Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-01-31

Inc lQea tndt supply anu ueihdhu
enters even to the remotest extent in
fixing the price Of cotton on the New
York cotton exchange is somply a lie,
and Il Is not even a plausible lie. And
a condition under which gang Of
gamblers as rapacious as was the kai-
ser when he thought he had his own
way in Belgium and France certainly
needs attention. When during Presi-
dent Wilson's first campaign some
body asked him from q crowd how he
was going to help the country against
certain financial manipulators who
we're then doing as they pleased, he
said: 1--WE will hang them as high as
Haaman." That sounded good to US;
but we think that If the president
really wants to make good now is the
time to invade the New York cotton
exchange with his rope.
The senate has sustained the gov
ernor's veto-Governor Manning's veto
of the Banks's cotton insurance bill.
The Banks's bill sought to insure cot
ton in state warehouses at near about
cost, by and through the sinking fund
commission. The bill would have made
the farmers independent Of the insur-
ance companies as to rates and condi-
tions, and would have permitted the
insurance of cotton on farms. That
the insurance people and independent
warehouse people did not want such
bill goes without saying. Cotton in
surance is the softest and juciest snap
in the whole fire insurance graft. Cot
ton can be insured for full market
value and in case of loss the settlement
is made on basis Of full market value.
The insured agrees to become co-tn-
surer to the full amount. If cotton
goes up the insured must come across
with additional premiums. else he car
ries the difference. If cotton goes
down, the insured can save himself
only by canceling the existing policy
and taking out new one. But the In
sured seldom does that because owing
to fluctuations it is Of doubtful advisa-
bility. If any insurance company has
ever lost money in cotton insurance
we have no information to that effect.
The whole record of such insurance Is
that it is simply dead sure thing.
The subterfuge upon which Mr.. Man
ming vetoed the Banks's bill was that
the bill provided for the payment OF
losses out of the premiums received for
insurance and other funds Of the COM
mission. BY far fetched theory this
is reasonable. In imagination one can
conjure up the catastrophe Of the loss
of the whole sinking fund through cot
ton fires, just as one can conjure up
the dissipation Of the Atlantic ocean by
the introduction of some element
that would separate the hydrogen and
oxygen Of which the water In 1t Is con-
stituted. In our opinion that was not
the reason of the veto. The reason Of
the veto, as we see it, was the influence
of the insurance people and Of the In
dependent warehousemen. That was
also what was the matter with twenty
of the thirty-three senators who voted
to sustain that veto. The bill would
have given the farmers cotton insur-
ance at much less cost than they now
have to pay and it would have swelled
the income Of the sinking fund tre-
mendously. Everybody in the state
knows that Senator Banks, the au-
thor Of the bill, is a soft-voiced, mild
hammered man, of strong and deep
feelings. He does not explode under
any circumstances; but on the capitol
steps once he said to the writer Of this
paragraph: THE people Of South Car
olina do not stand any more show in
that place, Indicating the senate
chamber) than yellow dog"