Word: cottons
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Dates: during 1930-1939
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...voyaging down the Potomac on the Sequoia he stayed at home talking with upset Congressmen by telephone. On Monday, two conferences with Chairman Buchanan of the House Appropriations Committee having failed to turn any means of untangling the snarl, the President decided to compromise. He offered to up the cotton loans from 90 to 100, make subsidy payments quicker and easier (see p. 131. The jaded legislators clutched at this as the way to get home, passed a hard & fast resolution to adjourn at midnight. But as twilight set in the President learned that an unpleasant fly was buzzing...
Fortnight ago Senator Walter F. George of Georgia declared: "I am absolutely certain that a 12? cotton loan on the 1935 crop will be approved and announced within 36 hours." Echoed Georgia's other Senator, Richard B. Russell Jr.: "I am expecting the announcement hourly. My only regret is that the loan will not be more than 12? -say 14? or 15? a Ib." Undeterred by the fact that his two Georgia colleagues had been proved poor prophets, Alabama's Senator John H. Bankhead last week stoutly asserted: "I think a 12? loan is absolutely sure. I have...
...weeks President Roosevelt has been pulled and hauled between two conflicting ideas on cotton loans. Secretary of Agriculture Wallace saw that the 12? loan policy, if extended, would mire the Government in surplus cotton, perhaps sink the AAA in financial failure. Therefore he argued stoutly against any continuation of the 12? loan. Southern Senators and Representatives, thinking only of political effects, yowled and yammered for another year of 12? cotton, warned the New Deal it would lose all its Southern friends if it did otherwise. An able compromiser, President Roosevelt finally approved the AAA plan announced last week. To guarantee...
...Cotton Senators fumed and spluttered at this open flouting of their predictions. "Disastrous to the entire cotton-growing South!" cried Senator George. "Cotton shippers won a great victory. . . . The plan will be very confusing!" snapped Senator Bankhead. When the market price of cotton slumped nearly 1? a Ib. on the news, their outcry rose to a roar. "I am embarrassed and confused!" exclaimed Senator Ellison D. ("Cotton Ed") Smith of South Carolina. Another South Carolinian, Franklin Roosevelt's good friend James F. Byrnes, jumped in with an amendment to the Third Deficiency Bill requiring a 12? loan on cotton...
From the Administration standpoint the advantage of the 9? loan & subsidy plan was that it would allow the price of cotton to seek its natural level and thereby encourage cotton exports which have fallen off badly as a result of the pegged price. This long-range advantage did not appeal to Southern Senators. They bellyached mightily to the effect that a 9? loan sounded cheap and shoddy to their constituents who had learned to expect bigger and finer things from the generous New Deal. Unexpressed, but probably more potent, was the fact that Cotton Senators knew that cotton mills...