The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1897-12-20

ton rather unwillingly drawn out, dis
closed operations Involving about hfty
million bales of recorded transactions HOW
many more were unrecOrded, no one could
estimate. The actual cotton produced the
previous year was only about 100000 bales
If We could only eliminate by legislation
the forty odd million bales of fictitious cot
ton from the operations, the result would
justify the effort.
The way being thus cleared for the law
of supply and demand to become operative.
some organization among the producers or
actual cotton would become necessary LOT
protection against the buyers or
actual cotton. But what sort of organiza-
ton? With the legislation already suggest
ed. any simple organization would DC
suflicicnt-and without that legislation SEQ
TO promise of relief. Let this meeting pro-
vide for interstate, state, county and town
ship organiZa tion-the township member
ship to include all who can control cotton,
whether farmer or merchant. ThiS should
bring into existence an organization con-
trolling upon a rough estimate, three and
a half millions bales at least, every mem
Der of which, farmer and local merchant
alike, would be vitality interested in main
talning prices upon q fair basis.
Such Il combination could protect IN"
producers of actual cotton from any posi-
BILE combination OF spsnners In this coun-
try and Europe; and so long as its power
was directed for self-protection it would
be a power for good. OF course if that pow
er were abused, the result would be to
stimulate the permanent investment OF
capital in developing other cotton growing
countries
But what about the proposed trust? Why
not project an organization on that plan?
In answer to that question l would sug
Eest that we have opposed the principle
NJ nd la, r1n n
disqualification, If tho cotton growers
should deliberately determine to organize
On that line. STILL assuming it might be
justified upon the idea of fighting the devil
with fire, it IS worth while to examine the
proposition its merits. Several serious
obstacles suggest themselves at the very
outset. In the first place. to be managed
successfully your trust would have to be
managed by some few individuals with
cotton exchange expert at the head. The
masses of the farmers are not IN shape 70
participate in such an organization be
cause It requires money or free cotton and
even If they got In at the start, 1t would
only be very short time before the small
holders would be all frozen out, and a vast
engine in absolute control of a few men,
whose interests would lie in the direction
of the present speculative forces. Even If 4
stock company should be formed and OH
GERS elected In due form, 1t would be 50
vast a power to lodge in the hands of Il
few men that | should hesitate to fmpart
It anywhere. The officers could make MILL
ions by manipulating the market, when the
company could only pay them hundreds or
thousands. Who would feel safe in tho
hands OF a speculative expert, in the spec
uiative atmosphere of the cotton exchange
under such circumstances? This situation
reminds me of a bet between two parties
and the question as to who should hold
the stakes arose One party suggested mat
Jim Jones hold the stakes. But who VIII
hold Jim Jones?" asked the other party
to the bet And so would | like to know
who will hold the trust II the farmers
should organize it?
So | come back to my original proposition
procure legislation that will break the
speculative control Of prices; and then es-
tabish simple township, county, state and
interstate organization of those VINO can
control. free of debt. When this body has
taken the steps necessary for the attain
rnent Of these ends. it Will have done all
1t can do.
The organization and prOcea dings of
those who can control twenty or more bales
of cotton must come later, and must OF
course be secret in ITS meetings if it IS 20
accomplish any valuable result
But let it be borne in mind that the full
fru.ion of tins and ali other pIdda -
conditioned upon that fundamental ques-
ton OF financial reform.
j. WILLIAM STOKES,
Chairman Committee on Resolutions and
Order Of Business