Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1921-06-08
S Per Cent on Farm Paper.

= ESf SSRl Oh dLih oPSA'
Observation-Disclosures of fed
eral reserve rediscount rates and time
extension of loans on agricultural
paper were favored at meeting Sat-
urday of nineteen senators of the new
agricultural "bloc." A bill by Senator
Capper, republican, Kansas, to add
the secretaries of agriculture and
commerce to the federal reserve
board was also indorsed.
Senator Smith, democrat, South
Carolina, was delegated by the "bloc"
to discuss such legislation with Sec
retary Mellon and other government
officials. The senator has drafted
tentative bill amending the federal
reserve act to make the time limit on
agricultural loans one year, in lieu
of the present six months limit. when
secured by warehouse receipts.
Senator Smith has discussed with
President Harding the question of re-
ducing the rediscount rate on agri-
cultural paper to 8 per cent as well
obtaining more credit for agricultur-
lists. He received letter Saturday
from the president in reply to reso-
lutions adopted by the cotton consul
tation conference in New York last
month. The conference recommended
reduction of the rediscount to 5 per
cent and also increased credits
through the federal reserve system.
President Harding, in response to
the resolutions wrote Senator Smith
an expression of appreciation of the
expression made by the conference"
The president added that "many of
the suggestions are receiving the at
tention of the administration in the
most effective way possible"
Senator Smith gave out state
ment declaring that he had found the
president enthusiastic in his desire
to relieve, as far as possible, the pres
ent unfortunate and disastrous con-
dition in which the agricultural in
terests of the country are"
"The administration seems desir-
ous," said Senator Smith, "to extend
credit to the cotton producers and to
open up the farm markets as rapidly
and as extensively as possible"
Every department of the govern
ment having to do with finance and
commerce that he has visited, he add
ed, are earnestly at work to meet this
desperate situation and to relieve it.
Taking Census of Low Grade Cotton.
Washington.-A special census of
low grade cotton is being taken by
the department of commerce under
arrangement reached with Secretary
Hoover by Senator Smith, democrat,
South Carolina. The latter declared
recently in the senate that govern
ment cotton statistics were mislead-
ing, in that they failed to show the
amount of low grade cotton on hand,
and contended that there was a real
shortage of spinnable.. cotton.
In advising Senator Smith of the
departments low grade cotton CEN
sus, Secretary Hoover said:
"In accordance with our conversa-
tion the other day 1 have sent direc-
tions out to all of the cotton enumer-
ators to determine the amount of off
grade cotton in public warehouses,
and such other storage as they can Sc
cure. l am told that it is very diff
cult to get true statement of this
on account of the fear that such in
formation might injure the credit of
the warehouse men.
Gin order to overcome this preju-
dice have authorized the enumerat-
ors to state that the government is
anxious to discover the volume of this
quality of cotton in order that they
might better organize for its disposal,
and to endeavor to secure the coop
GRAFTON of the warehouse people in
getting at the true situation"