The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1921-06-30
COTTON AND SUGAR
TO BE PROTECTED
Administration Mobilizing Banking
Credits to Carry Over Surplus.

washington, June 25-EffOrtS are
being made by the administration to
mobilize banking credits for carrying
over surpluses of the country's cot
ton and sugar, Secretary Hoover dis
closed today before a Senate commit
tee. The object is TO prevent a
forced liquidation of these commodi-
ties he said. and the plan under con-
sideration is identical with that car
ried out i'll the cattle industry.
The Commerce Secretary, who call
ed to give his views on the Norris bill
to create s1OO.OOO.OOO government
farm export corporation, told the
committee he did not favor the meas
ure.
Il don't want to appear to depre-
cate any proposal intended to assist
the agricultural industry" Mr.. Hoov-
er said. because the situation today
which has reduced the purchasing
power OF the American banker 81 per
cent has put him to the most serious
duress agriculture has ever had to
face. The situation is the most acute
and dangerous in the country at the
present moment. Yet I cannot feel
that the extension of further credit
facilities for the supply of food pro-
ducts to Europe would give any ade-
quate remedy"
Billion Dollars i'm Food.
While sixty million Europeans still
are under food restraint. ratIoning
or similar systems" Mr.. Hoover said,
Poland. Austria and lin minor de-
gree. Czecho Slovakia." were the only
countries who're diminished food
supply might result from failure of
credits. European harvests. general
ly good. he said. might be sufficient
u meet their needs. but that i'm any
case thirty million bushels of wheat
was al that would be involved. He
added that Europe found the money
somehow TO take billion dollars i'm
rood from the United states in the
last eleven and half months"
AS to cotton, however. the prob
lem of disposing of our surplus is
much more serious" Mr.. Hoover con
tinued. because experience has dem
onstrated that the government and
the peoples will secure their food
but that they will cut in textiles.
live at Home.
There is a marked tendency in Eu-
rope to live on their own food re-
sources, and make their harvests
stretch as far as possible through the
year which indicates that the Ameri-
can farmer must carry hereafter his
crops for longer period through the
year because the European demand
VIII only come at later months.
We are trying to set up such ma
chinery as will prevent forced lloui-
dation in cotton and sugar and ne
gotiatlng through the banks of the
country. If this cannot be done
through the mobilization of private
banking capital in such a way as to
avoid putting the burden on the gov
ernment. why then we may have TO
call on the government.
Happily there is a short crop OF
cotton this year. and there have also
Deen artificial conditions which have
depressed the market such as the long
strike In England and the reparations
discussion with Germany which
worked TO cut our cotton eynorts
yet the shelves of the world are
growing bare of textiles. and we can
nope to carry over the surplus until
iC can be sold at satisfactory levels
similar situation exists as to grain
out II is not so mark ed"