Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-12-11
An Inv;t;ng Obbortun'ty to
Hasten Southern PROSPERITY

r his interesting address to the Tri-
State Credit Mems Conference at Ma
con Mr.. Joseph A. McCord, chairman Of
the board of the Atlanta Federal Reserve
Bank, cogently presented the claims upon
Southern interest of the organizations being
formed under the Edge Act to facilitate for
eign sales of American products. cat this
particular moment" he said, these cor
porations mean more to the farmers OF the
South than any other one thing, and l can
not urge too strongly the necessity of their
support. All classes of Southern business
men must get behind them and help them
to function properly, so that prosperity may
be insured for all times"
Certainly the Federal International Bank
ing Company, which is the institution de-
signed especially to promote the export trade
of Georgia and neighboring States, deserves
the support of "all classes" of this region s
business interests, not simply that of bank
ers and certain groups Of merchants. For
while the business of this company will
consist largely in financing cotton sales to
overseas markets, it will render like service
to other fields of production as well, notably
to those of lumber, of rice, and of manu-
featured articles, and in one way or an
other will benefit every realm of our indus
try and trade.
If cotton exports alone were to be stimu-
lated still the company would merit hearty
support from the business as we'll as the
agricultural South. Whatever quickens and
expands the marketing of regions chief
money crop will make for general prosper
;ty; and that is just what the Federal In
ternational Banking Company will do. Had
it been operating at the outset of the pres
ent season, the misfOrtunes of cotton and
their i'll effects upon business at large prob
ably would have been averted, or at least
greatly softened For at the very time the
American market began to grow sluggish
and to decline, there was a demand in con-
tinental Europe for millions of bales-a
latent demand, it is true, and without eff
feet upon actual conditions in this country,
but nevertheless representing real want
and susceptible of beinS turned into a real
stimulus to trade. Lacking gold for cash pay
ment and lacking also proper credit accom-
mOdations, the European countries in ques-
tion could not buy our cotton. although they
needed vast quantities of 1t for their idle
mills and easily could have paid for it if
helped to get industrially upon their feet.
Now, as one of the purposes of the Fed
eral International Banking Company is to
provide credit facilities for just such cases,
the sooner it can be put into operation, the
better for the Southern farmer and for the
great community of interests which are more
or less dependent upon his prosperity. In
deed, the common interests will be served
not by this company alone but by the sew
eral others being organized to expedite the
sale of American products which other coun-
tries need but which they are narrowly re-
stricted in purchasing because of a lack of
reasonable credit facilities The Edge Act
was passed largely for the purpose CT en-
abling American business to solve problems
and seize opportunities of this very nature
Its valuable provisions should be turned to
prompt and practical account by Georgia
and the South.
If these aids to export commerce are es-
tablished and if the eligible banks not yet
members of the Federal Reserve system,
join it without further delay and thus in
crease their means of serving their GUS
toners and their communities, many an anx-
ETY. that now beclouds the future will dis
solve in mists of gold and the South's pros
oects will loom brighter with every dawn.