Pine Bluff daily graphic., 1913-08-20
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he world as the failure of the cotton

the world as the failure of the cotton crop.
 "Upon the cotton plant and it's
 snowy offspring rests the financial
 structure of this government. Des-
 troy this crop for one year and you
 will take out of circulation hundred millions more money than the entire
 national bank currency of the United
 States. Destroy the cotton crop for one year, and you will paralyze the 1 financial institutions of our country. In the catalogue of commodities cot ton is the master production, the most readily cashed and the most widely consumed among the great staples of the earth. Cotton is the only product in the kingdom of agriculture every pound of which is converted into money, and every dollars worth of which contributes to the financial wealth of the United States. Cotton unlocks foreign vaults and brings gold into our country when all other products fail. That brings to America every year more gold than the worlds annual output. hundred and forty two million spindles look to the cotton belt of the United States for their cot ton supply.
 "As the rulers of old went to Solo, mon for wisdom, the cotton using countries of the earth must come to us for the wherewith to be clothed. In the light of these truths regarding cotton. I declare to you that there is no safer or sounder basis on which to issue currency for limited time than on certificates representing lint cotton. baled and stored in insured or bond ed warehouses. No insect pest can harm it.
 "lt can be preserved for q hundred years and more, and it's splendid fiber will be just as good for spinning pur- poses as the day it was stored in the warehouse Who can say, then, that currency issued on baled cotton at half it's value is not as good as muni- cipal bonds or railroad bonds on which Secretary Cortelyou issued currency for the railroads? In the last days of the Confederacy our fathers in the cotton belt arranged with England to take $15,0OO, 900 of bonds based purely and wholly, singly and solely on cot ton. If England thought enough Of cotton to take $15,000,000 worth of cot ton bonds in time of war, what think we of this prince of American prod ucts as a basis (of half it's value) on which to issue limited currency in time of peace?
 Provide for the issuance of limited currency on cotton producers of the South out of the clutches of the most mercilcss band of bear gamblers that ever cursed free country. You will enable our farmers to obtain fair and reasonable price for this great American product. 1t is but fair and just that warehouse certificates of baled cotton be treated by these re- served banks with as much considera- ton as any other merChantable pa per. It is safe and sound, just and right that they should"
 Very eloquent and very true per haps, but beautifully impracticable, and such arguments may do harm. The country is on the eve of a very necessary currency reform. and IL should not be diverted from its pur- pose by the introduction of new issues and ideas, no matter how wise and beneficial they may be. Let us take what we can get at the present tune. and be satisfied, and later on we can improve upon it if we find it desirable to do so. A great many reforms nave been prevented by over enthusiastic people who knew nothing of modera- tion, but who wanted to do too much.