Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-01-23
COTTON VALUATION
PROPOSITION.
John |. MCLaufin to Committees Of
House and Senate.
MCQUEEN WAREHOUSE BILL EXPLAINED

Former Senator Thinks That the Tint
ls Now Ripe for the South to Go lr
for Monopoly Prices for Its MonopoI,
!, !, Says the Problem 10 Not So Muet
One of Decreased Production as u
10 to Prevent Production from Con.
fseatins Our Just Profits.
The Mcqueen warehouse bill. the
text Of which has already been pub
lished in The Enquirer, was introduc-
ed In the house on Monday Of last
week. The State Farmers Union had
it under consideration on last Wednes-
day night. When 1t was at first pro-
posed, a few deprecating remarks
from an unfriendly source seemed ia
put 1t in bad odor. Former Senator
lMcLaurin was In the meeting and, on
being called upon to give his views
talked for about twenty minutes, with
the result that the bill was overwhelm-
lingly endorsed. Friends Of the idea
went further. and persuaded Mr. Nc
Laurin to accept an invitation to ad-
dress the agricultural committee OF
the senate and the ways and means
COMMITTEE Of the house on the sub
Iject. To that end, joint meeting OF
the two committees was held In the
senate chamber on Thursday. There
were also present number of lead
Ing Farmers Union men, including
President Dabbs. Mr.. McLaurin spoke
as follows:
81 take 1t for granted no one i'm
lagines that the advocates OF state val
Iidation think that the laws of supply
and demand can be repealed or sus-
pended in their operation by legisla-
tive enactment.
IF we produce more cotton cost
ling us 10 cents per pound than the
world needs or can use on that basis
then sellers become more eager than
buyers. and prices fall.
II undertake TO say, however, that
marketed under the law Of supply and
demand as applied to all other pro-
ducts, the crop Of 1911 Is not more
than the needs Of the world at IL
cents per pound. To secure that price
the marketing must be gradual; we
must have some resource by which
the surplus cotton can be withdrawn
the channels of trade, maintaining al
all times the equilibrium between pro-
duction and consumption.
The Trust Principle.
1T Is the application Of this funda-
mental principle of economics which
has enabled the trusts of the United
Estates to become the dominant factor
in the commerce of the world. A
price for products not so high as to
lcheck consumption. nor so low as not
to yield fair profits on the investment
mo business can succeed on any
other plane.
"It Is this principle which we now
lseek-to- apply In, behalf of 25,000,0OO
people In these southern states who
are directly or indirectly dependent
upon cotton.
II would not stultify myself by ad-
lvocating that the government attempt
arbitrarily to fix prices.
NO law can equaliZe mental and
physical faculties. accidental and In
lherited differences, nor legislate away
the natural laws Of commerce. we
Iare taught, however, that governments
are instituted for the benefit of the
lgoverned. Under the constitution, the
protection of property Is as insistent
as the protection Of life and liberty
lIf the protection Of property under
IA free government Is not made to
mean something more than mere
physical possession. II 1t does not pro-
Itect the citizen in the use Of prop
erty and the full opportunity to en-
ploy such property with profit, then
our whole house Is founded on the
sands, not a rock. and when the wind
blows and the storm beats upon It.
will crumble and fall.
IF combinations, amounting al
most to conspiracies, deprive me OF
my just profits. are permitted by the
government to exist, then have / not
the right, when I belong to class
where in the nature of the case con-
certed action is impossible. to ask the
government to protect me In my right
Ito fair returns on the profits Of my
labor? Certainly the cotton crop
supporting nearly one-fourth OF the
people of the United States, and the
main factor in the nations balance
of foreign trade. is worthy govern
mental attention, and the conserva-
ton of it's profits demands the consid'
Grafton of wise craftsmanship and true
patriotism without regard to section
| Below Cost of Production.
THE crop of 1911 is selling at least
l25 per cent below the cost of pro-
duction. This means not only pow
erty for the planter. but 1t crippleS
and halts all industrial development,
dependent upon the producer OF cot
ton.
THE planter Is feeling it now. but
ere 1912 has sped, this curtailment OF
the consuming power Of the people
of the south will be felt all over the
commercial world.
An Economic Absurdity.
Last June. after the government
acreage report the world estimate
the cotton crop at about 12,5OO,OOC
; bales, and the south could have sold
the entire crop at that price In July
and August Suppose we had. would
the mills have been hurt? No. the
price of cotton goods Is practically
where it was when cotton was Is cents
per pound.
;. The south. would have received
!. $65 per bale; $S12,500,000 would
have been distributed throughout the
south, and the cotton delivered on
contract would be in warehouses, here
!, and abroad. What are we getting
now? What Is the crop going actu'
ally to turn out for the south? l. have
: SOlu Some COTTON tnlS year DIT % CeHlS
and some as low as cents. / should
say that the crop will average about
!, $40 per bale. and the south will re-
ceive about $60O,000,000 for the crop
!, In other words. we will get $780,
100000 less for 100000 bales more
This is an economic absurdity, totally
unjustified under a fair application OF
the laws of supply and demand. Tigh
money, no extensions, was the woro
sent down from money headquarters
an avalanche Of cotton. insistent sell
ers and reluctant buyers
! IF this Is the meaning of the law:
Of supply and demand, | say 1t Is d
devils gospel
, IF it is to this end that the govern
ment Is sending out experts to teach
us how to make more and receive less
| I say away with II. Under such sys
! tenn the cost of living may be cheaper
| ed for the city dweller, but 1t mean!
, industrial serfdom for the farmer.
Protection for the Farmer.
/ Our whole scheme Of national
, government revOlves around protec'
tion by the government to certain