The Washington herald., 1920-10-30
Delegates Here Favor Fight
To Force 30c Cotton
And So Wheat.
ONLY TWO DISSENTED
National Grange Delegate
Votes Against Holding
As Too Radical.

against the steady drop in the price
of farm products was launched by
the representatives. of millions OF
American farmers here yesterday
when resolutions were adopted by
the general conference of farm or
ganizations urging the formation or
gigantic holding movement for 50
wheat and 3O-cent cotton.
Two organizations alone dissent
ed from this program. National
Grange representatives regarded it
as too radical a step. The Ma
tional Farmers Council refused to
sign the report because the con-
ference refused to accept the offer
of organized labor and demand OF
President Wilson the granting of
shOrt-term credit for the marketing
of crops.
Houston Denounced.
The farmers also heard a denun-
citation Of the Secretary of the Treas
ury due to his suspension of the
activities of the War Finance Cor
pOration by Eugene Meyer. ir.. for
merly chairman. Meyer insisted
that it was time for the Treasury
( to resume operations of the cor
pUratiOn and place the several hun
dred million dollars available at the
disposal of American business men
and farmerh n
Hold your cotton and wheat.
men" was the advice given by
Charles s. Barrett. president of the
National Farmers Union.
The time has now come for ac-
tion. Since government has failed
us. We now ask that government
officials stop talking price decline
and give us a chance to help our
selves.
Wheat and Cotton Cited.
Il have positive information that
the worlds wheat situation is such
that very slight holding move
ment among American farmers will
lift the price of wheat know
that the world cannot go much
longer without Southern cotton.
1t is now a question as to
whether the Spectator or the
farmer will carry this cotton. The
farmer cannot afford to do other
wise this year.
The present price is so far under
the cost Of production that it would
bankrupt most Southern farmer
and merchant communities for US
to sell the crop now. The National
Farmers Union advises every cot
ton grower to hold back his cotton
for cost OF prductiOn."
Meyer BInmes Houston.
Meyer, in his speech, expressed
his support of the proposition ad-
vanccd by the farm organizations
for the restoration of the War FL
nance Corporations activities in
connection with assistance to financ-
ing experts of American products
Mr.. Meyer explained that although
the War Finance Corporation had
full legal authority to lend up to
$1,000. 100000 in aid of export trade.
this activity had been suspended at
the request of the Secretary of the
Treasury in May, after only s56.-
100000 had been so employed.
Meyer pointed out that the Sec
retary in May announced only a
suspension" not a cessation or
termination of the War Finance
Corporations activities and his use
of the word suspension" ought to
mean. if it had any meaning. that
in case of need the functions would
be resumed.
Wants Orderly Drop.
Meyer said he was for an orderly
dcfation but not for disorderly
collapse such as is now being ex-
perienced by the business Of the
country.
Nothing in the history of the War
Finance Corporation, said Meyer.
would warrant the Interpretation
put upon the intention of Congress
by the Secretary of the Treasury
On the contrary. it was an unusual
power. given for an unusual pur-
pose and the present unprecedented
condition OF the business of the
country demands that the powers
be used for the benefit of the entire
nation.
Denies Remarks.
The Secretary's statement" said
Meyer, lis full of important in
accuracies. 1t is to be regretted
that the Secretary emphasized again
in his address the fact that the War
Finance Corporation was war
agency.
The war activities of the War
Finance Corporation have nothing
to do with the case. The authorize
tion under which the power was
granted to assist foreign trade was
conferred upon it by an act of Con-
gress which the President signed on
March 3. 1919. almost four months
after the armistiCe.
while the Secretary INDUCES in
interesting generalization about as
sisting the gradual and orderly mar
keting of commodities and farmers
products. he refuses to allow one
of the most important aids in such
a process, namely, the functioning
of the War Finance Corporation.
On the general subject of financing,
the Secretary outlines program
which would be interesting if it
were possible, but he fails COM
pletely to realize that the revenues
of the country are bound to be af-
fectcd in the most adverse way by
the present deplorable agricultural
and commercial conditions"
New Pole-Lithuanian War Looms.
War is about to he resumed be-