The commonwealth. (Greenwood, Miss.) 1896-1923, 1908-09-18
PRESIDENT hlGHTONtR
ON SPECULATION.
Asks travelling Men and Bankers TO
Talk Actual Conditions.

In an address on Cotton Values and
the Folly of the Southern People, q. r.
liightowcr, president of the Mississippi
branch, and secretary Of the Farmers
Union National Cotton Committee, has
given the following:
"Thc agitation in the South for sew
cral years has caused many people to
inquire into the cause Of the conditions
here. Cotton being the basis OF nearly
all prosperity in the South, We natur-
ally look witha jealous eye on the
]Auctuating in price, adding to or taking
from its value many millions of dollars
often in a single day. Why should it
be worth ten million dollars more or
less to-day than it vas yesterday?
Every business man in the South when
asked the cause will tell You that spec
~ulatiou did it. When asked how specu-
Iation can add to or take millions OF
wealth from the people in so short a
time, only ono in = thousand will be
able to talk intolligcntly about the
hows and why's. This lack OF inlorma-
tion and careful study on the part of 50
many Of our people is largely response
BILE for much of our trouble,
manipulation fixes the price of COT
ton under the present system of mar
kcting, 4 few individuals who maniP-
ulate and dominate the exchanges can
subtract millions from the value Of our
chief commodity at will. Public scnti-
meut in the South. however, Is a very
important factor in market values.
Public sentiment IL the heavy artillery
with which the exchanges lombard the
market. They dare not run counter to
this sentiment very long. The first
thing therefore, undertaken by tho ma
nipulators in a bear raid on the mar
ket Is q molding of pesSimistic views as
to trade conditions, and the constant
agitation of tho bumper crop idea.
When the South is thoroughly saturated
| with these ideas they raid the exchange
markets, break the price and public
sentiment in the South allows the spot
market here to follow, not 50 much be-
cause we have to, or because true con
ditions Justify it, but because a pessi-
mism possesses the people and they be-
come panicky and sell, and the selling
sustaius the fictitious price caused by
the bear raid on the exchange market.
FALSE SENTIMENT FORMED.
Thus "A manufactured sentiment costs
the South millions of dollars every
year. This sentiment fixes the price of
cotton. Thus sentiment prevents the
carryirg into effect of the only sane
method Of marketing cotton, and that is
to feed the markets of the world as the
world needs the cotton. What Of the
Southern man in any calling who talks
down tho price of cotton and contrib
utes his share TO lower values? He un-
willingly plays the role of a traitor to
his country and his hone.
what builds boom towns? Talking
them up. What causes runs on solvent
banks? Talking them down. Talk by
Southern men has the same effect on
cotton values and costs the South mil
lions every day.
"The drummers OF this section are a
powerful factor in molding sentiment.
May | not appeal to them to change
their t%aeticsY Better prices will give
you better business; may he not this
mouth, but eventually it will come back
with interest.
BANks TO THR RESCUE.
"The bankers position gives weight
to what he says. May ! suggest to you,
Mr., Banker, that $40 per bale added to
our cotton will increase the bank do
posits Of the South 500, 1000 900, and
you will set your share Of Il Nor
NJ sSssAtsS