The Birmingham age-herald., 1921-10-29

rates and restricted credits" They helped throttle the business of the country.
 The depression, said the speaker, was the natural outcome of a war that destroyed things. Liberality of credits was necessary to restoration, but the federal board restricted cred its by the contracting process. The psychological damage was as great as the immediate damage done to those whose credits, were restricted. The other course would have had a tremendous effect in keeping pople busy, stimulating production and re- ducing the war wreckage.
 We want no carry lover of cotton" said Senator Smith. "But the govern ment cannot prevent a carry-over, The government can help, but the work is to be done by you. We must stop raising more cotton than the world can consume. If we had raised 14.000,000 bales this year, we would not have gotten as much money as we are getting for our G. 0o0,o00 bales. This and the carry over crop would not bring more than 6 cents pound
 Cooperating Marketing
 As to food and feedstuffs, the speaker said that there ought to be a cooperative marketing system in vogue in every county, and that it was the duty of the newspapers to help bring the consumer and pro- ducer together. Every county should have cooperative marketing.
 Why raise. a cotton surplus. It takes mighty little of 2 surplus to depress the price. The nation cer- tainly cannot care for 8 constant surplus coming in year after year. We can avoid the surplus. Why not do 1t? We have got to do 1t our selves. Why not get to it? (Ap- plause.)
 What is saving the south now? asked the speaker. It is the acreage reduction, but we must have CO., operative marketing on top of that.
 Lower Interest Rate
 Referring again to the federal re- serve board, he said he wished 1t would fix the discount rate at per cent inside the next week. He wants the federal reserve board to do what it was intended to do. The east wishes the southern farmer to have money, because, as spinner recent ly remarked in New York, the southern IdTIuGES puS oilS-lOtt't the goods produced in the east.
 He declared that if the good work of 1921 were carried into 1922 that there would be no surplus of cotton, and that the farmer would have plenty of food and feed and cattle at home.A
 Muscle Shoals
 The speaker painted glowing picture of the benefits to be derived from bringing Muscle Shoals power into the service of the south.
 The address was all through ringing appeal to perpetuate the pro- gramme of 1921, which means acre age control, diversification and or ganized, cooperative marketing. He wanted markets for feed and food- stuffs as well as for cotton. He be- lieved southern can syrup would get into eastern markets if proper eftort was made by establishing agencies etc., were made. A.
 Trouble about the southern farmer, he said. is that all of them are nat ural leaders and few wish to fol- low. Where everyone is leader there is no following. The south must get away from that and act as a mass unit for everyone's benent
 Nesbitts Address
 w D. Nesbitt of the Warrant Warehouse company, made an inn pressive and Illuminating address on the marketing of cotton and the Tor eign mill situation.
 Of the present situation the speaker said that we had ginned nearly 5,50O,000 bales to date. and that this season we have marketed 6,OOo.ooo bales of cotton of old and new crops at 20 cents 8 pound. That means $500, 000 900 that have given a great impetus to business not only in the south, but in the nation.
 There are s5,oOo,0oo active spindles in America today and of these S1,0o0,- 900 are working an average Of eight and six-tenths hours per day. There is a full demand for many mill prod ucts, though not for all, but there will be a demand for all. The Amer ican mills. are going to run full turn.
 The mills of America Will consume practically all the cotton raised this year. and the rest of the world must depend on the carry-over.
 Of the 100 100000 spindles outside the United States, about 50 per cent are on short turn or not running, but, even at that. they are consuming at the rate of 4,000,o00 bales.
 In Germany
 As to Europe, the speaker said America had indulged in a lot of sympathy not called for. From Sep tsmber l to September 24. Germany had taken more of our cotton than England and France put together. although it has only 100000 spin- dies. Germany found way to do it. It doesn't pay money. but it got the cotton and paid for 1t in other goods that brought good American dollars.
 The speaker stressed the impor-