Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-20
GBy Associated Press. J

10y ASSOclatcu PTsSS.J
WASHINGTON. Oct lS.-Discus-
ion OF Federal taxation revision and
financial relief for the agricultural
interests was pressed to the fore to-
lay before tho convention OF the
imerican Bankers Association. Sug-
:ested changes In tax laws were In
iefnitc, however, although some OF
hem probably Will be dealt with In
resolutions TO be considered Thurs
tny.
Secretary Morediths speech. plead
uE for II square denl for farmers by
he banking interests. opened the
way for several informal meetings
~ rural bankers. while none OF them
rystalllzed into n settled plan. Re-
,-escntatives OF bankers In the cot
on States decided upon n general
bass meeting for tomorrow night, at
which their particular difficulty and
hose Of their produccr-cus,omers
viii be taken up.
Robert Maddox. Atlanta banker. de-
Jared that the South was not near
Il SO broke as II has been made To
Dpear.' Banker and cotton produc-
r alike should take an offensive
athcr than a defensive stand. he
4 aid, and he predicted that the crca :
ION of sentiment Of optimism
,mong them would greatly enhance
often values.
Urges Export Corporation.
Mr.. Maddox. however. said he ap-
,rccIated the situation said to be fac
ng the cotton growers and that there
appeared to be no hope for help from
he government. He suggested the
ormation CT great cotton export
corporation proposed for the South
.rn States by Governor Harding. OF
he Federal Reserve Board. year
$50. saying this seemed to be the
,niy practical solution.
Tho tax question came up in the
sectional meeting OF the trust COM
,any bankers. where Lynn V. Dink-
MS. New Orleans. president OF the
group. said he believed present tax
avs placed a handicap on CONNER
;iai pioneering and acted as brake
IN business.
1T is, of course. necessary" Mr..
Dinkins said. TO raise by taxation
efficient income to pay the current
Expenses OF the government. interest
|,n the public debt and provide a
reasonable sinking fund to be used
| II liquidating the public debt. There
an be little discussion about that,
nut the sources from which this in
.ome is derived is n different sub
|oct.
In the judgment OF the most able
Ir.en. tho methods in use at present
I,rises and. therefore, retard the de-
'clopment Of our country. 1t discour-
,ges the efforts of adventurous men
endowed with initiative and self
reliance who would otherwise and
Under conditions be inclined to under
Lake engagements which would result
In an increase in the country's
|"ealth. or course, such undertake
| |ngs would pay in taxes portion OF
heir earnings. but the amount taken
Ihould be so graduated that a con-
Iteration OF it would not chill en-
husiasm."
MIR. Dinkins said no believed there
vas widespread disposition"
.mong both bankers and merchants
o cooperate in an orderly liquida-
ion OF outstanding credits. He be-
ieved that the bankers should not
,esItato to increase their credit ex-
ension to solvent customers when
hat method would. in the end. aid In
cducing ultimately the amount of
unds tied up by completion OF manu-
acturing programs. II the recent
rop In prices was accepted as a fore
ast of what Is in store for the future,
said, "the question OF dehation
ill be settled without very much
dvice or assistance from the bank
RS"
Savings bankers. who met also as
sectional group, Joined with men,
(continded on Second Page.)