New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-13
SUPPORTS COTTON POOL PLAN
A Reader Cannot See How IL 10 I'm
economic" or Dangerous

To the Editor Of the Tribune.
Sir: | have read with much Interest
an article in The Tribune Of October
giving the views Of several prOmi-
nent New York City bankers on the
cotton financing plan promulgated by
Festus J. Wade, of st. Louis.
With 100000 bales of cotton, which
is used in a myriad ways the world over
and is as good as gold everywhere,
shut out Of Europe temporarily by the
war, why is 1t "uneconomic,' "fantas-
tic" and even dangerous for big cor
poration Of level headed, progressive
and patriotic business men end bank
ers 70 loan money at 6 per cent TO the
cotton growers and merchants OF the
South? Will the world need less cot
ton following a war which cannot last
indefinitely?
All of the countries that sre big
users Of our cotton will scramble for
rs much of II as they can buy after
the war il over, and they will be will
ing TO pay high price therefor This
being the case, why call 10 cents a
pound an artificial price?
When the general use Of cotton is
rapidly increasing all over the world
and when Europe IL utterly destroying
war, thus forever taking the cotton so
used out of the channels OF peaceful
trade, do these brilliant New York
bankers think that money should not
be loaned by those who are willing 20
loan it TO the Southern bankers, mer-
chants and planters, who are certainly
entitled 10 make profit on the cotton
crop? Would these big New York
bankers be satisfied 20 see the South
meekly throw a big crop Of cotton on
the present market for whatever price
It would bring, say even as little ne
Is cents, when 10 costs 3 cents or more
per pound 70 produce il?
The present attitude OF the New
York bankers shows n cold indif'er-
ence that ~ astonishing. Perhaps the
attitude OF the Southern bankers
toward those who would desert the
South now, betraying her while she IL
IN distress. will astonish the New York
bankers in turn.
THE scheme Is ephemeral,7 says one
banker, who admits, 81 do not know
all the details. but il Ia plain enough
that the plan is 10 fix an artificial
price for cotton above the price thai
free supply aud demand would estab-
lsh," etc. Ephemeral, indeed! Europe
10 at war and cannot use cotton Just
now. We have as much cotton for sale
as our domestic mills have been using
in three years. One-third of our pres
ent crop will supply our mills for near
ly one year, even with the greatly in
creased output Of cotton manufactur-
ers. IL is generally conceded that the
war cannot last more than year.
Could our cotton planters foresee
the war? Must they stsrye because a
few kings and kaisers 20 mad and
start saturnalis of murder and de-
structlon, the very momentum OF
which Is bound 70 soon free Europe OF
at least one OF two OF these autocratic
barnacles on the ship of world prog
ress? No, gentlemen. 10 cents - not
IN artificial price for cotton, but the
European wLr IL an artificial condl-
ton, or has created an artificial con-
dition which will not last.
Maybe the bankers who think the
South should face the situation square
ly, pocketing its loss meekly that 9TH
ers might profit the more thereby, would
like 20 have the handling Of a hefty
part of the millions the big hearted
and broad vsioned bankers OF the great
middle section OF our country are will
ing 70 raise for the benefit of the
South and themselves. Maybe thi.
New York banker foresees the with
drawsl from his institution Of some fat
deposits of Western bankers for use
in the South. To this banker We would
say, follow the example OF your
brother bankers In all OF the big elite.
west of New York; advertise for local
deposits.
Many a Southeruer and perhaps
few Central Western bankers can
doubtless teach the New York bankers
a lot about cotton lot about the live
and let live doctrine. and perhaps
little about patriotism. We wonder IL
that New York banker could teach the