Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-02-12
GOVERNOR HARDING
WANTS REDUCTION
IN TOBACCO CROP.
Stresses Need for Good
Smokeh0uses TO Rich
mond Bankers.
BRILLIANT GATHERING OF
FINANClERS HEAR SPEECH
Other Members of Federal
Body at Commonwealth
Club Function.
PAYS TRlBUTE TO WILLIAMS
Charles :. iiumiin Declares He
viii Stand Ont as Ablcst
Comptroller.
BRILLIANT GATHERING OF
FlNANClERS HEAR SPEECH
PAYS rRtnuTE TO WILLIAMS
Charles :. iiumiin Declares He
VIII Stand Ont rs Ablcst
Compt roller.

southern farmers must pay more
attention 10 corn cribs and smoke
houses. and reduce ovcrproduc:i0n
~ cotton and tobacco this year. Gov
ernor Harding. OF the Federal Re-
s"rN. Board. speaking before prob
ably the largest and most brilliant
financial gathering which has met in
Eichmond in years, declared in an
address al the Commonwealth Club.
which fairly radiated optimism as to
IN" future.
Governor Harding. who is here as
lie gucs, Of John Shelton Williams
Comptroller OF the Currency. told :,
gathering which represented every
financial institution in the city and
Included. with two exceptions. the
Federal R"scrv. Board. that the
peak OF imitation was past and tina;
there WAS no reason to look to the
future with any other view than
optimism.
fntth In American Peopir.
II hav" grca, faith in the American
people while they. are themsclves'
Governor Harding declared. after tell
ing his audience that the men
tal lntox ication" which the pubic has
been suffering is wearing on.
Iric" fuctuations must he sta
bi!izcd. declared the speaker, and
this is one OF the many problems
which still fac. the bankers OF Shr
country. He told tho bankers hnt
Zach should make M his mind ,ha,
i, was his individual business to hcip
bring conditions back 10 normal He
advised all TO pull together and re-
store the equilibrium OF the country.
\, The present = buyers market
cxists Governor Harding told his
audience. the reverse OF wha; has
existed IN the past few months. lie
told the bankers what the policy OF
The Federal Reserve Board has been.
and fayei as untrue the statements
ot critics OF tho system who have
harped on sudden dcflation"
"Frcm January 23. 1920. issuance
of Federal reserve notes was stead
iiy increasing" declared the speak
.r and ali talk OF the dehation policy
ot the system was Imagination and
not based on cold facts ana hsures."
There was no defiation until No
vambc. >, when movements Of crops
were practically all ever. said the
epeancr. and not until after this date
nd the reserve system actually be-
.in dcnaticn. He asked his audience.
II there was no dcn9tion between
November (" and February ii. where
there should be any During this
rcriud business Is NEST nearly at Il
staudstiN.
World Wide tN,ods' shortage.
Tha, there is Il shortage OF goods
..criI.wi,ir was reiterated by Gov
crnor Harding. who. however, told
mis- audience that this vas meaning
!ers and does not make Il demand for
Goods whrrc there is no pi.:CLasinS
oowcr Dchation !as; yca. applied
carly in January. should hav. been
=. warning to farming Interests or
.y.rprCduction. asserted Governor
HARDING. bun ii Was not needed or
aiken as - warning.
Thomas L. McAdgms, vice -presiden,
Of the American BANKERS Association,
presided q, the meeting and intro
duccd The speaker. Because OF i'll
fconiinuel on Second paCcl