The press and standard. [volume] (Walterboro, S.C.) 1890-current, August 25, 1915, Image 1
• •*:>;.'
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i
VOL 37. *
WALTER BORO, S. C.. WEDN’E^'W. AUGUST 2 r », 1015
NUMBER 51
PROHIBITION ELECTION
WILL BE HELD ON SEPT. 14
REFERENDUM UPHELD BY
SUPREME COURT AND
CIRCUIT JUDGES
PETITION FOR
INJUNCTION LOST
■ -a
H« iinnK Held Siiturtluj Kn'
* Hjtn' S«*H»inn *f >tf
.Itot'i •*«»
''ol'ambia. Atisr-s'' 21 f'i-
trifiif 1 t'oui't anil tli< ' ir«uu
Jiidpfs of tht* r.ii^ r!/u rnoon
unanimously handed down a d*‘<'>;'.ii
r* t usiDg to enjoin the pronilution
’..lerendnni election s-e: for Septeni*;
t,er Hth. and refused the petKion.of
John Herny Chappell, a taxpayer, oi
New berry, who- asked'for the ti'iu« r \
tion The decision was rendered im
mediately after the en banc sesion
-had adjourned and after consulta
tion .
When informed of the refusal rf
the 'court to enjoin the prohibition
election tormer covernor . Cole L.
Blease. of counsel for 4he petitioner.
■ ould make no comment. When
asked if the contemplated taking an
appeal to the Cnited States Supreme
• out?’ on the matter of Federal
•tftist.tutionality of the referendum
ct he said that he and his associate
►'rank G. Tompkins, had npc ye.
conferred and had not reached any
decision.
The order of the court follow s'
"Tne State of South Carolina, in
•he Suprenve Court, en bano.
“John Henry Chappell, petitioner.
•*.• R. M. McCown, Secretary of
State, et al.
"Order: Upon hearing argument
herein and upon consideration there
of, we are of opinion that the injun-
c. tion b« refused, and It is so ordered.
"The ftnmedate pendency of the
ketion forbids us to reduce fo w-rit-
*ng the reasons for our judgfneni:
h«t will be done hereafter, and so
or>n as the circumstances, shall per-
uwt o: it.
"Eugene B. C.ary,
▼ /
ll<l\ OI.IVEIt \V. STKWAHT
DISCUSSES UVE
QUESTIONABLY
JAMES HENRY RK'E, JR.. OP-
POSED TO GENERAL
STOCK LAW
SMALL AREA HAS IT
l*nprogressive Section of State En
joys (?) “Free Grass" and
llliteracy
l«h
Clr-
Cir-
Cir-
"D. E. Hydrick, A. J.
•K. C Watts. A. J
‘ T. B. Fraser. A. J.
"Geo. W Gage. A. .1
’krorge E. Prince. Jude*
i'ruk.
"H. F. Bice. Judge 2nd Circuit.
"T. S. Sease. Judge 7th Circuit.
> W. G. Shipp, judge 12th Cir-
■ 'jit.
"j W. DeVorc. Circuit Judge
"Frank B. Gary. Judge 8th Cir-
uit.
"Jrfcn S. Wilson. Judge Sd
CUit.
"I. W. Bowman. Judge 1st
"jit. 1
"Ernest Moore. Judge 6th
uit.
"Mendel L. Smith. Judge 3th Cir-
uit.”
The Justice* pt the Supreme
'''ourt and the Circuit Judges of the
^Ute sitting en banc here this morn-
7 ng heard the petition of John Hen-
"y Chappell, a taxpayer of Newberry,
for injunction restraining the prohi
bition referendum eelction on Sep
tember 14. The injunction is asked
or on the ground that the act is
Unconstitutional in that the legfsla-
'ure can not delegate its (Julies to
'he people, and because the expen-
wture of $34,300 of the taxpayer-*’
noncy for holding the election
ould be contrary to law
The petitioner was represented bv
‘•'racn. G. .Tompkins and Cole i,.
'Uease, forn>er governor. The State
>fficers and board of election com-
mist-.oners were represented b>
*
*
#
•X-
READY FOR SPEAKING SATURDAY
if
Ritter, August. 24.—-Editor The
Press and Standard: The fence law
or so-called "free grass law" exists
! only in the undeveloped portions of
South Carolina. The common sense
j of the up-country and the mid-
icountry long ago Cast it.out as . a
’ i)ad business a:; well as a bad moral
t- proposn ion. ***
The clamor for its* abolishment
comes from progr(‘sslyeV- farnv-c-*,
from wide-awake commup|fies. Ther*-
is no demand for the' abolishment
of the fence law from unprogressive
farmers who are doing tiftthing *o
advance themselves or to bear their
i share of the state government,
j This ought to be enough to'con-
| demn it in the' mind ot any reason
able man*
In South Carolina, the line of
"free grass" runs from Horry
through portions of Marion. Wil
liamsburg. Georgetown.> Clarendon,
the whole ol Berkeley, lower Dor
chester. upper Colleton. a small
part of Hanuberg and Hampton and
the whole of Beaufort. Jasper Is
a|so possiblw-included, as the terri
tory out df which it was carved had
"free grass." '
Furthermore it should impress
one that these very portions of South
Carolina were the first settled by
white men and have enjoyed for two
hundred years every opportunity for
development.
How has It happened that these
regions, with the most fertile soil in
America ahd a’ climate unrivalled
permitting work in the open air th-*
year round, have remained with
only a small area in cultivation and
without increase in population to
speak of? .
. j In a fraction of the sameAteriod.
‘bos II. Peeples. Attorney General. , Kansas. Iowa. Illinois and fhe other
.md Fred H. Dominick. Assistant great northwestern st»fe« have he-
Utorney General. D. W Robinson i come th* h ading ,.agricultural com-
:.<1 W. B. DeLoach. of Camden w» ro| motsv. -alths ol Hie world, with Ian*!
Permitted to file certain authoriti* ! worth sevejaUthousand dollnrs per
• r behalf ot tbe prohibitionists. ! r ". anjU^fono t**r sab*, while land is
■ . oh side was allowed forty-fiv- . UKj+t w*>rth I* ss in the ar*-:i Ht'-n-
n.naTe. with ten minutes giver, t * ihen it wa; two hun«5re*l j
-W
Very l^irjfe Attendance of Voter* and Others Expected
At Meeting When Hon. Oliver W. Stewart V>ni
Speak At Klein’s Park. •
All the detail arrangements for the big meeting to
be held Saturday noon.at Klein’s'park, have b^-’ii com- y
pleted, and a very large attendance is expected to be pres
ent to hear Hon. Oliver W. Stewart of Y hleap» speak. The
reports from, the various points where Mr. Stewart has
already spoken are very encouraging and the meetings
were well attended. It is claimed by those who 1: e heard
Mr. Stewart that he is a speaker of unusual ability, and
is convincing and forceful in all of his arguments.
Mr. Stewart is a man of unusual personality and mug-
net ism and is,credited by the leaders of the temperance
organizations cf this.country as being one of the greatest,
vote-getters on the American platform today. The meet
ing is held at the noon hour to make it possible pptmany
to hear that could not otherwise <:< so.Yind also ?o make
it possible for Mr. Stewart to catch the afternoon train
for Ridgelanti, as he speaks ther** that evening at »j:"0
o’clock. The speaker comes here from Beaufort, where he
will hold a meeting at the Court House* Friday c. enlng.
Word received from ever>’ section of the county in
dicates that there will be a large attendance from- every
part of the county. The meeting will be presided over by
Pres. W. E. Willis, and will Ijjeigin promptly' at *2 o’clock.
Ladies and children are especially itinted to atter \
CONDITIONS FUNDAlENTAUr SOUND
.IAS. E. PEURIFOY, PRESIDENT OF FIRST NATIONAL
BANK OF WALTERBORO, SOUNDS NOTE OF OPT*# 1 Jeffen^^b"
GOVERNMENT TO FURNISH
$30,000,000 FOR COTTON
COTTON OiSUBANCE
IS DISCUSSED
EASY TO PROTECT STORED
C OTTON FROM LOSS BY
FIRE BY INSURANC E
WAREHOUSE CHEAP
McADOO SAYS THIS AMOUNT
WILL BE PLACED IN RE- .
^S^RVE BANKS
NO INTEREST
TO RECHARGED
This Would UnuMe Kank s To Makj
l.onn^ on Cotton Sorured By
W*cehonse Rereipts
Co-opcrat l\«-
Had at n
, ,V.*:.vhou>inK t :* > It* 1
Very Sma’I Cost^to
Producer
Wiht (be declaration by. sever.*I o
iIk* warring natjon* o! Kur**i»e
rtitton as contra!.ar.d of war an*l
With the derlaration by several of
In the United States brought about
h\ the Kinking of vessels ’of trade,
much spe< ulath a has been made us
•o the probable price o* cotton tins
fall, and most of those ..hq discus?
this subject state that in their opin
-on the staple will bring a low’ price
Certainly, ’there jmust be feasible
marketing arrangements ma^** and
-mh will necetwar-ily lead lo storing
of cotton either on the farm wher**
k -aised or in the 4owns and port?
\iien. for stored ootton to become
in asset in trade it will be necessary
for It to be^ insured against fire.
Thus, in order that the people ol
county may be informed along
this line, as to the kind of rtorage
construct, this
MISM AND CONFIDENCE TO PEOPLE
Aittentlon is-called to the adver
tisement of The First National Bank
in this is-sue of The Press arid .Stan
dard. Coming as it dpes on tic*
eve of the opening of the eo4ton°bii«!
ness in th^s county, it is indeed time
ly. It will inspire confidence an 1
show our farmers that their interest
are. being locked after by those *11
position to render them real service.
Feeling that this matter is of vital
concern *to our people at this time.
:> representative of The Press
Standard called upon 'Mr. .las. K.
•Peurifoy. president of this bank for
an expression, from hinp as 10 th**
outlook for business this fall, and
what he thought as to the mark*t
for (otton in this county, following
the declaration of Kngland ,40 place
it on the contraband list, and the
subsequent announcement of Treas-
urere McAdoo which is also found
in this issue.
Mr. Peurifoy said in substance
"I think conditions are fundan>ental-
ly sound. I do not believe there 1^
any danger of any panic this ..fail
and although England has declared
cotton contraband, yet I do not
think our people should he unduly
disturbed about it. Our country
was never in better condition fi
nancially to handle the situation
Compared with last year, the out
look is most optiiqistic. Lat August f^s not to
America owed Europe fio.Oon.AtH)
This'year Europe owes us thevstag
gering sum of $1,0*>0.00(MR)0, and
IfPtjje war continues another year,
this amount will tie more than
doubled. This will mean plenty of
money to finance any legitimate de
ducing. the 1* st vc;*’
of thp peptM*- in th*
money to finane
mauds upon 1#).
"In Addition,
the^Federal
last year this time
reserve bank was not
care of the sltuatioh-to say nothing
of the vast sums held by stspe banks
and trust companies, not members
of the Federal reserve system.
"Another tact* r not to be lightK
considered is tin* economy ir et.»«* , i
by the people
Th** smings of
way of economics p-acticeri
amount to an enormous Viim hxn--.
iould be tubulated Acaja*: .■ ve 1-
ago our people v rie parjiv?* i tio y -
was . gone, and -tliK sat in *i* s|»air
f illing upon 4h** Government f ir
help. Thjjr'year they are jnur. d t->
liardsbips. are se-lf-reliant. aiid afe
laving the future with renewed hope
"While I think the outlook f r
ttie future is bright, yet I do t. >t
think it Is a time for undue -xpau-
sion or for speculation In these
times of great world movements it
is well to be cautious and to. act only
afteC mature consideration -*
"I would advise the continued
practice of the .strictest econopetj
and that the people form the Ycihd
of systematically saving >ometliipg
out of. their earning.^ If this Is
done for a year or " two, America
will be the financial center of th**
world, and our people will be thO
mogt proaperousi on the globe
"I might addLdhat the money that
will be available for holding cotton
be used for speculative
perpoaes. but loans will, onl; b<*
ti lde to meet the legitimate deyn'm^
of business. It is not intended A *
encourage the unwatrant“d holding
of cotton, for I believe that ai* long
as there is an open and free mark* t
at a fair and reasonable price, cot
ton’should not be held „ But I am
firmly convinced that heretofore un
due advantage hqs been brken of rlfV-
as to the storing
dtr operation. This year we^have 12 ! farmers by speculators in for* in?
Federal reserve banks, with, a capl-|do*vn the price at th<* '*ry tinu* th'
tal of more than $300,000,000 paid* farmer must put his c<.t»o:i on th»-
in. and most of this in gold. Only J market. This will not h*- per* i
half of. the capital stock has been
as requested
-•resident of the Colleton Realty
Company, wrhich advertise* cotton
insurance as a specialty, to give cer
tain Information
of cotton.
He state that cbtton can be In
sured anywhere in arty sort of hulld-
-ir. but that by the construction o'
MoergencJ* sheds the insurance rate**
will be Jower. There are two. kimis
of. storage buildings winch < an be
■heaplv built by co-operatVvh clubs:
0:10 the galvanized fron hivilding
holding not more thnr 600 bafeXa'id
*k.* other groups of storage shed-*
•1* 0 h shed holding no-more than 7.
*).i|»s of rotton The slG'il .m**tliod
hv far the cheaper of the two atpf
“ low insurance rates can he si*
cured on the$e as on the gaf\«jnired
iron buildings. The specifi* frtions
>«-r the emergeney sheds follow.
IgMOtion.
Sheds or groups of sheds can lt^
cor.iitnirted anywhere, town qr <oun-
irv with the same rates, but shed**
shopRJ be 100 feet awav from anv
pbher building or nay railroad track.
Construction. *
Sheds or units may be construct
'd of light frame work, to : be no*
H foet wide hv 33 feet
I. Roof to hr (d jols*
covered with approve**
‘Doling, to he supported
ts. aix of which 4x4x6
4x4x27. arranged thre*
nd supporting eaves o f
,re to extend within four
nd. and 2 post4 in the
middle supporting 2x6 in< ly ride*
ortle. All posts to be set 12 in ►he*
in the ground. Side** ind end? o'
slieds mav he 01 ( j if qot expose 5
within 10O feet l«v railroed or *1 i*
frarks. It is recorn mended •vhen
feasible that composition roo/ing Im
"s**d to cover the end? of th*> «tio*l
from peak *if rco* <?o'* 11 *0 within
four feet of ground, so t.* fjli»
protect cotton from weather. Uet»t
sf. et? must not he used f- • ni.’.o:
n*- des or * n*’s f h* d?
\-r ll.-*, MCnt.
’• *’.> ner for r* piv Mr !J’o*nipk*r x
*** ,1 for th** p< tifionyr. stres^f^g
•* ground 4hnt tli*- lerishif^rc ( >:i
* jbmit !*j fun tiors ►f'n'1 del*
r*'*‘ its duties to t-o* p* ooh*. nr. i
•tfeding th: t *iu*’'iiet eaBinc for
■ .> referendum is 1 in violation ho:>i
• *ke constitution of the U|iif*‘fl
j thr*n it
^T-o. Th: A h>uk>
* rni reserve board *oi*ii! call in th*-
lialance and we would have thop
than $600.000.010 capital stock.' ?'
will, thus be seen fha* th** Fed* r .‘1
r* s< rvc Imnks alotu ar*- able t** tal- *
;nn was
had:
not til*
it is l»ad.
cans*'
m rchartts. atxl
\Vt» have
Federal Res«-r -
!i< **nal»l*‘<l Go :
at -n in t!Hs t
nl i
it is
oft
en ass
ign**d
'I.:
l:*.fh J
k'-pl
»UO
’ out
f.f ally eountr;' i
11.*''
CO
ild flourish.
No
pari |
t '
v»v
Statof**
*•■•. r
had
such :
t ns
? ho
\\4 “ t
and
north
\v < f. *
England Finally Puts
' •* and -of the-State
tut!:
' f * * * * * * S: *
Pi«*iiil>itinji Ca-c.paign Fn ml
Pfevlotrslj i-e|M>ned g:M.«H»
‘•u> I,. So: ak oO
Jos. Al. M.s/ . 2.10*
Total received rtiUkoO
The treji<*n»er uouM ~r»*-
mind. wiio bav** prom
oted routiibntions lliat we
n*ed the amounts pledged,
and we uoiiltl ask others to
niake contributions. \Ve es
timated the nee«W of -tlie
<'iun|>atgn at *1041. Surely
there Meed he no n-e.rc said t*»
the prohibit ionlsts ot ColU*-
ton County.
« **:>***#*
I -cen moil* moaiuiitpes in
inc’.*- day in Minnesota than ! hove
:>11 my lift; in Sourh Carolina. The
Pi -dniont n gioit f::*d. *'V**n in in\*
titiib.'nuilaria all over it lias :i good
(i*,;.! yet. full> as !”iK'li as th** coast
ever ha*l.
There ar*' just t* o reason , lor the
undevelopei' <onditiou of th** coast
Th** first is the great amount of nn-
turak-resourecs. sucii as timb**r. tur
pentine. pliosphate rock and so on.
that put exploitation ahead of de
velopment. so that when the resour «»
was exhausted, exploitation ceased,
the men engaged in it went else
where and nothin? took Its place.:-
The second was t^e "five gcass”
law that made d^v*»lbj*ni'en» all but
impossible. Indeed developnienf b*’-
yond a cer-aia pv>!nt was impossible.
th**re i.
' a proper # f '
‘• otton lo be stored '.r
sheds
een tip*
f iriiit-r*. I' • |
unlfsl and bal*? to
hr* .
■ rrirgeit
the »K
an!>-'. . j
•• two tiers, end to •* *
d. not
* \i t ed
n nr;*.
, ..*? •' op O * !
i: t 36 hales each. v *>
ties i:
1 1* it ii*t>»
»• •ruF,
t’l.** w . V
11 •.er of each tier. e;*.
*1 11*
... }rT"
F. !c* <
•If lb* -i 1 -1
•'em up to contain
one 1
*:*l ■ l* -s
t - f V; * » f
»’ :> layer next t*eIo"
. to
i)<* flit** 1'
‘ e^co^JtRj. f lay*
r* hi
eXi, the
‘ 1 ret. to e'r*f**i 71'
L n I ♦ * ?■
tP i-irh
* ' Tile tier arc **.
U*
- t’*..,
sfrb'.ge'fs ;•< fol!
f> v. s ■
T’lr-.-
, * ?
‘ • f * K mud sill** la: 1
on
rroun 1
1 on
Cotton
•r-l wi •• witli shed ;
1 1 iri f ar-jjlev to hr
od ! :
of ti*
i!< s nnit
r.,. !!■ -
• *i'
Pirn to support
four
4x6x13
rtringer? laid at righ*
augl^'
•b Tiuid
1,
•ti-n.
Au? 21.- r Gr»at Britaa*
hired cotton al olutecon- j
The’ anvoun* emer.t " v •*•• !
itonight (U
i trai'and.
ihade by tile foreign office here. !:
>.as learned upon inquiry; that the
t’rench govrnmem v-ilJ is?'*e simi-
lar noti< “ earl- toniorrov., T1 e text
of the British : rinouncemenl fol-
lows
Hi* majestiy's gov err meat has
j deelnr* d cotton absolute* <ontrr.-
band While . t'.ie * !r, umstance--
' .it liaf.- s'T, ’ 'cl 1 *1
••arller p** iod Hi-' 1* " '
.crir Is glad to th t! 1*
'ition? < ■ • '.n.‘-r, •»•* ••■♦i*
•iy tqt affe. f*.r* t *•
lo than tii*';. w*•: , a .1 r
rixoreo'.er. Hi--” vf^ije-ty’-
ment ror.*ei:iniaC" J in’tia*. r
sure*: to teVeve • far as
sible any abnor r at «l**pres-ii )i; whi'i-
. gill temnorairlv, d *f\:rb rn^' *
- “ Jitions.”
(Continued on page Five i
Jo e; h l.angdale n* 'h **e-int
(Grey** .vetion. was in WalDt-boro
1 Saturday and again vloudt.v Mr
i T.ang.llilo is on** of the most thrift''
| farmers In the countv. and elmos»
(always wh*»n in town be comes with
• a foal of farm, produce ^or sale.
The family yf„ W If ('rosb>.-» of
I’rtchardyville, will hortly r-niove
to the Ori*fin f;*r!n ne.>r t-»w u Mr
t’ro-by Wll open a teUrksmith'-shop
and auto repri ,r shop in t->w.j .
so*;a as he get? settled in hi - n** *
-home, Ahfch will be in a few days.
Mil spaced'about fee, apnif.
‘ t*> nroperl s-pj.«-• t|j.
'•{topi line o* first dov’vr' I ver
f cotton le* at |e: 4 j,t 1 'Vlrich** aliovc
" urd.'cotton to be piled* ,si.*| 1,1*
> irranged that s-ytr* m - -ed of
- •> will extend thr.*e feet beyond
.*• of (offon, .Unity tIndividuals 1
• f s* have a* leas! 23 feet *>f «t *i-
e-'c^on e.verv side end «,-n*h. atul
to *>e arranged in groups of not to
.<«*«*d l* r * uni s. croc-.- *0 !•• -
closed with a six foot boar*i :«>n<c
fh fifteen feet clear space between
"Vice and cm!- <»f shI—, r - -li* '*.
* v 'ing an eaeiosuro are:* ot H r x»
3 j* f'et I 3:10.040 square‘feet. * ’(.hie
’ undred feet clear spree rqu t ' be
.a nlair.ed between groups . Two
'' more groups may be in< Jud *1
• Continued on page Five.)
Washington. Aug. 23. Treasury
officials tonight made pulilic an an
nouncement by Secretary , McAdoo.
that, in view of the act it. of th-'J
allies in putting cotton on. v con
traband list, he -would, if it hflj-amo
necessary, deposit, $30,000,00* or
or more in gold in the Fcdera’, *p-
•serv** banks (o rediscount loans on
cotton secured hv warehoua receipts
made hy national banks- and slat**
more In gold 1 ntho Federal re
serve system.
The gold wo«ild he deposited tem
porarily at least, without Interest
charge. It was e\platned that If it
appeared C the object could be
accompllsheu with greater efficiency
thereby, the d* posits would be made
directly with national banks agree
ing to |**nd the money on cotton at
a rate not to exceed 6 per cent.
Secretary McAdoo authorized the
announcement from his summer
home ft North Haven, Maine. It
rathe at the clos> of a day of spec
ulation in official-circles as to the.
nature of the steps which the En^
tente (Powers have Indicated they
will take to uphold the cotton mark
et in the face of their contraband
order. ’*
'*fn the exercise of the discretion
given hide by law.” road the treas
ury statement. "Secretary McAdoo
said fhat the government will for
the time being, charge no Int*
on these* deposits in Federal reserve
hanks; that such action Dp-Justified
by the unusual situation' respecting
tfojtpn caused by tho European war;
Thgj^he considers it his duty to imc
eve?P-available means to help the
cotton producer of the South in the
circumstances: that it Is a matter
o (economic importance to - the en-
Of economic importance t the en-
duced the cotton crop shall have a
fair V’pportiinity to dispose Df it
gradually and in an orderly* manner
so they may not be forced, through
inability to market their cotton grad
ually, to,, sell it at sacrifice price*-
"The secretary said that one of
his chief objects was to create s. bas
is for such Vnlarged credit fn the
South that tb(\banks will have am
ple sources to extend to producer*
such .accomodations that they will
he able to carry cbitton in wnre-
houses for a regsoriqble length of
tlm^ utnll it can heMjnarketed ad
vantageously.
In Order To
"In order to accomplish this, he
said, the national and slate 4»nk*
which are members of the Federal
reserve system should make lortn«
on warehouse receipts for insured
cotton at low rates of interest: thst'
the banks can well afford to rarrv
cotton for nrodiicers at 6 per rent,
especially 1f they are able to redis
count cotton papef at the Federal
reserve hanks at a much lower rate
than 6 per cent; that the credit
resources of the hanks of the conn-
fry are greater than ever before In
our history and that there no-cn-
son why the hanks should not. In
ro-opeatlon with fhe merchants of
the south, help the cotton producers
with loans at low rates Wi the present
peculiar situation.
Siir*. of fn-operatlon.
"If** has■ been unable to c'-fisulr
his colleague? of th** Federal reserve
board on account, of hi? absence from
Washington. f»ut f»-**ls (bnfidea.t of
their co-operation in evrr> reason
able way
"Mr. McAdoo said. liowr-V'-r, ‘hnt
sBqufd it appear that th*' ebjert In
v iew < ould I*** accomplished wiMi
•gr**ut**r efftciencv to the i<>*ton pro
ducers. the merchants and J.I10 hpnks
ot the south by depositing govetai-
juent funds -Jfi the national w*bnnk?‘
-direct instead of in the Federal re-
s*-r\*> banks, h*> would take that
course and in ike deposits in such
national hnnk£ as would give him
the assurance that the money ?o de
posited or the credit based thereon,,
would h«* loaned on <fffTon insured
.or warehoused and at a rate of In
terest not to exceed 6 .p»T eettft.
"Yh*' secretary declared he be
lieved that there y :js no occasion
for alarm about t-he future of cotton
and that It the hankers and mer
chants would, co-operate with each
other an*) w’th the cotton producers
of the south in a spirit of patriotism
and mutual regard Cor each other’s
welfare the situation could be hand
led with happy results to all con
cerned. He expressed the earnest
hope that thi? -would bo done.” 0
■o”?*
■feat
5°