The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-08-13
BOYCOTT DECLARED AGAINST
FARMER AND his PRODUCT
M Federal Reserve Board Sand Farmer? Why Not
Reduce Cotton Goods? Farmer Has Opportunity to Turn
Into Vccy-s;uaion Not Hopeless
fRv w. 3. Thompson.)

ed upon to arise anu hs''' 10 '"''Ac
against disaster.
The crop now growing has been
brought to it's present stage OF de-
velopment under the most un1aFor-
able and difficult conditions and at a
cost much greater than that OF any
crop ever produced. Yet October
cotton sold today at 80 cents, and
predictions are freely made that
when the movement Of the new crop
becomes liberal the price will be 25
cents per pound or less. Cotton on
the SPOT is quoted at some S3-4
cents per pound above the price OF
October contracts.
It is wholly unnecessary to say to
those who are familiar with the prob
lem of cotton production that the
prices now prevailing for October
cotton would be ruinous, not only 10
the cotton producer, but to the cot
ton producing industry. 1t IS, there
fore, imperative that the producers
and their allies, the merchants and
bankers, shall unite to prevent the
personal and general disaster I'M
nendine. With proper cooperation
on the part of the interests IN ques-
Hon there is no doubt but that the
cotton farmers can bring confusion
nnon the heads of their enemies and
prosperity upon their own.
No Friends.
Tn these drab days cotton has no
friends and the cotton farmer IS re-
parded as the legitimate prey of sell
fish business and political manipula-
tors. The commodity upon which
the world depends for clothing has
become the despised puppet of spec
ulative and political propaganda
while the men, women and children
who wear out their narrow lives ~
the production of the commodity are
beinr~crucifed for considerations OF
greed and selfshness and pollticai
exieencv. Heretofore the cotton
nroducer in his fights to secure a
decent living out of his product mas
had to contend only with his natural
adversaries-the spinners and the
pirates of speculation. Twice with
in the past two years he has met
these opponents face to face ana
twice has he whipped them. In 1he
fall of 1918, by his courage he re-
pulsed the spinners and bear specu-
7ations in their efforts to stampede
him, and again. in the spring OIL 1910
he routed these adversarles through
his determined stand for holding ana
acreage reduction.
But in the present emergency the
cotton producer is called upon to de-
fend himself against not only THESE
natural antagonists but against these
antagonists aided, abetted and en-
couraged by the most r'wefful
agency Of the United States govern
ment.
Esa.~,l Reserve Boards Activities,
/ refer to the federal reserve
board, In all fairness it must DC
agreed that in its participation in the
solution of the defation and read
justment problem this board Is m
volved in most complex, dltflcuN
and stupendous task. It was entfciy
proper that the federal reserve poaro
should assume the lead in the move
ment to restrict credits in 50 Tar as
speculative ventures, non-essehVla-
industries and promotion schemes are
concerned, but in so doing 1t was
not necessary and it was most uh-
wise to strike at the foundation Oh
all industry and all productive enter
prise by shooting the virus u iesl
into the financial and economic BODY
of the nation.
The announced purpose OF the
board was to curtail speculation IN
commodities and to reduce the cost
of living. The result of its efforts 50
far has been to paralyze construc-
tive speculation while destructive
speculation runs rampant and unop-
posed. They have chloroformed the
bulls and galvanized the bears. Al
though by throttling production some
declines in certain items of living
cost have been brought about, yet oy
the same act the predicate has been
laid for famine in necessary sup
plies, for the highest prices ever