Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1922-01-04

not understand this system that the
board is not responsible, that it is
the member bank, that it is the re-
serve bank, that it is somebody down
the line. In response to a question
of Congressman Byrnes, of South
Carolina, Governor Harding admitted
before the Joint Committee on Agri-
culture of the Senate and House a
year ago this December that no bull
letin or order of the general policy
of any reserve bank was printed and
circulated unless and until it had the
approval of the Federal Reserve
Board. And that is true. They can
not dodge responsibility for the con-
duct of this system. They control it.
We saw that the Federal Reserve
banking system was being malad-
ministered, and southern Democrats
and western Republicans got togeth-
er with a few northern Democrats
and one or two northern Republicans
and we passed bill reviving the War
Finance Corporation. 1t looked as if
it would do some good, and it has
done some good. 1t seems that the
Federal Reserve Board got jealous of
the War Finance Corporation fearing
that the cotton farmers would obtain
money through it, and that the price
of cotton would advance to where it
would pay the cost of production and
give the farmer a little profit. The
other day the Federal Reserve Board
gave out an estimate of the cotton
crop and broke the price SIS bale on
the day it did it.
Mr.. President. what right had the
Federal Reserve Board to give out an
estimate of the cotton crop? Have
we not an Agricultural Department
for that purpose? Have we not the
Bureau of the Census to take statls-
tics at the cotton gin? What author
ity has this board to give out an es-
innate of the crop? 1t did it and estl-
mated it above what the Agricultural
Department estimated it. Was it try
ing to effect the market injuriously!
That is what it did. 1t broke the price
of cotton about SIS bale. 1t appears
that the board was trying to break
the prices. Does President Harding
indorse that sort of thing?
A Saucer Full of Oats.
Mr.. President, I mentioned here
the other day what desire to repeat,
that out in the Northwest oats are
selling for about II to 20 cents a
bushel. ordered a saucer of oatmeal
this morning and it cost me 15 cents.
| I ate just small saucerfui.
A senator sitting near me reminds
me that in some places in this city
they charge 80 cents for a saucer OF
oatmeal. Yet the farmer in the West,
spending 65 to 67 cents bushel in
producing oats, is driven into the
market place by the policy of the
Federal Reserve Board, and made to
dump all of his produce upon dead
market, where he sells it at less than
it cost to produce it, for only II cents
a bushel. 1t is some job to carry
bushel of oats on your shoulders, it
is pretty good load, and yet at my
breakfast this morning a little saucer
full of oatmeal cost me Is cents.
That is the proof Of what we are get
ting under the Republican admins
tration. "And by their fruits ye shall
know them"
Think of that, Mr.. President; 16
cents for a saucer full of oatmeal.
Those men who are fortunate enough
to have liquid assets can go to bank
and get all the money they want, but
the farmer takes the stuff in and
dumps it, but the local banker says
"I want to lend this man something
on his crop. He has thousand BUSH
els of oats and they are good oats"
The Federal Reserve Board says,
Don't lend on agricultural pro-
ducts. He is holding them for specu-
lative purposes"
Of course he is, so that he can get
the cost of production plus profit.
Let him CO. Drive him to the mar
ket. But when the other fellow has
the oatmeal in his hand, he says, Il
want to get some money"
"What do you want it for?" says
the Federal Reserve Board.
"I want to carry on a certain busi-