The Montgomery advertiser., 1906-09-26

with the mills, thus cutting out the
profits OF all the middlemen. and
realizing that much additional for the
growers who would constitute the
corporation handling the deal. He be-
lievcd II would be entirely feasible to
secure LOCO, 900 bales of cotton with
$40 600. 900 In cash, besides all the cot
ton belonging TO members of the
Association, for the sale % which the
Association would have been consti-
tutcd the agent.
II had been charged. he said. that
the scheme was simply an effort to
get a large fund OF money together that
could be used for grating. Even II
that were so, he exclaimed, Il would
rather give IS a bale to a Southern
CRATER, to be kept here In the South.
than to contribute $50 a bale to those
Northern grafters who force US to do
So"
The projected corporation, he said,
was the only duplex dividend concern
that the financial world at present Of
fers. 1t offers dividends both of the
stock held, and also on the cotton held
for the higher prices that come through
the action OF the company.
MIR. Smith closed with brilliant
peroration, urging the cotton growers
present to come to the aid of the
Association In it's battle for higher
prices, and all that those higher pri-
ces would mean to the people of the
South--better opportunities along ey-
cry line, more independence. educa-
tionaI facilities for the boys and girls
oonveniences and luxuries for the
wife and mother. and more prosperity.
He declared that any man acquainted
with the history of the South and ia
miliar with her resources who would
refuse to do tho very best that he
could for her interests in the light of
that knowledge would BE- Benedict
Arnold to the South.
President Seymour, when the APP
plause following the address by Mr..
Smith had ceased, said that reports
from North Carolina and Arkansas, as
well the other portions of the South,
were that the people everywhere were
ready to take up the proposal of the
Southern Cotton Association Not on
iy growers, but even mill men, were
declaring their willingness to take
| stock in the projected company
He pointed out that under present
conditions short crop was really OF
msre value than a full crop, and there
was no Incentive 10 the efforts OF the
/ Southern grower. Ten millions OF
! bales would be worth probably fifteen
| cents. or an aggregate of $3.50. 000 600,
/ while a crop of twelve millions of
| bales would oring the South. at the
/ rate of only twelve cents a pound, the
sum of only s600,0O0,0o0, although the
| crop was much larger.
.rhhe consumption" he said, may
be limited the same by high prices
fixed by the mill men as by conditions
| under which the grower is getting the
advance"
| speech OF Mr. Hef1In.
Congressman Helm was the next
| speaker. giving an eloquent address
| OF perhaps an hour. He spoke of the
/ movement of the Cotton Association,
| with which he declared himself in
| thorough harmony. as a bold stroke
i In self defense" and said-it was not
la trust in the sense of the trust which
we fight because 1t controls the mar
4 ket He had wondered, when the plan
was first explained to him, why 1t had
not been thought of year before. IL was
so simple.
The only thing for the cotton grow
ers to do now, he declared, was TO
stand shoulder to shoulder In supper;
of the. Association. The organization
has accomplished much In the past,
but there was much more still to be
accomplished. One thing that had been
done was to give the growers a much
betteE knowledge of the subject of cot
ton raising and the fixing of prices
| that they had had in the past.
Referring to the threat of China to
T.
Heflin offered the suggestion that IL
this threat were carried out, the people
of the south could themselves use up a
quarter of the entire crop by forming
a league with an agreement to wear
cotton goods exclusively from April
to October 1. ut might be a good Idea.
whether the Chinese boycott American
cotton or not" he added.
He spoke of his efforts during the
- m
appropriation of $50,0O0eto send Ameri-
can agents to China with samples of
American cotton goods, in the en-
deaVor {, find a new market for the
product. Only 10000 had been Sc
cured, but on that, he had been inform
ed, the agents had been appointed. and
would make every endeavor to carry
out. so far as possible, the purpose OF
the resolution. He declared that at the
next session of Congress he would
endeavor to secure an additional APP
propriation for the purpose, of $780,
600.
He bitterly scored the stock gam
blers' who deal in futures on cotton,
fixing fictitious value upon the pro-
duct
81 introduced bill in Congress-" he
said. and many men told me that they
would support sit, prohibiting bucket
shops and dealers IN cotton futures. My
bill provides a fine of $4,000 and ten
years in prison-:hat do the stock
gamblers care for a fine, when they
have made 100000 on a deai2 But
the danger of prison stripes viii cure
them--as a penalty for violating 1t.
(Applause) When you enforce the law
against the big gamblers the same as
YOU do the crap shooters, you will be
on the right track. (Applause.)
II believe the State Legislature
ought to adopt law. and l now pre-
dict that the coming legislature VIII
do so, prohibiting stock gambling. MY
bill would correct the interstate traf-
fic, where the telegraph lines cross
the State boundaries. and the STAGE
law would handle the question withinN
the state. I believe in all such legisla-
ton. and l Endorsed the bill introduc-
ed in the city council here by my old
college mate. Lee Holloway.
A Tribute to Mr.. smith.
Mr. Hoflin pledged that Alabama
would be found with south Carollna'
the state Of Mr. Smith, as she had in
the mast. He referred. amid applause,
the the splendid patriotic leadership
of Mr. Smith In the Cotton Association
movement, and promised that Alabama
would follow that leadership through
all kinds of difficulties until the cit
izens of the two states wehe able TO
shake hands in victory. which he was
confident would ultimately come to tho
cotton growers in the movement, not
witbstanding the efforts Of the gam
blers of Wall street.
AS soon as the formal program or
the meeting was concluded. Mr.. Smith
declared. in an Informal talk, that he