The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-03-04

the trade, the news being sent abroad
throughout the cotton belt that mid
ding cotton was being bought in New
York at cents per pound, when it
was really worth or cents more
per pound, demoralized and practi-
cally ruined the cotton market. In
stances are on record where the quo
tations for future contracts basis mid
ding quoted middline' from $3.50
to $40 per bale lower than spot mid
ding could be bought-that is, the
actual spot cotton out of the ware
house i'm New York.
"Therefore, the complaint Of the
farmers was just and righteous AS
the commissioner of commerce and
labor said in his report, there were
few who understood the nature of
contract and could possibly govern
themselves so as not to sustain a Sc
riOus loss, but the rank and file of the
small farmers Of the country who
were dependent upon the local buyer
for their prices were mercilessly
fieeced. These local buyers, Of course
would pay them for their 'middling
cotton according to the future quota
tons Of 'middling' cotton on the New
York exchange.
''At the second session Of the Sixty
first congress an appropriation of
$36.650 was made for the establish
ment Of standards for the different
grades of cotton. This resulted in the
establishment by the government of
nine official grades. viz, good ordi-
nary, strict good ordinary low mid
ding strict low middling,' mid
ding. strict middling.' good mid
ding strict good middling' and mid
ding fair These grades were made
with reference to the color and for
eign matter of the cotton"
The bill which this report accom-
panies, after being carefully reviewed
by the committee on agriculture of
|
that the mail, telegraph and all SER
vices used for the transmission of
news shall be denied to any party, cor
poration, association or individual
who does not specify the specific
grade being sold and the price at
which such specific grade as being
sold the date of delivery, and such
grade or grades as are contracted for
and that the delivery shall be accord
ing to the government standardiza- :
ton. This bill would eliminate the
matter complained Of above-the
basis contract and the fixed difference.
Some doubt has arisen as to wheth-
er or not the federal government has
the power to determine the nature of
any contract entered into and techni-
cally compiled with, wholly within a
particular State, but there can be no
doubt that the means of interstate
communication may be denied parties
when it is demonstrated that such
contract is not in accordance with
honesty and fair dealing.
1t is but fair to state that since the
introduction Of the bill which this re-
port accompanies a very startling
revelation has been made by the de-
partment OF agriculture, under the
terms OF Il senate amendment to the
agricultural appropriation bill during
the last session. This amendment ap-
propriated $4,000 to test the spinning
values of the different grades of cot
ton standardized by the government,
so as to ascertain the real, CONNER
cial, intrinsic value of the different
grades
This has just been completed by
the department OF agriculture and
samples of the results are available.
The result OF this investigation re-
veals the fact that the difference be-
tween the grades from good ordi-
nary" to "middling fair" which ex-
| tiCIicS SOulpIlSc the nine grades
standardized by the government, is
practically negligible. Hence, it ap-
iears that no great losses would he
sustained by the producers of cotton
II the cotton exchanges were to te
limited in their deliveries to the gov
ernment standards, and the prices Of
the different grades made to confor N
to the spinning values OF the differ
ent grades as determined by the off,
cia( tests above referred to- In this
bill they are limited to the specific
ades.
1T is the opinion of the committee
that II this bill should pass according
to the findings of the department of
agriculture and the tests above re-
ferred to. the evils complained of
Will be eliminated. 1t is the opinion
or the committee also that the pas