Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1912-04-18
HE SPOKE FOR
ANT|-OPT|0N 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..
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.
I'm my Judgment the bill should be
considered before congress adjourns.
1t is one of the most important bills
to a large number of people of the
United States that has come before
this session Of congress for consider
alton. 1t is not only a measure that
seeks to work out reformation along
economic lines, but there is involved
in the consideration of the question a
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
there is an actual purchase or an &C
tual delivery of the cotton sold; it
merely attempts to prohibit the spec
ulation in cotton futures where no
actual delivery is intended and where
the result of the transaction is solely
him In aottOn
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 100000,000
bales of cotton a year. The greatest
cotton crop that this country has ever
made amounted to a little over 49,,
100000 bales, and the average cotton
crop in the country will not exceed
100000 bales of cotton. The sta
81 per cent of the cotton raised in
this country was used in the home
market and 60 per cent. was shipped
abroad. In an average crop the home
consumption does not amount to more
than 4,S00,0O0 bales. 1t is therefore
conclusively shown that on this one
exchange twenty times as much cot
ton was bought and sold as was used
in this country
About Hedging.
1t is contended by those who favor
the continuation of the sale of cotton,
futures on the cotton exchanges of
the country that it is necessary for
the mill owners to buy for future de-
livery in order to hedge against the
uncertainties of the future market
price in order that they can make
their contracts, but it is seen it would
not be necessary for them to hedge
for more than the entire amount of
the cotton consumed by the manufac-
turers of the country, which under no
circumstances exceeds 100000 bales;
but the bill does not prohibit the pur-
chase of cotton for future delivery,
so that if the mill owners desires to
make his purchase of cotton on the
exchanges before the cotton crop is
actually gathered, if it is a bona fide
transaction for legitimate purposes,
there is nothing in theF bill that will
prevent him from doing so,
The statistics show that The amount
of cotton received i'll New York City
for the year 1923 amounted to 81
577 bales; for the year 1904 to 49,
1913 bales; for the year 19Q45 to 80,
79S bales; for the year 1896 to g.
SIS bales: for the year 1867 to %
11S bales The average for these five
years amounts to about $4,000 bales
that were handled in New York City,
but the transactions on the New York
Cotton Exchange amount to 100000
600 bales
Gambling.
It seems to me conclusively shown
from these figures that the transac-
tons on the New York Cotton Elk
change were practically all gambling
transactions and not in the interest
of legitimate business. There was a
time after the New York Cotton Ex-
change was organized, in 1870 when
there was a legitimate cotton market
in New York, and the transactions
on the New York Cotton Exchange
were in the main actual sales of cot
ton, but the through bill of lading de
stroyed the New York cotton market
it costs $3.50 bale to store cotton