The Harrison times., 1908-10-31
The Folly of the Southern People.


inquire into the cause of the condi-
tions here. Cotton being the basis of
nearly all prosperity in the South, we
naturally look with jealous eye on
the fluctuation in price, adding to or
taking from its value many millions
Of dollars. often in a single day. Why
should it be worth s1O,O00,000 more or
less today than it was yesterday?
Every business man in the South when
asked the cause will tell you that
speculation did it. When asked how
speculation can add to or take millions
of wealth from the people in so short
a time only one in thousand will be
able to talk intelligently about the
hows and the why's. This lack of in
formation and careful study on the
part of so many of our people is large
ly responsible for much of our trouble.
Manipulation fixes the price of cotton
under the present system of marketing.
A few individuals who dominate the
exchanges can subtract millions from
the value of our chief commodity at
will. Public sentiment in the South,
however, is a very important factor in
market values. Public sentiment is
the heavy artillery with which the ex-
changes lombard the market. They
dare not run counter to this sentiment
very long. The first thing, therefore,
undertaken by the manipulation in Il
bear raid on the market is moulding
of q pessimistic view as to trade con-
ditiols and the constant agitation Of
the 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 so much because
we have to, or because true conditions
Justify it, but because pessimism
possesses the people and they become
panicky and sell, and the selling sus-
tains the fictitious price caused by the
bear raid on the exchange market.
Thus manufactured sentiment
costs the South millions Of dollars
every year. Thus sentiment fixes the
price of cotton. Thus sentiment pre-
vents the carrying into effect Of the
only sane method of marketing cotton
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 the price of
cotton and contributes his share to
lower values? He unwlttingly plays
the role of traitor to his country,
to his neighbor and to his home. What
builds boom towns? Talking them up.
What causes runs on solvent banks?
Talking them down Talk by South.
ern men has the same effect on cotton
values and costs the South millions
every day.
The drummers of this section are a
powerful factor in moulding senti-
ment. May | not appeal to them to
change their tactics? Better prices
will give you better business; maybe
not this month, but eventually it will
all come back with interest. The
bankers position gives weight to what
he says. May | suggest to you, Mr..
Banker that $40 per bale to add to
our cotton will increase the bank de.
posits of the South $100000,000 and
you get your share of it. Mer-
chants are a factor in moulding pub
lie sentiment. May remind the mer-
chant that one-ffth added to the value
of our cotton will increase his trade
in the same ratio. Why not boom the
price Of cotton like you would boom
your town or your business? Both de-
pend on cotton. ! suggest that every
business, professional or commercial
organization depending on cotton for
its prosperity hold meetings and at
once in its own way begin to boost
cotton.
/ have made a most thorough in
vestlgation Of crop conditions, and
based ON these investigations am pre-
pared to say that all crop estimates is
sued to date are unreasonably high.
The crop will be a very short one.
Even the preacher can tell the truth
and help collect his salary at the same
time.
G. r. HIGHTOWER,
Secretary Farmers Union National
Cotton Committee.