The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-09-17
NOT TO RESTRICT
CREDIT ON CROPS
HARDING SO ASSURES COTTON
ASSOCIATION MEMBERS -
TALKS WITH FARMERS. WAN
NAMAKER, MANNING, DIAL
AND LEVER SEE FEDERAL
RESERVE HEAD. '.. -,

IS. Wannamaker, president Of the
American Cotton Association;
with former Governor Manning,
|Senator Dial and Former Congress-
man A. F. Lever of South Carolina
and more than so members Of the
association residing in the different
cotton growing states, today con-
ferred with W. P. G. Harding, gov
ernor of the federal reserve board,
relative to taking care of the cotton
situation.
The entire membership of the as
sociation has for some time past
realized tht unless something could
be done to take care of the present
situation, with big crop coming on
the market and the surplus Of about
100000 bales Of last years crop
still on hand, there would necessari-
be very low price for this
years crop. After today's confer
ence with Governor Harding the
situation seemed to be we'll in hand.
Governor Harding in his remarks
to the committee this morning as
sured them that he realized the
eriousness of the situation, that he
had been in touch with the, Washing
ton representatives of foreign gov;
ernments who want our cotton, and
that it never will be the policy Of
he federal reserve board to re-
strict credit on agricultural pro-.
ducts. It was the consensus Of opin-
ion at the conclusion of Governor
tHarding's remarks that much of the
misapprehension existing with re-
gard to the policy Of the board had
been dispelled and it seemed to be
the opinion Of the members Of the
association that business in all lines
would now rebound. =. -
The leaders in the cotton asso-
citation, after they heard Governor
Harding, seemed to be well satisfied
with the situation,especially regard
| ing the policy of the federal reserve
,ord, as stated by him, not to re-
trict agricultural credit.
Washington, Sept. 16.-Requests
the Ameican Cotton association
or governmental aid in financing
he marketing Of the cotton crop Of
he South were denied today by
Governor Harding Of the federal re-
erve board. -.
The representatives Of the asso-
iation asked extension Of credit on
otton loans estimated at approx
nately s5O0,O0O,0O0 in order 10
,errit growers to hold their cotton
nd prevent dumping on the market
t loss. ..
The solution of the problem fac
ng Southern cotton producers, Gov
rnor Harding said, lies with the
roducers themselves and in their
ONE banks.
"Go back home and tell the peo-
lie to quit talking calamity" the
governor declared, suggesting that
the cotton men sell their high grade
stock to meet demands as they :
arise, which would enable them to
gradually liquidate their debts, and
hold their low grade cotton for a
better market. D.. ...
The federal reserve board is keen =
" alvie to the Importance Of doing
verything to sustain agriculture IN
all sections of the country the gov
ernor told the association members
but he added the board was not au-
thorized to deal in prices though it's
.tions might have an effect upon
lem. Recent estimates of the value
This Years staple crons are $22,-
600 100000, the governor stated,
and expansion of credit to assist
producers in all parts of the coun-
try would mean about S3,0Oo,O0o,-
NG1 in loans.