64 PROCEEDINGS OF THE BOLL WEEVIL CONVENTION. 



without saying, and it is apparent to all, that the banking interests of 

 our State are so intimately connected with the cotton interests and the 

 other agricultural interests, but particularly the cotton interests, where 

 cotton is the chief product, that it is hardly necessary, it occurs to me r 

 to say anything upon that subject. Banking institutions are established, 

 as we all know, for the purposes of loan, deposit and for furnishing a 

 medium of exchange. These institutions are not individual institutions. 

 These institutions are composed of the contributions, as it were, of the 

 idle money in the hands of the people who are partners in these insti- 

 tutions, in the name of stockholders. But having been established, it is 

 absolutely necessary that they should receive, from the communities where 

 they are established, loans on deposit, to enable them to furnish the loans 

 to carry on the various interests of that community. Now, whatever 

 tends to reduce that loan by deposit tends to cripple them in affording 

 the assistance that is necessary. As money may be said to be the life- 

 blood of commerce, so indeed credit may be said to be more so. Think 

 for a moment of the vast amount of credit that is extended to other in- 

 terests in our State ; think for a moment of the number of people who re- 

 ceive this credit. This credit comes indirectly, when it does not come 

 directly from the banking interests and from the banks. Though in many 

 instances it may come from some other party, the banks themselves fur- 

 nish this, and anything that tends to cripple them, tends to cripple the 

 efficiency and the ability of the banking interests to discharge their func- 

 tion. Not only in our own State, Mr. Chairman, but as something was 

 said yesterday, or rather much was said yesterday, about the national 

 aspect of this great question, you will readily see that the banks of the 

 country at large are bound to be affecetd by this question. When you 

 go into the monetary districts of New England, to consider the banking 

 interests there, think of the thousands and the multiplied thousands of 

 operatives in those manufacturing institutions all over the New England 

 States, and then go and look at the enormous deposit in the savings 

 banks, which come largely from the operatives and employes of those 

 institutions. . You will see, in a moment, the enormous detriment and 

 the great injury it does to the savings banks interest in the New England 

 States. Furthermore, as was well alluded to yesterday, when you con- 

 sider the vast export value of this crop, exceeding that of several other 

 crops combined, maintaining and preserving that balance of trade which 

 is absolutely necessary to secure stable financial conditions, I say the im- 

 portance of this great industry, threatened, as it is, with absolute de- 

 struction, unless some remedial measures are provided, cannot be over- 

 estimated. 



I said, Mr. Chairman and fellow citizens, that I was not going to make a 

 speech. I did not come here prepared for anything of the kind. I did 

 not come here expecting to have anything to say. I came to listen, feel- 



