The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-09-02
RISE IN COTTON JUSTIFIED.
GEN. NJ. C. BUTLERS SHARP REPLY
TO SECRETARY WILSON.

Men WhO've Made the Bull Market
not Gamblers-The Planters Bene|
ftted-A Famine In Cotton Goods
Threatens-Fifteen Cents n Fair
Price for the Staple.
From the New York Sun August "a.
Gen. NJ. G. Butler, for a number OF
years United States Senator from
South Carolina, and a major general
during the Spanish-American war, by
appointment of President Mckinley,
is at the Waldorf-Astoria and will be
in the city for several days. He goes
from here to Newport on the invita-
ton of his cousin, Perry Belmont:
Gen. Butler has been engaged in
cotton planting ever since he came OF
age and has owned his plantations for
thirty years. Since his retirement
from the United States Senate he has
devoted particular attention to the
subject OF cotton growing and is re-
garded as one OF the most progressive
an dbest informed men in the South
regarding cotton.
A reporter asked Gen. Butler yes
terday if he had seen statement from
Secretary Wilson, of the agricultural
department, concerning the advance
in the price of cotton and containing
some severe structures upon the men
who lately have been operating in the
cotton market. The Secretary of Ag-
riculture did not hesitate to charac-
terize them as gamblers, and to severe
ly criticise them as such.
eyes, have seen what was said to
have been the expression of opinion of
Secretary Wilson," said Gen. Butler,
land I must think that he spoke
without correct information. Indeed
I am bound to say that he seemed not
to know what he was talking about.
The gentlemen to whom he refers as
gamblers. Messrs. Brown, aud Hay
ne, are not only among the most reptu-
able business men of the country, but
are gentlemen of the highest charac.
ter. One of them, Mr.. Hayne, is from
my own State, and 1 think he will
stand fair comparison, as Will Mr..
Brown, from Mississippi, with Sec
retary Wilson or anybody in official
or business life. l must say l was
surpris at what appeared to me to
be very reckless charge, one which
was not justified by the facts.
"The. fact is that Messrs. Brown and
Hayne have done more for the pro-
ducers of cotton, the farmers, in few
months, than the department of agrl-
culture has done in ten years. was
somewhat surprised at Secretary Will
son, for he did not appear to get into a
frenzy of indignation when certain
other gentlemen in the West were
making a corner on wheat and corn,
which enhanced the value of these
two commodities, and from which the
farmers got the benefit.
'The Secretary seems to be particu-
larly concerned about the operators
aud the cotton mills that the cotton
mills have had to shut down and put
out of employment large number OF
employees, and that therefore it's q
great wrong upon the cotton mills.
Now in regard to that, Messrs. Brown
and Hayne simply bought cotton from
the bears in the cotton market and
required them to deliver the cotton,
and, of course, the price went up.
"As rule the managers of the cot.
ton mills all over the country are
bears and sympathize with the bear
operators. Very naturally, their in
terest is to lower the price of the raw
material, and they needed the rep
reservations made by the bear opera
tors, exaggerated the last crop of cot
ton and failed to provide themselves
with the raw material to keep theil
mills going. That is all there is ir
| that"
"Can you say anything with re-
ference to the profits in manufacturing
cotton cloth from the raw cotton :"
"Well, only in very general way
A friend of mine who is largely in
terested In the manufacture Of cotto1
in the South, gave me some statistic
at one time of the profits from say
pound of raw cotton converted int
The finished product, and / am tolt
that in many instances that profit ha
been anywhere from 10 per cent to lO
per cent, which, of course, is yer,
gratifying to me, for I didn't want t.
see the cotton mills of the North, or
the South, either, crippled in an.
way. But they have not paid fal
price for cotton IN the last ten years
and if the law of supply and deman'
is to cut any figure now raw cottol
ought to be worth Is cents a pound.
"And if, as 1 understand, the mill
state they cannot manufacture cottol
at the present price and make an.
money out of it, the simple remeu.