The Birmingham age-herald., 1907-11-24
BLAME |S FIXED
 FOR STR|NGENCY Hehin Says Financiers Are Try ing to Depress Cotton CRISIS FOLLOWS ACTION Congressman Declares That splnners Are Backed Up By the Banks In
 Effort To Get Southern
 Cotton Crop Cheap.
CRISIS FOLLOWS ACTION

Montgomery, November 2S.-(Spe-
 cial)-ln an interview today Con
 gressman J. Thomas Hef1in lays the
 blame of the financial crisis upon the
 men who are trying to get the cotton
 or the farmers at low price. He be-
 lieves that the spinners are being
 backed up by the banks in the east to
 depress the market and thus get the
 cotton at a low price. The eastern
 banks having failed to take care of the
 interior southern banks on securities
 furnished, they in turn have had to
 press the merchant and the merchant
 the farmer. MT. Hefin says:
 "The spectators, backed by the New
 England and foreign spinners, have
 made desperate efforts to run the price
 of cotton down to z or cents, and
 but for the Farmers union and the
 South ern Cotton association they would
 have succeeded in doing so. Nothing
 but organized action has saved us thus
 far, and nothing but organized action
 can give us the victory complete.
 Think of it, three year sago, we "SAO hOiPiCoc, uiOt dhiAS0 anu dI tHc mercy of the speculator and the spin ner. Since the Farmers union and the Southern Cotton association were or ganized in the south our people have been giving thought to the matter of mark eting the cotton as well as to the matter of making 1t. We have learned that in order to get a good price for cotton, we must sell it sparingly and keep the market keen and hungry. There is every reason to be encouraged at the success already achieved by these organizations. There is no oc- casion for any one to feel discouraged or faint hearted.
 Upon our success depends the hap piness and prosperity of our people. If we will ..ght on and faint not, we will ultimately be the absolute masters or the cotton situation. The day will come when spot cotton exchanges Will take the place of gambling exchanges, and all men who really want cotton will bid and buy in the open.
 "If money had been plentiful in the south for the past month or more, cot ton would have sold for 12h and 15 cents. Now. as to the financial situa . tion, I verify believe that the New England spinners who are astern bank and the foreign spinners, who are also bankers, are directly responsl- ble for this movement to keep money out of the south at this season. The eastern banks have promised to aid our l local banks at this season and they l'hold securities form the local banks and now they inform us they cannot l let us have the money for which they hold our securities and thus they paralyze the cotton industry of the | south. Then the local bank Is enl- l barrassed and calls on the merchant- the mercahnt is embarrassed and calls on the farmer; the farmer is embar- | rassed and sells his cotton; and the spinner succeeds in doing what he has l done in other ways heretofore getting
 our cotton at unprofitable prices to the producer.
 "Something is radically wrong. This government has no right to allow the money supply manipulated by few men so as to rob the producer The 1 government should take a hand in this l matter and deliver our people from the | conspiracy to rob us of this crop. l believe that Congress will do something l to relieve the situation. In the mean | time. let us continue to fight for our l selves and hold cotton for better prices 1 If costs more to produce it this year than formerly. The crop is short and | cotton goods are selling at prices that | justify IS cents per pound for raw | cotton. | .'I certainly expect to see cotton sell | ing at 15 cents per pound before thc | next crop is planted"