The Tupelo journal., 1908-04-24
BIZ Il, e. BLAKEsLEE. JAcKsoR.

and financial interests of the South for
the lack of interest and support OF the
farmers in their effort to hold cotton
for a reasonable price. Mr.. Edwin Leh-
man johnson of Memphis, who has
made a life study of such problems,
writes as follows:
II have read twice with great pleas
IRE and interest your open letter of the
18th instant to a banker and published
in yesterdays News Scimitar. That
part which | have cut out and enclose
leads me to write to you. 1t is where
you speak of the ~undoubted fact that
the people of the South of late have
not only not supported the planters in
an attempt to get a fair price for this
seasons cotton crop as its limited size
warrants, but have actually attempted
to discourage the planter from getting
it.
1t SO happens that l have just ON
pleted my annual review Of the cotton
oil situation, copy of which l enclose
yoa, and its remarkable similarity to
the present situation of cotton struck
me at once. In my review of the cot
ton oil situation, | argued that mas
much as about 80 per cent of the cotton
oil crop had passed out of the hands of
the mills with six months of cotton oil
consumption ahead of US before new
oil could come to the market in any
quantity, that it would be idle to ex-
pect any marked advance in cotton oil
at present, but that such an advance
would come was inevitable, owing to
the fact that every gallon of oil that
could be made this season would, owing
to the short crop, be needed and pur-
chased at a high price before this sea-
son was over if it could not be had at a
cheap price. The cotton oil remaining
in the hands OF the mills, though only
ten per cent, would be sufficient to
control the price for the rest of this sea-
son and the first part of next, if it were
simply held back until actual consump-
ton caught up with the excessive
quantity which has been sold to date.
81 do not believe there will be any
actual decrease in consumption of cot
ton goods this season, because people
do not in hard times economic on ne
cessities, but upon luxuries, and with
few exceptions, articles made of cotton
are necessities and not luxuries. Less
of both cotton and goods will be carried
by the cotton mills, which merely means
that they will delay purchasing cotton
until the very last minute. 1t will be
merely necessary for the planters to
carry their cotton a little longer than
usual to get the full value for it, hat is
all. The cotton in the planters hands
undoubtedly will control the situation,
and the price obtained for it will de-
pend solely on whether the planters
realize that fact and have the grit and
patience to hold harder and longer than
usual to get their money.
"You are far more temperate than I
would be under similar circumstances
in critcising the South for it's attitude
toward cotton and the planters. How
ever disaffected many in the South may
be with the planters for their attitude
toward the exchanges and futures, the
South cannot afford to let any such
feeling interfere with the fullest, most
active and persistent support of the
value of the staple itself. 1t would be not
merely the worst kind of folly, but also
the basest sort of ingratitude and trea-
son for the Southern people willingly
to let cotton decline for any such pur-
pose as teaching the planters q lesson.
If organized holding movements fail.
we enter again upon an era of 5-cent
cotton, and all the value of long and
hard years of work will be lost. We
cannot start a panic in cotton and check
it as has been done in stocks. If our
our planters lose confidence in their or
CARNATIONS, then the cause of cotton is
lost, and too late the South will realize
that in teaching the planters a sup
posedly needed lesson, she has lost her
chance to control forever her own rich
est and most valuable source of wealth.
1.-The work you and your organiza-
ton have done in this panic year in re-
storing confidence 10 the financial
South, in preventing the breaking of
southern banks and Southern mer-
chants, is something for every South
to be proud of, something which
he cannot and should not forget, some
thing which he should return in kind
now when you need every Southerner's
help. l say, God bless you and your
organization. He is On your side be-
cause you are helping yourselves and l
believe that you will win and see 12t-
cent at least before this season closes. If
the use of this letter and such arguments
as l have used in dealing with the cot
ton oil situation will help you and your
cause, you are at liberty to use them in
any way you may see fit."
The citizens of Bonneville and Prem
tiss county have raised $40, 900 for the
purpose of inaugurating a county fair,
and propose to hold the first event this
fall. There is already a fair held an
nually at BALDWIN, which is half in
Prentiss, and the fair spirit seems to
have a pretty strong hold on the good
people OF that section. Nothing will
do more to build up the community,
and the spread of the fair enthusiasm
throughout Mississippi augurs well for
the future. Bonneville is in a section
that can and will hold a creditable fair.