The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-10-29
REQUEST MADE FOR
MORATORIUM OF SIXTY
DAYS ON SALE OF COTTON

| HA1S ON DALI OE wi AO1>
! (M. C. Allgood, Commissioner OF
! Agriculture. Alabama.)
| Less than 120 days ago cotton was
selling for 40 cents; today only 20
cents is offered. The South will pro-
| duce 100000 bales, which, if sold
at 40 cents. will bring s2,40o, ,oo0,-
600; if sold at 20 cents will bring
$1,000, 100000. A loss of $780,
600, 900 in four months will bankrupt
our section. Our lands and all other
property will depreciate in value;
our bankers, merchants, clerks, lab
orers (organized or unorganizeD,
travelling salesmen, hotels, doctors,
factories, schools, churches, towns,
cities, and railroads will suffer, and
above all our farm population will
become disgusted and thousands will
leave the farm never to return.
This department sent out question
aires on the cost of producing this
cotton crop, and the average cost was
above "a cents per pound based on a
yield of 375 pounds of seed per acre.
! Into this cost was figured rent Of
land, preparation of land, fertiliza-
ton, planting, barring off, chopping,
hoeing, fighting weevils, cultivation,
picking, hauling to gin ard market,
ginning, blacksmithing, etc. Forty
four per cent. Of the total cost was
for human labor. Thus the balance,
or 56 per cent, was an actual out
ilay of money out Of the farmers
pockets or bank accounts. Fifty-six
per cent. Of 81 cents is 10 cents,
about the present selling price, which
leaves nothing to the millions who
produced it. So the spectators,
bear gamblers, and peanut politicians
are asking US to feed and clothe our
selves and work eight months for
nothing. A run has been made on
our property. When run is started
| on bank the bank can appeal to
state banking department. which will
take over the bank and give it time
to make arrangements to meet the
emergency.
What would the bankers, mer-
chants, manufacturers, coal opera
tors, railroads, newspapers, and all
other lines of business do if their
assets had been cut in half by specu-
lators or manipulators in four
months time? They would either
break or close up shop. Likewise the
farmer must close up shop or break.
! We do not want to break, so the only
thing. to do is to close up shop. Do
not sell. a bale for 60 days, The
mills only have a 60 days supply of
cotton on hand, and if. we hold till
that is gone. there will be the widest
scramble for cotton the world has
ever seen. If it is in the farmers
hands, the farmer will get his price;
if it is in the spectators hands the
spectators will fix the price. The
mills are shutting down because the
farmer who sells is helping the bear
gambler ruin the market; the mills
will not buy on declining market,
but will buy on rising market:
The night riders may think they
are helping the cause, but they are
injuring it. Cease destroying and
, let the farmers gin their cotton, so
they can borrow money on it.
Farmers, keep faith with those you
owe. Turn over the receipts, or If
you do not put in warehouse turn
over the Gotten to the man you owe,
.. if he wants it. In turn, ! beseech the
i business people to keep faith with
] the farmer and extend his notes or
lend him money if he has the cotton.
There is no better collateral than cot
/ ton.
The American Cotton association
advises me that the bankers and
! merchants throughout Alabama are
helping in the holding movement
except in a few cases where they are
absolutely not able to do so.
The world is naked and needs
more than we have grown, but car
not pay for it all at once. The cot
ton farmer is not profteer. He
has never received more than a.