The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1918-07-11
I 80 IL IN COTTON RAISING.

70 I'M COTTON RAISING.
III. stsve.aon Appeals for q Fair
Deal for tho Farmer.
Following II the text Of Congress
man Stevenson's recent speech on
the floor Of the house in behalf Of q
square deal for the cotton farmer:
Mr.. Stevenson: Mr.. Chairman,
while I am heartily in favor of the
principles Of this bill and think 1t
h one that we owe to the people who
will be mamisd AID disabled for life.
Who have assumed the responsible
ties that this nation has on the front.
I want 20 talk few minutes about q
subject a little foreign to it this
afternoon.
In the Washington Post of May
80. New York correspondent on the
market situation contains the fol-
lowing which is very suggestive TO
the farmers of the United States gen
erally:
Bankers view the proposed in
crexses in Federal taxes with eQuani-
nifty. They contend that II the new
tax schedule is made equitable there
viii be NO occasion for fear in Wall
street. President Wilson admitted In
his address that the existing statute
had inequalities. The question OF
euud taxation raises a point, wheth-
or cotton growers and cotton goods
manufacturers will have to bear spec
ial taxes. 1t Is alleged that cotton
goods men are making as much as
500 per cent profits, and that they
have escaped special taxation so far
because of influence in congress.
Nothing would please Wall street
more than to see cotton taxed. 1t
Is asserted that the p-ejuGice of The
eOlid south Will be overcome by the
united influeh:e ~ the rest Cf the
country. 1t lid also oleass Wall
street II the western farmers were in
cluded in the new taxation pro-
gramme."
The question arises as to the
truthfulness of some of these state
ments. The cotton manufactures Is
taxed on his income and his excess
profits just the same rs the Wall
street magnate. So is the cotton far
mer and so is the western raiser OF
stock and grain. The statement "they
have escaped special taxation so far
because OF influence in congress" is
not true IL it means that they are
not burdened with the war taxes
imposed on all in the same category
alike. II the Wall street gentry de-
sire that specific tax be levied on
each pound of cotton and on each
bushel of wheat and on each yard
of cloth. they would put these people
In q different class and tax them
specially. That would be poor re-
turn for the patriotism which they
show in endeavoring to produce the
things which the government says
are necessary to win the war, to wit,
bread, clothes, explosives, meat and
fats.
desire to call attention to the
fact that the cotton producer in the
past year has produced in refined oil,
between August 1. 1917, and April
80, 1918, 1.007,S87,195 pounds =
and this is pure fat. They have pro-
uuCCO SoItohoCCo "Sai, I'LL uSS-
full in fattening cattle. 1,912.625 !,
tons.
The statement that cotton manu-
facturers are making 800 per cent
profit is easily believeable, but their
stocks are largely held in New York
and New England, and the people
who ho.d them are paying income
taxes and the corporations are paying
income and excess profit taxes. The
spindles that are located in the south
number 14,323,000, and in the bal
ance of the United States the spin
dies number 100000, and they are
running almost to full capacity, and
am informed. are having profit
able business; but is there any rea-
son for laying a different tax on
them from the tax laid on other peo-
pie who are making money? That |
they are making money at the ex- |
pense of the cotton farmer whose |
product has been deprecated in val
ue recently by manipulations on the
New York market, which made cot
ton for future delivery sell for seven
cents less per pound than the actual
cotton sells for, is shown by COM
parison of prices.
When war was declared in 1914
cotton was bringing 1917 cents. 1t
is now bringing 80 cents.
(Figures complied by former Sen