The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-11-16
BULL VS. BEAR
Why. the Gordrnueut Prosseutes One
and Let the Oher Go Free.
GIVES A POOR EXCUSE

while the Man Who Tries to Low
sr 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: 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 conclusion.
While 1 do not concur in the op1n-
ion that it was the proper function
of the government to interfere with
the enhanced value of commodity
that meant so much for the wealth
of this country, 1 assume that you
can justify the prosecution legally
If then the government had legal
right to proceed against q combina-
tion of speculators whose purpose was
to- force IL. 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 s6O,0O0,000 and to the
Southern farmer Of s120,000,0O0. 1t
is certain that bear" pressure on
Wall street has forced a decline OF
fully three cents per pound in the
present market, thereby roboing the
South of approximately $105,0 1000,
and giving it to foreign spinners. This
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, think it. Is safe to say
that II a. combination may advance
the market, a combination may IKE
wise depress 1t, and the fact is, 1t is
now being done. -z:-.,,,,
~ Then should not the government
interpose? If 1t was right in the
former. instance it is right in this;
and when the. wealth Of the nation
Is threatened ard the competency OF
Southern hsmes 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 combi-
nation and allow cotton to resume Its
normal price. At any rate 1t seems
incumbent on the government, IN
the premises, to throw the weight OF
its power with the people.
This let IT is not written In any
carping spirit, but IN the nope tnat
you may see the other side OF the
question, as the cotton producer sees
II, and use the arm Of the law, as far
as. possible for their relief.
1 would rather to have an express
sion Of opinion from you, as to Wheth-
er such a prosecution would, IN your
Judgment, be entertained by the
courts, and if 1t would, what likell'
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 great
disappointment to me that the pro-
ducer should be robbed of his legiti-
mate profit on that crop. If the gov
ernmcnt can extend any aid, it could
never come more timely.
Respectfully,
Wyatt Aiken, M. c.