The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1908-09-16
Mr.. E. D. Smith.

Mr.. E. D. Smith.
Mr.. +. D. Smith owes his nomination
to the United States senate principally
to the fact that be has stood so ener
geticallv, able and persistently for the
proposition that the price of cottor
should be more directly regulated by
the laws Of supply and demand.
Although it is not to be claimed that
Mr.. Smith is the originator of this idea
there can be 40 question of the fact
that he has raised it to higher promi'
nence than it has ever occupied before,
and he will have the honor OF being
the first man to carry the issue direct
from the people into the highest trlbu'
nal OF the world, the United States sen.
ate.
Ten years ago or even FIVE years ago,
ninety per cent of the cotton dealers
and three ordinary business men out OF
five, would scott at the suggestion that
there was anything wrong or question
tionable about the operation Of the New
York Cotton Exchange. They would
claim that the exchange was rothir g
more than an absolutely accurate oaro-
meter as to the price of cotton, reject
ing with almost instantaneous precis-
ion, each and every change Of value,
and that all transactions through it
were as legitimate and proper as the or
dinary transactions daily current in the
drv goods stores But now that the gen
eral public understands the subject
better, there are few people who have
the handihood to claim that the cotton
exchanges are anything else than big
gambling hells, whose principal purpose
is to fee the cotton producer OF his fair
and just profit.
Of course, it is not difficult TO fabri-
cate a web O; sopllistry by which it can
be shown to the average uninitiated
that the exchanges serve useful and
lawful purpose. Theoretically, it is easy
enough to show that for every seller
there is necessarily a buyer, and that 1t
is impossible that the legitimate tran
sactions of sellers and buyers could vio-
late the laws of supply and demand,
whether those transactions be in real
or imaginary commodities; but the in
creasing number of initiated is realiz-
ing that it is not the legitimate so much
as the illegitimate transactions OF the
exchanges taat bring ruin to the cotton
producer.
The exchanges are everlastingly at
it, and when they are not robbins the
general public for the benefit Of their
pockets, they are robbing the cotton
producers to justify, with the spinners,
their right of existence. BY this we
mean that when the general public,
moved by the bane of the gambler, the
desire to get something for nothing, IS
biting well, the sharps on the exchange
reap fat harvest, plucking lambs and
doves. Only an occasional outsider IS
allowed to win, and these are allowed
to win only as bait to the greed OF
other gamblers. The fleeing OF the
lambs and doves is invariably followed
by lull. necessary for the creation IS
more of the same kind and this lull Of
used by the gamblers at bogus trading
among themselves to shape up prices
in preparation for new onslaught OF
suckers. Though not necessarily so,
these lulls are Usually followed by de-
clines, and these declines are used by
the exchange manipulation to prove to
the spinners their usefusness IN putting
prices to basis OF actual values. Also
the declines represent the setting OF
the traps to catch more suckers.
The cotton exchanges are little else
than gambling institutions and the most
part of it is, they are not even honest
gambling institutions. There is such q
thing as honest gambling. Where the
chances are even and everything IS
fair, the thing is honest, to say the least
of it. But in the case Of the cotton ex-
changes the chances against the out
slider are at least ten to one and prob
ably more. Everything is in favor OF
those on the inside.
Just what will be the result in case
the gambling exchanges car be sup
pressed, we do not know. It is possible
that the situation may be more or less
demoralized for a time; but we are
doubeful even as to that. We think
that the benefit will rebound to the pro-
ducer at once, and that this benefit will
increase rather than diminish with
time. Anyhow, there is no question OF
the fact that Straightforward, honest
dealing is always best for honest men,
and as it is certain that the exchanges
are permeated with dishonesty, there
can be no harm in their ablition.
But can Mr.. Smith accomplish the
abolition of the exchanges? 1t must be
frankly confessed that this is q serious
question. The exchanges have tremen-
dous power in Washington, and single
senator cannot make much headway
against them. But let US take hope
from the fact that we know Mr.. Smith
to be will equipped for this work. Al
though he is being sent by South Caro-
lima, he is really and truly the acknow-
ledge and accepted representative OF
the entire south on this question. The
probability is that every southern SEN
ator will voluntarily work with him;
but should any of them show dlsposl-
ton to balk, he will have it in his pow
er to spur them up with the help OF the
thousands and thousands OF cotton pro-
ducing constituents in their home state.
You have a big Job on your hands
Mr.. Smith; but if you do not win out, it
will be your own fault. If you are con-
tent to keey quiet and have time OF
ease and inacJion, you will accomplish
nothing. II you are willing to fight like
you fought for the Southern Cotton AS
sociation, and like you fought for the
nomination you have just won, you will
not do great deal for your own mater
iaI welfare, but you will accomplish
great things for South Carolina and the
south.-Yorkville Enquirer.