Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-16

Washington that prices ire going to
| break and the member bank natural
ly holds it's money waiting for bot
| tom prices?"
"Take that up with whoever made
| that statement" said Governor
Harding. 81 did not make it. The
| orderly marketing"
Does that mean selling below cost
4 of production?" inquired L. B. Jack
son, of Georgia.
Orderly marketing" said Cover
halfway and selling even at a loss.
In the end the average price will
pull you out. Keep your products
| going and do not attempt to hold the
whole thing back and to borrow
money that will tie the whole crop
up"
| Governor Harding informed the
| farmers conference committee that
he was a southern man" and thor
oughly in sympathy with the pres
eelnt predicament of farmers, but that
there were certain legal restrictions
regarding the functions of the fed
eral reserve board.
"All the abuse and criticism di-
| rected at the federal reserve board
does not affect me any and neither
farmer" said Governor Harding
THE policy of the board has been
| grossly misunderstood and in some
cases grossly misrepresented. This
board has attempted no policy of
defation. 1t, is true that in the war
rates to aid in the floating of gov
eminent bonds. The interest rates
| were raised last January. Meanwhile.
we have tried to stop speculative
loans and to curtail the loans on
Liberty Bonds and have brought
q q nf oh
600 in bond loans during the last
year, and brought about q reduc-
ton of about billion in speculative
loans.
you must recall there has been
a great cry in this country about
| the high cost of living, and the over
all movement, as I recall, originated
somewhere down south. Probably 1t
should be admitted that prices were
too high during the war period Ind
that they ~ are too low in some IN.
that down in my section the night
riders are operating, and how can
you ask us to restore confidence?
Folks are not anxious to loan money
IN communities mites where this night
Hoke Smiths View
Senator. Smith. Of South Carolina
who was introduced by Senator Hoke
Smith, of Georgia. in charge of the
arguments for the farmers confer
ence committee. had previously OBJ
served that in the south banks were
chary about. and in some instances,
refusing farm products loans.
This condition is natural" com
planned Senator Smith, when men
in high places here in Washington
are issuing statements that the pea.l
prices are bound to fall, and when
nothing is being done to help the
poor devil who is producing"
Senator Smith said that a manu-.
facturer might reduce prices and
pass the burden along to some one
under him, whereas a farmer when
hit by ruinous prices must stand it.
alone
The conference at the treasury de-
partment with Governor Harding,
be present., followed a day of intense
oratory at the second session of the
farmers conference.
Barrett's Warning
The climax of Wednesdays ses-
sion was reached when Charles S.
&2i2a. exclaimed:
"Unie,ss We get relief. hell is go
Ing to break lotAsc Il. this country. I
am not radical, but a conservative.
warn anybody, but I warn you that
something is done here today, and
L say let her come"
Previous to this the conference
had adopted resolutions strongly
condemnatory of Secretary Houston
and the reserve board for restric-
ton of credits and for issuing state
ments bearing on prices of commod-
tiles with which latter, it was con-
tended. the board had nothing, to do.
Previous to this, the special cot
ton committee had presented the rev.
pulmonary suggestion that no cot
ton be planted next year unless there
was change in presnt conditions
as to finances. This resolution was
finally toned down to call for a re-
auction OF acreage dependent upon
the price Of cotton at planting time,
and urging minimum use of fer
tilizer.
The conference had also adopted
resolutions denouncing Secretary
houston and the. federal reserve
board for usurpation of authorize, in
considering the price Of commodi-
ties and unjustified restrictions Of
credits for agriculture The confer
and the board to cease issuing state
ments relative to prices and to con-
Tine their activities to passing upon
seiiiglnillty of paper offered for re-
The. special wheat committee pre-
sented resolutions, which were also
adopted, demanding federal assist
ance In financing wheat farmers in
aeoololng their crops for price of
SO bushel.
SAYS PRICES WILL RISE If
BOARD HEEDS FARMERS
CHICAGOO, Oct. .14-Prices of
necessities will soar to new high
Ilgures In case favorable govern
mental action is taken on demands
OF farmers in Washington for low
er1ng of the federal reserve board
redlscount rate and expansion of
credlt, grain men here predicted.
II the government acts favorably
on the farmers demands it . will
mean high prizes again." said How
ara Jackson, a mmber of Jackson
brithers, grain firm.
The result would be disastrous
It would check the present price
decline"
Seven Killed n RIaet