The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-09-20
ARP ON FUTURES" {"
Dealing In Futures is Gambling,-But he
Does Not Think It Affects the Peo-
PIE to the Degree that Bishop
Kecner Asserts It Does
The Getting Of Riches.

Christian Advocate that the mercan-
tile world in the South is now controlled
by the wholesale gambling and massive
frauds of fcotton futures; that the centers
of New York, Liverpool and New Or
leans have yielded to this colossal
scheme of hazard until the production
of the staple has no effect upon its mar
ket value"
He says that "during the past three
months there have been sold in New
York and elsewhere 56,000,0O0 bales of
cotton" This would be 224, 1000 bales
for the years crop. All this, he says,
sis purely imaginary value except the
100000 bales that were raised and this
ideal cotton that was not made would
yield s4o,0Oo,O00. and this is the
figuring against which the planter has
to make headway. All the gambling
dens in this country and in the Baden
Badens of Europe are child's play
compared with this huge monster that
envelopes in its coils the fortunes and
even the lives of myriads."
Gambling in futures isa sin. Betting
on anything is sin, for it is mode Of
getting something for nothing. It is
demoralizing in the extreme and re-
suits in ruin to thousands ofthose who
engage it, but I cannot see how deal
ing in futures affects the price of cotton,
for in its analysis it is betting whether
it will 60 up or down. There were no
st, 900, 900 bales bought or sold, neither
real nor ideal. The speculator says to
the bucket shop: "I'll bet you that
cotton will go up within thirty days
and I will put up a margin on 250
bales" Gail right" says the bucket
shop, "put up $500 and I'll take the
bet" Cotton drops instead of rising
and the $500 goes up the spout and the
speculator is a sadder but not wiser
man. Another speculator bet the other
way, perhaps, and won, and of course
he tries it again. The shop will bet
either way, and like the dealer in a
faro bank, always comes out ahead in
the end. Tie shop has no interest to
bull or bear the cotton. The shop knows
its consumers and the average Of all
the bets, and can hedge to suit it.
Now that is the way I understand it.
It is no getting up a corner on cotton.
It is simply backing mans judgment
with his money. That $500 was the
stake; and while it represented $50
bales, it was really the value of only
fifteen bales. This solution would
reduce the bishops figures from $1,000,
600 bales to 100000 bales as the
amount lost or won in three months.
What it has to do with fixing the price
I cannot see. Liverpool still fixes the
price and has the India crop to help
fix it and it seems to be uniformly
fixed every year in proportion. It is
the farmers really who fix the price
when they fix the acreage to the crop;
England-America agents still examine
carefully and cautiously into the crop
condition ofevery county in the South.
England knows the condition and ex-
tent of the crop in BartowC County better
to-day than any farmer in it, for she
does not rely upon one source Of infor-
nation but on several. There is not
buyer or dealer in Georgia who does
| not rely upon the last reports sent him
from some great house in New York
that is connected with English or New
| England mills. cannot see where the
bucket shops come in or how they can
| influence the price. Millionaires like
| the Inmans put large moneys in cotton
every year and make money, for it is
their business, and they understand it.
but they run no bucket shops, nor dc
they make colossal fortunes by specula'
ton. They back their judgment with
their money and are able to hold theil
| purchases until there is point. I re-
member Charleston coffee merchant
by the name of Samuel Farrar who
made in thirty years million dollars
by dealing in coffee. He had large
map in his private Office, and it wa'
checked off in years and months ane
days, and the price of coffee for every
day was marked, and a green line
marked the ups and downs, the ris'
and fall, and it was very crooked line
Then there was a straight red line thai
split the difference and showed th'
average price for the year. Brazil wa
the market where he bought. If tn
crop was short he made allowance
for it and raised the red line accordin:
to his best judgment and his most reli
able information. ~ buy" said he
"when the price is below that line.
! sell when it is above" Just so it i
with shrewd men everywhere.
I believe there is too much odiun
heaped upon rich men, too much maiig
nant abuse of money kings and million
aires. I reckon we would all get rlcI
if we could-even the preachers. l
grieves me to hear some Of these polltl
clans trying to array the poor agalns
| the rich and to stir up strife and bitter
ness among the people. 1t did not us
to be that way. Men who prospere
were respected in my young days-r'
spected by everybody. Riches were nc
considered sin. The Scriptures spea
approvingly of Abraham and Job an
b Solomon and tell US of their gres
/ wealth, and how the Lord blessed then
| I believe that there are good men no
: who are rich and they do good wit
their money. If they did not l don
know what would become Of the po<