The Dawn of a New Constructive Era 61 



their resources are well-nigh utilized. They have, to no great 

 extent, these cut-over lands located within their borders, and the 

 United States must look for its most progressive development 

 in the future from the Southern states. At the same time, in this 

 development, we should look to the East, the Middle West, and 

 the West and absorb a great deal of their progressive spirit; we 

 should absorb their progressive spirit with reference to fine breeds 

 of cattle. We have 500 million dollars worth of cattle in the 

 South today, but I regret to say that a large proportion of it is 

 common stock, stock that does not measure up to the best 

 breeds ; but the bankers and business men are rapidly introducing 

 Herefords and Shorthorns and Angus and other cattle of a stand- 

 ard breed; and it is very interesting, my friends, in this connec- 

 tion, to know that the champion bull of the United States was 

 raised in my state— the Point Comfort the 14th — raised' by Col- 

 onel Miles ; sold two years ago for $300.00 and, after this bull 

 won the First Prize at the Chicago International Stock Expo- 

 sition, there was offered $25,000 for this animal. We are rapidly 

 developing improved stock on all cut-over lands, and this will 

 mean a wonderful improvement in our form of agriculture. We 

 need but to absorb some of this spirit and some of this progres- 

 sivism with reference to the cattle-raising industry from the gf^J^J^g jy^u; 

 United States ; and it will help the bankers, also, because of the willing to 

 6 billion dollars invested today in the live stock industry of the Loan Money 

 United States, there are only one billion dollars' worth of loans on Cattle 

 based on this six billion dollar live stock industry. Heretofore, 

 our bankers have required our stockmen to mortgage their lands 

 and homes, and almost their wives and children, in order to get a 

 loan on stock ; but since the organization of the Federal Reserve 

 System, and since cattle is now regarded as a liquid asset by 

 bankers, on which loans can be made, a great opportunity opens 

 up to the bankers and business men of the country to float a 

 larger proportion of loans on the stock and cattle of the South. 



As Mr. Vrooman told you yesterday — for I judge he called 

 attention to this point — we are confronted with a mighty problem 

 today in the South. We are importing from five to six hundred 

 million dollars of foodstuffs each year. Cotton is still king in 

 the South, and by virtue of the splendid prices we have been re- 

 ceiving for cotton in the past three years, cotton is more firmly 

 intrenched than ever before; but, my friends, the time has come, 

 in connection with this great war, and in connection with our in- 



