Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1907-02-17
COTTON INTERESTS
BADLY DAMAGED
By Legislation In the Differ.
ent States.
so DECLARES HENRY HESTER
Secretary of the New Orleans Cotton
Exchange Severely criticizes the
Boykin Bill, Now Law in State of
Georgia.

New Orleans, Feb. 6.-Henry G /.
Hester, secretary and statistician OF
the New Orleans cotton exchange and
consulting statistician of the census
bureau at Washington, d. c., said
tGat there is far more danger to the
legitimate cotton interests of the south
IN the current ,endency of legislative
thought in the Southern states than
there is in bumper crops, and market
manipulation because laws such as
those now pending in Alabama, Ark
ansas, Texas and Tennessee which
do not discriminate between neces-
sary trade facilities and unnecessary
bucket shops, cannot fail, if enacted
to adversely affect the farmer and
spot cotton merchant by permanently
placing both at a disadvantage in
marketing the crop.
''Ee of the South, as a people, are
80 much given to the following of
false Counsels and all too frequently
jnjure our own best interests in a
misguided effort to accomplish the
impossible, said Mr. Hester The
Boykin law of Georgia although well
meant, has thus far driven out le-
sitimate hedge tradin. and the cir
culatiOn Of helpful market news bull
letins, but has not eliminated
the bucket shop. The MayfeId bill,
IN Texas, If enacted, will injure the
cotton interests in that state in every
way, because under it the cotton
producer will be completely at the
mercy of the buyer, the latter know
ing market conditions and he former
being denied that al1-imp0rtant as
sistance. The same conditions will
exist i nall states where such legis-
alton is enacted.
is is easily possible to frame, pass
and enforce law which will drive
out the buckles shops and to SO re-
strict the operations Of legitimate ex-
change brokers IS to eliminate the
Objectionable gambler. But such
aW cannot be drawn I'D by men who
have not made a comprehensive study
of the technical requirements of the
cotton trade at large,
"In my opinon, many of the law
makers CT lie south Go not rc9lize
the huge Importance to the cotton
growing states of the New Orleans
Cotton Exchange If they did such
measures as the Boykin and Mayield
bills would never be seriously con-
sidered for a moment.
Texas legislators have now to
make choice between the Watson
bill in the senate and the McGregor
bill and Mayfeld senate bill on the
other. The two first, in my judg-
ment, will accomplish al that is de-
sired in the interest of cotton grow
ers, capitalist, and cotton spinner.
Safeguards can be enacted to eff
fectually prevent indiscriminate, gam
bling by irresponsible parties who idle
their time day after day Watching for
telegraph dope in a bucket shop, and
that will prevent others who have no
cotton and never expect to have any.
from using an immensely valuable
adjunct as a medium for simon
pure gambling.
ITO accomplish these ends, how
ever, it is neither necessary nor de-
sirable that there should be swept
away in their entirely trade regula-
tions which have reduced the cost of
the cotton crop from any
where between S. and 81 per bale
in years gone by to one tenth of these
sums.
Broad minded men like Harvie
Jordan and his able Iieutenants at
the head of the state divisions of the
Southern Cotton association, do not,
am quite sure, favor extreme meas
ures. They do not, I am certain,
desire to destroy all that is good in
an endeavor to correct evils that
every fair minded man agrees should.
be abolished. They recognize that |
there are brains and intelligence
enough among our legislators to meet
the issues that confront them in such |
manner as will not relegate us to |
ante-bellum cusctoms which placed
the cotton growers practically at the |
mercy of these with whom they are
forced to deal"