The herald and news. [volume] (Newberry S.C.) 1903-1937, 1904-12-13
TO COTTON GROWERS.
Address Issued by Committee of Cot
ton Growers Convention
Held in Columbia.

49,
Columbia on THU; lay night, has is
sued the following address 10 the cot
ton growers of South Carolina:
To the Cotton Growers OF South Caro-
lima:
We, the committee appointed by the
convention which met in Columbia
on December s to issue an address
to the cotton growers, wish to say
that we joyfully hail the fact that cot
ton farmers OF the south are begin
hing to realize that upon their indus
try depends the prosperity OF the en-
tire southland and to large extent
that of the world, and that specula-
ton and manipulation Of the market,
for the purpose of depressing or rails
ing the price, is of vital Importance,
not to him alone, but to all other in
dustries. and that he is not alone. as
sometimes reformers or so-called re-
formers have led him to believe, but
that he is a partner in business with
every industry in the south, and that
TO-DAY we wish to impress him with
the fact that the bankers, lawyers, doc
tors. merchants, manufacturers
everv vocation and avocation-are ex-
tending to him the hand Of sympathy,
not for brotherly love, but for the
sole love of dollar, and in this hight
to maintain the price of cotton at
remunerative point that all that he
has to do is to show to the world
that he proposes not any more to be
the slave of his emotions, but that
he 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 to-
day, is that the laborer is worthy OF
his hire and that we, representing the
different avocations and professions,
extend to him our promise, word and
pledze that we will extend to him in
all legitimate ways our moral and
financial aid.
Now to specify: The speculator
and the speculative market have no
regard for the law of supply and de-
mand, hence our opportupnity. The
man who has sold January, February.
March or 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 Decen1-
Der. The same in every month run
ming to,July. Holding the cotton for
90 days, allowing no spots to be
placed as hedges against future con-
tracts, simply means that the specuia-
tor 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 venture The cotton mills, not
through any fault of theirs or any an
tipathy toward the farmer, but SIMPLY
because there has been no farmers
exchange, no concentration OF cotton
through farmers organization, they
have been forced to deal with men
for their supplies who could get 1t
in bulk. Hence the condition that ex-
lists today. That the broker, real1z-
ing the disorganized condition OF the
farmers and his lack of knowledge OF
the simple business laws, sells to
these mills cotton for future delivery.
It is to his interest to depress the
price of cotton because the margin
between what he buys it at and what
he delivers it at determines the pile
he makes on the transaction. There
fore the mills have got to look to
these brokers for their supplies.
These supplies are promised. The
mills cannot spin goods, yarn or cloth
out of the contract written on paper.
It has got to come out of your cot
ton. The brokers have got to supply
it when the mills require the fulfill
ment Of the contract. Hold your cot
ton set the price and on delivery day