Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-18
GOVERNOR ASSERTS
FARMERS OUGHT TO-
INSIST UPON RIGHTS
Urges "Unyielding Front"
Against Federal Reserve
Defiation Policy.
BREAKS ECONOMIC LAW, HE
TELLS TOBACCO GROWERS
Delivers Address at Meeting of
Planters From South
crn States.
WARNS or "vICIoUS CIRCLE"
High Prices Follow Credit Limita-
ton, lie Says, Because OF
NonprOtluctiOn.
BREAKS ECONOMIC LAW, HE
TELLS TOBACCO GROWERS
WARNS or "vICIoUs CIRCLE"
High Prices Follow Credit Limita-
ton, lie Says, Because Of
NonprOtluctiOn.

Vigorous appeal TO farmers 10
stand together for their rights"
against the deflation policy OF the
Federal Reserve Board was made by
Governor westmorcland Davis yes
terday at conference OF tobacco
growers from the tobacco producing
states o. the South In Murphy's llo-
tel.
because OF conditions familiar to
us all the currency has been trc-
mendousiy Inflated. and suddenly II
is now proposed 20 make this nfty-
cen, dollar IA dollar dollar" he de-
clared. 1T is like trying 10 debate
Il toy balloon by smacking II rather
ihan by gently letting out tho gas.
TOO rapid denation is as dangerous
as too much imitation.
Says Dcnntlon Too Rapid.
Economic laws are being violated
by a TOO rapid denntion. The war is
soon TO he declared Off by resolution.
and a man can then speak his mind.
The people who so patriotIcally con-
irIbutcd to the winning OF the war
should be protected in this new
found peace. The government must
establish markets. You've got Ger
tain rights in this country which you
should insist upon. il would be "a
mistake to attempt to fix rcdiscount
rates by statute. as IL might then
become as much too low as II is now
TOO high The rate Of the regional
banks should be so revised that mem
hcr banks can make "A eair profit and
cGn proceed with renewed confidence.
Loans should be made first to those
hardest pressed. We will 70 forward
when the voice of the farmers or the
United states is expressed as unit.
and when we present Il firm, unyieid
ing and courageous front.
when you limit credit you enter
at this time on what / term a vicious
circle. The farmer curtails products:
tho manufacturers shuts down. and
oyu form a scarcity. Then high prices
come again from nonproduction. AFT
or an Intervening period Of dcsola-
tIon. You are creating discomfort at
"a time when the world is shaken and
people are still suffering from the
unhappy effects OF great war. l
do not want the people 10 create dis
order and then call on me as Cover
nor To restore order.
Farmers Face Huge Loss.
Aaron shapiro attorney for four
teen cooperative growers. exchanges
in California, spoke also. saying
farming interests face loss Of from
$4,000. 100000 to $4,000, ,0oO. 900. He
told OF the work in California and
gave advice on the forming OF group
marketing.
Temporary officers for the confer
cncc chosen were: DIR. j. y. Joyner.
of LaGrange, y. c., president: J. II.
Warren. Danville. Va. vice -presi-
dent: Il. G.. Moss. of oxford. " c.,
secretary; w. Il. Ogg. OF Danville,
Va. assistant secretary.
Representatives attending the con-
ference are: NJ. o. Wilson. KeysvilIe,
Va: T. T. Bondurant. Rice. Va: j. II.
Quiscnberg. Fredericks Hall. Va; DR..
Clarence Poe. Raleigh. y. c.: Dr B.
III. K!lgorc, Raleigh, y. c.; T.. l..
Carr. Wilson, y. c.: T. B. Young. Tim
monsville. s. c.; Dr. w w. Long.
Clemons College. s c.: Bright Will
liams, Darlington. S. C.
The final days session will open
this morning at o'clock in the ho-
tel. probably finishing some time in
the early part OF the afternoon.