The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1914-08-27
SENATOR WILLIAMS
NOT ALARMED
ENGLISH AND AMERICAN
COTTON MILLS WILL RUN AS
USUAL.

Hon. John Sharp Williams, under
date Of Aug. Is, has written the most
interesting and encouraging letter to
B. r. Clark of Tupelo, Miss.
Senator Williams is not in a panic
over the prospective fall in the price
of cotton He advances the idea that
the English mile will run night and
day and that American mills will do
the same.
He thinks the English will try to
capture the markets hitherto supplied
by Germany and France.
Mr.. Williams theory sounds good.
The letter in full is as follows:
"Mr. B. T. Clark, Tupelo, Miss:
my Dear Mr.. Clark am just read
ing your two letters of the 18th and
18th. We are attempting now to de-
wise methods to assist our people in
marketing their cotton, corn, wheat
and meatstuffs. Cotton is the hardest
of all to manage. The only trouble
with the others at present is the lack
of transportation.
Panic Perfectly Useless.
"Our people have been stricken with
perfectly useless panic. OF course,
all Europe could not be set afire in
war without causing a drop in the
price of cotton, but so far as the drop
being necessarily an extreme one, all
that is unnecessary. In my opinion,
the English mills will soon be working
right along. Most of the force in the
mills, as you know, are women and
children. OF course they are not call
ed to the colors. Great Britain is only
going to raise an army Of 100000 men,
anyhow, in addition to the men already
in the service. I have a notion that
the British cotton factories will not
only be working, but that they will be
working double time, thereby enabling
the English to capture many of the
markets which the Germans and Aus
trians and perhaps the French have
hitherto had. The French mills,
am afraid, will close, though I don't
see why they should necessarily unless
the seas shall again grow dangerous.
The British government has declared
the seas clear now, saying that there
are few German cruisers at large not
yet captured or driven to port. Such
is the confidence of the British govern
ment in the situation that it has under
written the insurance upon merchant
ships and cargoes. Meanwhile we are
doing our best to increase the Ameri-
can merchant marine. We have passed
a bill that is now in conference which
will have that effect to more or less
marked extent.
Warehouse Receipts Basis for
Currency.
"The other difficulty is the difficulty
of obtaining money to meet the emer
SChSy. hlos an oulC, llOln my ldSI
on the subject, will be man.
aged by recognizing cotton warehouse
receipts upon which money has been
loaned as prime commercial paper,
thus enabling them to be deposited
and emergency currency to be drawn
upon them as a basis, just as it is
drawn under the new banking and cur
rency law upon all prime commercial
paper. In addition to that, money has
been deposited in the larger places for
purposes. This, as you
very well say in your letter, is not
of itself sufficient. That is the very
reason why we are trying also to do
the other things.
'In addition to the above, which is of
a governmental character, saw some
time ago report from financial daily
in New York saying that the banks in
New York were preparing to extend
accommodations to the extent of $400,-
100000 for the purpose of moving the
cotton crop.
81 wish you would try to persuade
everybody you can that the situation
is not nearly so bad as 1t is painted.
OF course, cotton must go off in price
somewhat, but not extremely.
''In ny opinion, the very worst thing
Continued on Page Four.)