The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1912-03-22
PAGE SEVEN.
PRESENT Heain bill would do, cotton

llher words n farmer might drive 10
own with his cotton, and the buyer,
Unable to hedge his purchases by sell
ng cotton against them, could only
BUY when he had specific orders in
ala pocket, and the farmer would
sither haxe to haul 1t back home, or
cave it on consignment TO be sold on
an order from she mills TO pass al
national Law TO prevent dealing In cot
on futures wonld so cripple the Am
arican spot cotton markets that Liver.
pool would at once dominate the en-.
ire cotton world and fix the price, be-
cause our cotton buyers would be
forced 10 transact all business on theI
Liverpool Cotton Hchango and thusl
,lothe that institution with all power,
which would be used to the disadVaH-
age OF tho producer and TO the advan-
fage or the consumer, because Liver
pool is the consumers market marker,
rhe mills have a habit of getting out
" the market when the tarmer nas
cotton for sale
( "When the mills thus seek to de-
press prices by limiting demand, the
future contract system may be ir-
voked 10 sustain prices, and there IN
no other agency that can create a de-
mand in such q contingency.
The autumns Of 1909 and 1910 were
the first years in all the history OF
cotton that the producer got a good
price for cotton, while he had cotton
to sell. and that because the Amer
lean cotton exchanges enjoyed all
their normal functions, which would
be limited by such legislation as the
HeAin bill The buyers OF actual cot
ton are now able to buy cotton In the
absence Of specific orders by protect
ing their trades by future hedges.
"An enterprsing Texas firm In De-
cember. 1909, did this very thing,
paying from IA to Is cents per pound
for spot cotton, hedged by future
sales. and thereby helped to maintain
good prices for the farmers spot cot
ton. Is not this irrefutable proof or
the value and the necessity OF future
system? 1t Is the farmers only de-
Tense when the mills combine to keep
our of the market and refuse TO BUY
actual cotton. Is there any farmer
or politician so duh as not TO COM
prehend this proposition?
THE terms OF the antI-future Bills
expressly forbid the purchase or sale
Of cotton when the purchaser does not
intend to receive IT. or the seller in
lond To deliver it. The effect OF such
drastic legislation would be to pre-
vent spot purchases secured by fu-
lurc sales. and the mills would be in
complete control Even blind man
eau see this.
In all products not governed by er-
changes. like cotton and grain, great
trusts have been organized and pllAl-
dered the people. See what the Fed.
oral Government has had to do TO the
sugar. tobacco, steel, oil and other
trusts. know that a corporation or
$1,000. 100000 was tentatively formed
to corner the cotton market had tho
Scott bill passed.
when the Scott bill came near
passing the Senate last February u
broke tho price OF cotton SIS per bale
because It would have killed the
American bull. the only friend to TIM
cotton market, while 1t could not
reach the European bear, the enemy
OF high priced otton. Not only this.
but the bears secretely encouraged the
introduction and passage OF such legis-
lation because II Is always blow
tcI cotton
"I do NOT specially blame our Far
mers' Union friends for supporting
nntifuturc bills. because II is always
rerresented 70 them as cotton gam
bling, while the necessity Of such .
system for the actual legitimate spot
traffic is never explained to them.
make this appeal to the public at
larxe, as Well as to my audience, be-
cause ! do NOT want to see our people
commit themselves to a policy that
will prove injurious TO the best In
terests Of cotton but on the other hand
| want to ask my hearers to at ones
petition their Congressman to Oppose
all legislation that will affect our cot
ton markets adversely, while at the
same time comforting a corresponding
advantage. on those markets to whom
we sell our cotton
Let our people wake up and study
the legitimate business which must
suffer hy laws aimed AZ speculation
do not at all attempt . defense OF
specnlators. but realize that our leg
islators are playing with fire when
they attempt legislation that may de
feat the very ends they set out to at
tain. Finally ! submit that II such
bill as the Hefin bill should be
come law that it would
"G1 Unsettle and completely revc
iutioni,e cotton prices by making
Liverpool the ruling cotton market ol
tho world
"(c) THAT by depressing cotton val
ues a corresponding depression wouls
take place IN all Southern values, 80
pecislly land values.
"CSl That il would require tsn
times the banking capital availahle al
tho South 10 move tho crop.
"(N And. finally, hat II would re-
ault in Tho Capitalization Of the cot
ton trsfic of America 10 the great
disadvantage Of the cotton producer