Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-18
SATURDAY, SEPTEMBER is. 1890.
An Opti1nist and the Facts

Ol
r Federal Reserve Board and seeking TO
indicate its arbitrary restriction of credits.
governor w. II. q. Harding in his address
---,Hefore the Cleveland Chamber OF Commerce,
hooks with partial eye only the rosy
.ssde OF the industrial situation which the
noard's attitude has forced into existence
He only where extravaganza and
production OF nonessentials have been
-yseurbed while protesting to believe that the
Sproduction of essentials has been encour-
aged. Truth of the first part of his premise
80 may be granted, but only The most confirmed
..shnd uniformed optimist will concede the
latter
: The optimistic MIR. Harding asserts, re-
to the boards credit ruling that
swhile it has hindered the operation of GER
lain business classed as unessential, there
pas been no curtalment of loans for other
~ operations" Further along In his address
e 1f good cheer he contends that the Fed
lt.Aral reserve system is responding nde-
asoAuately TO the demands upon il for fnanc-
a-s.hg the agricultural interests"
Emphatic objection will be made TO Mr..
us-.{ iarding's statements in SO far us they con-
SS1sern noninterferencc with essential business
Hselnd adequate response 10 the demands of
The agricultursts. He elects to ignore
!. ifhe plight into which their failure to OBJ
tein credit has plunged the cotton growers
sss& the South. lie overlooks the fact that
back home with no further encouragement
- than the curt advice to quit their calamity
yowling, and offered them no hope beyond
|IAssacrihce of their crop at bottom prices,
;NS4 hich Will fail To cover the cost Of It's pro-
auction. All this Mr. Harding forgets
lie also oveSfOoksithe pred lea ment of the
St0bacco growers, who are little il any. bet
I. er OFF than the cotton planters, and face
decline in prices which spells ruin to
hundreds OF them. Even the reenforced
pets and figures supplied by Commissioner
Agriculture koiner, which prove that the
wv OF supply and demand is not function
SHg, may not be expected TO influence the
q GARD after its summary dismissal of tho
{ptton mems plea. And perhaps Mr. Hard
flg has not heard of the troubles of The
Z &outhern peanut growers, who, in the face
decreased production are being offered
trices so meagcr that to sell now would
, Pave them in debt. Certainly il was not
! = ignorance OF the facts that these grow
Eggs adopted resolutions condemning the
f--Aoard for it's failure TO extend proper cred
n for the moving OF farm crops" Those.
4 RESOLUTIONS fail 10 dovelail with his state
= Rent OF adequate response To agricultural
i emands.
=. 1t is also possible Mr.. Harding has failed
q learn of stagnatOn in the building in
!, nstry, and conditions in Richmond ara "a
q Rir example Of what exists throughout the
], Puntry, brought about by inability To OBJ
q bin credit. Surely proper housing is one
the essential industries
i MIR Harding should revise his optimism
Onward if he would keep within Tho
Z bets While the boards dcfation policy
~-.kas accomplished its object its failure Ia
4 $-Ecrlmlnate between essentials and nonc.-
Ssntials mas brought the country TO the
ferge OF q near-panic, and its refusal In
: recognize the Legitimate demands of The
kouth's agricultural interests is bringing
this section Of the country 10 a CONDITION
81 little short oil disastrous.