The Lee County journal. (Leesburg, Ga.) 1904-19??, 1912-04-25
He SPOKE FOR
ANTEOPTION BILL
UNDERWOOD SUPPORTED MEAS
uRE ADVOCATED BY FARM
ERs' UNION. +.
Always Friendly to Agricultural
Interests.

Certain opponents OF Hon. oscar W.
Underwood for the presidency have
sought, though unsuccessfully to
trump up some sentiment against him
by alleging that he appointed Hon.
John Lamb as chairman Of the agri-
cultural committee, over the protest
Of the Farmers Union. AS Mr.. I'm
derwood never appointed Mr.. Lamb,
the charge is false. Mr. Lamb was
elected by the Democratic members
of the house in caucus, the vote for
him being unanimous. He became
chairman by reason OF the fact that
he was the ranking Democrat on the
committee, on which he had served
for II years. The objection to Mr..
Lamb was based on tne fact that he
had not favored the Scott and anti
option cotton bill. AS to Mr.. Under
woods attitude toward this measure,
no better evidence can be presented
than the following splendid speech
which he made in behalf Of the bill
His Speech.
'sIn my Judgment the bill should be
considered before congress adjourns.
1t is one Of the most important bills
to large number of people of the
United States that has come before
this session Of congress for consider
alton. 1t is not only measure that
seeks to work out reformation along
economic lines, but there is involved
in the consideration of the question q
great moral issue.
A number Of years ago the Federal
government prohibited the use Of the
mails for the transmission Of lottery
tickets, and the effect Of that legisla-
ton was to destroy one of the great
est gambling enterprises that the
world has ever known, the Louisiana
Lottery company. That legislation
proved effective and met with the
hearty approval of the moral senti-
ment Of the country.
The bill brought up for considera-
ton by this resolution does not pro-
hibit the legitimate sale Of cotton IN
the exchanges Of the country where
thers~ is an actual purchase or an ac-
tual delivery OF the cotton sold; It
merely attempts IT. 4RuAhibit the spec
ulation in cotton futures where no
actual delivery is intended and where
the result of the transaction Is solely
In cotton futures. t
Cotton Crop.
Prior to the year 1907 the New
York Cotton exchange published sta
tistics relating to the buying and sell
ing Of cotton futures on that ex-
change, and there was sold at that
time on this exchange 100,000,O00
bales Of cotton year. The greatest
cotton crop that this country has ever
made amounted to little over 49,
0OO. 900 bales, and the average cotton
crop In the country will not exceed
12.OOO,OO0 bales OF cotton. The. tia
tistics show that for the year 1867
81 per cert. ii the cotton raised in
this. country was used in the home
market and SO per cent. was shipped
abroad, In an average crop the home
oonsumption does not amount to more
than 100000 bales. It is therefore
conclusiyely shown that on this one
exchange twenty times as much cot
ton was bought and sold as was used
IN this country.
About Hedging.
II is contended by those who favol
the continuation OF the sale Of cotton
futures on the cotton exchanges o.
the country that it is necessary fol
the min owners to buy for future de
livery in order to hedge against tht
uncertainties of the future marke
price In order that they can make
their contracts, but it Is seen 1t woult
not be necessary for them to hedg'
for more than the entire amount o
the cotton consumed by the manufac
turers Of the country, which under NJ
circumstances exceeds 100000 bales
but the bill does not prohibit the puT
chase Of cotton for future delivery
a that if the mill owners desires t
make his purchase of cotton on tn
exchanges before the cotton crop I
actually gathered, If it is bona fid,
transaction for legitimate purposes
there is nothing in the bill that vii
prevent him from doing 80.
The statistics show that the amour
OF cotton received In New York Cit,
for the year 1929 amounted to 81
577 bales; for the year 1904 to 40
f2s bales; for the year 1904-5 to 81
7os bales: for the year 1s05-6 to s
SIS bales: for the year 1906-7 to %
rs bales. The average for these fY
years amounts TO about $4,000 bale
that were handled in New York City
but the transactions on the New Yor
Cotton Exchange amount to 100000
600 bales.
Gambling.
It seems to me conelusively show
from these figures that the transal
tions on the New York Cotton Ea
change were practically all gamblin
transactions and not In the interes
Of legitimate business. There was
time after the New York Cotton b
change was organized. in 1870, whe
there was legitimate cotton marks