The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1904-12-14
TO COTTON GROWERS.
Circular Letter in Accordance With
Resolution Of Convention.
MUST CURTAIL TIE PRODUCTION.

MUST CURTAIL REPRODUCTION
An Intelligent Address Made by
the Committee Appointed for
the Purpose at the
Late Meeting.
In accordance with resolutions
passed at the cotton growers conven.
tion en- Thursday night, the commit
toe uppointed has prepared the fol-
lowing tor publication In this State:
To the Cotton Growers OF South Caro-
lima:
We, the committee appointed by
the convention which met in Colum-
bia en- Dec. S to issue an address to
the cotton growers, wish to say that
We hail with Joy the fact that the cot.
ton farmers of the south are beginning
to realize that upon their industry
depends the prosperity of the entire
southland and to large extent that
OF the world, and that speculation and
manipulation Of the market, fer the
purpose Of depressing OF raising the
price, is OF vital importance, not to
him alone, but to ali other industries,
and that he is not alone, IS sometimes
reforners OF so-called reformers have
led him to believe, but that he Is a
partner in business with every indus
try In the south, and that today we
wish to impress bin with the fact
that the bankers, lawyers, doctors,
merchants, manufacturers-every 70.
cation and avocation-are extending
to him the hand Of sympathy, not for
brotherly love, but for the sole love
OF a dollar, and in this fight to main
tain the price Of cotton at a remun-
erative point that all that be has to
do is to show to the world that be
proposes not any more to be the slave
Of his emotions, but that be will stand
and act according to the dictates OF
his real friends, successful business
men, and that their advice to him,
voiced in this letter to him today, Is
that the laborer is worthy OF his hire
and that We, representing the differ
ent avocations and professions, extend
to him Gu. promise, word and pledge
that We will extend to him IN all
legitimate ways our moral and faan-
cial aid.
Now to specify: The sreculator
and the speculative market have no
regard for the law OF supply and de-
nand, hence our opportunity. The
| man who has sold January, F. bTuary,
March OF any future months has
pledged himself to deliver that cotton
on demand or pay the margins. De.
cember is here; thousands OF bales
have been sold for delivery In Dscem
Der. The same in every month run
ming to July. Holding the cotton for
80 days, allowing nospots to be placed
as hedges against future contracts,
simply means that the speculator has
either to pay the difference between
what he sells that cotton at today and
what the broker demands OF him as
the margin or pay the price Of the
spots held for that to hedge his ven
ture. The cotton mills, not through
any fault OF theirs OF aoy antipathy
toward the farmer, but simply because
there has been DO farmers exchange,
no concentration OF cotton through a
farmers organization, they have been
forced to deal with men for their sup
plies who could get it in bulk. Hence
the condition that exists today. That
the broker, realizing the disorganized
condition OF the farmers and his lack
Of knowledge Of the simple business
laws, sells to these mills cotton for
future delivery. 1t is to his interest
10 depress the price Of cotton because
the margin between what be buys 1t
al and what he delivers it at deter
mines the pile he makes on the trans
action. Therefore the mills have got
10 lock to these brokers for their sup
plies. These supplies are promised.
The mills cannot spin goods, yarn OK
cloah out Of the contract written on
paper. 1t has got to come out OF your
cotton. Tie brokers have got to sup
ply that cotton, have got to supply 1t
when the mills require the fuli?lnent
of the contract. Hold your cotton;
set the price and on delivery day the
broker will pay it.
Il is manifest to any farmer that If
| be has 100 bushels more c)rn than is
necessary for home consumption that
ae has 100 bushels Ior the market. Ii
She market is Tor so Bushels, he has
so bushels surplus II ne goes into
the market to sell his corn and no one
wants il because every ore aaS a SUP
Div, be must realize that be must dis.
pose of that corn at a sacr flee or hold
| il himself. he cannot expect man
OF the trade to take hS corn when
they have no use for 1t simply as a
special favor to him. This is not
business, so tia! next year, with that
experience in mind, he will either un
derstand the market, put himself in a
position to keep p stec, and elther
olant as to have 10 surplus, but to
meet the Requirements OF tie trade.
This s an illus ration II the c1ndi-
| tion that confronts US in the cotton
market. II we expect the world to
pay us a remunerative price for our
cotton, we must either cary our surplus
ourselves, fix pr ce on tbe amount the
world demands o. raise just so muc !
as is necessary for the consumption CT
the trade. The. e'ore, as a farmers
organization we call upon eaca man to
exercise good common business serse,
and il we have produced 10 per cent.
too much, which has cost 50 per cent
reduction In the price, let US so regu-
:a,e our next years crop that we will
, raise just what is necessary to meet
tire demand at 10 per cent. be.oE con-
sumption and realize the 50 per cent.