Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-11-22
ouic VS.. AIIeqed Facts"

| IF there was nothing with which to
reply to this but logic, we would step
to one side as gracefully as possible,
and admit that there was no reasona-
BILE foundation for the view that has
provoked this contention. However,
there is something more convincing
than logic and that Is facts"
For every day, steady consumption,
we'll take logic in ours. 1t Is always
logic; facts" alleged are frequently
found not to be facts, and when facts
they may not be applicable. For IN
stance, The Enquirer cites as one OF
/ the things more convincing than To-
gic," the alleged fact" that in the
Brown Sully cotton corner the
financial kings, Morgan, Rockefeller,
Rogers, Sage and others. tried to Grip
pie Brown and Hayne by making mon
ey tight" Is that fact" or Is 1t an
opinion? There is not logical reason
presented why those men should have
attempted to force Brown and Hayne
to the wall. There is no reason given
why, not using cotton or dealing IN
cotton, they should desire to depress
the price. Nor Is it shown why those
men, commanding millions where
Brown and Hayne commanded thou
sands, failed to cripple them, If such
was their purpose.
The Enquirer says that the rich men
of the east who hold actual securities
rather than options, did not lose a
dollar by the shrinkage OF values In
| 1903, "and they are not out single
dollar at this time" That Is not a
fact; indeed 1t Is an opinion contrary
| to all of the evidence. The Enquirer
should investigate. Not to monotonous-
| ly extend the list, 1t might enquire or
actual owners Of Atlantic Coast Line
stock and Tennessee Coal and Iron
stock whether their losses, caused by
this depression, are real or imaginary
One real fact cited by The Enquirer
| is an argument in support Of our posi-
ton. 1t says that In the bear at
tempt to stem the tide against Brown
and Hayne many cotton brokers went
to the wall, their losses aggregating
$40, ,000 900. Would Morgan, Rockefel-
Ter, Rogers, Sage and other financiers
in. their class have permitted those
failures If the fight Of the brokers was
for them, If they were endeavoring to
bear cotton? Certainly not.
When the history Of the late panic
Is written we shall not be surprised If
| it is revealed that 1t was precipitated
by one set Of absolutely selfish and
relentless financial kings attempting
to crush another group. When 1t comes
interest, nine out Of ten Of the money
kings are absolutely without con-
science, and they willingly make mil
lion innocent suffer to carry their point.
But their interests lie quite another
way from the cotton fields, and we are
firmly convinced 1t Is to the best inter-
ests of the southern farmer to cease
imagining that some power over Whlcn
he has no control Is determined 10
choke him to death. He can make
himself prosperous and independent py
using intelligence, industry, and busi-
ness methods In making and marketing
his crops. When he employs those
qualities all the world can not, II 1t
would, triumph over him. But with all
the world with him, he will he DEBT
ridden IL he uses four or five acres or
land to make a bale Of cotton, whether
the price be cents or Is cents a
pound. The man who imagines every
others hand Is against him is neither
happy nor prosperous. We would nave
the farmers of the south self-reliant,
strong in their determination to sue
ceed.-Columbia State, yesterday
Those who read what The Enquirer
had to say in reply to the Columbia
State last Tuesday, are very naturally
curious to see how the State would
take it all, and for that reason we have
reproduced the remarks Of our con-
temporary in full.
We are gratified to see that after all
the State does not appear to differ
from our view of the situation as rad
ically as its original remarks seemed
to warrant us in believing; but still
| it is not willing to concede that we
have held our ground pretty we'll and
that we will not require Of it, because
however true our statements may be,
1t is manifestly impossible to establish
all Of them as absolute fact.
Among the stories told Of the
Brown Hayne campaign after 1t was
all over was one credited to Mr.. Hayne
to the effect that before going into
their big deal they had managed to
perfect in Europe financial arrange
ments that seemed to ensure their alb
solute security. They had so COM
pletely assured themselves Of the pos
sibility of a successful corner that they
were willing to stake everything they
had on the issue and this they did. It
was not until after they had made
considerable headway that the manu-
featuring world began to take notice.
Presently Liverpool began shipping
cotton to the United States, and this
cotton Messrs. Brown and Hayne had
j to pay the cash for. They were en-
abled to do 1t by reason Of the arrange
ment previously referred to. The next
difficulty came in the shape Of sales
Of their stocks by southern mills This
was done in some cases for the purpose
| of breaking the market and In other
cases because the mills saw where
they could make more money by SELL
ing than by manufacturing. Whatever
the motive, Brown and Hayne took all
that was offered and paid for 1t. The
story says that the railroad side tracks
at New Orleans were filled with miles
and miles of cars loaded with cotton
from mills. Cotton continued up.
Later many Of the mills saw that they
had made a mistake, and being con-
fronted with the alternative of going
to Brown and Hayne for cotton or
shutting down. they began to beg for
cotton to spin. Brown and Hayne let
them have all they wanted. but 1t was
not until after they had signed agree
ments that the cotton would be spun.
1t was about this time that the finan-
cial structure north began to tremble.
and according to the story, appeal was
made to the big guns to save the sit
uation, by making money tight Ac-
cording to the story from which we
are quoting. pressure was brought on
the big financial institutions to squeeze
down on money and then came the
most astonishing part Of the whole in
cident. Messrs. Brown and Hayne
continued as strong as ever They
simply fell back on the reserve that
they had provided against this very