The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-03-29
HARDING PROMISES
TO MAKE INQUIRY
DESTROYS OF EXTENDING AID
TO FARMERS
President to Ascertain if Europe Can
Purchase Cotton With
Credit.
Hugh w. Roberts in The State.

Nv dSlllIlStoli, Md1Cu Hf' iS'iuStts
Harding today transformed conven-
tional expressions of sympathy for the
plight of the cotton producer of the
South into a promise to secure in his
own name the requirements of Euro
pean markets and just what quantity
of the staple they would purchase If
granted long time credits.
AS result, there will be no longer
speculation as to what relief Europe
could offer were it in position to buy.
This agreement of the president in
dicates not only his interest in the
South and the financial condition, but
is, in the opinion of Southerners IN
congress, the most significant devel-
opment in the recent calamitous his
tory of agriculture.
The statement of the president
proved the climax and conclusion of
a highly intelligent investigation into
the entire cotton situation conducted
by Representative W. B. Oliver OF
Alabama. After interviewing Secre-
taries Hoover, Davis and Mellon; W.
P. G. Harding, governor of the fed
eral reserve board; Senator Mclean,
chairman of the committee on bank
ing and currency; D. P. Lippitt, inter-
nationally known exporter Of cotton,
and various representatives of the
producers, Mr.. Oliver found it neces-
sary to develop the truth in the gen.
eral understanding that, if Europe
could buy, it, would transform exist
ing ing cotton from pfof1tless eofn-
modify into staple of infinite value.
He called on the resources OF the
president. #G
Oliver Sees President
81 informed Mr.. Harding" said Mr..
Oliver, ssthat it was necessary that 1t
be made known whether or not Eu-
ropean markets" were actually de-
mandine cotton, land whether or not
they would buy in great quantities
were they given line of credit. l
found the executive deeply interested
and sympathetic. He declared that
the plight of the cotton producer had
already received the attention of his
cabinet. When I indicated that by
NO other means could the real facts
be developed so quickly as by dl-
rect inquiry in his own name' the
president agreed to act immediately
as requested,
ssThere is difference of opinion as
to what Europe would do if it could.
We are informed by certain lndlvld-
uals that if America gave credit %
Europe the countries thereof would
buy to such extent that all surplus
cotton would be exhausted. On the
other hand, I have the testimony OF
D. H. Lippitt, long experlencod IN
exporting cotton, and factor with
connections in all Eropean countries
that the demand is not excessive. He
states that England and France IN
1920 bought more cotton than they
required, and that the only inquiries
regarding the new crop we're from
Germany and Czecho-Slovak'a. Mr..
Lippitt adds that the demora'i1atlon
of European markets is traceable TO
the failure of the senate to :atity the
Versailles treaty, and concludes with
advice TO the farmer to hold available
cotton as long as possible, and reduce
acreage and fertilizer, in the pfoduc-
tion Of succeeding crops fully 50 per
cent"
Mr.. Oliver quotes President Hard
;no officers of the war finance cor
noration and Chairman Mclean of the
senate committee on banking and
currency, as determined IhaI 'Ae s''''
ute under which the corporation func-
lions shall be materially liberallzed'
"It is true," said Mr.. Oliver, that
from this corporation, the farmer may
receive assistance. But the organlza-
tion is so involved in the meshes OF
red tape that assistance comes only
after intricate manipulation and IN
ordinate waste of time. PresldeAt
Harding spoke of the necessity OF
making that channel of hope more
accessible to the average individual
and I have a formal communication
from Chairman Mclean in which 1t
;s stated that existing conditions and
restrictions will be liberalized.
GAS a future proposition" said Mr..
Oliver, "there is certain hope for the