The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1907-12-04
SINGING REBUKE.
Congressman Aiken Replies In Open
Letter to Malicious Attack OF Got
ton Producers by Saturday Even
ing Post. =

CODgrPaSmHn AIKEN HepI1eA III Opch
Letter to Malicious Attack OH Cot
ton Producers by Saturday Even
ing o =,
Abbeville, 8. c., Nov. 30, 1907.
Editor OF the Saturday Evening Post:
In an editorial that has been extensively
quoted and commented on by the papers OF
the Cong retsional District that 1 bave the
honor to represent, you said: I'VE must de-
pend principally upon cotton, which Europe
will bug In great quantities, and which runs
into money very fast, TO overturn this men,
ace and turn the tide our way. That, IN view
of such public need, planters should hold cot
ton for mere personal gain Is truly reprehen-
sihle. We read that the banks generally will
keep them In the path of duty by refusing 10
extend loans on stored cotton"
1t would be q waste of time 10 reply 10 such
an absurd statement, II absurdity was lts
greatest obj ection. The editorial is grstul-
tously impertinent as 1t is maliciously IaIse.
Living as l do, in the midst OF the cotton
belt, and being fully conversant with the Ills
that the cotton farmer has suffered, by reason
Of the manipulation OF his product by Wall
Street gamblers aided and. abeted by certain
snbsidlzed newspapers. I am prepared to say,
Gsd speed the day. when the Intrigue and
legalized theft OF Wall Street can be baked
by no more "reprt hensible" act on the part OF
the producer. than simply holding bis own
property until he sees At to dispose Of 1t.
And you say: "the banks generally Will
keep them (ihe farm ers) In the path OF duty
by refusing 10 extend loans on stored cotton"
Let me inform you, and your Kind, that, as a
rule, the class Of men who now nave cotton
stored, do business on the other SIDE OF Inc
ledger, and II 1t we're believed that the "banke
generally" bad enlisted In q dasta1dly at
tempt to bully thu farming class, the banks,
and not the farmers would be the sufferers.
The cotton of the dependent class has gener-
slly been put on the market, and II some are
weak, they will find ready help in their wi
ranks, II local banks should be fooled into
such a short-sighted. suicidal policy.
Now, what are some ofthe facts about This
product OF the farm that the Saturday Even
ing Post alleges bass 10 demoraltzed American
inance? The probability is, that the crop
will rot far exceed twelve million bales. In
an interview In Atlanta. some months age
the President Of the International Spiuners
Association, who was also President OF The
largest mill interest in England, admitted
that Epglieh mills had sold their output OF
cotton cloth on an average OF nine months or
more, on a basis of fifteen cents per pound for
cotton. This being the case, and there 10 no
reason to doubt the statement, who ia en-
,itled 10 the extra margin OF i've cents per
pound, between recent prices, ana the price
at which mills have sold their output at q
proft? The cotton farmer can pay the ad-
vanced price for cotton cloth, manufactured
on q basis OF fifteen cents per pound, but II be
dares refuse TO dump bis cotton on the mar
ket, at q loss OF five cents per pound OF It's
acknowledged value, you brand his conduct
as "reprehensible.''
And this you think has brought American
finance TO the brink Of ruin?
A glance at the figures Will show the abb
surdity OF your statement. A private crop es-
Innate circulated on N. Y. Exchange No
vember %, placed the yield, this year, al
10, 3Ss 900 bales. On the same date the Liver
pool Cotton Exchange estimated the crop al
IL 935 600 bales. II this is near the mark, and
1t Is safe TO say that 1t is full, this crop IL
short Of last years crop by more than 100000
bales. Cotton brought INTO sight up to Nov
90, this year, amounted TO 4.30O 900 bales
sgainst S, zoe, 600 same time last year. Allow
ing for the shortness of this years crop, has
not cotton been marketed at about its normal
rate?a
The one true thing that You did say. by in
ference, was that exported cotton alone adds
10 the volume Of currency. Cotton sold and
consumed in this country simply. takes the
1o11a- 0rt ~ Dna vnanto nnoBaf n-h Nrfo, g
into the pocket OF the other. Now let US see
how the. exports stand. The total exports
from September LIST to Nov. 3olh this yea,
amounted to 2,377. 900 bales. against 2 .s7S. 900
bales same period last year. There is an ap-
proximate difference Of hall q million. bales
or say s25,00O,0O. Does anybody believe tina,
the financial base OF this country could be
shaken by q balanc e Of trade OF s25. 0O0,0 900 for
or against Us, when our export trade runs ur
Into the billions? You ave nc word of cen.
sure for the money sharks who withdrew
their money from circulation, but the farmer
who will not sacrifice his cotton, at less than
value, TO coax this money from Its hiding, ID
guilty OF "reprebensible" conduct
II the planter, unlike other free American
citizens, ga you say. must eliminate "merely
personal gain ;" In disposipg Of his product,
may he not at least look to the greatest pub.
lie good? Since his Interests must be second
ary, would 1t not be better for the public good
for the farmer to hold the two-thirds of the
crop until foreign trade pays an additional
two or three cents per pound, that. is Its real
value. This would really add to the volume
Of currency, not TO mention the Incidental
advantage to farmers.
1t is not just possible, Mr.. Editor. that In
stead Of depressed finances being due to, con-
certed action by the farmers, in holding back
their cotton, depressed prices for cotton may
be due to concerted action by fnanciers, In
holding back their money! Is Ia not possible
that this panic, coming just at this time, was
started with this purpose, and that 1t has
gotten hey ond the control OF its promoters7
But We will not be drawn further into justi-
flying the conduct OF our people, in q matter
that neither You nor your Wall Street friends
have the slightest right to dictate or even
suggest; a after that as free American citi-
zens we can dispose Of in our own way, at our
own good pleasure. Like Frederick, the
Great, ty our reVerses we have learned the
arts of war, and neither the bullying nor
iattering Of Wall Street gamblers and their
will wrest from Us the triumph Of
right. We are capable OF attending to our
own affairs and We have heard OF many who
have gotten rich by this simple process.
Wyatt Aiken.