The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-09-14

unbridled greed of speculatora; and
WHEREAS, The history of cotton pro-
duction shows that the worlds demand
has increased at greater ratio than the
worlds supply, and as measured by
the surplus on hand at the end Of each
cotton season, the surplus has grown
less for more than twenty years, prov
ing the falsity of the Cry of overpro-
duction as proclaimed by spectators
and revealing facts that under proper
conditions would have made prices
steady and improved during that time;
and
WHEREAS, These other conditions
make it necessary that legislation be
contrived and enacted to relieve cotton
producers from these oppressive, I'm
just and ruinous conditions; therefore
be it
ReSolUed, That we urge the people of
thu cotton growing States, inviting the
CO operation of the ciGiz ms OF all other
States Of the Union, to insist upon and
secure legislation in every possible
form to prevent the existing injury to
our cotton trade produced by specula
tion and gambling in our markets.
We conmend as just ana necessary
she suppression Of cotton futures" {"
and TO that end we ask the CO operation
Of an people in securing such State and
| Federal legislation as shall come within
the legitimate domain of FEDERAL and
State legislation. We urge legislation
to suppress the operation OF eny sys
tenn Of dealing in what is correctly
known es futures; that it may be msde
Unlerful for any firm, corporation or
the agents of any such to deal in the
sale or purchase of cotton futures"
It should be mads. unlawful for any
bank or banking institution, telegraph,
telephone, express or other corporation
or person, their officers or agents, to
take, receive or transmit any message
( money, bid or deposit for investment
in cotton futures in our respective
States, or TO be transmitted by Others
from such States; that it be made IN.
lawful Tor any person, firm, or corpora
tion to publish or print or circulate by
any method the prices bid or any Of
the propositions of sale or purchase of
futures in the States 50 legislatiUg.
We urge that these and other neces-
sary measures for the relief of the peo,
pie be taken up by political conventions
regardless of party lines, incorporated
in their platforms and made into laws
for the common good: Be it further
Resolved, That National legislation
is necessary in the more complete sup
preston of market gambling, and we
urge our felloH citizens Of every State
to use all honorable means to secure
such legislation as shall comply with
the constitutional limitations Of our
Federal power; that they urge upon
their representative in Congress to en-
act such Legislation as will prevent eny
person, firm, or corporation, or their
ageats from transmitting from one
S5a5e to another proposiGions for the
sale or purchase OF futures from one
| OSShgS W GS4O SASEH Htt0 OL 6AOgLlCAS Gl4Cst
all express, telegraph, telephone or
other companies or persons in an inter.
state capacity should be prevented
from promoting future gam oling be
tween the States; that the transmits
sion of money, messages or any com
munication regarding the sale or pur
chase of futures be excluded from the
United States mails, to the end that
this public evil be suppressed and the
people be freed from the ruinous con
dision now thrust upon them by the
concentrated manipulation Of specUla
tors and gamblers in trade.
We respectfully recommend to the
producing classes that they earnestly
memoriaiiz9 Congress through theil
respective State legislatures to enac
SUCH laws as will protect tho peopI'
from this great and growing evil known
as commercial gambling in futures.
A true copy.
J. +. WALTERS,
Chm'n of Convention.
Oo4uaE4