Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1918-11-22
Who DistrcSscS the Cotton ?


Who Distrc>ScS the Cotton?
Senator Ed Smith gave 1t out in Co.
lumbia last Tuesday night that he had
information to the effect that upon the
signing Of the armistice Liverpool or
dered the sale Of 100000 bales Of fu-
lures on the New York exchange at 10
cents pound less than cotton was
bringing in October when there ap-
pcared to be no reasonable hope Of an
early export demand.
If they grew cotton in England, or
even If they had a big surplus over
there. as they had in 1904, when the
Liverpool bears shipped back TO New
York thousands of bales of cotton that
they had already brought over in an
effort to break down the strong mar
ket that had been SO ably built up by
Haync and Brown. we would not feel
like We had reasonable complaint
against this most recent slap at the
farmers of the south.
But they do not raise any cotton in
England. and not only that their
stocks right now are at the lowest ebb
that has ever been known In the his
tory of the trade, certainly since the
Civil war. One-third Of all the cotton
spinncrs OF the world arc clustered
around Manchester. in an area not
larger than York county. and these
Spindlcs alone are hungry for not less
than three and half million bales of
American cotton before next June. For
Liverpool to be selling cotton under
conditions like that is good excuse for
indignation and that is what we feel
Including this one, there has been
three short crops of cotton in success
sion. The Central powers, just defeat
ed by the Americans. have had no cot
ton for commercial purposes In fifty
two months. Because they have had
no opportunity to spend it elsewhere,
they have more gold than all the bal
ancc of Europe combined. Not only
that they have plentiful supply OF
need our cotton. To clothe their peo-
pie they would gladly take all the cot
ton we have within the next twelve
months at 40 or so cents pound, and
here is this war industries board al
lowing England, which has no cotton.
nor anything else that we need very
badly. to reha bilitatc herself at the ex-
pcnse of southern farmers by raiding
our cotton market.
II was John l. McLaurin who first
taught the people Of South Carolina
that cotton is a matter of world fin
ance. and who in his state warehouse
system laid down the principle upon
which this commodity should be ham
died for the benefit of those who pro-
duce it. Those who are now unable 10
see the correctness of Mr.. McLaurin's
teachings along this line are dull in
decd, and those who fail to appreciate
what would have happened had he
been supported as he deserved TO be.
are still duller. With the warehouse
system extended over the south, as 1t
should have been, supported by state
insurance and the right kind of Il
banking system. Liverpool might go
ahead and sell her 600. 900 or 500, ,0OO,-
600 bales Of unspinnahle futures with
out ever feaZing the 40 or so cents n
pound that cotton ought to be worth.
But there is something bad wrong
about this short. sales business at this
time. AS we see it right now, the ships
that bring the soldiers back ought to
have plenty OF room on their return
voyages for all the cot: on We are WILL
ing to spare to Europe at whatever
price we want TO ask, and IL the people
Of Europe have to pay as much for
sheetings and shirtings as we have to
pay here at home. SO cents a pound for
the man who raised the cotton is not
At all eXorbtan:.
Senator Smith seems to think that
Mr.. Brand and Mr.. Baruch know
something about this Liverpool 6OO,-
0O0-bale short sale order. OF course
we are not in a position to know what
Senator Smith knows: but we do know
that, as a short sale artist Mr.. Baruch
has quite a reputation. He was COM
monty credited with having created the
panic that followed the presidents
peace note. and it was strongly intima-
ted AT the time that he did 1t on ad-
vance information. And whether there
is any connection or not. 1t is re-
markably significant coincidence that
the present slump in the cotton market
commenced Immediately after he gave
out his recent interview on price fix
ing.
We are not in position to make
any charges. We have no information
in the first place. and II we had actual
proof we could be squelched before the
charges could get anywhere. But Sem
,ator Smith is in position to talk
without any danger Of being squelched.
Also he is in a position to bring about
an investigation, and in the interest Of
right and justice as we'll as Of the cot
ton producers of the south. VIC sim
cerely hope he will do it, regardless Of
upon whom may fall the blame.
Chester will enjoy the unusual dis
tinction OF having three Methodist
conferences convene in its midst with
in n Deriod Of 10 days The UppeF