The Birmingham age-herald., 1921-08-09

ended in most remarkable anti climax.
 It came in, veritably. like lion, and went out like a lamb.
 ". P. c. Harding. governor of the federal reserve board. for whom woe ful prophets predicted an awful fate. escaped not only unscathed, but, if indications count for anything, with all the honors. He made out a com plete case. or at least one which no member of the commission seriously challenged, and no member of the so- called agricultural bloc, attempted to question.
 Chagrin Is Great
 There is unquestionably great dis appointment In many breasts. It was indicated that many members of Congress from cotton growing states. members who had attempted to make the federal reserve board the goat" in the lamentable agricultural situa- ton, thought that they would convict MT. Harding of all the charges that they had preferred against him.
 The organizations which speak for the farmers in Washington, which secured the investigation and in, sisted that Mir. Handing be ordered before it, thought, it is believed, that as result of his testimony, 1t would be made plain that but for his de- flation policy, the farmers of the country would be rich today.
 Every critic of the federal reserve hoard thought that John Skelton Will Hams, former comptroller of the cur rency, from the knowledge that he acquired while on the inside" would be able to put the scheme over.
 Williams and Harding Mr. Williams appeared. Instantly there followed a storm. Ills testi- mony consisted in the main of letters. His information was indefinite. His facts were scarcely tangible, much less obvious. He clashed with mem bers of the commission, notably, Rep 1 resentative Ogden Mills of New York. Finally, in an indulgence in person. alities, he clashed with Governor Harding, and friends were necessary to keep them apart. And then the lie passed between him and Cover nor Strong of the New York reserve bank.
 And then Harding took the stand For two days he talked, practically without Interruption. He had facts and figures and fancies at his fingers end. He never ripped He never faltered. His audience was most re- spectful. Frequently the members of the commission bowed their heads signifying their agreement with his testimony. At the end there was love feast. Mir Harding had made a complete getaway"
 Cause of Condition Why is there depression in the cotton belt of the country? Mir. Hard ing answered the question. From the crop of 1919, the farmers carried over 5,000,000 bales of low grade cotton. They made 13,335, 900 bales in the new crop. There was more cotton than had ever been produced before, and in | addition, the 5ooo0o bales of the old crop. Half of every normal crop Is ex- l ported. In the fall of 1920 Europe wanted cotton, but could not buy 1 because it could not pay. In the ] United States there developed buy CTS strike, and home consumption was greatly curtailed.
 Without frills, there is the story that Harding told. The reserve board 1 had nothing to do with the situation, 1 he said. --e even entered the sug 1 gestion, and it was not challenged, i that but for the reserve board, or 1 had the policy of the reserve board l not prevailed, the country would I have suffered panic of unparalleled proportions.
 Critics Like Mice
 But the remarkable thing about the denouement of the cause celebre was that no one of the very severe critics 1 of the federal reserve board put In the ! form of interrogations the subject of 1 their sensational speeches in the 1 Senate.
 Furthermore, no one of these critics remained long in the commission's chamber while Harding was on the stand. They sometimes entered sa, uncomfortably for few minutes and 1 quietly retired.
 Another equally as singular fact was the non appearance of the agents the farmers of the country pay to l represent them in Washington. They l demanded and obtained the investi- l gation. but they have not shown very deep interest in it's progress.