Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1921-08-31
Financing the Tobacco Pool
(Stanford interior Journal

TIC 1ilNilOi jun iioA iiNNN
with pleasure an article in the
Lexington papers of Sunday,
which states that Charles n.
Manning, one of the most con-
servative bankers of that city.
has obtained the signatures OF
practically all the bankers OF
Lexington to statement en-
dorsing the marketing plan OF the
Burley Tobacco Growers Coop
erative Marketing Association
and pledging to the association
and the growers who join it. all
the financial assistance in their
power to grant on the financing
of the crop.
Besides this Mr.. Manning gave
out letter from a great South
ern banking institution whose
purpose and business it is to Ell
courage the marketing of South
| ern corps and which is affiliated
with the War Finance Corpora
ton in which it asked if it could
be of service in financing the
needs of the hurley tobacco grow
| erS in their movement for better
prices.
These two things should clear
up the situation in the hurley dis
trict, so far as it relates to the
financing OF the tobacco crop
The proposition is simply wheth
er the hurley tobacco growers OF
Kentucky, Ohio, Indiana and
West Virginia desire .toA follow
the, example of the California cit
rus fruit growers and the Wash
eington and Oregon apple produc
ers and have q steady market
year after year or whether they
will continue to founder in the
Expensive confusion of dumping
market for their goods, without
regard to the real needs Or de-
sires of the manufacturers.
So long as tobacco is marketed
in old way, dumped by the ton
on the market, that long will it
bring whatever price the buyers
decide it is worth. Now is the
time to about face. Organization.
Manager Joseph Passonneau. in
charge of the campaign is trust
worthy and diplomatic director
This has been demonstrated by
his ability to unite every business
interest in the tobacco pooling
campaign. His associates are all
we'll and favorably known to the
hurley growers, and they have
trusted in the past and trust now,
men who have the confidence Of
the banking and other business
interests whose sympathy is so
essential to the success of the I'M
dertaking.
AS we stated last fall. when the
first proposition to combine and
keep tobacco off the market was
discussed, the growers have only
to stand together to reach TIP and
pick the golden apples off the
tree of opportunity. If they fail
to get together this time, it is ex-
tremely improbable that any such
man of standing like Judge Rob
ert w. Bingham, of Louisville, or
Bernard NJ. Baruch, of New York
can be interested in any scheme
to get them together for their
own protection.
The farmer is not a wooden
headed fellow, as some ignorant
people declare; he is simply indie
pendent and that is why it is diff
fcult to get him to combine even
with his own fellows in any bust
ness transaction. Used to going
it alone, taught always to depend
upon himself, he somehow or
other fails to realize the impor-
lance, in this instance, of lining
up, "All for one and one for all''
in this campaign. We predict,
however, that he will take adj
vantage of this opportunity, for
the good of his home, his district
and his state, for whatever in
jures the farmer, as Mr.. Manning
said IN his statement in the pa
|pers, is of harm to the business
and banking people who do. busi-
ness with him.
The Interior Journal hopes and
believes that the seventyfve per
cent Of the crop regarded as nee
essary to the success of the pool.
will be pledged in time to make
lit effective for this years crop,
and that the growers will be able
to obtain loans on their crops to
an amount equal to what it would
sell for in its entirety under the
old system of marketing. --.-.-