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Established 1844. THE PRESS AND BANNER ABBEVILLE, S. C. The Press and Banner Company / Published Tri-Weekly Monday, Wednesday and Friday. Telephone No. 10. Entered as second i/iass matter ac post office iD .Vobeville, S. C. / Ten as of Subscription: One Year $2.00 Six months $1.00 Three months .50 FRIDAY, OCTOBER 29, 1920 S AN AMAZING SITUATION OF WORLD IMPORTANCE \ Bulletin No. 2, issued September 27 by the First Federal Foreign Banking Association, chartered under the ''Edge Law," and which is controlled by the leading banking institutions of New York, states that the League of Nations is carrying on a world campaign "foj drastic credit restriction through existing central banking institutons." It also says that meas-| ures have been taken in the United states "to restrict the granting of credit and put'up the cost of borrow- j ing," and that "our restrction of credit shows far-reaching influences,' bringing about reduced production % and liquidation of commodities." In publishing the amazing fact that the League of Nations is carrying on 1 a world campaign for "drastic restric-1 tion of credits' in this issue, we are also able in a lengthy reply to Gov-j ernor Seay of the*Federal Reserve Bank of Richmond to disprove overwhelmingly by his own reports his claim that the Federal Reserve Boar^ has not carried on a campaign of credit restriction throughout this country. With every fact against him we are amazed at uovernor seays temerity in attempting to bolster up a bad cause. To the work of the Administration and the Federal Reserve Board" to deflate credit drastically and to break down prices, as shown in the reply to Governor Seay, we now have the astonishing revelation that the League of Nations is carrying on a similar world-wide campaign. That one fact alone should forever damn the League of Nations, because it is an indication of its limitless possibilities for evil and for interfering with the internal affairs of this country. The League of Nations has already for months had in Washington a repreconfativo nf itc T.ahnr Rnrpnii rpnnrtv ing on labor conditions in America. One year ago there was abounding prosperity throughout this country. Every factory was crowded to its utmost capacity, with a ready demand for its output. Laboring men of all kinds were better employed than ever before, and no man had to walk the streets hunting in vain for a job. Farmers were for the first time in the history of their foundation-industry reaping a fair measure of profit for the work which they do in sustaining civilization. Today factories are closing throughout the country. Tens of thousands of laborers are being discharged, and within the last three months the value of farm products has been reduced to the extent of ?7 snn nnn nnn +? no nnn nnn *P I ,UVU,VVV,VVU lu ipOjVVVjVVVt000, binging poverty to millions of farmers in every part of the land. Through the woj:ld-wide restriction of credit prices cf farm products have reached such a low point that if they can be held down to present figures Europe will be able to save at least $1,000,000,000 to $2,000,000000 a year in its importation of* American foodstuffs and cotton. In addition to this loss to America we will be forced to pay off debts mad^ with high prices 'with low-priced commodities.?Manufacturers Record. \ I .! v , ^ ;4t " J:: THE SOUTHERN FARMER 1 * CAN MAKE THE COTTON PRICE WHAT HE WANTS IT Southern selling is the hammer that is driving down cotton prices. So long as sufficient cotton can be I ought at present prices to meet the demands there is no chance for prices to advance. Just how easily the farmefs of the South can force prices up is illustrated by Arthur Richmond Marsh in a recent report of the activities of the New York Cotton Exchange, who says: "As it is the general impression that the economic position of the Southern farming class has been 'greatly strengthened by the high P j prices realized for cotton during the | | past three or four years, and that the hasty marketing of the major part of F the cotton croo is no longer rendered, J | imperative by the financial necessities \ ! of the growers ,the trade was in-' [ clined to take rather seriously the j j wide-spread reports of a holding j : movement. It was felt by a large ( J number of members of the trade that' n | such a campaign might easily resultic j in substantial relief from the press-! S lure of Southern selling in the futures : ^ 1 and spot markets, and that an up- j n ward movement of prices was ac- ^ ' cordingly in order. The markets res- J a ponded to this and on Wednesday and Thursday prices rose rather easily on 0 the Exchange until a maximum gain w of not far from three cents per pound had been achieved. It was quickly ^ observed, however, that the quotations of the Southern spot markets " were failing to show anything like ^ the same resiliency. In other words, it became apparent that, whatever the w ultimate effects of the farmers' hold- Ping movement may be, the supply of tc whirh still can he bought free j ly and at a very moderate relative ^ I price continues to be amply sufficient ei jto meet the now severely curtailed P1 I demand from the world's spinners I and merchants. So long as this is the j case, it is difficult to find any real ^ ! warrant for an advance in prices in i the cotton markets?a conclusion which was quickly arrived at by a sufficient number of members of the ^ [ cotton trade to undo most of this c* | weeks's rise."?Progressive Farmer. , germany must pay. ti I 1 tl Paris, Oct. 28.?Germany must de- . j liver 275,000 tons of shipping to the allies as compensation for sinking the | German fleet in Scapa Flow, the re\ '-parations commission decided today. ^ i : w ;< 'statement of ownership, h ' Management, Circulation, Etc., Re- li quired By The Act of Congress ti Of August 24, 1912. !r Of The Abbeville Press and Banner ti ' published Tri-weekly at Abbeville, | South Carolina for October 1, 1920. p 1 State of South Carolina, Ci I J County of Abbeville. ' a Before me, W. H. White in and o for the State and county aforesaid, e personally appeared W. P. Greene, o ! who, having been duly sown accord- x t ing to law, deposes and says that he is the editor of the Abbeville Press d and Banner and that the following 1 is, to the best of his knowledge and i belief, a trye statement of the own- r ership, management, etc of the afore- A! said publication for the date shown ti in the above caption, required by the p Act of August 24, 1912, embodied o in section 443% Postal Laws and Reg- .i ulations, printed on the reverse of s: mis iorm, 10 wit: I 1. That the names and addresses of ti the publisher, editor, managing edi- si tor, and business manager are: & Publisher The Press and Banner b Co. (line.), Abbeville, S. C.; Editor fi Wm. P. Greene, Abbeville, S. C.; sj Managing editor, None; Business b Manager: Wm. P. Greene, Abbeville, h S. C. a 2. That the owners are: Wm. P. n Greene, 3. That the known bondholders, V j mortagees, and other security holders g I owning or holding 1 per cent.or more w I of total amount of bonds, mortgages, fi or other securities are: None. J' 4. That the two paragraphs next p above, giving the names of the own- tl ers, stockholders, and security holders b if any, contain not only the list of f< stockholders and security holders as they appear upon the books of the company but also, in cases where the V stockholders or security holder ap- g I pears upcn the books of the company w i as trustee or in any other fiduciary a: ; relation, the name of the person or fc j corporation fot whom such trustee is s jacting, is given; also that the said two. b j paragraphs contain statements em- b bracing affiant's full knowledge, and a belief as to the circumstances and 1) conditions under which stockholders ii and security holders who do not ap- fi i pear upcn the books of the company w as trustees, hold stock and securities in a capacity other than that of a I ir | bona nde owner; and this affiant has ci no reason to believe that any other n [ person, association, or corporation j I | has any interest direct or indirect in c the said stock, bonds, or other securi- n ties than as so stated by him. c Wm. P. GREENE. Sworn to and subscribed before me ' c this 27th day of Oct. 1920. I o W. H. White, N. P., S. C. | (My commission expires pleasure of. y Governor.) LAN TO POSTPONE PAYMENT OF TAXES armert to Ask for Special Session ' Session of Legislature?Want Proclamation on Closing Of the Ginft. i Contending that the payment of ixe/5 at the usual time this year will pcpositatn the selliW of cotton at ne-half the cost of production, J. j| kottowe Wannamaker, president of J ie American Cotton association, at a ! lass meeting of farmers held yester- j ay at the state fair grounds, offered resolution asking the governor of I le state to call a special meeting i f the legislature to enact measures j 'hich will provide that a part of the j ixes be paid in" January and the alance in July, 1921. The resolution, which was adopted y the meeting, aho provides that at lis proposed special meeting of the igislature laws bo enacted which ill impose heavy penalties upon I lanters who fail to reduce their cot>n acreage for l-l'-l one-third. Another resolution, offered by R.1 [. Mixson, was to the effect that Gov- j *nor Cooper be urged to issue a, i-oclamaticn calling upo.i the cotton ^ ns in South Carolina to discontinue , Derations until con:dt:ons improve.: his resolution was aiSJ adopted, tough many voted against it. Still another resolution, offered by jhn J. McMahan, called upon Presi?nt Wilson to put Mr. McAdoo in large of the treasury. Another feaire of the meeting was the anouncement made by Mr. Wannama;r that he would sever his connec--| on with the cotton association at, ie Meeting to be held in Galveston i February. . ..Hear Rousing Speeches. The meeting was held on the ( randstand at the footabll field and ( as attended by mafty farmers, many4 )unties being represented. R? C. Earner, president of the South Carona division of 'the cotton associaon, presided and after briefly stat\g the object of the meeting, in-' oduced l\fr. Wannamaker. Mr. wannamaKer aevotea a large art of his address to a detailed ac-( ount of the conference of represent- j tives of the agricultural interests f the United States, which confer-} nee was held in Washington Octoer 12-13. He told of the* newspaper J cccunts cf the meeting, quoting omewhat extensively from a Phila-1 : elphia journal. 11 "Thirty associations of agricultur- c 1 sections- of the United States were t epresented at that conference,' said' J Ir. Wannamaker, ".and these associa- ^ ions represented a large part of the 1 i.i: -? ?u:_ i <i tj_ t.u f upuiatiuji ui tnis uuuuiry. ia/iu * f efforts made to have the war r nance board reestablished so that t xports could be made to Central Eu- t ope and of the attitude of the secre- f iiy of the treasury on the propo- > ition. i He told of the indorsement t f the position taken by producers y numerous writers and students of 8 nance, saying that some of them t aid: "The call of the producers must F e answered. The South and the West P ave shaken hands and their coopertion means a great change in the lanner of conducting business.' s In discussing falling prices, Mr. a fannamaker said many lines were ii etting the same prices as when the v ar closed?the consumer, he said a nds little reduction in many lines, r et the selling price of agricultural n rodujcts has fallen. Some one other lan the consumer is getting the p enefit of the low prices being paid p :r agricultural products, he argued. Work Out Salvation. ^ After saying that he believed the ? Vashington conference would be of reat benefit to producers every'here, Mr. Wannamaker said: "We t re in a serious predicament, and I j eg the South to work out its own alvation. We were urged to grow ig crops and were told that it would ? e vears before cotton went down to low figure iti price. When J'other nes1 c-f business' saw the brealS-fcomlg, they proceeded to unload?the s irmer could not unload, as his crop v as in the ground. "The man that tills the soil is be- c lg crucified. He says, "I've pro- S uced, and I can't pay. I can't hold * ly crop and I can't borrow money? ? <i- ?f A V> n mu can l even ^;ci mvucj iv n??w i rop picked".' I ask," said Mr. Wan- f amaker with vehemence, "is such a I ondition right?" i "Unless we of the South stand to- \ ether, we will go back to the days j f 1865." | a At this point in his address Mr. (t I'annamaker introduced a resolution (c 3 the effect that the association go i I rnr T\n v> vy will i PR "Make read yourself for knock at yoi INGS ACC( return 5 per / TVia fir* IX lit/ l/lll with the CA make mone^ ahead, and I , ' Follow I another rpin I Open a 1 , COl I and let youi I until you set E \ I Count I Sound | a. A. NEUFFER, Pn 3 ALBERT HENRY, V o Governor Cooper and ask him to J i all a meeting of the legislature to ' ake action postponing until next uly the payment of a part of taxes. , rhe resolution also provided that j egislation be enacted to put into , orce legal machinery to assure the ] eduction of ^otton acreage one- \ hird, this act to be passed under | he general welfare clause and" the 1 arjner to make legal returns showng the acreage planted this year and , he acreage to be planted in 1921/ He also spoke of the closing of | ins in certain states and referred to ( he organization of the export cor iqration and urged that it be sup- ] lorted. Senator Smith Speak*. Senator E. D. Smith was the next peaker and during the course of his ^ ddress said that next December he ntends to do his utmost to have the /ord "may" changed to "shall" in the ( ct defining the duties of the federal eserve board with regard to lending ( lcney on farm products. Senator Smith also made a strong ilea for support of the export corioration. Governor Cooper was then introduced and presented to L. B. Altman if Greenwood the trophy cup offerd by the cotton association to the ounty making the best showing in he membership campaign conducted ast July and August. The governor stressed the importnce of keeping calm in the present tmergency, laying that there was 10 need of getting mad at Houston, Uve have got to get rid of him,'* he aid. Governor Cooper said that ) whatever he could, do personally . or I' rfficially to relieve matters, "you can J ommand me.' Mr. Altman then made \ I m appropriate response with regard ; o the awarding of the trophy cup. I Asks For McAdoo. .TnVin .T. McMahan then offered the ollowing resolution: "We call upon | 'resident Wilson to put Mr. McAdoo n charge of the treasury with a free land to stabilize the purchasing >ower of money in accordance with cience and justice, and to stabilize he marketing of agricultural and ither staple* crops of the country at >rices remunerative to the capital fY SAVINGS I EPA] * y " follow our advice and tne time when opportur ir door. Be READY with )UNT in our Bank and re cent, interest. le is near at hand, wh'to t SH will find many opporfi i, while the man who did i "make ready" will be left the above advice, do not pu ute. Savings Account Today i JNTY SAVINGS BAN! money earn 5 Per Cent, i a good investment, then n v :y Savings E :: Safe S< I esident. R. E. G0> ice-President.. P. E. BEL and labor necessary to production." CO' _J J nils xesuiutiuii wad auupucu. R. M. Mixson then offered the resjlution asking the governor to issue i proclamation urging ginneries to ^ lease operation until conditions im- hou prove. When this resolution was put hou io a vote many voted against it, ton though it was carried according tq stro the presiding officer. is e B. B. Sellers of Marion and others said the legislature would meet in ^ January and that there was a possibility that that legislature might un- *? * der 3o what the special legislature does.; He thought that conditions would! right themselves and that farmers j will reduce acreage without compul-j j sion. The motion, however, to %dopt the , q resolution was-passed. cati All resolutions adopted will go be- M., foi'e the executive committee for\con- 7:3 iideration, R. C. Hamer said yester- [ grei lay.?The State. / Store Cottc Messrs Stark and Wlili nonuce to the public tha ed the privilege of opei ture Factory buildings State Wa: The buildings have be< paired and they are no cotton. Charges 65 cei month. I K SANK [ I *E \ prepare ? n lity will B a S A V-, S ceive in H Mm ;he man ? i'nities to : lot look- B. s it it off .1 n the Interest, naive it.. k (eink I srvice l, Cashier. L, Asst. Cashier. B TTON WAREHOUSE AND 800 BALES DESTROYED BY FIRE * % Varren, Ark., Oct. 26.?The ware- / se of the Warren Coton Warese Company and 850 bales of cotstored in the building were de>yed by fire early today. The loss t'stimated at $75,000. TRESPASS NOTICE. X 111 persons are hereby warned no ;respass upon tne lanas 01 tne unsized in any manner whatsoever W. S. Martin.; 18-4tpd. Mrs. R. L. Winn IEGULAR COMMUNICATION 'here will be a regular communion rvf Plintnn T.ndffP No. 3. A. F. Wll Vi VllllWii .... Monday evening, November 1st, 0 o'clock. Work in the second dee. H. S. Howie, Secretary. I k Your * = I iamson beg to anit they have securrating the Furnias a t rehouse en tnorougniy re|wready to receive its per bale each!