Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-11-03
like to buy it cheap and sell it high


hoping for sacrifice sales, or at least
to escape exorbitant prices. The cot
ton planter is divided between his
opportunity and his necessity. He
wants to hold on for a better price
but he is pressed by his southern
creditors, who, in turn, 1t may be. are
pressed by their creditors In other
sections. 1t is a 'watchful waiting
game, to some extent, all round. If
the south will stand solidly together
for short time, it may not need aid
from any source, and from a suppli-
ant it may be converted into a dicta-
tor. We should like to see 1t work
out it's own salvation, and without
fear and trembling. And If it can
stand firm for a month or two long
er and not give way to panic, it may
get prices that will pay 1t handsome
ly for waiting"
How sharply this contrast with the
statement in a Columbia paper on
the same subject:
"It Is to be hoped, therefore, that
these efforts Of the British trade
representatives Of the American gov
ernment will not be embarrassed by
overstrenuous efforts on the part of
the south to bull cotton prices by
means of them. Nothing that any
body can do can repair the disas-
trous effects that the lessening Of its
consumption by the war has wrought;
the southern growers will have to
bear their losses and the southern
business men will have to share them.
If the expectation Of one or two mil
lion bales of cotton can be arranged,
the cotton should be available and 1t
should not be forgotten that 1t might
be more profitable to sell four million
bales Of cotton to European spinners
at $50 a bale at this time than to sell
two million bales at $50 bale. What
the south wants most Is that the cot
ton crop Of 1914, so far as possible,
be consumed-in the absence of as
surance that production throughout
the belt will be reduced sixty per
centum next year. That assurance Is
not in sight"
The Sun in a disinterested comment
says hold" and be transformed from
"suppliant' to a dictator. The paper
published in a cotton state where dis
aster looks it's constituents in the face
says it Is better to sell 1000, 900 bales
for $12O,OOO,OOO than 100000 for
s120, 100000. That our main concern
is to get the 1914 crop consumed.
Would he advocate burning up the
100000 bales extra? 1t would be bet
ter than turning it over to the specu-
lator for nothing, there to be used in
holding down the price Of what is left.
No the Sun Is right. The time will
come before one year, certainly before
two years expire, when cotton will sell
for eleven cents and the states securi-
ty will be worth s3O,6OO,OOO. We can
then have it marketed gradually and
the farmer who put it up will get a
balance after paying his loan and the
bonds will be called and retired and
the state will be out Of it, the people
will feel that the government can real
ly be help to them.
3rd. Will it help the people? That
is the difficult question. A farmer has
twenty bales of cotton. He owes his
merchant or his banker $500, he stores
his cotton, goes to his creditor and
says, Il can't get but $500 for my cot
ton, and, therefore, it will not pay you,
can 1 get a state bond and use it?''
The creditor will accept quick. He
executes his note to the state, attaches
his warehouse receipt and turns Il
over to the creditor. The creditor for
wards it to the commission, note for
5000, warehouse receipt for twenty
bales of cotton and order to deliver
bond to the merchant or banker, and
check for $50 to cover two years in
terest on his note. They get back a
bond for 5000. The creditor takes the
bond and carries the man for $500 and
$50 advanced, holding the bond as COL
lateral. The bond pays the farmer 5
per cent and the farmer pays per
cent to the state, one offsetting the
other. Then he is only really paying
interest on what he owes and is hav-
ing his cotton held. Now, what has he
gotten? He had security for $500, the
state puts it's power behind that
security and says that it shall be good
for $500 if they comply with it's condi-
tions, but one is deposit Of two years
interest in advance, which comes back
if he holds the bond, hence the state
has merely increased the mans credit
from $500 to 5000, thereby enabling
him to save a sacrifice till such time
as cotton has a market value. The
limitation to this is the extent to which
the banks, which ultimately have to
finance these deals can place loans Sc
cured by bonds of this kind in money
centers outside Of the cotton belt.
This question is one Of difficulty and
doubt. 1 am not sponsor for this bill.
| was appointed on committee to
prepare and report to this house a
measure on this line and have done my
best to give the house the reasons for
such a measure and against it. The
people must say whether in their dire
extremity they shall adopt this meas
ure. thirds Of them must vote for
it to put it through 1t is presump-
tuous in me to say to them that they
shall not have the right to speak.
for one propose to vote for the bill in
order to give them that one chance for
relief which l see, even If there are
doubts as to its full beneficial effect.
- Col. Roosevelt told Princeton stu
dents in an address, last Friday, that
he had seen the plans Of two empires
now involved in the European war to
capture great American seaports and
hold them for ransom eff iS this