The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-11-16
PUBLIeUED TRI-WEEKLY.
BULL VS. BEAR
Hsy tue GoVdrnment Prosecutes ODe
and Let the O her Go Free.
GIVES A POOR EXCUSE


Price of Cotton Breaks the Law,
While the Man Who Tries to Low
e~ the Price Does Not Break the
Law.
The following correspondence eX'
plains itself:
Abbeville, S. c., Oct. 81, 1911.
Hon. Geo. w. Wickersham, Attorney
General, Washington, D. c.
Dear Sir: l note that the case
against the Wall street bulls" charg-
ing them with cornering cotton IS still
in the courts and assume that you Will
push the prosecution to a conclusion
While do not concur in the opin-
ion that it. was the proper junction
of the government to interfere with
the enhanced value Of 'commodlty
that meant so much for the wealth
of this country, l assume that you
can justify the prosecution legally.
If then the government had legal
right to proceed against a combina-
tion of spectators whose purpose was
to force it has the same legal right to
proceed against a combination whose
purpose is to force down the price OF
the same commodity.
OF the American cotton crop, ap-
proximately one-half IS sold in for
eign markets. A decline Of two cents
per pound means the loss to this
country Of $6O,000,000 and to the
Southern farmer Of s120, 100000. 1t
is certain that bear pressure on
Wall street has forced decline OF
fully three cents per pound in the
present market, thereby robbing the
South of approximately s1O5,OOO,Oo0,
and giving it to foreign spinners. Thls
decline has been brought about by
the bear element overselling the mar
ket, publishing false or misleading
statements, and combining to keep
buyers out of the market. With no
extensive knowledge of exchange
methods, I think it is safe to say
that if a combination may advance
the market, a combination MAY like
wise depress it, and the TACT is, 1t is
now being done. ,-.>.,.,
Then should not the government
interpose? If it was right in the
former instance it is right in this;
and when the wealth Of the nation
Is threatened and the competency or
Southern tlsmes is being absorbed by
the foreigners, should not the govern
1rent at least place the weight OF It's
influence and power with its own cit
izens? An investigation Of "bear"
tactics would probably reveal ample
ground for criminal action against
the leaders and prosecution would
probably dissolve the unfair combl-
nation and allow cotton to resume its
normal price. At any rate it seems
incumbent on the government, in
the premises, to throw the weight or
its power with the people.
This letter is not written in any
carping spirit, but in the hope that
you may see the other side or the
question. is the cotton producer sees
it. and use the arm of the law, as far
as possible for their relief.
would rather to have an express
sion of opinion from you, as 10 wheth-
er such a prosecution would, in your
Judgment, be entertained by the
courts, and if it would, what llkell-
hood there is, If any, of the depart
ment of justice taking such a step.
Living in this section where cotton
is the prevailing crop, it is a great
disappointment to me that the pro-
Queer should be robbed of his legiti-
mate profit on that crop. If the gov
ernment can extend any aid, it could
never come more timely.
Respectfully.
Wyatt Aiken, NJ. c.