The Aberdeen weekly. [volume] (Aberdeen, Miss.) 1878-1933, 1907-02-22
Danger to Cotton. Interest.

New Orleans. Feb. 16-Henry
q. Hester, secretary and statistician
Of the New Orleans Cotton Ex-
change, and consulting statistican
Of the Census bureau at Washing
ton, says there Is far more danger
to the legitimate cotton interests Of
the South in the current tendency
of legislative thought in the South
ern States than there Is in the bum
/ per crops and market manipula-
ton, because laws such as those
now pending IN Alabama, Arkan-
sas, Texas and Tennessee, which do
not discriminate between trade
facilities and unnecessary bucket
shops cannot fail, If enacted, 70 adj
versely affect both the farmer and
spot cotton merchant by perma-
nently placing both at a disadvan-
tage in marketing the crop.
We Of the South, as a people,
are too much given 10 the following
I Of false counsels and all too frequent
+ ~ injure our own best interests in
misguided effort TO accomplish the
\ impossible, - said Mr.. Hester The
/ Boykin law of Georgia, while well
meant, has thus far driven out
+ legitimate hedge trading, and the
circulation Of helpful market news
bulletins. but has not eliminated
the bucket shop. The Mayfield
bill in Texas, if enacted, will injure
the cotton interests of that State in
every way, because under it the cot
ton producer will be completely at
the mercy Of the buyer, the latter
knowing market conditions and the
former being denied that important
assistance The same conditions
will exist in all States where legisla-
ton is enacted.
1t is easily possible to frame,
pass and enforce a law which VIII
drive out the bucket shops and 50
restrict the operations Of legitimate
exchange brokers as to eliminate
the Objectionable gambler But
such a law cannot be drawn up by
men who have not made a compre-
hensive study Of the technical re-
quiremcnts Of the cotton trade at
large,
In my opinion, many Of the
lawmakers Of the South do not
realize the huge importance to the
cotton growing States of the New
. Orleans Cotton exchange II they
did, such measures as the Boykin
and Mayfeld bills would never be
seriously considered for moment.
Texas legislators have now to
make a choice between the Watson
. bill in the senate and the McGregor
/ bill in the house on the one hand, and
the Jenkins house bill and May
field senate bill on the other The
two first in my judgement, viii ac-
complish all that IS desired in the
interest of cotton growers, capita
lists and cotton spinners.
Safeguards can be enacted to eff
fectually prevent indiscriminate
gambling by irresponsible parties
who idle there day after day watch
ing for Geographic dope in q buck
ct shop; and that viii prevent 9TH
ers who have no cotton and never
expect to have any from using an
immensely valuable trade adjunct
as a medium for simon-pure gam
bling.
To accomplish these ends, how
ever, it is neither necessary or de
sirable that there should be swept
away in their entirety trade regula-
tons which have reduced the cost
of handling the cotton crop from
anywhere between S. and $40 per
bale III years gone by to one-tenth
of these sums.
Broad-minded men like Harvie
Jordan and his able lieutenants at
the head Of the State divisions Of
the Southern Cotton Association do
not, | am quite sure, favor extreme
measures. They do not, | am GER
tain, desire to destroy all that is
good in an endeavor to correct evils
that every fair-minded man agrees
should be abolished. They recog-
nize that there are brains and in
I tellgence enough among our legis-
/ lators to meet the issues that con
front them in such manner as viii
not relegate US to ante-bellum Gus
toms which placed the cotton grow
ers practically at the mercy Of those
with whom they were forced to
/ deal -