The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-04-05
SEhII THE SCOTT BILL PASS?

There is much concern to know
what congress will do about the
legislation regarding the cotton
exchanges, and if the Scott bill
becomes a law what the effect
will be on the marketing Of the
staple the people Of the South
are vitality interested in. In the
years past there was a hue and
cry against the speculation in
cotton futures, so much so that a
number Of the States adopted
laws preventing the establish
ment of these speculative con-
Germs in these States, but it did
not have the effect OF stopping
the speculation. Now through
the Scott bill it is the purpose to
pat speculation in the feecy
staple out of existence altogether
by an Act of congress, and this
is what has caused many to study
the question and to wonder
whether it would be for the cot
ton growers best interest for
such legislation. Like all other
questions there are two sides,
and each present good argument.
With the cotton exchanges put
out of business, for that is what
the effect Of the Scott bill will
be, what is to prevent the foreign
buyers from ruling the price and
force the growers to take what
they will allow: The politician
in the South when on the hust-
ings would grow eloquent in de-
picting the woes Of the people
when prices were low, and he
would attribute the cause Of the
low price to 'sthose rascals on
Wall Street" but when conditions
became so that the price went up
and the farmers Of the South are
getting rich they switch around
and claim it was their agitation
which forced Wall Street to rec
ognize the rights Of the masses,
and to give to them what was
their dues. This sort of stuff
was dished out to the masses
regularly and they became to be-
lieve what the orators said. Now,
however, with the extra session
of congress at hand there is a
probability Of some legislation
which will carry out the conten,
tion of the political orators, and
it has brought on a question Of
whether it would be best to let
the transactions IN futures alone
or make such transactions IN.
lawful. Those who favor leav-
ing the matter alone contend that
1t will operate against the very
people sought to benefit, that it
viii leave them in the hands of
the foreign buyers who will con-
troll the price. It will be to their
interest to hammer down the
product so the manufactured
goods can be put on the market
in competition with the Ameri-
can product; and, too, it is con-
tended that the majority part Of
mill investments is either owned
or controlled by European capi
tai. For this reason it is thought
Of doubtful benefit to have con-
gress tampering with the regula-
ton Of cotton futures.
We confess that we are unable
to decide which is best, to drive
out the speculation in cotton CT
to let the business continue as it
has. There is this much certain.
with spectators on the ez-
changes as now, the mills do not
have the purchase their own way
and they must go on the market
to compete with those who can
bear or bull the market as con-
ditions will permit. The past
two years has shown the bulls
having the advantage, but if
there had been no spectators
whether the bulls would have
been able to stand against the
bears is hard to tell.