The herald and news. [volume] (Newberry S.C.) 1903-1937, 1912-02-23

and not on the Spot-cOttOn market,
and refused 10 buy except on that
basis. This produced stagnation III
the cloth N4urket, and it was to eiini-
nate this feature that Hlil: men o::s:-
natea the so-called pool 20 maintain q
parity between the spot and the fu-
cure market.
But suppose American cotton mills
were placed at a slight disadvantage
by "bnll' support of the market. Can
the attorney general be excused for
protecting even them al the cost Of
millions to American commerce? When
We consider that the United States
raises 69.9 per cent. OF the world S
supply of cotton and consumes only
24.7 per cent. the magnitude Of the
injury done to American commerce
and American business by the effort
to dapress the price of cotton is ap-
parent. That his act did not reduce
the price of cotton ct the time more
than 2 cents per pound is due to the
stubbornness with which Hayne,
Brown, Scales and others bought all
actual cotton offered, instead of; ac-
cepting settlement of margins, which
is trick of the trade to sell large
quantities of cotton not in existence.
Such a decline was confidently antici-
pated. A week before Brown and
Hayne knew that they were going to
be prosecuted a bear" firm, in trying
to get a certain party to sell the mar
ket said:
I know something is going to hap
pen that will cause a break il the
market of from 100 to 200 points.
Suppose the break had materialized.
The result would have been, on a
basis of 12,000,O 0,O00-bale crop and at a
2-cent decline, to give foreign spin
ners about s90,OOO,000 to save about
S2O,OOO,O00, ostensibly to American
spinners, really to Wall street gamb-
lers. Will the time ever come when
government representatives and Of
fcers can see other interests than
+boeo tbo4 oro oao+aro6 =, Nou- Vorl- Q
Is the hard-working, respectable citi-
zen of the United States to be held up
by the government and deeced under
its protecting arm?
The enormity of the attorney gener-
ais act did not fully appear until the
present crop was brought into sight.
The worlds consumption of cotton,
as stated in Bulletin 119, page %, of
the department of agriculture, is 21,-
100000 bales. On the same page we
find the statement:
1t appears probable that 14,500,000
bales of American cotton can be alb
sorbed during the year ending ku-
gust 81, 1912.
In other words, the present crop
will barely meet the demand, condi-
tons being normal in other cotton
raising countries. But conditions are
not normal in other cotton raising
counties.
In India, for instance, the crop is
conceded to be short about 100000
bales, and we have heard nothing of
large crop in any other part of the
world We raise, as heretofore stated,
approximately 70 per cent. and this
represents say 100000 bales. The
other cotton-producing countries raise
80 per cent. or 6,400,000 bales. The
total, then, will be 21,400,000 bales as
against a consumption of 21,000,000.
But India, as stated, is 100000 bales
short, which, taken from the total sup
ply, would seem to indicate a short
age in the worlds supply of the crop
of something like 100000 bales of
cotton. We need 21,OOO,OO0 bales of
cotton, We have only 19,90O,000 bales
with which to supply them. In the
face of these facts cotton has been
hammered down to cents per pound,
cents below the cost of production,
by a merciless set of vampires.
Meaning no disrespect, but in crit
icism of the narroWness Of the at
torney generals view and the short
sightedness of his policy, I charge
that he, more than all other combined
agencies is responsible for this condi-
ton His prosecution of the SOCIAL
al hull olo,,on+ of tho ayohaOoa ha e