The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1912-02-21

pen that will cause a break in the
market OF from 100 to 200 points.
Suppose the break had material
lied. The result would have been, or
a basis of 10000, ,000-bale crop and al
a 2-cent decline, to give foreign spin.
ners about $90,000,0O0 to save about
$50 100000, ostensibly to American
spinners, really to Wall street gamb-
lers. Will the time never come when
Government representatives and Of
ficers can see other interests than
those that are centered in New York
Is the hard-working, respectable citi-
zen of the United States to be held up
by the Government and feeced under
It's protecting arm?
The enormity Of the Attorney Gen
erals act did not fully appear until
the present crop was brought into
sight.
The worlds consumption of cotton,
as stated in Bulletin 113, page 23, OF
the Department of Agriculture, Is 2l,-
JOO, 900 bales. On the same page we
ind the statement:
1t appears probable that 14,5OO,OoO
bales of American cotton can be aD-
sorbed during the year ending Aug
ust 81, 1912.
In other words, the present crop
will barely meet the demand, coDdi-
lions being normal in other cotton
raising countries. But conditions are
not normal in other cotton raising
countries.
In India, for instance, the crop Is
conceded to be short about l,5OO,0Oo
oales, 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
.epresents say 100000 bales. The
.ther cotton producing countries raise
30 per cent. or 100000 bales. The
.otal, then, will be 21,400,000 bales as
gainst a consumption Of 100000
,ut India, as stated, is 100000 bales
hort, which, taken from the total sup
". would seem to indicate a short
.ge in the worlds supply Of the crop
If something like 100000 bales OF
lotion. We need 21,O0O,000 bales OF
lotion, we have only 19,900,0O0 bales
With which to supply them. In the
ace Of these facts cotton has been
hammered down to s cents per pound,
cents below the cost Of production,
" a merciless set Of vampires.
Meaning no disrespect, but in crit
cism of the narrowness or the At
orney Generals view and the short
;ightedness of his policy, / charge
hat he, more than all other combined
,gencies Is responsible for this condl-
ion. His prosecution of the so-call-
d bull element of the exchange has
lriven out competition and made the
market a one-sided affair. No single
operator can affect prices on the ex-
;hange; and no sane "bull" operator
would enter a combination while ne
,r his fellows were under prosecution
1y the Federal courts charged Win
his very offense. The bears" may
combine at will, but for the bulls to
combine is in restraint Of trade, Is an
front to the gentlemen OF Wall
street, and proper cause for Govern
nent Intervention. What a spectacle.
Mr.. Chairman, If the Attorney Gen
raj concludes finally that he can not
proceed against bull" operators, l
,elieve a committee Of Congress
hould make investigation OF ex-
.hange methods. If it is fact that
billions of bales Of cotton are SOLD
annually on the exchange that never
,ad and were never intended to have
.xistence, thereby abnormally de-
PRESSING its price, then the evil should
e eradicated. In the name OF common
!ecency, in consideration for the
southern farmer, who contributes
rore to the export trade OF the Unit
d States than half Of the rest OF this
country combined, this piracy on his
roducts should be stopped. II the
?tton exchanges are to be one-slded
fairs, dominated by the bears" 1t
.ould be infinitely better to abolish
hem altogether. Congress should
now the facts, and, knowing them,
hould pass such legislation here as
"ill protect the producers or this
country.
A normal price for the present crop
)er pound Much of it has sold as low
$ 8 cents per pound. Owing to bear
nanipulations, aided and abetted by
he Government, the cotton producer
las easily lost 3 cents per pound on
he entire crop or $215,000,O00; and
wo-thirds of this amount, or approx
:mately $145,000,000, has been given
to foreign spinners.
Mr.. Tribble. Will the gentleman
'ield for a question?
Mr.. Aiken of South Carolina. Ger
tainly.
MIR. Tribble. I understand the gen.
tleman Introduced his bill some time
rgo.
Mr.. Aiken of South Carolina. Yes.
Mr.. Tribble. Has the gentleman
been able to get the Committee on
Agriculture to investigate and report
his bill?
Mr.. Aiken of South Carolina. No; !
have been able to get no report at all
rom the committee.
Mr.. Tribble. They had not investl-
gated that, so far as the gentleman
Knows, so as to report that bill?
Mr.. Aiken Of South Carolina. They
have not, so far as / know. l would
willingly accord sincerity Of purpose
to the Attorney General II, accepting
this horn of the dilemma, he did not
appear ridiculous in the sight OF all
good citizens, interested In the well
fare of common country. Perhaps, as
a newspaper in my district tersely
puts 1t: He prefers the hug OF the
bear to the horns Of the bull" Gap
plause on the Democratic side.)
While I thought the prosecution OF
Brown, Hayne, and Scales was little
less than criminal, since the Attorney
General has assumed the responsible
III nnd aiuan the "hears" the benefit