Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1916-10-18
COMMISSIONERS McLAuR1N TALKS
About Cotton and Its Value After
the War Ends.
(Grecnviile Piedmont, 11th.)

John l.. McLaurin, State Ware
house Commissioner, was asked this
morning for an expression Of opin-
ion as to the effect Of the submarine
warfare on cotton. He said that it
necessarily affected the price OF all
exports on account Of the increase in
marine insurance, but that he no.
ticed that while the marine insur-
ance had increased IS a bale, II had
affected cotton less than $3.50 per
bale. 81 suppose the reason Of this"
he said, lis that it is evident that it
Is the intention Of Germany to try to
break up the shipment Of war mun-
tions, and nobody can blame them
for that The area covered by this
submarine warfare is not in the line
Of ships carrying cotton from South
ern ports"
He said that, in addition to the in
rectly affected the price of exports,
that it had tendency to restrict en-
ports. but that as the mill tallings in
this country were so great, and the
spectators in spot cotton saw so
clearly that it was only matter Of
time when prices would 20 very
much higher he did not look for any
very marked decline.
| 1.-The recent advance Of cotton to
more than II cents a pound in such
Il short time after the government
rcpOrt,' he continued. "Showed its
intrinsic value. and that any. decline
is merely temporary. | am holding
my cotton, and intend to do so until
it brings what consider a fair
| price. Taking the size OF the crop
and the needs Of the world into con-
sideration, compared to other staple
products cotton is iItrinsically worth
25 cents pound. Unlike other pro-
ducts that are soaring so high
wheat, for instance, and war muni-
tions--cotton will go up instead of
down on the declaration Of peace.
There will be no further use for war
munitions, and it will check the de-
mand for steel, iron, copper and all
kindred products. and by opening up
the Russian ports will loose a three
year supply Of wheat. So that if a
man wanted to speculate, and saw
! the end Of the war coming. the wise
thing to do would be to hold cotton
or buy cotton and sell these other
products short. Personally, | think
peace Is not very far off. and that
this latest action Of the German gov
ernment is just to emphasize what
the war can be made to cost; and
after all, wars begin and end more
from financial than any other rea-
sons.
Chas. II. Sabin. president OF the
Guaranty Trust Company, sticks to
his statement that peace proposals
will shortly be made through presi-
deht Wilson. Mr.. Sabin is an impor-
tant member OF the American syndi-
cate who have represented the allies
in this country since the beginning Of
the war. No one else is in such a
good position to know, and being ac-
quainted with him personally, I at
tach great weight to any statement
| from that source. He was the first
| banker to recognize state warehouse
| receipts, and was d valuable aid in
establishing their character in the
financial world.
"One reason why believe Mr.. Sa-
| bins statement is correct is that the
London Statist, which is practically,
in financial matters, the official or
| gan OF the British government, states
| that If the war lasts eight months
suspend specie payments. 1t is in
conceivable that commercial peo-
pie like Great Britain would stand
for that. | copy portion Of the ar
ticle to which | refer. from Com
merce and Finance Of October 4.
quoted from the Statist
Ought we to do as we did in the
great war against revolutionary
Francc-snspend specie payments
or ought we show that we are rich
enough and ingenious enough to do
what no other nation ever has done
hitherto. and go on paying in gold
until peace returns? The answer,
we take it. to the question is, That
depends upon the length Of the war
If rhe great general staffs Of all the