The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1910-10-21
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~ this connection the New Orleans
Fcayuho w a recent issue editghaily
saya
The result N che conferences held
.Thufsdag IN NeW York between the
banking representative and exchange
dealers i4 most remarkable pfDpusis
tiJn w the Southern cotton merchants
Nv the effect chat they should tax
themselves from o ~ 2 cents per bale
On all cotton shipped Tor Che purpose
NJ paying foreign compauy ~ guar.
antce bills ~ ladibg IN connection
with the railroad valuation plan Tue
New YORK Interests telegraphcd the
various cotton exchanges IN the South
and the local banking Interests, urged
the adoption ~ this plan rs the only
possible solution " the bill Of lading
problem.
The rejection OF this extraordinary
proposition was prompt and general
The local cotton exchange, the Gal.
weston cotton exchange, the Dallas
cotton exchange and the local banks
promptly decided 10 reject any such
proposition ~ not only unnecessary,
but bald attempt 20 place an add.
tlunal tax on cotton growers for the
benefit OF foreign interests.
The Southern cotton Interests would
be guilty Of the worst sort OF assininiiy
were they 10 accept any such prOpO.
sitiOn, which Is tantamOunt To a re.
ilectiUn upon every reputable business
house In the cotton trade. The New
Orleans port bill Of ading is a per.
fectly safe document, amply protected
by law and infinitely more valid and
binding than would he the guarantee
or any foreign company. Interior bills
or lading, when Endorsed by reput.
able house, should be as binding and
safe as the guarantee OF any proposed
foreign corporation. Moreover, the
railroads should be made TO guarantee
every bill OF ladlng issued by them,
and any such document should be a
binding obligation on the railroad is.
suing IL. Any common carrier issu.
log bill OF lading guarantees to de.
liver the goods covered by the bill at
the destination specified, and any solu.
tion OF the vexed problem which re-
lieves the carries from such RESPONSE
oility Is false aud improper solution,
The foreign buyers need our cotton
quite as badly this year as ever before,
and II they Will not settle for IL In the
old way by means OF exchange predi.
Gated on bills OF lading, let them send
the cash over TO pay for the cotton
they want. Confronted by the alter,
native OF shipping gold to pay for cot.
ton before 1t goes on shipboard, they
VIII soon rea}ize that they have over.
etlmated the risk attaching to bills
OF lading because few dishonest men
have In the past imposed on them by
means OF fraudulent bills.
The problem must eventually be
settled In proper way, but the i'm
position OF burdensome tax on every
bale OF cotton is not the proper way,
and our cotton interests are wise in
positively and emphatically declining
TO countenance any such scheme.