The Birmingham age-herald., 1914-02-19
CLARK PREPARED
|ATHUNDER" TO SAVE
| HIS OFFICIAL HIDE
Man Who Called Underwood
"Trickster" Must Now
Explain
fOPPOSED THE DIRECT
ELECTION OF SENATOR
sSomething of His "Joke" Bill and
Amendment Which Leader at
Instance of President
Introduced
By c. e. STEWART


dsenator James P. Clark of Arkansas is
#trying to be reelected to the United
#States Senate. One of the chief reasons
THAT Senator Clark desires to return to
Nthe United States Senate, outside of the
#natural and burning desire that beats
f n the breasts of all public men to serve
1.-THE people. is, that he may continue his
#struggle to write upon the statute books
of the country the legislation proposed
by him during the tariff fight known
as tho Clark cotton futures amendment
f to the tariff bill. In his fight for the
3 Senate in Arkansas the senator charges
= Representative Underwood with the re-
E. #sponsibility for the defeat OF his amend
ment and designates the House leader as
"a 'trickster.'
r AS a matter of fact, it is common knowl-
a edge in Washington that the Clark amend
ment was introduced by the Arkansas
statesman without hope. and probably
without desire, that it woufd ever be-
come q law, but merely as an instrument
Ito furnish him with campaign thunder
In his approaching election. The prac-
#tice of introducing radical reform meas
cures in Congress, purely for campaign
#purposes, has long obtained. The Clark
4 amendment is only one striking example
Hof it. as was the dramatic presentation
Sof the petition of the anti-saloon leagues
of the United States for nation wide
4prohibition by Representative Hobson an
other.
The Clark Amendment
Everyone admits that there is need of
some regulatory law appertainmg to the
New York Cotton exchange. Some ade-
4quate legislation that will remove the
*evils of cotton exchanges, without de-
5stroying them. There are certain func-
4tions performed-legitimate functions-by
kthe cotton exchanges without which the
cotton industry of the country would
materially suffer. But the New York
tCotton exchange has indulged in prac-
tices, so notoriously wrong, that ex-
A changes in general are brought into bad
4odor. Senator Clark's amendment would
have corrected these practices-quite true.
4 1t would also have corrected everything
else and practically put the cotton ex-
5changes of the country out of business,
Hand thus burned the barn In order to
*destroy the rate.
4 The Clark amendment provided a gov
ernment tar on every option bought or
cotton in any cotton exchange, where
#the purchaser declined to exercise his
soption and therefore there was not an
actual delivery. With equal propriety u
fgovernment tax could be levied on every
stransaction involving an option on real
estate; on a bill of goods Yor future de-
livery: on anything contracted for, for
tNdeivery later on, and par, or the pur-
chase money paid in the form of an
$loption. 1t was serious attack upon
1.-THE rights of citizenship, in that 1t pro-
Inhibited the buying of an option on cot
ton, unless actual delivery took place,
which destroyed the optional reature-un-
less tax was paid.
With Wilson's Approval
The substitute offered by Mr. Under
wood. and known as the Underwood SUBJ
stitute for the Clark amendment. was
not-as matter of fact-originated by
the House leader at all, although Of
fered by him. The fsct was that the
substitute was drawn on the plan of Z
bill introduced by Senator Smltn of South
Carolina, by the Secretary of agriculture,
and approved by the President of the
UNITED States, and given to Mr.. Under
wood to handle as an administration mat
'Iter. The substitute might not have been
perfect but it was a good long step to-
ward correcting some of the abuses prac-
'ticed by the New York Cotton exchange
while It left that body free to exercise
all its legitimate functions.
I 1t provided that the cotton exchanges
must adopt the government standard of
grades, in place of the grading scheme
OF the New York Cotton exchange, and
jit provided further. that II purchaser
desired to exercise his right and de-
mand delivery of the cotson contra cted
for that the actual government grade
purchased should be delivered to him. or
I a government grade higher or lower given
! to him and the difference in actual mar
,lsct value paid, or upon rai:ure to do
either of these tax of 81 per bale paid
to the government on the transaction.
This would have forced the cotton ex-
changes to have made IAN honest con-
tract 1t would have DESTROYED their
practice of delivering one or the grades
OF cotton held by the New York ex-
change for such purposes, when delivery
was demanded, and which have absolute
ly no commercial value whatever.
After All, a Joke
As matter of fact, it is an open Sc
cret in Washington. II nowhere else that
the Senate was not sincere in passing
the Clark amendment, but ,nat It simply
'passed the buck to the House" Tho
House insisted upon the substitute, and
the Senate insisted upon the Clark amend
! ment. and between the two nothing was
done. That something will pe done every
one comedies. and 1t will follow closely
the Smith plan proposed IN the Under
wood substitute. President Wilson him