The Brandon news. (Brandon, Miss.) 1892-1961, 1909-01-28
CALVIN WANTS
LAW REPEALED
TEXAS LEADER BLAMEs LEGlSLA
LATloN FOR LOW PRICES.
Says it Requires the Courage of Pos
tive Conviction for Anyone to Ad-
NIT Having Been Honestly Mista-
ken.

| day contained the following which
should be carefully read by the peo-1
! pie Of this county:
Mr.. E. A. Calvin, of Texas, oneof
the most influential members of the
Farmers Union, through experience
and study has discovered the diff
ference between anti-bucket shop law
and anti-future trading laws, and is
now advocating revision of South
ern laws affecting the cotton market
with even greater vigor than thatwith
which he successfully urged the enac
ment of the Mayfield anti-future law
by the Texas legislature two years
ago. There is every good reason why
opinion molders in the South should
profit by Mr.. Calvin's discovery and
no reason at all why they should
stumble on in blind advocacy of laws
that hurt the very people they were
devised to aid when really helpful
| Mr.. Calvin is ex-president of the
Texas branch of the Farmers Union,
and as general manager of the 500
Farmers Union cotton warehouses
in that state has enjoyed except
onal opportunities for learning the re-
lation os the future and spot mar
kets, the effect of future sales on
the price of and demand for spots,
and the sort of laws that are harm
ful and the sort that are helpful.
/ In strong letter just published,
Mr. Calvin in part says:
/ 1T requires the courage of posi-
tive conviction for anyone to admit
having been honestly mistaken. The
South had bucket shop sore on its
speculative hand, and instead of cur
ing it with the proper medicine they
cut off the hand.
"The Texas anti-future law became
effective July IL, 1907, and on that
date New Orleans cotton closed at
I12.S5 and then steadily declined un-
til April %, 1908, when it sold for
8.47 or at a decline of Az cents per
pound, or $22 SO per bale.
This enormous decline can be at
Itributed to any cause desired but the
fact remains that it occurred from
the start to finish of the greatest
holding movement Of cotton by farm
ers, merchants and their friends that
ever was or probably ever will be
known"
Mr.. Calvin then gives statistics
showing that spinners during the year
consumed $4,000 bales more than
farmers produced, by utilizing their
reserve stock; that by taking adyan-
tage of the Souths anti-future laws
they beat the price of cotton down to
the lowest level, and that after farm
ers had become discouraged and sold
out. the spinners who then owned
about all the cotton promptly put the
price up from SAT on April %, 1908,
to 11.47 on May 25, or SIS bale.
He adds:
"The bucket-shops were the pri-
mary cause for inflaming public SEN
timent and the fight against bucket
chops should be continued, but legi-
| innate speculation is necessity.
THE majority of people do not IN
derstand the reason for or the de-
tails of speculation consequently were
unable to distinguish the vital differ
ence between a bucket shop )where
bets on the fluctuations in cotton quo
tations are made(, and legitimate
brokerage office )where contracts cal
ling for the bona fide delivery Of ac-
tual cotton are bought and sold {,
SO they obliterated both as far as in
their power, and the result is now
apparent to everybody.
Since the Texas anti-fut ure law
became affective, farmers have sold
approximately 100000 bales Of cot
ton at virtually proven price from
II 2 to 8 cents per pound below it's in
sI0mIgJ o. ssoI 9ql pug 'onIeA oIsuEla
on this cotton has been from So
O00, 900 to $4,000, 900.
Germany as a nation legally tes-
ted anti-futurc laws, and found them
directly contrary to the welfare OF
the German farmer, who forced the
Berlin Bourse and speculative trad
ing in grain to be re-established.
h The remedy is for the Governors
Of all cotton growing states that now
have statutes similar to the anti-fu,
tnre law in Texas, to Immediately
and urgently recommend the enact
ment Of law which viii prevent