The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1907-02-07
For Cotton Exchanges in Biz
Passed by House.
CONGRESS TO USE GAF:T
New York Representative Made a
Speech in Defense, While Living.
stone contended That oaly s
Square Deal is Wanted.

Tie Livingst5n-3urleSon resolutions
calling for an investigation of the cot-r
ton exchanges of the country, pass
ell the house Monday, with barely a
dissenting vote. The work of the lob
by for the cotton exchanges, which
Harvie Jordan predicted would be II 1
evidence, did not ,naterialize.
Representative Fitzgerald Of New
York made a speech, liz which ne de-
clared that the New York cotton ex-s
| change was ali right, and its con-
tracts and operations perfectly scgit-
| innate, and that any investigation
should be directed not against the exss
change. but against the Southern Cot
ton Association. ,ss
! His attitude seemed to be that it,
| was all right for the cotton exchange
gamblers to depress the price Of cot
ton, bus that for the southern farmer
to attempt to combine, aid refuse TO-
make a big cotton crop, and take tae,s
same money from a snail crop that
would follow from & bumper crop, was.
all wrong. He said the complaint set
forth in the resolution differed from
the usual protests against corpora
| tons, and trusts in that the usual
plan was to enter objection against
putting up the price Of a product.
He said he always took the side ortr
the consumer in such fights. He did
/ not favor tariff in the interest of.ss
the producer, and he did not believe:
| in tine combination of southern cotton
associations in the interest OF the pro-
ducer. He said the south was so pros
| porous she was becoming rapaciouss
| John Sharp Williams Of Miss:ssIpplss
explained that it was not5a question:
of lower or higher price, BUT tisesi
object sought was. fixed staple
price, so that the market would not
be continually objected by violent
! fluctuations. He protested that this
fixed selling price, such as the Sousli-
ern Cotton Association seeks to main
tain, was for. the pest interest OF boths
the producer and the consumer ths
farmers and the mill men. He SAIL
| the south is Ect too prosperous, c1tss
is laying up in fat years for team
: years, putting aside in her years pr, De
plenty for the years of need, He de-
clared that if Fitzgerald had lived m
the DAYS of Joseph he. would have
have declared the combination made
by Joseph and Pharaoh, at the decls-
ion of God, was an iniauitous trust
! Colonel Livingston made s:rongy
clear presentation OF the facts tfiar
led I'D to the introduction Of tie resr
olution, saying no fight on the ex73
| changes was intended, but the move
ment was simply against some Of The,
rules and methods. He said
"When they come to honest Con-
tracts, and cease to use the exv
changes to control prices. and OBJ
i struct Interstate and foreign com
merce. the object Of the trainers or
the resolution would be attained. All
they wanted was the square deal
In conclusion, Col. Livingston sais:s
"The cotton producers for thirty:
/ years have struggled for squares.
deal in marketing cotton, handicap:
ned by the obstinate interference ana
! manipulation on the part OF the cot
ton exchanges. We have begged faf
relief, and our appeals have been
treated with silent contempt Recent
ly when we appealed to one OF thu
great departments Of the government
for relief, we were threatened a.id
laughed at by the New York cottol
exchange. We were threatened With
libel suits and subsequent imprison5
ment. We appealed for the adoption
of This resolution believing it Will H pc e
q ssarter at. least. and result in tho
cotton farmer. being given square
DEAL" - -
INVESTIGATION IS BEGUN. Z.