The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-03-02
GAMBLING IN FUTURES.
THE JACKSON RESOLUTION DIS.
CUSSED AT ST. LOUIS.
Action OF the Cotton Exchange OF
This City-Its Sentiment Re-
garding Varied Crops.

st. Louis Republican: The wicked
ness Of dealing in cotton futures and
the necessity OF Southern planters
raising less cotton and more articles OF
food were the subjects which q meet
log of the members OF the Cotton Ex-
change considered yesterday alter
noon, adopting as their platform on
the two questions a resolution advis-
ing the farmers to turn their attention
TO other agricultural products besides
cotton and emitting advice as to cotton
buying.
The interstate Agricultural Associa.
ton, at its convention in Jackson, FRI
day, passed a series OF resolutions,
taking strong ground sgainst option
dealing and requesting Southern
Legislatures to pass laws making such
TRANSACTIONS, unless the cotton was
actually delivered, felony, punisha-
BILE by fine not less than $1,000 and
imprisonment for not less than two
years. The resolutions also vigorous
ly urged the firmers to stop crowding
the market with cotton and bringing
down prices, suggesting the culdva-
ton in its pace OF hogs, hominy and
grains. jerome Hill yesterday morn-
ing received a telegram from mis-
Memphis house, saying that the En-
change there would consider
THE RESOLUTIONS
that afternoon, aud asking that tie one
here do the same thing. Mr.. Hill,
with nine other members OF the Ex-
change, called the meeting, which was
attended very fully by the cotton
merchants. President John W. Gilke-
son was in the chair, and Secretary o.
w. Simmons read the resolution OF the
Tennesseeans as soon as the meeting
was called ID order.
When the clause recommending
THE PENITRNTIARY
for cotton future dealers was read,
there was a general laugh, and Mr..
Hill was on his feet Immediately with
motion and a speech, His motion
was that the resolution be referred to
a commit zee consisting oil Thomas n,
West, chairman; w. X. McOlintock,
| George Taylor and G. Rosenberg for
report, and his speech outlined the
kind OF report the committee ought to
make. The part OF the resolutions =
ferring to cotton futures ought to be
/ ignored entirely, as the exchange did
not wish to dictate to anybody or in
tsrfsre with their right OF dealing in
cotton futures or not Just as they
pleased. But the exchange should adj
wise the people OF the South to raise
more diversified crops, They could
rot raise another crop at the prices at
which they had sod their last, nor
could they raise another crop at the
prices now upon the exchange beard
Tor uext years cotton. AS buyers and
sellers Of cotton, the members OF the
st. Louis Exchange should advise
Southern planters to curtail Sheir crop
of cotton and devote their attention to
other things.
Mr.. West amended Mr.. Hills mo-
ton by directing the chair to appoint
COMMITTEE
OF five to report upon the resolution
and this amendment being carried
President Gilkeson appointed as the
committee Mr.. West, Mr.. McChntock
Mr.. Taylor, William B. Senter and
George B. Emmons. The committed
retired, and returning submitted tht
following report;
THE REPORT.
Our attention having been called tC
a resolution adoptt d by the Interstate
Agricultural Convention, late in SEES
sion in Jackson, Tenn, in regard tC
the overproduction of cotton, ant
feeling that their suggestions are wei
timed and sensible, aud il adopted
throughout the South will add greatly
TO its prosperity,
We, therefore, recommend that thu
exchange indorse that part Of the reso
luton advising diversified crops
"Piant one.third less cotton and NOR
J grain and grasses. Raise hogs ant
hominy; let cotton be surplus CROP
Instead OF producing 100000 bale
make only 100000 bales"
II tbs low prices of this season shal
= influence the planters OF the South T
! adopt these timely suggestions, it vii
be g0dsend, and in our judgment
new era Of prosperity will be the re
suit.
We also recommend that all the ex
T changes take immediate action in in
= dnrsing this resolution and in echoin
+ these sentiments throughout tn
length and breadth of the South unit
: they shall be brought to the notice c
: even the most humble planter.
i The report was adopted and a mo
= Ii N 10 have 1000 copies CT it printe
for distribution was lost although on
= anxious member suggested that cor
/. tribution of nickel apiece from thos
present would accomplish the obIec
= The meeting then adjourned.
I Some of the members OF the e1
g change insinuats that this
:. sPAsM OF VIRTUE
which produced the resolutions is tn
q result OF squeeze in futures suffere
i by ssme of the Tennessee men.
/ suppose you've read the Bible" sal
n President Gilkeson, while talkin
: over this, "and you know how Solo
: mon, after he got through with all hi
{ fun and folly, settled down and said
n 'All is vanity and vexation of spirit
. That's about the way with these te
lows. 'Ifthey hal been on the otht
side, now, and caught somebody II
stead of being caught, they'd be tall
ing another way"