Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-05-28
TUESDAY, MAY 2S, 1912.
BLOW AT COTTON sPEcULAToRs.
Expert So Regards State Cotton
Warehouse System.

SyShShs
To the Editor of The News and
Courier: One wonders how the cot
ton growers Uf the south, who have
possessed for some generations
monopoly of those grades Of cotton
which the world uses most largely,
can have been so blind to its own in
terests as to allow the multitude OF
speculators to 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, VINO
knows cotton manufacturing not only
in the New England states, but in the
southern states, Brazil and the heart
of the worlds cotton industry, Lam
cashire, a marvel that we can nave
been so supine for many. generations
as to allow a planter to have more or
less ten cents per pound for MS cot
ton, the middle man, and particular
ly the parasitical speculator, to chip
of $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 bal
ance of. foreign trade in our favor.
am writing this because there has
come into my possession copy OF
bill passed by the legislature OF the
state Of South Carolina ITO create ana
operate a state warehouse system Tor
storing cotton, and this was accom-
panied by a copy Of speech MADE py
the Hon. John Lowndes McLaurin,
former United States senator. These
two documents have brought so vivid
ly to my mind the progressive step
that South Carolina has decided to
take that feel that our people, know
ing me as they do, not only as for
mer cotton spinner and manufacturer,
both in New England and the soutn'
but also editor-in-chief of the prin-
cipal textile paper in the south, and
subsequently as the special agent OF
the bureau Of manufacturers OF the
department Of commerce and labor, to
investigate conditions and details or
the cotton trade Of the world in Ian
cashire, will at least know that 1t Is
only due to my still keen interest In
this matter that 1 write this to en-
courage the people Of South Carolina
to proceed along the path they nave
started upon and pioneer q movement
which will result in the inestimaple
good to both the grower, the spinner
and the legitimate middle man; the
ultimate result will be the eternal
damnation Of the speculator, who Is
usually willing to confess very frank
ly that he is merely a parasite and
that the producer and consumer OF
this great whit staple are mercy
tools in his hands.
Looking at the problem from anoth-
er angle one cannot help arriving at
the conclusion that If the state OF
South Carolina follows the trail whlch
she has by statute provided the means
of blazing the way, there will be very
oh for the bankers OF
every cotton producing, spinning and
manufacturing country to concern
themselves with the matter of fraudu-
lent bills % lading and to provide safe
guards. Ny reason for being en-
phatic on this point is that If the
power of the state of South Carolina
and it's integrity is placed behind ship
ments of cotton other cotton produc-
ing 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 Nc
Laurin made a speech at the accouch-
ment Of the Southern Cotton associa-
ton in New Orleans years ago he
pointed out in very clear and conVinc-
ing language that the cotton grower
for his protection should get in direct
touch with the spinner, and that this
- uld only be done by the Growers
association or one or more or the sew
eral states sending a man OF promi-
nence, in not only industry and finance
but also prominent in the social and
political life of the southern cotton
belt.
Faulty distribution Of the staple re-
suits invariably in underconsumption
Overproduction can hardly be con-
sidered when 1t is known that the
average increase Of consumption OF
cotton for the last ten years or more
has gone on at the average rate OF
half a million bales per annum, and
any cotton planter from these fgures
can at once readily see what this
means to. the south in the way OF eX-
tending acreage, more sc1entinc culti-
walton and increased profits.
1 feel that South Carolina, having
enacted the bill I have before men
toned. should make an adequate and
even generous appropriation and that
other states, either by their legislation
or by a popular subscription, should
provide sufficient funds to send gen.
tleman after the type, integrity and
ability of the one who struck the Key
note in New Orleans, to Great Britain
and the continent Of Europe. where
he would undoubtedly secure the A.
nancial and every other kind of Coop
Grafton that is necessary to bring the
spinner and the grower closer togeth-
er, thus stopping the enormous leaks
which have for so many years poured
into the hands of the Prices, the
Sullys, the Livermores, and which, be-
ginning with Morris Ranger, have
done such incalculable damage to
everyone who is legitimately engaged
in the cotton trade from the field to
the factory. William Whittam, Jr.
Manchester, England May IA, 1912.