The Covington leader. (Covington, Tenn.) 18??-current, 1920-11-25
FINANCIAL LEADERS
SEE HOPEFUL TIMES
THINK DEPRESSION WILL NOT
BE LONG CONTINUED
Letters Of Great Significance Re-
ceived BY Coy. WeIIborn, Of the
Federal Reserve Bank From FL
nancial Leaders Of the South.

ceived BY Gov. WelIborn, Of the
Federal Reserve Bank From FL
nancial Leaders Of the South.
Financial leaders Of the South do
not look upon the present period Of
deflation and REIMBURSEMENT as a nat
sonal disaster On the contrary, they
consider it an inevitable process,
which Is the necessary preparation
for sound growth and prosperity.
They do not expect a prolonged de-
preston and some Of them predict,
oaite definitely, q turn for the better
with the beginning Of the spring sea
SON.
A number of men, eminent in bust
ness and finance, have expressed
such views in letters to Gov. M. B.
Wellborn, Of the Federal Reserve
Bank, written in reply to the fol-
lowing letter written by him;
Gov WellboFn's Letter
my Dear Sir-In period Of re-
adjustment, which is always accom-
panied by Inconvenience, strain and
some losses, It is a great help to the
people If they are animated by q cour-
aQe0us, cheerful and patient spirit,
with d disposition toward mutual
helpfulness and cooperation. In such
q crisis It is to them what morale is
to the soldier and brings the same
splendid results.
@The superb spirit which animated
our people during the war, neIved
our soldiers for every conflict and
made them cheerful under hardship
and suffering will bring us safely
and triumphantly through these try
Ing times.
''In order to cultivate such a spirit
would like to send out broadcast
over the district some brief but
strong statements by leading men
whom the people win hear and follow.
let as crystallize public sentiment
that meets the emergency in manner
creditable to the south and the ma
zion. Our section has been very
prosperous for the past few years,
and surely 1t is in good condition to
meet the present time.
ITO this end / shall be pleased. to
have from you at your earliest con-
venience a letter expressing your
views on the situation and the best
way to meet it.
Tenor of the Replies.
The replies came from the states
composing the Sixth Federal Reserve
District Alabama, Florida, Georgia,
part Qf Louisiana. Mississippi and
Tennessee.
In Florida, where they have a sue
cession of cash crops Of fruits and
vegetables, reinforced by the phos-
plate industry, the problem of fl
naRcing the cotton crop is hardly felt,
and as prices Of vegetables and
fruits have been good, the state is in
q comparatively comfortable con-
fition
Without exception, the writers of
these letters express q feeling OF con-
fidence and hopefulness. With a
clear view Of the situation, facing its
difficulties frankly, the manifest
calmness, courage and strength, with
a cheerful confidence In the ability
Of the people to meet and solve their
problems.
Several of them emphasize the
fact that with larger resources and
greater reserve power the South,
Ike the rest of the country, is greatly
strengthened by, the Federal Reserve
system, which enables sound business
10 pass safely through trying
period. which, under our former I'M
elastic financial system. might have
resulted in disaster
It IS 3 noteworthy fact that Mr..
Mason Smith, Of New Orleans, one
Of the largest cotton men In the
South. who has to deal with the IL
nancial problems Of that crop, takes
4 hopeful view Of the situation. It
is also worthy of note that several
Of our leading financiers express the
opinion that the period Of deflatiorl
Is nearing its end, and one OF the
most eminent of them, DR.. T. II. |
Saunders, leading financier of New
Orleans. predicts that this process
will be practically completed in the
South by March /, and that thereafter
NJ be ready to start out success
fully on solid ground.
\ Taken Us whole, these letters
show that the business leaders of the
South are meeting the difficulties
of the readjustment period in the
same splendid spirit which character
ized ell our people during the war.
They are ready for the sacrifices or
temporary inconvenience which the
situation brings upon us and show
the kind of cheerful and clear-headed
courage, which always wins. With I
these qualities thew manifest fine
spirit of cooperation ard willingness
to sshelp the other fellow" provided
the other fellow will help himself.
nEATH 0F MRS LILA RALPH