144 HUMAN FACTORS IN COTTON CULTURE 



6. A bill introduced by Representative William C. 

 Lankford of Georgia proposed to set up government 

 corporations to buy all cotton offered at less than 22 

 cents and hold until salable at 24 cents. 



7. Senator Pat Harrison of Mississippi proposed that 

 the Federal Farm Loan Board set up twelve Federal 

 Intermediate Credit Banks to lend to cooperatives on 

 farm products. 



8. Representative Tom Connelly of Texas urged that 

 $50,000 be appropriated for research to discover new 

 uses for cotton in industry. 57 



On October 13 a cotton convention, participated in 

 by the governors of fourteen cotton growing states was 

 held at Memphis, Tennessee. In the call for the conven- 

 tion, issued to all the governors of the cotton states, 

 Governor H. L. Whitfield of Mississippi said in part: 



The rapid decline of the price of cotton within the last 

 few weeks has brought the price of cotton below the cost of 

 production. Within this time the cotton states of the South 

 have lost hundreds of millions of dollars. . . . 



For the South as a whole, the cotton crop is the basis of 

 all other business, and the depression resulting from this 

 rapid lowering of price is already becoming manifest in all 

 forms of business. . . . 



Experience has demonstrated that it is only a time of great 

 necessity that causes the people to quit the old systems of 

 business and adopt new methods. In other words, necessity is 

 the great spur to change. All sensible men realize that such 

 a situation exists today and probably the psychological situ- 

 ation is such that our people can be brought together on some 

 general plan for the proper handling and marketing of our 



67 Aaron Hardy Ulm, "Congress Falters as to Cotton or General 

 Farm Relief," Commerce and Finance, Jan. 12, 1927, pp. 126-27. 



