The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-19
Must Hear Ill. Part.

q
There is no conceivable reason why
the cotton Spectator should not accept
these primary obligations of the cotton
business as real commercial business.
Ihere is no reason why, II he ventures
into the cotton market at all h g should
not bear his par, of the expense al
taching 10 the carrying and slow
distribution Of all that less de.
SRA Die part of the cotton crop
whlch merchants have TO deal Yith as
a regular part of their business Left
TO themselves. in the exchanges ne
merchants make no complaints about
me iniquity of being obliged 10 re-
eeNe and merchandise any and ali
Kinds OF cotton. That is wba, ina,
trade many and all kinds Of c,,t t" nn
some they sell fast and some they sell
SLOW. but all of il they know they Gan
sell IN due course of time
Ana so long as the by-la,ys ANA
rules OF the exchanges are found
equitable BY cotton merchants in III
spect of the character of cotton dn.
ilVerable on contracts 1t is esscntjalIy
ilnpuaeht Tor the spectators to seek
npdlhcations for their own special ana
And now. finally. few words about
the contention Of the cotton producers
mat the cotton exchanges are failing
IN their duty 10 them. unless they IA !
cllitate the operations of those who.
are striving to enhance the price nj
cotton This contention, as L have in
i dicated above. seems TO me rather an
echo oil the complaints OF spinners ana
sPecuiators than something originally
conceived By the producers themselves
But. Whatever its nature. il has I'M
doubtedly played considerab BILE mart
In the recent agitation against The eN-
! changes The one brief, and at The
same time, economically sound answer
to this complaint is that the supreme
duty of cotton exchanges is 10 facili-
: tate the merchant sing of all the cot
Ton which the producer has for sale
Advances and declines in The price are
not their proper concern.
The Dangerous type.
The most dangerous merchant is one
whose business Is based upon adj
vances or declines in the price of the
commodity he handles. Nobody knows
better than the cotton merchants who
compose the exchanges that they do
not fix the price Of cotton; thai they
would be helpless If they attempted TO
do so: and that they have only one
proper concern, I. c., buying and SELL
ing cotton with reasonable compen-
sation to themselves for their capital
and their brains. at such prices as the
law OF supply and demand may deter
mine TO ask more of them than this
Is to ask them to introduce an elc-
| ment OF corruption into the entire bust
ness They Will never consent 10 do
more than this so long IS they remain
reputable merchants.
To sum It all up in the words often
used before, cotton exchanges are
| properly institutions organized by cot
ton merchants TO facilitate the mer-
chnndisinG of cotton. They have no
other reason for existence. Their by
| laws and rules should be absolutely
| dominated by this idea and by no
| other. The one imperative duty the-
have is to provide for Tie distribution
! of the entire cotton crop as nature
| gives II to us Any departure from
| their duty for the sake Of meeting the
| particular needs or wishes Of spinners
or spectators or cotton producers is
but a denial OF the first principles Of
] their being.