The Dawson news. (Dawson, Ga.) 1889-current, 1921-04-12
BANKERS AND CABINET
HEAD COTTON PLANS
CONFERENCE HELD IN WASH
INGTON AT CALL OF FEEDER
AL ADMINISTRATION.
STEP TO AID COTTON EXPORTS
Regional Financial Boards Proposed
AS Basis of Credit System That Can
Aid Other Farm Products. Southern
Banks to Get War Board Loan.

Formulation of program to aid the
cotton interests in reviving export
trade was begun at a conference held
in Washington the past week between
Representative bankers from twelve
southern states and Secretary OF the
Treasury Mullen, Secretary OF Com
MERGE Hoover and directors OF the
war finance corporation.
Propositions for government aid in
financing cotton exports were suggest
ed and Endorsed. The program initiated
at this time specifically for giving re-
lief to the cotton growers, it is expect
ed, will eventually be brOadened to ap-
ply to other American farm products.
Plan Bank Groups.
A committee of which r. F, Mad
dox, of the Atlanta National bank, was
named as chairman, was appointed by
the conference to pursue further stud
les Of plans to create local or sectional
banking syndicates which would serve
as agencies to combine the financial
strength OF interests in the cotton
crop. Around these, it was proposed
would be erected machinery Tor the
extension of credit to stricken Euro
pean states where long-term credit is
necessary and where there is no mark
ct unless the exporter is willing to
await conversion OF the raw product
into finished merchandise.
The discussion was frank and Gov
ernor Harding, of the federal reserve
board, took occasion to assert that the
cotton growers lacked confidence and
that any relief that could come must
| have its origin among those interested
and not in the government.
There is no use in holding post
norton" said Governor Harding
There is no actual overproduction il
your section OF the country or any
other. 1t is a question of releasing tht
products damned up III the soutf
which ordinarily would be shipped
abroad. 1t, therefore, is largely up tc
you folks to perfect an organization
which will start your products moving
abroad. Europe is in a turmoil. II
needs to be stabilized. One way thai
you can help is to ship them products
Initiative With South.
Secretary Hoover said the problem
of the government was not one OF con
troll or compulSion, but cooperation
in which the initiative lay with the
people directly Interested.
Secretary Mellon suggested the for
nation of a syndicate of bankers who
could float loans from the war finance
corporation, the bankers in turn tc
| pass the funds along of the exporters
| II Al. 4
Meyer, OF the finance corporation, I'M
der whose auspices the conference was
held, declared hat genuine progress
had been made in the direction OF a
plan which ultimately would restore
life to the cotton business.
Alive to the Situation.
In an interview given the press al
ter his return home Mr.. Maddox said
From the cordial reception given the
southern bankers in Washington by
President Harding, the members OF
his cabinet and the war finance cor
poration board | feel sure that the
new administration is fully alive to the
importance of cooperating with all the
business interests of the country and
realizes that the cotton situation is a
national issue. and it will do all i'll its
power to relieve the south in its pres
cnt emergency"
Mr.. Maddox said that the bankers
who attended the conference feel that
it would be unwise to lead the farmers
to believe that anything can be done
to raise very much the selling price
Of the present crop, or offer any en-
enlargement for high price for the
next crop.