The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-12-20
IN FUTURES

The most of those who argue again
the passage of a law to prevent tr,di
IN futures refer with a good deal
eXultation to the recent advance IN
price of cotton as proof positive Of
avantage to the producer of this hi
of illegitimate business and call nm
national legislators to hesitate befo
enacting any law against a busiDo
which they claim has added sO
600, 900 to the wealth of the South
this recent advance. In the first MA
this amount of added wealth is a fall
and extravagant claim for the reas
that when the advance came all Il
estimates agreed that at least 45O
600 bales out Of an estimated croD
5000, 600 bales had passed out Of d
hands of the producers, thus leavir
only 1 800, 900 bales in their hands, ID
full value Of which at 10 cents a pOur
would be less than $1O0, 900, 900 BY
good deal, says the Peoples AdvocqA
Let us note a few facts and see wi
have probably been the benefciaries
this advance. This rise did not cum
until three-fourths Of the crop ha
passed out Of the hands of the men wi
followed the pillow and swung the b
during the summer heats. The tot
advance from y cents which is abO1|
the average at which most Of it I'D
been sold will foot up to about SO
bale. Then if 4, 500, 900 bales had bee
sold here are $45, 600, 900 turned in9|
somebody else's pockets than the farm
ers'. A pretty nice plum for somebOd|
and it makes no difference to him WI
got it, the farmer has to stand by W.T.
a rueful face and empty pocket and s
others reaping the fruits OF bis tN
Suppose every dollar Of this Si5'W9
900 was made by people here mt
South other than the producer, IN VIVA
way does it help the farmer? 1t make
very little difference to him atterN
gone to tell him that his neighOoF
f. What he wants to know is how
can get it and how to keep hln l01
getting it next time, and THESE y
things the producers are fast nnlI
out and when they do find it out vi
apply the remedy. And again. ~ ~ y
$40 a bale to the value Of the 1'ooN
bales still left in the hands Of the IAN
ers and you can readily see who d.
made the money out Of this crop.
But the claim that trading in Ll'ul
has been the means of briDgingths O.
vance proves too much, it seems
for if that system Of dong Ousl 4
to be credited with every increassn ID
cotton market it must be debitsd y
every depression, and that at Osn5 y b
how will the debit and credit slaS OF b i
account stand when we r0nl SattonI
two last years Of lor-priosd !, oo oo% ID
It seems to us absurd .t,,res do
L-&HNn HI
for faeI the ol purpose pose Of helping the , tal na
and enabling them to realize T fBs = d
possible out Of their crop p,odoor al
playing a game q "Ds sd3ne5s Of
farm. It is a gambling gam an Of q gan
about it ali the fascination % =
to be contrary to trading
allow a false system SpeculatiDg
upon nothing in hand Dan Who actual
b Bn1 sa aDd holds the actual ao;P PpG some 80
a 9T r9se anu n the en- markets sdoh MI the NJ
of a legitimate puS nr;ce Of cotton
who bets that the pin he so much
grain will or viii nov future
some specified time IN bS,I rG Be
S So on fhe highway Oh = tSI u
ecI mna9 on and demanding w.
that passes by. evil can Be
Whether or not the eT nne Of the
rected by legislation = times ard
nomic problems Of the med, It i
should like to see it tr ne 70 the LEI
m ate dealer in his produces