The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-20

that money goes to New York and Liver
pool II drains the country dry"
Much more testimony could be quoted
from the report Of that commttee, for IL
establishes beyond controversy that this
| trade trust and gambling enterprise works
untold ruin to the people and the coun-
try. but there is other and more Interest,"
Ing testimony In that 1t is in the nature
of Il confession of facts from member of
the Now York cotton exchange.
Mr.. j. t. Roddy. prominent member
OF that organization is from South Caro-
lima. and still holds his Southern SYM
pathies above his purse In an open letter
to the farmers of the South ne says under
the date of December s, 1898:
why IL cotton $50 per bale less chan
IT was in 1890? l will tell you why 1t Is,
though many say differently. over 95 per
cent of the cotton goods trade of the
world is in the hands OF Great Britain,
Germany and France. You produce and
they control the price OF your labor. They
would be fools, having perfected system
to hold you down. II they did not do SO,
and you are either blind, cowardly or ig-
norant II you do not protect ourselves
Statistics prove that the farm yet pro-
duces the Nations wealth and income;
why Is It then that there Is no profit TO the
agricultural toiler? II you would but con-
slider that cotton exceeds in value any
exported product. and is Indispensable In
settling our balances abroad, you would
know your real position.
For the last several years there has
been a great cry of overproduction and
lengthy speeches. and much advice about
Investigation OF crops, still statistics
prove that this has not been the cause,-of
the depression of prices.
by holding OFF and keeping the contract
market depressed, they know that on ac-
count Of your poverty they will get your
cotton at the prices they care to tix."
Our trust law does not reach this evil:
our statute against bucket shops is poorly
contriyed and useless, and the people are
left prey to this vicious and ruinous
system
realize that Federal legislation will be
OF great aid in any effort to suppress this
outrage against the people. their indus
tries and their morals. but the states
should bio first TO take the initial step.
Let Texas takes the lead and joining
hands with sisterhood OF Southern
States, drive market gambling out OF the
land. Then would the wealth that now
goes abroad remain TO bless our people
The field and the factory would be side
by side instead OF being on opposite sides
of the Atlantic, and the people OF the
south, with the riches OF their products.
would manufacture more than three
fourths of the worlds supply OF cotton
and control its trade and commerce.
Such an era Is sure to come IL may be
delayed by unjust and unfair conditions,
and II can be FASTENED by correcting those
conditions. In its fulfliment the worlds
commerce would turn It's gilded prows 70
our shores, the ships OF every nation would
anchor in our ports, the merchants OF
every cline would trade in our marts. aud
this Eldorado OF agricultural wealth would
be the ideal dream of Industrial civiliza-
ton.
In conclusion. let me express the hope
that this matter may be fully and fairly
presented TO the convention OF governors
and attorneys general. soon to convene In
st. Louis. and that In your call for spe-
cIa session Of the legislature. relief from
market gambling and conspiracies TO de-
press the price Of agricultural products
may be mentioned as one OF the objects Of
the call.
The fact that senate bill No. $50 BY 6cn-
ator Patterson passed the senate. prac-
tically without opposition. indicates that
legislation for such relief would meet with
ready approval.
Enclosing copy Of the bill hNeuith.
and the proposed remedy Ii another 8tates
I have the honor to subscribe myeelf. sins
csrely your friend. John p. Fitse