The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-06-10
WANNAMAKER BACK
FROM NEW YORK


dent Of the American Cotton asso'
citation, on his return yesterday from
New York, where he attended the
conference of the various lines OF
cotton industry, gave out state
ment saying that he had requested
congress to use funds now on de-
post in the United States treasury
which accumulated through the sale
of cotton seized by the government
during the Confederate war on a
tax afterwards declared unconstitu-
tional be utilized as a revolving
fund for the purchase of cotton until
the markets can be opened for the
same. He also said that the request
Of the conference for a 5 per cent
discount on commercial and agricul-
tural paper and renewals of loans
ON agricultural products had also
been laid before the government. Mr.
Wannamaker's statement follows: i.
l'In compliance with the resolution
unanimously passed by the confer
ence in New York, asking the feder-
al reserve banking system to grant
more liberal extensions of
credits and rediscount rate Of not
exceeding S per cent, on, CONNER
ciai end agricultural paper, and re-
newals of loans on agricultural pro-
/ ducts s-inclkaing cotton-urttil the
export markets can be opened up
for the same, this request has been
laid before the president, the ma
tional officials and congress.
tJn addition to this, have laid
before the national officials and our
law making body, a request that
the funds now on deposit with the
United States treasurer, which accu-
mulated through the sale Of cotton
seized by the, United States govern
ment from planters and from ,busi-
aeas men, in the South during the
Var Between the Sections on a tax
afterward declared unconstitutional
be utilized as a revolving fund for
the purchase Of cotton until the mar
kets can be opened for same.
E stsIt thas also been urged that the
alien property fund on deposit with
] the treasury department seized
during the world war he loaned to
/ be. used for the purchase of cotton
I'M connection with the fund from
!, cotton seized during the War Be
tween the Sections. It has been point
ed out that unless relief is speedily
extended the loss of two billions of
dollars to the cotton producers of
the South, which is net loss based
upon che actual cost Of, the 1920
3cotton, crop, will seriously affect not
only Che agricultural and entire
nation.
\ orhe English government, in ad.
ditoin to guaranteeing IS per cent
of the loss of exports since 1914,
has been using all means for encour-
aging exports, opening up foreign
markets, and building UP foreign
trade, and has been purchasing
Egyptian cotton direct, which action
has resulted in bringing great re-
lief to the Egyption cotson-grower,
the English government having an
nounced the policy Of continuing to
make these purchases until cotton
reaches the price of the cost of pro-
duction. In addition to this, the
English government is granting
loans Of 80 per cent. OF the value
Of the cotton and is extending lib
eral loans TO Egyptian cotton grow
efs. -.
1.-THE use of the funds which accu-
nulated from the sale Of the cotton
seized during the War Btween the
Sections, for the purpose of bringing
relief to the cotton producers OF the
South, under the present distressing
financial conditions, would bring
direct relief to the people Of the
South and indirect benefits to the en-
tire nation, and could not be used
for a better purpose than to re-
heve the very people sto whom the
money rightfuily belongs.
EVERY vestige Of sect;onalism