Nervousnces is accentuated at present time pri ipally because of the fact of a marked lack of unnity on the principal issues that} await determination—at No one can foresca may take place in many} mat ters that must come up for settlement, but rile the country that the "Government crop reporting system will be. attacked by" cotton rowers' repressutatives "la Gow Frese on the ground that it Inaec curately estimated the crop as too fish, and vas therefore responsible for the spectacular drop in prices fne crop reporting aystem has withstood previous attacks of this ort, however, The following editorial comment from "The Nation's Business" gives the" average American opinion "on the cotton situation:
"Cotton, has one to 12 enta—thie tae the Siar Enon farder a lowes poaceae CHE Stans forte ation seem te Th "bunt cast ce: Free eres Det enact the prompt mera ile i ey Go ie bane hess of the country that the buying power of the cotton states nay be Eecnsed. by, it ie. variously' estimated, from §200,600,000 to. $50,000,000.
Sine colton grower wants) a pris for his product which is above the cost Of production. "Can he get tin the {face of n more than 8,000,000 bale sur-Plast" And if he can get tt how?
Phere. will be. those. Who will, ap~ peal to Congress for divest aid. There ill be those looking for pulitieal gain who wil promise. direst legislative said Ks' a practical matter of fact, if theas the offer direst Government ald through Tegistation. earn possibly. deliver' which is doubtful-there. is 9 pessibily' of securing. i in. time to do. the Colton. farmer guy good on. this year's crop." For the great bulk of the cotton rep is picked and ginned between Sep-ember 3 and December 15 and" those the are. in'finanelal. straits will have Tote an Tes picked.
One proposal is that the bankers of the, South shall purchase end. with-{raw from the market. three" milieu Bales of cotton, advancing to the aaler 0 to 80 per cent. of the market val that "Agricultural for th, pur aves, $200,00000" avalable Se"ihom having some. mores but TistMokn he armor guarantee the Hecht dues the nereage of is €0l-{on planting, next year!™ Tt looks as if restriction is generally regarded as the only tMleelive means of safeguarding she industry for the next year or two, and if this is done America will, of course, be doing what. she has' all slong condemned in others. How-fever, we shall see what we shall see, The Federal Banking Reserve The time ig due for the re-fature burglarious visitors to my Toast three great questions, 'S chartering of the Federal Reserve little house at Neuilly information pres ssent_moment each one of these fas to what is still worth taking, and three questions is causing anxiety system. What. will happen cannot be predicted with certainty, though have also published circumstantial both political end commercial cone cannot believe that the System and substantially correct instruc-fe, and they may be placed in wilt not continue. Tt is claimed in tions as to the best way of getting ler of importance and the ccn-Dueiness generally that the F. in, I would ask them to extend their which they give as follows: has placed the commerce of the Kindness a little farther, so as to in much to be country on a foundation which is avoid disappointment to these unassailable by any booms or bursts, gentlemen (burglars) and trouble and that without it the even heal expenses of all kinds to myself. that it has been the means of in-certainly had a small fortune at traducing largely through—the one time, but my expeditions, recent nation will disappear. To the busituisslons of a national character, the The Federal Reserve, System—It ness man, its primary virtue is that war (in which 1 took part in spite suid that If the Pederal Reserve the Federal Reserve pools credit of my age) and after-war taxation Board and system are not assured resources without creating a credit have wiped it out very thoroughly. of continuity, then the stability of rut' functions of nations! monopoly. Its strength is the Even my gold medals have been Thanks ie threatened strength of a system making for transmuted into paper and replaced jon-—Little ix expect efficient organization of all banks. by imitations.
Consequently, these though The System is to business, as a gentlemen will not be able to find many industries will have 1 Fepresentatives. in Congress intro-prominent business man says, "much Any more money in my sumptuous fice bills te raise tari the same as the service of supply residence' at Neuilly than But from what takes pi fs to an army on campaign." Tt chateau' at St. Servan. The little country will get a little foresight!
Into Tegisiative notion -chreatened keeps essential supplics_ on the that is left to me—that is to say, for the 1928 session. move. It brings them in quantities just enough to pay my taxes—is in So far as agriculture is concerned, needed, where they are needed and a bank. As for the rich collections the general opinion throughout the when they are needed. As an army brought back from my voyages, cou entry, no matter in what. section doomed if anything goes wrong they consist of a rather moth-eaten may find himself, is that! with supplies, so. with American stuffed penguin and a pair of agriculture needs something, but £0!
Business if the Federal Reserve Bskimo boots. Need 1 add that far as T can seo there is no agese~ System is abolished. Several everything of value that escaped the Tae:
visit has now been transferred Ment #4, f0 what it needs. AVY the it needs. All the slumps might have occurred in various parts of the country had to a safe place?
Under these ant" problem before the ¢o.n-the system net come to the aid of individual member banks. Pooling, ut anything, come ask for {F¥.
"Agriculture threatens to m
Text read from the printed page and cleaned; old type leaves the occasional error.