The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-04-01
]. B. Dukes Scheme to Store Cotton Is Dis.
cussed by John I. MeLausiu.

eussed by John I. MeLausiu.
To the Editor of The Times
am in receipt of several letters ask.
ing my opinion as to the plan of J. B
Duke to furnish warehouses for the
cotton crop.
So far as the plan is concerned It con-
tains all the essential features OF the
State warehouse bill. 1t provides for
inspection, grading, weighing and q
certificate guaranteeing the title,
weights and grades. No warehouse
system can be effective which does not
do this. and any system which does
| will be effective.
The difference between the plans,
however, is fundamental; one seeks to
provide the system for the benefit OF
the producers of cotton, the other for
the benefit Of the capitalists who furn-
ish the money. In both it is the trust
principle of corporations; in one case
for the enrichment OF the few, in the
other for the betterment of the many.
I have confidently expected ever since
the agitation for State warehousipg be-
gan that the attention OF some large
capitalists would be attracted to the
opportunity which the cotton crop Of
the South offered. Here is q nature
made monopoly; all that Is needed is
to get control through financing 1t.
The new currency law provides just the
machinery for this. Under sections 13
and IA provision is made for the ac-
ceptance Of bills of exchange drawn
for agricultural products. Where
these acceptances are based ION &C.
tually existing values" there Is no
limit to the amount. All that Mr..
Duke has to do is to get his warehouse
and then he can carry all the cotton in
the South through these acceptances.
they would be sold in the open money
market, and from q class of paper
eagerly sought in all cotton using Sec
tions Of the world. Manchester alone
would use enough of this paper to float
at least one-third OF the entire cotton
crop.
My idea was to have the sovereignty
of the State behind this paper. Mr..
Duke proposes to have corporation
of such enormous strength behind it
that it's name will carry the paper
wherever cotton is known. Either plan
is feasible if able and honestly admin
istered. Either plan will fail If weak
ly and dishonesty administered. /
said last winter in the senate that il
the State did not take advantage
of this opportunity private capital
would. I said further that iii the
State would pass this act and not give 8
cent OF appropriation that I could get
private capital to put it into operation,
and make vast fortune for myself and
my associates, but that such was not
my object, that l desired all the peo-
pie to share in the benefits OF the idea"
am just the same way now, Mr.
Duke and his associates will not make
so much money from the operation OF
the warehouses, nor from merely loan
ing money, but the power which it will |
give them to fix within certain limits |
the price of $1,000, 100000 worth Of
cotton will yield untold profit for the
insiders.
Mr.. Dukes vast fortune IS founded !
on the monopoly of tobacco. The farm
ers OF Kentucky can tell US what that |
means. The price OF cotton is regula.
tea Oy Tue uOaLlnS supply, WHICH ID eS-
timated on an average at about
2, 900, ,000, 900 bales. Whoever controls
that controls the price. If this giant
is to own and operate the
warehouses and furnish the funds to
finance the floating supply, they can
take it on or of the market to suit
heir purposes. The temptation is too
great for human nature to resist.
When this is considered in connection
With the fact that the same set of men
,wn the electric power and majority
# the stock in the cotton mills, it is
,asy to see that the farmer will get
'ery little out of it.
There is no way on earth for the cot
on planter to be Independent and get
he full benefit of the law Of supply