The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-09-01

than he has received in years. He ought
10 want every cent that natural laws
VIII give. for he may De well assured
that if the corner by manipulation and
gambling gives him more this year than
he would get through the operation OF the
Ian, OF supply and demand, stock gamblers
.xIl take many times as much from him
when they see that they can make more
bv pushing the price down below the cost
OF production. Stock gamblers care moth
INC for the farmer or the manufacturer
They care only to get rich By corners
and other manipulations. II one year they
help the farmer, they are apt 70 de-
stroy him next. They have the same IN
terest in the manufacturer.
The need Of the agricultural world and
the manufacturing world Is for stability
and the operation OF natural laws. II
the farmer could get between ten and
twelve cents for his cotton year III and
| porous than TO get five cents IN one year
and within a few gets fourteen cents. Such
Wild fluctuations are most hurtful. The
same IS true OF manufacturers. II they
would figure upon paying between ten and
twelve cents for cotton, regulated by sup
ply and demand. they would make their
contracts based upon such prices and
would be more prosperous than they can
be when cotton goes from seven TO four
teen cents IN less than twelve months
Nothing would work greater injury to
the South than for the stock gamblers to
be able to corner the market. The
tobacco trust has effected a practical cor
ner on tobacco with the result that to-
| bacco brings less than the cost of pro-
d~uction. The same thing Will follow IN
| cotton when it is cornered, for the to-
bacco trust is not the only conscienceles
trust IN America.
In its issue of August of the 26th, the
Louisville Courier Journal thu gives its
views on Mr.. Wilson's interview:
An advance Of over 81 a bale is the an
SAt Ildut ny Tic COllOn lldut W the
assertion of the Secretary of Agricul-
ture that gamblers are responsible for
the previous rise. Few editors OF agrI-
cultural papers could show more igno-
rance Of the cotton situation than MI.
Wilson displays. The cotton planter
could have gone into the market ycster.
day and sold contracts for his growing
crop at 11.27 cents for September deliv-
cry, 1890 cents for October delivery,
10. 80 cents for November, 1926 cents for
December, and 1927 cents for January,
and 10.25 cents for February and March
deliveries. These were the closing New
York prices. The Secretary may say this
IS gambling, but the contracts are legally
enforceable, as the short sellers have had
reason to know to their sorrow the past
SIX months. There IS an actual demand
for spot cotton also, and yet many mills
have closed down, thus reducing the con
sumption. The man who has spot cotton
has something as good as wheat in the
mill, and that is also mighty good at the
present and likely to be better in the
future"
The Roanoke -Chowan Times seems to
agree with Secretary Wilson, for it says:
Judges Brown, Neal and perhaps one
or two other of our Superior court judges
have resurrected the law of 1899 relating
to speculation III cotton futures n are
lnstructlng the grand jurleS to make pre-.
sentiments, It being a violation of the law
to either buy or sell with no intention
o. delivering the cotton or other com
moditles. The spectators ruin the farm
ers. The corner IN cotton this summer
by the Brown syndicate Of New Orleans
Will cause the cotton farmers to lose
heavily IN the sale of the present crop.
Had 1t not been for the spectators prac-
tlcally all OF last years crop would have
been manufactured by the time the new
crop IS put on the market. Instead of
this the cotton factories had to suspend
work. The high price of cotton during
the past five months has not benefited
one farmer in a thousand for the simple
reason the farmers had 40 cotton to sell.
We need a national law on the subject"