The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-10-15
Plan to Take Case Directly to White
House and Place it Before
President Wilson.


against the currency defation policy
Of the treasury department on the
ground that farmers generally faced
heavy losses unless the downward
trend of prices of farm products was
checked were taken here today by a
special meeting Of agricultural in:
terests called by the American Cot
ton association.
Senator's Overman of North Caro-
lima and Harris of Georgia, who are
connected with the movement, called
at the White House to prefer re-
quest for the conference with Mr..
Wilson and his cabinet and were
told by Secretary Tumulty that they
would receive an answer from the
president tomorrow morning.
The senators laid stress upon the
necessity Of prompt action as the
regular full conference of the fed
eral reserve board and governors OF
the various reserve banks also is
scheduled for tomorrow. The ques'
ton of interest rates, it was said
would be considered at that confer
ence and the agricultural representa-.
tives gathered here declared tney
wished to present their views on the
whole question of crop financing be-
fore action was taken by the fedora
authorities.
Speakers at the meeting before
adoption of the resolution proposing
to take the problem to the president
personally repeatedly denounced the
defation policy of Secretary Hous
Farmers, stood to lose billion:
ur4ess the government acted tt
check the fall of prices, they de-
clared, adding that in many cases
market prices were row below ths
actual cost of growing. The result
would be greatly decreased produc
ton next year, they said, if means
to remove the situation was rot
found.
Mcswain Takes Hand.
A charge by Former Senator Mar.
ion Butler of North Carolina that
there was a conspiracy of officials
to force down the price of agricul,
tural products brought a protest from
John j.. McSwain of South Carolina
81 can not believe one of them cap
able of conspiring to rob his fellow
man. said Mr.. McSwai1. Il be-
licve, however, they made an error
Of judgment. Let's reason with them
and see where they have made a
mistake
J. J. Brown, agricultural commits
sioner of Georgia, and Senator E. D.
Smith of South Carolina also pro-
tested against a statement by Mr.
Butler that the country was about
to face a panic as result of the de-
flaticn policy. Senator Smith said
there was "crisis but no panic"
A general committee composed OF
representatives of each agricultural
organization attending was named to
draw up statement to the public
presenting the plight of the growers
in declaration of principles to be
adopted by the conventions. A reso-
luton calling for the pooling OF low
grade cotton under a selling commls-
sion to handle exports sales went to
special cmmittee on cotton.
Senator Smith suggested that the
farmers find out their legal rights
under the reserve system and demand
them.
"If 40 cent cotton is profiteering,
if SO wheat is speculating, who say
it is?" he demanded. "Who IN
America gives any one the legal
right to fix the price of anything
The senator said he did not see
any authority in the federal reserve
act for contraction of credits.
81 don't believe the law gives any
administrative officer the right to
say what kind Of business shall have
credit and what shall not" he as
serted.
Smith and Wannamaker.
Declaring that the New York re-
gional bank had made 200 per cent.
profit when the law allowed it only
6 per cent, Senator Smith said they
are robbing US in interest to pay
taxes"
"Just let this situation continue, ="
said the senator, "and let the wheat