The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1907-06-22
No. IS.
THE OTHER SIDE.
Psni Potts Discusses che Kyil OF Cotton
Future Speculation from the stand-
point Of the Grower and ADJ
vocates RemsatalLs Legislation.
NAgeHlgocnRs. La, june 90 lelT

L
articles have been printed ID 6he citys
press and in Soma OF the country pa.
pers condemning southern Legislative
bodies for passing laws RESTRICTING or
sappressing cotton future gambling,
or "dealing In futnres.n The articles
referred to point out the TACT that our
legislative bodies acted without wis.
dom or discretion in passing such
laws, and some OF them charactize the
laws as Legislation run mad. >
These articles give only one sids of
the question and as great question
like this has two sides, i wrote to All
the papers In Louisiana and asked them
to give me space in their columns TO
present the other side from the grow
ers' standpoint. AS yours Is one of
the papers that accorded me this
privilege, present my views from the
growers : side OF the question.
| have been growing cotton for
twenty years. Each year would be.
gin full of hope and with the expeeta.
tion that I would make 8 good erop
and get q good price Tor Ii, and wo.ld
endeavor to raise as much as { could.
The end OF the year would CONS
and would strike q balance and find
that my years. effort had been ia vain.
as | would find myself very little. II
any better OF than was the year ba.
fore. | would be told that I had made
too much cotton and that the nrica
must decline in consequence, and IL
always did decline until | received fl,ss
enough for my cotton to give ma a
bare existence; and some years. on
account Of torrential rains and bad
seasons, would come out with q loas.
After 3 while it occurred to me that the
old story was the same every year and
that there must be something wrong.
and began to study the situation ana
became convinced that there was =
whole lot wrong about it and ttat .
pig cotton plantation was drug
on the market unless it could he
bought very cheap and rented TO sotna
tenant, (the owner never being wiling
TO raise cotton himself If he could and
the tenant, who would wOrk his yarv
life out trying TO make enough to nav
the rent, and who would have to $50
hall starved and half clothed ftshs
price that he received for his cotton
would meet his other obligations snd
pay his rent.
Oil mills are good property, ssx.
mills are good property. and there sts
many other good paying propaFass
throughout the south, but YOU i1Tsist
not buy cotton plantation and raiss
cotton on 1t yourself. tt is all saehs.
IT you can rent it to the other fellow.
and let him drudge his life out Ter
you. This brings me down to the col.
ton future market.
I have dealt In cotton futures Il,
every phase of the game, except to ds.
liver cotton on contract. I hsga
bought futures, sold futures and re-.
ceivsd the actual cotton on the futu~e
contract. My operations in the futura
markss, together with the atuly thstI
have given 1t, convince me that it Ia
carried on In the interest of fewsapa
to the injury of the many, and especi.
ally is the legitimate grower OF cot.
ton, who never bought or sold a4bala
OF future cotton, injured by 1t, asI
shall undertake to show.
The strongest argument that shaa
ever been presented in favor 81 tf.s
cotton future" " market is that IL 81.
lords the purchaser of actual cotton.
chance to hedge by selling 'sfutures,s
against the actual cotton that hefpur.
chases, or In other words it prosacss
the cotton buyers. This In meaaura
may be true, but when ron look at tas
other side OF the question you nasu-
rally want to know what protecslon
has the grower and the answer is; al
solutely none. The speculative mar.
ket resists any effort that hs mey.make
10 protect himself and he is swept OF
his feet and carried down with the cuv.
rent, which Is SO strong that he can.
not resist 1t. Those who show tha
buyers OF cotton so much considara,-
ton should have enough charity to
show the growers OF cotton that.eons
sideratlon to which they are entitled.
do not doubt that less than i Inn.
dred men living ia New Orlsans aad
New York can with the ssfuture mar-
ketn do just what they please Win tbs
price OF cotton, regardless OF leasgs.
mate conditions. These men are u..s.s,.
bers Of the cotton exchanges and s.ev
will tell you that they have 10 con.
troll over the price, that supply ana
demand govern the course of She rasr.
ket. This they may make sorDe- uso.
pie believe. but when you coma Is
that their cotton exchanges make ruiss
and laws governing the DELIVERING snd
receiving Of actual cotton on Is lsasa
Contract, and that shsse laws and rules
are made against sexual cotton sndsan
favor Of 3 speculative market. you
| can readily understand what i power
they have il their hands.
1 Are ws not threatened st or near tt,s
| end OF each calendar month ID Ii -
del yering Of actual cotton "a -