The Marietta journal and courier. (Marietta, Ga.) 1909-1918, 1913-10-03
WASHINGTON GOSSIP
WASHINGTON CITY,


Senator Clarke. of Arkansas, putting
a tax of s. cents a bale on all trans
actions in cotton futures in which the
cotton is let actually delivered This
amendment is a blow at the New
York Cotton Exchange.
The New York Exchange is known
as he'd e" market Manufacture
ers in contracting for the sale of
their goods wish to buy cotton at
known price and accordingly buy
futures.
1t is a matter of indifference to
them what they pay for the actual
cotton.
New Orleans is the real cotton
market
4 4
II the Clarke amendment did not
abolish the exchanges it would re
quire the payment of a. tax amount
ing to millions of dollars and this
burden on the farmers would I'M
doubtedly be felt in every sale of
cotton.
When the Democratic caucus con-
sidered this amendment Senator
Smith of Georgia was one of the few
who doubted its wisdom and declin-
ed to support it.
This view was amply indicated
the next day. With the announce
ment that the Democratic caucus had
approved the Clarke amendment cot
ton dropped three dollars a bale
This meant to the farmers of the
South a loss of nearly $4,000, 900
and to the farmers of Georgia nearly
$S,000,000 Senator Smith procured
the adoption of a provision that the
amendment would not go into effect
until next September The market
recovered instantly and has been ad-
vancing rapidly with nothing to him
der the high prices due to the short
crop in the west.
~
Lever, of South Carolina, have in
the meantime pressed an amendment
still further modifying the Clarke
measure, so as to avoid damage to the
cotton industry. 1t is expected that
the whole matter will be eliminated
from the tariff bill and be made the
subject of a special bill to be taken
up at the regular session.
j. u = = 4
The evils of speculation are recog-
niZed but the benefits of the cotton
exchanges are seen in an establish
ed market price. The acreage, the
condition of the crop and the proba-
BILE demands of the spinners are pref
ty accurately known through modern
methods of collecting information
On these facts speculation is based
and the actual value of spot cotton
is established with reasonable GER
tainty, The weather and other con-
ditions increase or curtail the croN
and about these no man can know in
advance.
1t is very probable that some
legislation will be devised to elimi-
nate the purely gambling features of
cotton exchanges Cor the trend of
the age is toward higher ideals
Gambling in cotton futures will have
to go the way of the Louisiana lot
terry.
= 4 + Il 81
1t is not easy, however, to save
a fool from his folly The get rich
quick spirit is in millions of breasts
and men risk their own money and
often the money of others in efforts
to get good deal of something for
a very small amount of nothing. On
the cotton proposition our folks down
South are always bulls. We always
think cotton is bound to go up The
wish is father to the thought. And
so we, not us really, but the other
IelloWs, pour money into the cotton
exchange, buying cotton that we do
not want and never expects to get,
from fellows who haven't any cotton
and never expect to have any.
* 4 4
All this, however, helps to fix the
price. The business is established
on that basis and | for one am op-
posed to knocking the props from
under by any hasty legislation that
would transfer all these transactions
to Liverpool and enable the English
to fix the price for American cotton