The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-05-15

Says That Too Much Stress Has
Been Laid Upon Mere Money I'm the
Prosecution OF the War-Must Have
Prosperity.
Editor The Item:

a pound In the prices quoted on the
New York Cotton exchange 1 am re-
ceiving daily more letters than / can
answer requesting opinion and advice.
take this method of replying 20
same as l think the matter is of SUI
hcient interest to warrant publica
tion. Cotton cannot be considered in
this great crisis. except i'm the rela-
tion II bears to war. England, in the
beginning. undertook to do business
as usual and found that il was i'm
possible. We have found that war
means financial prosperity and not
poverty as predicted i'm 1914. We
must realize that the war can only be
won by a constant advance i'm wages
and prices OF products. Consumption
increases among wage earners instead
OF diminishing. Labor and its pro-
ducts are diverted each day from the
business as usual" channels to meet
war purposes. We have laid too
much stres on mere money i'm the
prosecution OF the war. The govern
nient is not able TO spend the money
we have already paid i'm from sales OF
bonds. war stamps and income taxes.
What we need Is the production az
Gotten. wheat. corn. iron, coal and
steel Money by itself cannot win the
war. IL is only useful to stimulate
the production of the material and
supplies. Another thing. the moraie
OF the people must be kept up. This
Is only possible with prosperity. Cut
the price OF cotton TO the cost of pro.
duction. and no German army could
innict such blow On the morale OF
our people. | regard the present war
situation as most serious since bat.
tie OF the Marne. The debacle In
Russia gives Germany not only ac-
cess to food, but has enabled her to
bring at least n million veteran troops
from the eastern front. Price fixing
has driven the gamblers almost en-
tirely out OF wheat and stocks. they
are now turning to cotton. The price
OF cotton depends largely upon the
ability of the farmer to borrow on 10.
pay his debts and market gradually.
L believe that there In a concerted at
tempt being made through the New
hns
ell of prices for the 1918 crop. They
care very little about the remnant of
the present crop. they are after bigger
things. Ii IL easy for a coterie of
spectators to sell millions of bales
OF cotton on the exchange between
themselves and make outside settle
ments. These fake prices. mark flu
lures down on the board. The banker
who has cotton loans sees the market
report and calls the loans. This forces
spot cotton on the market at con.
stantly declining prices. The govern
ment established minimum prices ON
stocks and bonds i'm 1915. 1t has done
30 ON wheat. and III this speculate
IN cotton In not checked, IL will do
80 on cotton. l think the government
should make IL illegal to sell futures
on any exchange at less than soc. IL
pound. The fluctuation should be
from soc. up and not from soc. down.
We should not turn bale loose at
less than soc. Cotton was IS Lee. i'm
the summer OF 1914 and soc now is
not as profitable as 13 1-2c. was then
Cotton goods are too high I'm proper
ton to spot cotton. IL Is the manu-
facturer. not the planters. who Is
making excess profits. Look at the
contrast with pre-war conditions:
Cotton Domcstics July Is. 1914.
The prices are first for July. 1914,
and then for May g. 1918:
Standard 27-lnch dress gingham, Z
i-ic.: csc.
Standard 4-yard sheeting. &C.: 23c
Ten-quarter Pepperill sheeting.
zoe: 81 l-2c.
VIM. Anderson Ivanhoe gingham.
10 lie: 32 l-2c.
VIM. simpson standard prints. &c;
90 1-ec.
a. G.. a. bed ticking. 10 1-2c.: 3S
l-2c.
Cotton blankets. special size ana
weight. 75c.: $225.
ChiId's ribbed stockings. per dozen.
SIC; s2.25.
The above prices are just few
taken at random. The prices 20
through the whole catalogue of items
ma cInraH nli of nniAn., Nn... a,