The Montgomery advertiser., 1905-01-02

1 ton by New England spinners during tne period has not increased at all. In 1881 the consumption of cotton in the New England States was 100000 and 1t was 2.000.o00 in 1903.
 This Is hopeful for the South for two | reasons. First, it shows that manu- lecturers of cotton goods are coming | 70 recognize the advantages of the south as to location. and second, that | the change of industrial conditions l VIII, at no distant day, enable us to support q population which will be able to cast votes enough to correct the abuses of government under which we now suffer. But we should not walt the slow march of time. nor de- pend upon our natural advantages alone. There are many things which we can do for ourselves. There are many blows which we can strike for our own freedom.
 Manufacturers of evefy kind should meet an encouragement which they do not now meet. They should be made the special object of State care. That they should be exempt from taxation for a period Of years would be an en- encouragement which would do much to roster them. And having almost no factories now we should be exempting from taxation the things which we | py such measures. Doubtless there will be many people who will oppose any measure for the exemption from taxes of any character of property. The ground of argument is old, and the contention on this subject has continued for many years. And so far those who have opposed the measure of ex- empting manufactures from taxation have had the better of the contest. Their views have continually won. But with the success of their views we have not secured the manufactories, and so far have no immediately pros pect of securing them That manu- factories have been established in some sections of the South is quite true, but these are in the States in which most liberal Inducements are offered. And no where in the South are there enough factories.
 Holding Cotton fin Factories.
 Should there be exemption from State. county and city taxes for a period of ten years for factories established | and for the extension of those already established. this would be a concession | Of at least one per cent upon the capi- tai invested The exemption should be l carried further, and made to apply to all cotton or other materials carried In stock, for use in the factories. The tendency of this would be to enable | factories in our State to pay prices | which would enable them to hold in store such stocks as would be needed, and as an indirect result to pay bet ter prices for stock. This would tend | directly to the interest of our cotton producers, and would prevent the pre- sent course of rushing cotton to mar ket, which naturally reduces the price, | and enables Northern spinners to buy at low prices and to hold at low rates | of interest. That Northern spinners can now buy at low prices, when cotton Is rushed to market, and hold at rates | Of interest unknown in the South, gives to them an immense advantage, which factories in the South have found it l hard to meet and whichLanahaes North ern factories to meet the freight rates from and to the South. They have now an advantage of at least four per cent in interest charges and this ad-
 vantage of four per cent enables them yet to meet Southern competition.
 | That the exemptions proposed will meet much opposition I have not any
 doubt. But we have, practically noth- ing to exempt from taxation now and
 If by liberal and farsighted course
 we should have the factories in Texas
 ten years hence we should have gotten |
 not, and which we have no immediate prospect of getting <
 Again, the plan proposed by Captain Garrity of Corsicana. to enable our
 rarmers to hold their cotton, is the
 plan Of practical and capable man and the plan is simple, practicable and
 easily put into operation.
 To make the plan productive of best
 results the State should appoint public welgners. who should also be ware
 housemen. Cotton stcred in the
 warehouses of the men so appointed
 should be weighed classed and so iden- tined and so stored that it could easily
 be found. There should be issued re- celpts to the owners of the cotton, in
 Whlcn the weight. class and marks of
 each bale should be fully stated. The
 warehousemen should be required to give bonds. All cotton should be in-
 sured. The receipts so issued would
 De the best possible collateral for loans.
 IT issued by individuals who are not
 under bond the value of the receipt, as collateral, would depend too much
 upon the character of the warehouse
 man. In fire-proof warehouses, in- sured and in the keeping of bonded
 Warehousemen the cotton stored would
 pc as good security as any bank ever
 gets. Local banks could advance upon l the receipts with safety and banks in
 money centers would find such receipts
 better security than they now get in
 the shape of bills of lading, etc. There
 should be provision that the receipt is-
 sued to the owner should be absolute
 evidence of ownership, and of right to
 use the receipt. Mortgages and other claims against cotton could be provid-
 ed for otherwise, and so that there
 should be no injury done to the rights | of lien holders.
 The effect of holding cotton in this
 way can readily be seen, and has been
 much discussed here, and also in the New England States. There the plan
 has caused much alarm. The journal
 quoted says that 1t will deprive the
 New England States of the advantage
 which they have heretofore had of be- ing able to hold stock with money at l lower rates of interest than was possi-
 ble in the Southern States. This is
 quite true. But among the greatest
 advantages will be the fact that the
 grower of cotton will not be forced to
 sell and he can hold at a low rate of
 interest
 The increase of good securities for
 safe and conservative bank loans will
 be an item of immense interest. This too, will have a tendency to bring
 banking centers nearer to us, and this
 will be of advantage. That New York should be great money center is
 important to all our country, but that