Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1913-09-17
S..s.-SAS.s.i..S.,i.,
i THE TAX ON NCOTTON, . j..
!" Now is the Time to Kill 10 .
E''s's''.S'-Ss.Ssss..Ss .s..l..Ss.i.tSS.as..fSss.
(Atlanta Journal,)

ing InS tarlU amendm3nt which
places a prohibitive tax on cotton
futures, was at least prudent enough
to provide that this unjust and dam
gerous scheme should not become
operative until September, 1914.
That concession Is distinctly reassur-
ing, for it indicates that the Senate
has felt the SOLDERING influence of bus
mess opinion and Furthermore 1t
gives time for a deliberate weighing
OF the many ills which the imposi-
ton of such tax would entail. It is
unthinkable that right-minded, pa-
triotic men will insist upon a meas
ure which means hardship and dis
aster to every field of Americas cot.
ton interests, particularly to the cot
ton grower, when they duly realize
its effects; and this they cannot fail
to do when they have given the sub
ject sufficient thought.
1t Is much to be regretted that the
democratic caucus of the Senate ever
lent its approval to the cotton tax.
Leading Southern Senator's, notably
Senators Bacon and Smith, Of Geor-
gia, Senator Overman, of North Car
DINA, Senator Smith, OF South Caro-
lima, Senator Fletcher, of Folrida.
and both Senators from Louisiana,
offered earnest and logical protests
against til" so-called Clarke amend
rh,.N- oh
ace to the legitimate cotton interests
OF the entire country and especially
to the farmers of the South. Unfor-
tunately, however, their wise counsel
did not prevail. Yet, the fact that
the majority deferred the operation
OF the tax for year is evidence that
caution and common sense are at
length asserting themselves.
Emphatic opposition to the amend
ment has developed in the House:
and If the House Democrats will urge
their convictions in the Forthcoming
committee conference over the tariff
bills the amendment can be defeated.
1t is very important that this be done
now rather than in the months to
come. Fear Of the proposed tax has
already had depressing effect on the
price OF cotton. There was a decline
OF nearly three dollars a bale when
the action of the Senate caucus FRI
day became known at the New Eurk
and New Orleans exchanges. The
later announcement that the tax, If
hhally ratified, would be suspended
year proved stimulating, but it is
evident that so long as there is a Sc
rious probability of tris amendment
going into effect, cotton interests
generally and the farmer especially
Will suffer. The sooner it is killed
the better for the South and for the
| country at large.
The tax on cotton sold for future
delivery is utter'y irrelevant to the
purpose Of the tariff bill and. indeed
Is sharply at variance with the spirit
of that great measure. Such a tax
would invite and encourage the very
sort of evil which tariff ref orm seeks
to prevent. 1t would force out of
the market large number of small
buyers, for the merchant with limited
resources could not afford to take
the risk OF the continually f1uctuat-
Ing prices to which cotton, more than
any other commodity, is subject, If
he were deprived OF the hedge" pro-
lection by heavy or prohibitive tax.
The result would be the concentra-
ton of the power Of purchasing cot
ton in the hands of few large inter-
ests, so that the tyrannies of monop-
oily, which the tariff bill is designed
to check, would be developed anew in
their most damaging form.
1t should be noted furthermore
that the Clarke amendment, while
processing to prevent gambling in
futures, is aimed solely at the cotton
trade. 1t takes no account whatso-
ever OF hedging in corn and wheat
and other commodities. Why this
fragrant discrimination against the
South's chief agricultural product
and chief item Of commerce? Were
the proposed amendment in any wise
consistent, it would apply to all COM
modities in which contracts for fu-
ture delivery are made. But it is
palpably iDsincere; its avowed pur-
pose Of reform is clearly sham; it
has no excuse for existence.
such scheme cannot long with
stand the public condemnation it has
aroused. Sooner or later it must be
abandoned because Of it's inherent
| folly and viciousness The safest and