The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-05-29
AGAINST COTTON SPECULATION
EAPERT SO REGARDS STATE
COTTON WAREHOUSE SYSTEM.
Whittam, Formerly Editor
OF Leading Textile Paper, Writes
from England to Express His Ap-
prOval of Proposed Method of
Financing the Marketing of the
Cotton Crop.

Courier: One wonders how the cot
/ ton growers of the South. who have
| possessed for some generations a mo-
| nopoly of those grades of cotton which
the world uses most largely, can have
been so blind to its own interests as
to allow the multitude of spectators
10 make more money out of the work
that they have done, than they can
ever expect under present conditions
to obtain for themselves.
| 1T is to one such as the writer.
who knows cotton manufacturing not
| only in the New England States. but
! in the Southern States, Brazil and
| the heart OF the worlds cotton indus
try, Lancashire, a marvel that we can
have been SO supine for many gen.
| eratlons as to allow planter to have
more or less ten cents per pound for
| his cotton, the middle man, and par
| ticularly the parasitical speculator.
to chip off $40, approximately, from
every bale of cotton, on which not
only the South but the whole of the
| United States are dependent very
largely for the prosperity and the
enormous balance Of foreign trade in
our favor.
l am writing this because there has
come into my possession a copy Of a
bill passed by the Legislature of the
State of South Carolina ITO create
and operate State warehouse sys-
tenn for storing cotton" and this was
accompanied by a copy of speech
made by the Hon. John Lowndes
McLaurin, former United States SEN
ator. These two documents have
brought so vividly to my mind the
progressive step<that South Carolina
has decided to take that | feel that
our people, knowing me as they do. not
only as a former cotton spinner and
manufacturer, both in New England
and the South, but also as editOr-in-
chief of the principal textile paper in
the South and subsequently as the
special agent of the bureau of man.
ufacturers of the department. of COM
merce and labor, to investigate con-
ditions and details of the cotton
trade Of the world in Lancashire. Will
at least know that it is only due to
my still keen interest in this matter
that | write this to encourage the
people of South Carolina TO proceed
along the path they have started up
on and pioneer movement which
will result in the inestimable good to
both the grower. the spinner and the
| legitimate middle man; the ultimate
result will be the eternal damnation
OF the specuf4tor. who is usually will
ling to confess very frankly that he is
merely a parasite and that the pro-
ducer and consumer of this great
white staple are merely tools in his
hands.
Looking at the problem from anoth-
1
er angle one cannot help arriving at
the conclusion that if the State Of
South Carolina follows the trial
which she has by statute provided
the means of blazing the way. there
will be very shortly no reason for the
bankers Of every Gotten producing,
| nj
to concern themselves with the matter
of fraudulent bills of lading and to
provide safeguards. My reason for
being emphatic on this point is that
if the power of the State of South
Carolina and its integrity is placed
behind shipments Of cotton other cot
ton producing States will follow the
lead that the Palmetto State has given
them and bills of lading will be like
Bank of England notes. accepted on
their face value throughout the
world.
/ When the Hon. John Lowndes Ne
| Laurin made speech at the ac-
couchment Of the Southern Cotton
Association in New Orleans years ago
| he pointed out in very clear and con-
vincing language that the cotton
grower for his production should get
in direct touch with the spinner.
and that this should only be done
| by the Growers Association or one
ing a man Of prominence, in not only
industry and finance, but also promi-
| nent i'm the social and political life of
| the Southern cotton belt
| Faulty distribution of the staple
results invariably in under consump-