The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-03-20
SIGNAL VICTORY
FOR THE SOUTH
Smith Exults in New York Ex-
change Plan.
WILL PUSH HIS BILL.
Won't Allow Long Distance Conces-
sion to Prevent Him From
Going Ahead.

Washington, Special to Columbia
State March 18.-"This is the most
signal victory won by the advocates
OF fair dealing for the cotton farm
ers OF the South yet achieved" said
Senator Smith OF South Carolina
when shown the statement from New
York that the cotton exchange Of
that metropolis had adopted resolu-
tions making the government stand
ard type of cotton the basis for trad
ing after April, 1915. But Senator
Smith declared that the adoption OF
this resolution will not In any way
anect him In rushing through con-
gress his bill which would force the
New York brokers to begin this new
method OF dealing at a much earlier
date.
up to the present, New York has
had 27 or more grades" said Mr.
Smith. "All OF these represent an
arbitrary and fictitious difference in
values, which, of course, was detri-
mental to the farmer. The adoption
or these grades as being the only ones
deliverable upon contract will 20 far
towards making the quotation from
the New York exchange IN line with
the real value OF spot cotton II they
strictly adhere to the real values OF
the grades. This means that If the
nine grades are adopted, and these
alone are tenderable upon contracts
for the future delivery Of cotton, and
the fixed difference between the
grades is eliminated and the real spin
ming values of the grades as found
by the department OF agriculture un-
der the provisions OF my amendment
to the last agricultural appropriation
Dill, that the farmers will be guaran-
teed a fair and just price for cotton
BOWED TO INEVITABLE.
'I feel that this is an achievement
brought about by the fact that the
New York exchange saw the newt
able and bowed to IL. I am perfectly
confident that my bill now pending
will pass and I am glad that the New
York exchange has made il easier for
1t to pass in that they have at least
recognized one feature of the bill, viz:
That the government Standardization
shall be recognized by the exchanges
OF this country Now the other prom
osition that the exchanges shall not
have fixed difference or a deceptive
commercial difference, but shall have
difference based entirely upon the
real ascertained spinning values of
the different grades is cared for also
In the bill which / have pending. I
am certain that the finding Of the
department OF agriculture as to the
spinning values of the government
standard grades has been largely If
not entirely responsible for the ac-
tio1 of the New York exchange. be-
cause, in the light of the startling
facts which that test proves as to the
q n H. I,
hope to exist which had the abusrd
differences now obtaining.
WILL PUSH BILL.
''The New York exchange makes
this new grade delivery effective April
l, 1915. This shall not deter me
from forcing with all of the vigor
at my command the passage of INV
bill at the earliest possible moment
a1d the putting OF 1t into effect i'm
mediately upon its passage. / want
to save to the farmer the balance of
this crop at better price, and guar
antee to them, If IL be possible, a bet
ter price for the crop soon to be
planted.
"There is no reason why the New
York cotton exchange should recon-
mend the adoption OF the nine gov
er1ment standards a year hence; un-
less 1t be that they have already com
mitted themselves to the delivery OF
such quantity OF cotton at such
prices that they may never hope to
escape without tremendous loss un-
less they keep in vogue the pres
ent old robbery system to enable them
TO escape. shall call up my bill
at the earliest possible moment, now
that It is upon the calendar, and
press 1t to a finish"