The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-25
CONDEMNATION OF
SCOTT COTTON BILL
New Orleans Man Says Meas
ure Will Hurt the South
THE BILL DIsCRIMINATEs
Got Their Exchanges Exempted
But Left Congress TO Jump
ON Cotton Trading

NtN Olifdiss Apiil Ifs-tDpcGidlsJ us
ident w. B. Thompson of the New Or
leans cotton exchange presents the fol-
lowing argument against the Scott anti
cotton future bill, now pending in Con-
gress:
The Scott anti-cotton future bill now
pending in Congress adversely affects the
welfare of millions of people and of a
large productive section of the United
States. The proponents and advocates of
the bill make appeal to the moral sense
of the people through the claim that the
measure will destroy what they call
gambling in future contracts. They
make further appeal through the as
sertion that the law proposed will not
interfere with legitimate business in
terests. II in truth and fact the pend
ing bill would bring about these happy
results, it not only should but would re-
ceive the support of all right-thinking
people of the United States II, on the
contrary, the logical results of such pro-
posed legislation would be not to
destroy gambling in future contracts
but in effect to legitimatize such trans
actions, and If the carelessly designated
moral agent should be in reality not
only a passively immoral influence but an
active agent for economic disaster, the
people of the Uuited States should and
will have none of it. The people whose
interests are affected and whose prosper
ity is involved by this proposed legisla-
ton are entitled to somewhat more than
flamboyant defamation; they have
right to a critical analysis of the pro-
nouncements of the said bill and to an
exposition of the logical results thereof.
The House committee on agriculture,
during its consideration of the Scott bill,
had before it. In the report on cotton
exchanges by Commissioner Herbert
Knox Smith. one of the most compre-
hensive, informative and lucid exposi-
tions of a technical subject that has been
given to the public. In this report the
Importance of future trading per Sc, and
of the speculative feature thereof when
properly employed. was clearly empha-
sized, and at the same time the I'M
commercial anc wrongful practices which
had become grated upon certain meth
DDS OF operation We're pointed out with
Photographic distinctness. The commit.
tee might have justified the logical ex-
pectation that it would avail itself of
this disinterested and authoritative in
formation, and would recommend some
legislation which would result In the
elimination of the evils from the system
and at the same time result in benefit
to the system and to the trade; but this
the committee did not do. The conclu-
sions of tho committee are not responsive
to the testimony of Commissioner Smith.
Indeed. a perusal of the report and of
the recently approved bill would lead
an unbiased reader to the conclusion
that the committee had never even read
the former.
The Scott bill, as originally introduced
in Congress, proposed to outlaw specu-
lative dealing in future contracts relat-
ing to grain, cotton or other farm prod
ucts." During the hearings on the bill
before the committee on agriculture 1t
developed that the producers of grain
or other farm products" and the traders
therein, were not injured by such trad
ing. but were benefited thereby and did
not want the same outlawed. The COM
mittee therefore, obligingly excluded
from prohibition those future contracts
which related to grain or other farm
products The process of elimination
must, however, have a limit. Consisti
ency, although commendable in q general
sense. could not be INDUCED to the eX-
tent of depriving the anti-future protgo-
nists OF a corpus for their great and
widely advertised scene. All the other
subjects having been eliminated, there
fore, In order that the play might pro-
coed as advertised, King Cotton must of
necessity be assasslnated. The bill as
amended and reported. therefore, aban-
dons the prohibition OF speculative trad
ing in future contracts relating to grain
and other farm products, excepting cot
ton alone.
By this elimination and discrimina-
ton, the farmers of the amended Dill
have stepped down from the high plane
of the moral issue and have forfeited
their claim to that JUNCTION which is
the due of the single minded reform
err. A reformer, # he be convinced that
whisky drinking is wrong, may con-
sistently declare against all whisky
drinking: but if, in response to the
request of the manufacturers of rye
whisky, he eliminates that product
from his prohibition. while still full
minating against the somewhat strong
er Bourbon he may or lie may not have
valid reasons for such determinations
but, if he justifies at all. 1t must be
upon some other ground than that
whisky drinking is wrong. So it is
with the committee on agriculture. II
is conceivable that to certain char
acter of intelligence and conscience,
all future specula ton in farm products
or any othe commodity is wrong and
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