Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1919-09-24
COTTON NING PIN or FINANCE.
Nici.aurin Explains SubJcct-f.uropc
Pays Big Price for Cotton,

contains late information in cOnneG-
ton with the nuancing OF GOTTEN
that is worth while:
"Yours quoting from Il speech
made in Anderson in 1916, as fol-
lows, is TO hand:
Cotton went down first. 1t will
be the last to rise, and will remain
up longer than any other commod-
ity.'
"You ask my opinion now. IL is
the same rs then expressed. In 1916
price fixing was unknown, as we'll
as the threats OF the war industries
board. IN the long run, government
authority cannot permanently over
turn natural economic law Ultimate
ly the price of cotton will be fixed
by the volume Of money in circula-
ton and the supply and demand for
cotton. As to whether or not the far
mcr will get the benefit that is sure
10 come from the unrestricted opera
ton Of these laws depends upon his
intelligence and the means at his
disposal to carry his cotton during
the period Of reimbursement through
which we are passing. hope that
the cotton association, under the
able leadership Of Mr.. Wannamaker,
will help us. 1t is complicated sit
uation with which we are confronted.
Cotton is King.
1.-The South has Il natural monop-
oily of the production Of cotton. Some
day we will comprehend and utilize
it, and when we do, our section will
he il dominating figure in world
finance.
up to 1914 our cotton crop was
the main factor in the nations bal
ance Of foreign trade, but it never
did the South much good except in
directly. When war was declared
the throne was usurped by war ma
terial and food. The present situa-
tiOn is a real struggle by King Cot
ton to regain his lost throne. The
price Of cotton is largely matter Of
utilizing credits. Up to the State
warehouse development cotton was
Il good basis Of credit on cverybody's
hands except the man who grew it.
Now it is Il better credit in the hands
Of the farmer than any one else. This
is a splendid basis from which TO
work. 1t is not generally known, but
in Section 13 of the Federal Re-
aervD Act the FARMER can discount
rent notes ami crop mortgages as
wcl) n& actuul cotton We nck the
pr0rgr Ngrn,nurv ~ na" .Dr3u arcu-
rjirs 10 way lA2 expense q. .ne COIN
ing crop. If we did this it would
tighten the load on the actual cotton
in the spring.
Direct Sales.
81 am more firmly convinced
than ever in my life that the devel-
opment Of a state warehouse system
in every cotton state is the only effec-
tive solution Of the problem. 1t was
great step to go as far as we did in
enabling the farmer to hold his cot
ton, borrow money and pay his debts,
but after all cotton is made to sell
and not to store. The middlemen are
getting too much Of the profits. In
this country they make as high as
$50 per bale profit on the long sta
pie. 1t doesn't matter where the
price goes under the present system.
the middlemen get more profit from
handling the cotton than the farmer
does for growing 1t. hoped to add
the direct sales to the State ware
house. but could not move one
step without State insurance on the
stored cotton, and bank In connec-
tion with the system. Those inter-
ested in making money out OF exist
ing conditions had sufficient political
power to prevent me from getting
the legislation that | needed. ] re-
fused to remain commissioner mere
ly to store cotton and finance it.
What Might Have Been.
Let us suppose that could have
secured this legislation. what could
be done to-day?
"The world is clamoring for raw
cotton. There are plenty Of ships
to carry 1t abroad, the only difficulty
being that Europe Is unable to pay
and lacks the credit There is no
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