The Birmingham age-herald., 1914-08-23

fair prices. It is we'll known that Eng land wants cotton, as does Japan and France. An exporter could, if the pro- posed system were ip operation, cable his agent to buy him so many bales of warrant warehouse cotton, the war rants to be sent to New York, to be paid for or perhaps to Canada, which 1t now appears Is to be, largely, the English depository for gold on this side. The cotton could remain here in Alabama until 1t is safe to carry it abroad; or perhaps as a matter of econ- omy as to storage, in times of tran quility.
 In the matter of grade with war rant warehouse receipts in use and traded in on the exchanges, with de- fined and established differences in grade(. a mill with 10000 bales of warrant cotton could resell and buy grades needed, not already secured. It Is true that some expense would be att tached to this plan, but this Is more than offset by the covering of the needs of the mill in standardized cot ton. easily disposed of at full values, compared to future contract on the New York boards that calls for non- descrfpt cotton, or perhaps "hot air" at price that doesn't represent real spot cotton. This condition has pre- vailed more or less as to New York quotdtloHS dl4 tHc ySdhs
 New England, and southern mills would buy these warrants, put them in safety vaults. and when they needed the cot ton. could deliver the receipts to the railroads for the purpose of moving it to the mills.
 Boston and New York would become great spot markets. In the securing of proper grades, much warrant warehouse cotton would be moved to these points for delivery or trading, in exchange. A New England mill with any quantity say of good ordinary needing "middling,' . could buy and sell in these convenient markets.
 The warrant warehouse system would enable spinners the wide world over to store cotton in the south; it would econ omize in warehousing space, particularly where mills are crowded for room and add to property values in the south for desirable sites.
 It will aid the banking business of the south. Instead of borrowing money in New York, many of the millmen of New England would borrow in the south, for under the new order money will not grav- itate from the south to New York to be loaned at very low rates. The Eng fish system, of "fortnightly call money would come into operation upon such a safe an easily convertible security as the proposed cotton warrant warehouse re- ceipt.
 am the originator of this plan of war rant warehouses in every detail. Years ago urged 1t. When the first cotton con- ference was held i1 New Orleans to pro- tect- the southern cotton planter against ruinous prices submitted in writing the plan here set forth, and received vote of thanks for the same. It can be made to meet the just demands as to the pro- tecting and marketing of the greatest money crop in the world.
 It can be used to eliminate fraud and crooks in the cotton business. It can force better care in the preparing of what is the cleanest crop on earth i; under its workings the careless farmer will not get as much for his crop as will the careful. progressive cotton grower.
 The souths character for honest deal ing in the cotton business will be re- established in the eyes of the world. It needs to be-