Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1907-11-13
MONEY AND THE COTTON CROP.
j. r. WannamalSer Reviews the Situa-
tion--Grower, Spinner, Gambler.
(News and Courier.)

Let us reason together about the
cotton situation. Ordinarily 1t takes
two to make bargain, the producer
and the consumer, the seller and the
buyer, but not so with this wonder
full product cotton, which furnishes
the South its money; clothes the
world and makes the balance of trade
in favor of the United States. The
willy speculator, the gambler in cot
ton futures, must have a finger in
the pie. This husybody, this meddler
IN other mems matters forsooth, must
thrust himself between the only le-
gitimate parties to the trade and un-
dertakes to dictate prices. The spec
ulator Is utterly opposed to stable
prices, the producer and the spinner
both favor stable prices. About
nine times out of ten the cotton spec
ulator>i is against the farmer, and oc-
(. casionally he is against the spinner,
as in the Dan Sully year. Then the
spinner is clamorous to have Con-
gress put the quietus on the specu-
lator.
We want him ou' of the way once
and for all time. he is curse to
the country: he interferes with the
great law of supply and demand, and
time and again, for the, time being
oOeo ~ oS hoo6ht. VI loity yOdl
through ignorance and poverty and
lack of cooperation the farmers Of
the South have allowed these gen.
tlemen Of the New York Cotton Ex-
change" to absolutely Ak the price
of the South's Cotton crop-a prime
necessity of the world! For forty
years farmers, merchants, bankers,
local buyers have accepted the "dic-
turh" of "these gentlemen Of the
New York Cotton Exchange" Thus
the South has been robbed of hun
dreds Of millions of dollars. Who
: can estimate the suffering, distress
and poverty caused by "these gentle
men of the New York Cotton Ex-
y hood of the South has been aroused,
and now there are two powerful or
ganizations fighting in behalf of the
farmers-the Southern Cotton Asso-
citation and the Farmers Union.
These organizations have fixed upon
Is cents as a fair and reasonable
price for cotton. I maintain that the
price Is fair and reasonable and that
the farmers Will win out IL they can
get the proper financial backing. The
power and inherent strength of the
cotton growers was fully demonstrat-
ed In the memorable campaign of
1905, and they are much stronger
and better organized to-day. The
New York Journal of Commerce, Oc-
tober 10, 1907, says: "The cotton
goods market has been advancing in
price for over two years, and the tre-
mendous pressure for supplise dur
ing 1905 and 1906 and well into this
year, has carried the general level OF
prices up to a point not reached IN
45 years." Hubbard Bros. e. Co., in
their circular letter October %, 1907,
say: "Spinners while aware Of the
holding movement, are annoyed over
the continued light receipts in the
Southwest; In fact. the accounts from
the Texas crop grow worse daily. Mr..
Ellison's estimate of the consumption
of cotton for 1907.08 Is 12,000,000
bales, which we believe to be small
in view of the poor reports coming
from the India cotton crop. Thus we
have light receipts and by the end of
the week the smallest visible supply
OF American cotton for the last Ave
years, together with an increased de-
mand from spinners and probable
change In cotton crop ideas. 1t now
seems probable that the yield this
year will not reach the requirements
OF the spinner" The receipts at the
ports are running light, just about