The courier-index., 1919-03-07

Mir Caraway-The gentleman has such a peculiar idea of spectators that | will not argue with him. II a man who buys a bale or cotton Ioi $50 and hopes to sell it for $ol IS a speculator, then the small mer chant is a speculator l never unoer stood that the man who bought d hale of spot cotton and bought II at q fair price and sold it at fair price | was a speculator
 Mir. Platt-If I buy 100 shares of the New York Central stock with the exnectation of selling 1t at nlgner price. am I not a speculator!
 MT. Caraway-Does the gentleman imagine that the man who buys horse for S100 and hopes to sell IL for S11O is as much gambler as the man who bets that he will hold three aces? If so, then l concede that ne is correct. The man who buys future cotton does not have cotton to sell. He would not know cotton if he saw if He is the man who is now de- stroying. in the hands of the pro ducer and the small merchant, the price of cotton. He has already this year destroyed more than $S6O,OO0,ooo worth of property produced by the people in II of these states. That IS the work of these cotton exchanges and those who deal in them.
 MT. Baer-Will the gentleman yield?
 MT. Caraway-Yes.
 MT. Baer-Wool is somewhat simi- lar to cotton 1 got letter yester- day from wool grower who says that at the beginning of the war wool was 50 cents a pound and his wife bought yarn for $2.50 pound. Then wool went down to 50 cents pound and now his wife is paying $4 a pound for yarn.
 MT. Caraway-Some dishonest spec nIators have been manipulating the wool price l realize that unless you gentlemen who are not directly ln- terested in the prosperity of the peo- ple who grow cotton will help us Tn this situation we cannot be saved. You have the votes If our need ap heals to gentlemen on that side of the house and from that section or the country where cotton Is not grown. we can destroy this vampire that robs us. But if you are willing to let the people who grow cotton be stripped of every cent of profit by these cotton exchanges in New York and New Orleans, we must suffer But you cannot destroy our section of the country without reacting hurt fully on yours. If We are destroyed, you are to be destroyed also. Unless there is some means devised by which people shall profit by the wealth they produce the production or wealth will cease altogether.
 This is not an ordinary situation that confronts this country. It is de- structive to the financial interests or a majority of the people who live Ill n states of the Union. l knew where of I speak and know their condition know that if the people Of wealth must sit helpless and see some agen- cy beyond his power individually to control rob him of the profits Of his toll he is going to cease to~toil. Ana it is a self evident fact that such manipulation of the cotton market is now going on. No market regulat- ed by supply and demand can vary sS6O .OOO, ,O00 within two and half months.
 Mir Black.-Wnl the gentleman yield?
 MT. Caraway-Yes.
 MT. Black.-Does not the gentleman think that the repeal of the embargo restrictions would be of more benefit to the cotton market than an investi- gation of the cotton exchange?
 Mir. Caraway-I think the embargo affects the price of cotton some, but it has been practically lifted. There are markets now open for cotton that would consume several million bales more than the cotton now in sight and yet this condition exists.
 Mir. Black-My understanding Is that there are certain restrictions up on neutral countries now-Norway, Sweden. Holland and Denmark-and I think they ought to be absolutely re moved
 Mir. Caraway--I think that is true.
 MT. Lazaro-Will the gentleman yield?
 MT Caraway>-Yes.
 MT. Lazaro-The gentleman, in speaking of the abuses on the floor of the cotton exchanges, does not mean to convey the impression that he would have an act abolishing legitimate speculation on the floors of the cotton exchanges in cotton, does he?
 MT Caraway-There never was a legitimate speculation in futures. (Ap- plause) l would abolish that It is | wrong to gamble anywhere in any