The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-01-07
CONGRESS ORDERS AID FOR
FARM.PRODUCT EXPORT

resolution QlreCClHS IesullNtloH VI
service by the War Finance Corpora
ton, encourages the hope that sub
stantial aid soon may be forthcoming
for those branches of agriculture and
of other production which look large
ly to foreign commerce for the recov-
cry of their normal market strength.
! 1t is generally believed that if there
had been adequate means of financ-
ing sales of cotton to countries which
stood sorely in need Of that staple
but which could not buy without long
term credit accommodations, the
| South's chief money crop would not
have suffered so sharp and unnatural
decline in prices. Certain it is that
with ample facilities for financing the
transactions hundreds Of thousands
of bales could have been sold to Eu-
rope last autumn, and hundreds of
thousands could be sold now.
1t was with this fact in view that
Congress some time ago empowered
the War Finance Corporation to ex-
tend we'll advised export credits, al
though the work for which the Cor
poration originally had been establish
ed was, in strict sense, completed.
AS matters fell out, however, this au-
thorized service was not actually rem
dered; wherefore Congress has seen
fit to change its may" to "shall.'
Reasons for and against the meas
ure have been vigorously urged. But
now that the House and Senate have
spoken decisively on the question, it
is to be hoped that there will be no
delay in executing as efficiently as
possible, both the spirit and the letter
of the resolution. Not only cotton but
also wheat, copper, phosphate rock
and other commodities are concerned;
first and last, indeed, the entire coun-
try's interests are concerned. More
than that, the readjustment and re-
habilitation of the whole worlds eco
.nomic welfare is involved, for not un-
til the war-broken countries of Eu-
rope procure the raw material with
which to resume and uphold their in
dustries, will it be possible for them
to regain that stability and that pro-
ductiveness on which the full flower
ing and fruitage of peace depend. 1t
would seem, then, that any service
which the War Finance Corporation
may render in this connection, with
cut doing violence to principles of
sound business and sound govern
ment, will be as we'll warranted as
any which it rendered in the midst of
the military conflict.
Eventually, of course, needs Of this
nature must be met by private capi-
tal-and the sooner that can be done,
the better. Southern interests, recog-
nizing this fact, have recently organ
lied a ten-million-dolla corporation
for the express purpose Of financing
and generally facilitating the sale of
Southern products in foreign mar
kets. A similar institution has been
established in the East, and one hav-
ing a capital of one hundred millions
is being formed in the Central West.
In due time it is to be expected these
and others like them will make spc-
cial Government aid unnecessary.
But until the new institutions are ac-
tually functioning and are fairly
equal to the vast responsibilities
which they are designed to bear, It'll
will be highly reassuring to know
that the help of the War Finance
Corporation is available,
This Government agency, as Sena-
Hcke Smith points out, can be of
great value in co-ordinating the work
of the smaller corporations and of
the banks. "If it is handled with
proper vision," he adds, "and with
real desire for its success we can
start quickly the export of large
quantities of cotton into middle Eu-
rope. It is most important that the
farmers should be given credits that
Iwilk eaablet them to hold their cotton
and market it orderly, but finally
they must have markets. They can
not afford to pile crop on crop, and
the war finance corporation can start