The herald and news. [volume] (Newberry S.C.) 1903-1937, 1915-11-16

Watson mas said, and it seems to me
his letter indicates a most favorable
angle of approach to the whole sub
ject. should like to see it thorough
ly discussed by those on both sides
of the Atlantic whose technical knowl-
edge would enable them to throw the
| fullest light upon it, so as to enable
US, should the need arise, to tackle the
problem in the most practical man
ner"
For Price Maintenance.
| On September 26, through the me-
dunn of the Public Ledger, plea to
the British government was made by
President E. J. Watson of the Southern
Cotton congress, for the establishment
of a minimum price on cotton for the
protection of the grower. MIR. Watson
Ethen pointed out that the Southern
farmer had been manipulated out Of
his just profits on the commodity and
was turning to the raising of food
stuffs and cattle in hope Of getting
a stable return from his lands. He
held that only the fixing Of minimum
level on the New York and Liverpool
cotton exchanges could save the stu
alton.
so far cotton has taken care of it
self fairly we'll this season. stated
Mr.. Watson in his open letter to the
British government. ''If the British
government or the British spinners
want to do something that would be
sound and yet would not even ap-
roach the cost of the proposition
Lord Miner properly discards, they
should arrange through responsible
agents to watch the cotton market in
both New York and Liverpool, with a
view to insurlrg the grower at least
margin OF profit on his cotton; in
other words, determine that when the
price falls below e or better, 100
cents per pound-1nakiug that a mini
mum beyond which lie Price would not
be allowed to ecall they enter the mar
ket to sdch an extent as may be neces-
sary to stabilize 1t. and carry it back
to the minimum suggestion. Such a
plan is simple, sound and not costly,
and it would not prevent speculation
at levels above the minimum"
Cotton as Credit Basis.
American cotton is now an annual
81, 600, ,000 900 proposition, heretofore
regarded by our government as COM
modify, but now, because of its inde'
structible character, at least recog-
nized as a, basis of credit upon which
the national banking system may
make loans. Cotton is unquestionably
Americas greatest asset in world trade
and finance. 1t is virtually the sole de-
pendence Of the population of the L
Southern States in which it is grown
1t is the thing that clothes the world.
Mr.. Watson further stated that cot
ton growing in the Southern States
was the thing upon which were based
vast industries in other nations, and
that the grower had become so dis
ieartened through the manipulation of
prices by the speculator that it took
only the present great war crisis to
drive him to despair. He said that SO
discouraged mad the cotton farmer be-
come that he now looked to extensively
cutting his cotton acreage in the fu-
ture.
Referring to a previous statement o.
Lord Miner in England that ANY
scheme that can possibly be devised
to stabilize cotton prices must neces-
sarily appeal very strongly to the Brit
Iish government" Mr.. Watson discussed
in mis- letter some of the ways and
means suggested, and added:
Il do not myself think that the pro-
posal that we should buy up all cotton
which would otherwise go to Germany
and Austria is either practicable or
economically sound. 1t seems to be
calculated to completely upset the
market and to insure evil effects in
both directions-an excessively high
price, accompanied by undesirable
speculation in the first instance, fol-
lowed very likely by ruinous fall OF
prices later on"
Public Ledgers' Editorial.
Editorially, the Public Ledger in its
issue of Tuesday discusses the matter
as follows:
when President Watson of the
Southern Cotton congress addressed,
+bro,,ob tho Pl1h1ic 7 p6onr in SeDtern-