The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1893-09-20
BILL ARP,
Docs not Agree with Bishop Keener In
Every Particular.
atlanta Constitution.

Every Particular.
Atlanta Constitution.
Let us tote fair with the figures.
Bishop Keencr says in the Nashville
| Christian Advocatc that "the mercan
tile world in the South is now con-
trolled by the wholesale gambling and
massive frauds Of cotton futures; that
the centres of New York, Liverpool
and New Orleans have yielded to this
colossal scheme of hazard until the
production of the staple has no effect
upon it's market value
He says that "during the past three
months there have been sold in New
York and elsewhere $4,000, bales
Of cotton" This would be 224, 4,000,-
600 bales for the years crop. All Of
this" he says, "is purely imaginary
value except the 100000 bales that
were raised and this ideal cotton that
was not made would yield 81 ,840, ,O00,-
600, and this is the figuring against
which the planter has to make head
way. All the gambling dens in this
country and in the Baden-Baden's 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 is a sin. Bet
ting on anything is sin, for it is
mode of getting something for nothing.
It is demoralizing in the extreme and
results in ruin to thousands of those
who engage in it, but I cannot see how
dealing in futures affects the price Of
cotton, for in its analysis it is betting
whether it will 60 up or down. There
were mo $1,000, ,0c9 bales bought OF.
sold, neither real nor ideal. The spec
-ulator says to the bucket shop, "Tll
bet you that cotton will go up within
thirty days and will put up q margin
on $50 bales.
>ts"All 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 specu-
lator is a sadder if not a 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 dealerin faro bank;
always come out ahead in the end.
The shop has no interest to bull DR.
bear the cotton. The shop knows its
consumers and the average Of all the
| hetS. and can hedge to suit it.
Now that is the way | understand it.
1t is no getting up corner on cotton.
1t is simply backing man 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 reduction would
reduce the bishops figures from b6,-
100000 to 3,400,e0G 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 Of every country in the
South. England knows the condition
and extent Of the crop in Barlow coun-
ty to-day better than any farmer in it,
for she does not rely upon one source
Of information, 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 Eng
lish or New England Mills. I cannot
see where the bucket shops come in or
how they can influence the price: Mil
lionaires 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 do they make colos
sal fortunes by speculation. They
back their judgment with their money
and are able to hold their purchases
until there is profit. remember a
Charleston coffee merchant by the
name of Samuel Farrar who made In
thirty years million dollars by deal
ing in coffee. He had large map in
his private Office, and it was checked
off in years and months and days, and
the price Of coffee for every day was
marked, and green line marked the
ups and downs, the rise and fall, and
it was q very crooked line. Then there
was q straight red line that split the
difference and showed the average
price for the year. Brazil was the
market where he bought. If the crop
was short he made allowances for it
and raised the red line according to
his best Judgment and his most relia-
BILE information. IT buy" said he,
when the price is below that line. 1
sell when it is above" Just so it is
with shrewd men everywhere.
I believe there is too much odium
heaped upon rich men, too much ma
lignant abuse of money kings and
millionaires. I reckon we would all
get rich if we could-even the preach
ers. 1t grieves me to hear some of
these politicians trying to array the
poor against the rich and to stir up
strife and bitterness among the people.
It did not use to be that way. Men
who prospered were respected in my
young days-respectcd by everybody.
Riches were not considered a sin.
The scriptures speak approvingly Of
Abraham and Job and Solomon, and Of
how the Lord blessed them. [ believe
that there are good men now who arc
rich and they do good with their mon
ey. If they did not l don't know
what would become of the poor and
suffering when pcstilcncc or famine or
storms afHict them.
But there seems to be feeling of
unrest and bitterness among certain
classes all over the country. Some
body is making the working people
believe that they are imposed upon by
the rich and by the government. Isee
in Rome paper that they have organ
lied in Chulis district, in Floyd coun.
ty, "a bread brigade, and have 400
members and they have signs and
grips and passwords, and have sworn
that they Twill have 10 cents a pound
for 4b DIR ootton daht Or M daht and