The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-01-26

| Austin. Texas, January Is In the house
today Mr.. Pitts introduced the following
resolutions. which were referred
Whereas. The cotton industry Of the
south is the most important agricultural
product OF the United States and in vol
uine moro than 81 per cent of the world :
product; and the condition OF this great In =
dustry now being depressed by spectators
who control ana reduce the price In their
own interests by the following methods,
among Others:
~ offering for sale fictitious cotton
called futures at prices uniformly less
than the current spot cotton market. which
sales OF fictitious cotton are contracts TO
deli"er at a future time at lower prices
Than the actual spot cotton prices and in
which spectators do not intend and are
not compelled to deliver actual co ton. but
uniformly pay or receive thr monetary diff
ference in the price of futures and spot
cotton at the expiration of The contract OF
delivery. those contracts being rhoaper in
duce millmen and consumers OF the raw
material. who heretofore competed ~ the
~ ot cotton sales. to WITHDRAW from The
market: thus fastening a condition which
takes from the cotton markst the actual
purchaser. destroys legitimate market de-
mand and competition and leaves the cot
ton product at the mercy of dictated prices.
By flooding the market reports ut actual
sales OF spot cntton with five to ten times
the volume of fictitious sales at lower
prices; thus producing a constant decrease
In the price Of real cotton.
BY operating a gambling enterprise
known as the New York futures board In
which fictitious cotton is offered Tor sale
in the market at prices sufficiently 20
duced below spot cotton prices to invite
Investment and wherein he suil invest
ments are virtually confiscated by arhi-
trary changes in said quotations whereby
the country Is drained of enormous GUMS
OF money. and the cotton market fluc'ultcd
for gambling purposes to the Sreat Getri-
ment of legitimate trade: thus Producing
the decline in the price of cotton Is oh
served in our markets since the orgluila
tion of the New York Cotton Exchange and
its futures board; and
Whereas Tho price Of labor necessary
to raise and market a given quantity of
cotton. in comparison with the price of
labor necessary to manufacture and mar
ket the same quantity of cotton. Is OF the
ratio of two to three. and under legitimate
conditions Of trade and estimates most fay
orhDle to manufacturers raw cotton should
sell for not less than 80 per cent Of the
manufactured articles, yet the situation is
such that the price of cotton has been 10
depressed by speculation and market gam
bling until manufactured goods sell for
prices from 400 10 1900 per cent more than
the material that composes aich gods,
and "A vast wealth that should ha dis,rb-
uted among its producers, is annually con
lscated by the unbridlel greed Of specu-
lators. and
Whereas. The history Of cotton iroduc-
ton shows that the worlds demand has
increased at greater ratio than the
worlds supply. ard as measured by the
surplus ON hand at the end OF elch cot %
ton season. the supply has grown less for
moro than twenty years; proving the fall
sity OF tine cry of overpro1uction as pro-
claimed by spectators and revealing fact S
that under proper conditions would have
made prices steady and improved daring
that time: and
Whereas. These and other conditions
make II necessary that legislation be con-
'inuod and enacted to relieve co,lon pro-
ducers from these oppressive, unjust and
ruinous conditions. therefore be It
Resolved by the house OF representatives,,
tho seuate copcurrlng, That Governor c.
A. Culherson be and is hereby empowered
to call legislative convention of the cot o.
ton growing States. to meet at Galveston
on the LIST day OF September, 1897. Tor the
purpose OF de"ising and reccmmcn ling
concurrent legislation in the cotton grow
ing States to the end that this important
industry may be relieved from the snccu-
latiye and gambling Influences that OPP
prcss H. and that unlawful interference
with the cotton trade be suppressed; and
be 1t further
Resolved, That the governor OF Texas ap-
point from each congressional district In
Texas representative to said convention
who understands the industrial conditions
OF our State and two from the State at
large. and that his excellency forward
comics of this resolution TO the respective
governors of our cotton growing States,
with the request that such governors an
point delegates from the cougro sslona dis
tricts of their states to said contention.