND
THREATENING
Houston And Harding
Denounced For State
Ments On Prices

WASHINGTON, Oct. 13.-Gen-
eral bankruptcy and ruin is inevita-
BILE, unless some immediate remedy is
found to relieve the present price
situation as it affects the farmer, saws
report submitted to the agricultu-
raj conference here today hy the
general committee appointed to stu,ty
the sltuatiLp The report Was adopf
- wit: i, q dissenting yu.e.
The committee blames the federal
reserve system for present prices.
charging it has arbitrarily withheld
from assisting the basic industry of
this country to maintain a level of
prices that will at least meet cost
of production" Declaring that the
condition of mind of the farm pouu-
iatlon is "omnious," the committee
says: "This state of mind can only
be changed by frank and fair atti-
tude on the part of those in author
lty, tests of which can only be their
acts"
The committee says at is wrong
as a matter of policy, artifcially to
press down the prices of commodities.
and 1T is particularly wrong TO be-
GIN with raw commodities, for such
program inevitably forces upon the
producer the heaviest burden of re-
construction and readjustment." The
report condemns statements given
out by Secretary of the Treasury
Houston and Governor Harding of
the federal reserve board, and saws:
The committee feels that these
oiflelals OF the treasury and federal
reserve system have exceeded their
authority when they publicly an
nounced their opinions as to prices
OF farm products, which have result
ed IN disastrous nrice decline"
The committee further reports II
IS OF the opinion that the Functions
of these institutions, as expressed bv
law, are to discharge the duties i'm
posed on them by the law and the
spirit OF the law, regardless of what
erect this may or may not have upon
the markets of the country and the
prices of commodities. We believe
the rate of discount should be de-
termined by the character of the pa
per offered for discount and bv the
aggregate earnings of the federal re-
serve system and that the rate
should not be used as a weapon to
debate prices or discourage proper
loans and commercial transactions.
We, therefore, insist that the federal
reserve officers and officers of the
treasury shall discontinue and desist
from issuin~ statements of their
opinion as to prices, and their atti-
tude toward the trend of CONNER
cial events"
The cotton farmer of the South
should not jeopardize the agricultural
and commercial interests of the
country by planting a large crop of
cotton next year, unless conditions
faterially improve, it was recon-
mended in the report of a special cot
ton committee adopted by the con-
terence. The committees recon-
mendation that no cotton be planted
next year if present conditions con-
tinue, brought lively fight. A sug-
gestion to defer action on thc report
until after the conference with the
federal reserve board this afternoon
was voted down.
The representative of the agri-
cultural interests meeting here to de-
wise means of checking the down
ward trend of prices of farm prod
ucts were hopeful that President Will
son would give audience during the
day to committee which planned to
protest to him against the currency
defiation policy of the treasury de-
partment. The request for confer
ence, with members of the cabinet
participating, was made of the presi-
dent Yesterday by Senators Over
man, of North Carolina, and Harris,
of Georgia, acting in behalf of the
Farmers organizations represent
ed at the meeting.