Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-21
THINKS PRESENT
DEFLATION WILL
PROVE BLESSING
Editor The Atlanta Journal:

Editor The Atlanta Journal:
I write as a farmer. All my re-
sources for living come out of the
soil. have been watching the trend
of events in the commercial and in
dustrial world with much interest.
realize as much as any one the
disastrous consequences which must
necessarily follow the inevitable de-
flation which is upon US. But 1 can
not for the life of me see the good
judgment in the propaganda that is
before the federal government today
purported to be in the interests of
the agricultural world. Any thinking
man, be he farmer or manufacturer,
could but know that such deflation
and such reimbursement of prices
were bound to come sooner or later
as the after effect of the world war
initiation, and that no human agency
could regulate its coming or name
the interests which would be i'm
mune. The sure fact that this de-
flation has come on us suddenly and
the boil weevil and the peach wee
vii, is no reason. why we should
place the responsibility upon the
United States treasury or the re-
serve bank. The truth of the matter
is we became intoxicated with pros
perity and profiteering and forty
five cent cotton and the SOLDERING
thoughts and feelings.
am unable to see wherein the
position taken by Secretary Hous-
ton is not sound financing. I am
opposed to paternalism and class
legislation at any time and in any
shape. In the face of all this ,propa-
ganda about government help for
the farmer to hold his cotton, the
truth is any cotton grower in Geor-
gia can store and insure his cotton
and obtain q loan through his local
bank from the reserve bank up to
80 per ce&t of it's value. No action
or word of Secretary Houston has
brought about this deflation. 1t is
one of those inevitable results of a
top heavy initiation, over which no
human agency had control. We were
living and moving under conditions
which were unsafe and unhealthy
and we could not have lived much
longer under them. This deflation
is tough and sudden, but it may be
that such experience is necessary TO
bring America and the world to their
senses and place the commercial and
industrial world upon a sound basis
again. Nothing save the greed, self
ishness and sin of human nature
has brought about conditions which
made the reimbursement and recon
struction of values inevitable, and
but for the reserve banks there
would be a disastrous panic.
Perhaps the failure of the con-
gress to settle our international re-
lations has had much to do with
the situation, but my observation
has been that it is difficult to get
any sane legislation in a presidential
year, when politics and not common
sense dominates and controls human
action. Much as may be .deplored
this sudden deflation, and disastrous
as may be the consequences, sooner
or late rit will be realized that our
experience of today is the salvation
of. GU rnation and a blessing in dis
guise. A little patience, little
Christian charity, a little fellow feel
ing infused into our agricultural
industrial and commercial activities
will bring us through the present
ordeal a better, more harmonious
and happier people.
A. o. MURPHEY.