Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-11-01
Urge Drastic Action by
Southern Cotton Owners.
Withhold Entire Balance Of Crop
And CuriaiI Quarter in 1912.
Call Upon Congress to Help Situa-
tloR by Legislation.

ton and follow this with a binding
agreement to reduce next seasons cot
ton acreage at least % per cent. if
they accept the plan adopted by the
conference of Southern governors at
its concluding session today. This
plan is expected to bring immediate
relief from the depression in the price
of the staple.
As means of providing permanent
relief and to guarantee the cotton
farmer in the future against the ne
cessfty of Cutting the market with
his supplies in the opening of the sea-
SON the conference adopted resolu-
lions favoring the establishment in
every cotton growing state of state
controlled warehouses and the collec-
ton and periodical publication of sta
tistcs bearing upon the worlds de-
mand for and consumption of Amert-
can cotton.
The proposal of foreign banking in
terests to finance a holding movement
covering 100000 bales of the present
crop. vas referred to d special COM
mttee for future action.
The recommendation Of the con
ference follow:
we earnestly recommend To the
plditttS VI tite Sbutiltiii STATES W III
low the example Of Louisiana and so
diversity their crops as to produce
everything for consumption on the
farm and let cotton be the surplus
crop. even ii the quantity raised shall
be - per cent less than the present
cropt, as then they will get just as
much in return for much less labor
than this years crop will yield at pres
ent prices = will soon free themselves
from debt and be in condition with
out any financial aid. 10 sell their
crops gradually as the demand shall
exist and not market the work OF
year In sixty or ninety days as they
have been accustomed To do
We cah upon our representatives, In
Congress TO have the reporting system
SO amended as to report the periodical
publication of statistics of cotton con
sumption. manufacturing and trade in
formation gathered from all cotton
CONSUMING countries and we recon-
mend also and for ourselves agree.
that the commissioners of agriculture
in the cotton states gather and pub
lish like information: and we suggest
TO the Legislature OF the cotton states
adequate appropriations to THIS end,
uniform legislation enabling the ag
ricultural commissioners to act in con-
cert and to constitute bureau OF
cotton manufacturing. cotton trade
and cotton consuming information to
the END that with the estimates OF
production which are now furnished by
the federal government there may dise
be estimates of demand and thus put
the planter in possession to nix ialf
prices for his product
I'll nf 10 conference
have been reliably informed that bulls
on the cotton exchanges have been in
dieted in the United states courts UNI
der the Sherman act for conspiring to
buy cotton and advance the price and
if this be in accordance with the pro-
visions of that act then we respect
fully insist that the bears in the ex-
changes, who conspire to sell cotton
which they do not possess with the
expectation of decline of price or the
purpose of effectlng a decline, be like
wise prosecuted
"A fair and comprehensive system
of future trading is accepted by the
commercial world as essential to the
proper and advantageous movement
and distribution of the crop, but 1t is
urgently recommended that Congress
shall pass such laws as will abate
abuses and regulate future contract
trading in exchanges to the end that
it discharges its function as trade
utility, fair alike to both buyer and
seller and to the commodity which is
the subject of the future transactions.
ut Is earnestly recommended that the
several state governments shall take ap-
propriate action to bring about such
warehousing system or systems will
- ha 1nn.s
of cotton.
I'm view of the apparent demand for
POTION during the next IS months. we rec
ommend that the unsold cotton of the
present crop be withdrawn from the mar
ket and disposed of by system of grad
ual marketing We urge bankers and
business men to cooperate with farmers
in this undertaking
"We report to the cotton farmers that
tentative and attractive preparations
have been made by responsible financial
interests for purchasing some 2,00OO0]
bales of the present crop This negotia-
ton is referred for development into
practical form to committee.
"Reducton of acreage in 1912 is urged
as a necessary part of any plan of hold
ing and financing the present crop. We
recommend, and for ourselves agree, Tat
the governor of each cotton state pro-
coed at once to appoint a representatiVa
in each county. who in turn will appoint
a representative in each school district
or voting precinct. to secure from every
farmer binding written pledge to re-
duce his cotton acreage in 1912, % per
cent below his acreage in 1911
Without discussing the merits of
pending proposals for monetary re-
form we recommend that in any leg
isIa ton which Congress may enact for
emergency currency based upon COM
mercial paper underwritten by banks
or ASSOCIATIONS of banks, provision be
made for including in these acts for
such emergency currency, commercial
paper representing transactions Min
cotton as vel, as transactions inacotton
goods and other manufactured prod
ucts. i}'i s4ti" t'n ei4NN =
1T Is our firm opinion that by