The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-03-21
VICTORY FOR IAE soUI'iiA.
SMITH AUITS IN NEW YORK
EXCHANGE PLAN.
Won't Allow Long Distance Conccs-
sion to Prevent Him from Going
Ahead.

Washington. March lS.-"This
is the most signal victory won by ad-
vocates Of fair dealing for the cotton
farmers OF the South yet achieved. ."
said Senator Smith OF South Caro-
lima when shown the statement from
New York that the cotton exchange
of that metropolis had adopted res
olutions making the government
standard type Of cotton the basis for
trading after April. 1915. But Sena-
tor Smith declared that the adop-
tion OF this resolution will not in
any way affect him i'm rushing through
congress his bill which would force
the New York brokers TO begin this
new method Of dealing at much earl
ier date.
up to the present, New York has
had ~ 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 farmers. The adoption
OF these grades as being the only ones
deliverable upon contract will go far
towards making the quotations from
the New York exchange in line with
the real value of spot cotton, If they
strictly adhere TO the real values of
the grades. This meaps 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 grades
is eliminated and the real spinning
values OF the grades as found by the
department of agriculture under the
provisions OF my amendment to the
last agricultural appropriation bill,
that the farmers will be guaranteed q
fair and just price for cotton. +
II feel that this is an achievement
brought about by the fact that the
New York exchange saw the inevita BILE
and bowed to II. am perfectly con-
fident that my bill now pending will
pass and i am glad that the New
York exchange has made IL easier for
II TO pass In that they have at least
recognized one feature of the bill,
viz: That the government STANDARDIZED
tion shall be recognized by the ex-
changes OF this country. Now the
other proposition that the exchanges
shall not have fixed difference or
a deceptive commercial difference,
but shall have a difference based en-
tirely upon the real ascertained spin
ming values OF the different grades
Is cared for also in the bill which I
have pending. i am certain that the
finding OF the department OF agricul-
ture as to the spinning values Of the
government standard grades has been
largely If not entirely responsible for
the action OF the New York exchange,
because in the light OF the startling
facts which that test proves as to the
small difference in the values OF the
different grades. no exchange could
hope TO exist which had the absurd
differences now obtaining.
The New York exchange makes
this new grade delivery effective April
1. 1915. This shall not deter me
from forcing with all Of the vigor
at my command the passage of my
bill at the earliest possible moment
and the putting Of 1t into effect i'm
mediately upon it's passage. l want
to save the farmers the balance Of
this crops at better price. and guar
antee to them, IL il he 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
ernment standards a year hence: un-
less II 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 a 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 IL is upon the calendar, and!
press IL to "a finish"