The Birmingham age-herald., 1921-06-06
By CLIFFORD W. PARKE.


 A number of years ago, when the Hatch anti-option bill was before Con gross, introduced fo~ the avowed pur- pose of prohibiting the gambling in cot ton futures--a delegation of the most influential seniors of the New York cotton exchange went down to Wash ington and gravely informed the con gressional committee that the cotton exchange was the great balance wheel which prevented violent fluc- tuations in cotton prices. Incidentally they stressed the great services they were rendering to. and the greater love they bofrs for the southern cotton planter.
 Needless to say, the Hatch bill was smothered.
 The e1ittle joker" in this reminis- cence is the strange manner in which this "great balance whecl' failed to balance last year. when the price of cotton futures took a perpendicular tumble of over 2,000 points. In which connection. it is opportune for the casual reader to be inform ed that 100 points had always been con sidered q rather wide fluctuation in cotton prices
 Subsequently, when the Lever bill was passed bysCongress for the purpose of. in some measure, checking the wholesale gambling in cotton. futures, the New York cotton exchange is sup posed to have made connection" with the lord high executioner of the United States department of agriculture. The result was an official opinion" which nu1lified and rendered imperative the Lever law, in so far as it was intended to curb the gambling operations of the New York cotton exchange.
 The crownfng infamy of the New York cotton exchange was perpetrated few years ago in the Brown Hayne incident.
 These New Orleans gentler~ had beaten the New York gamblers at their own game They had bought from them more cotton than the New York gamblers could possibly deliver The New York speculators were completely at the mercy of the two New Orleans operators.
 Instead of taking their medicine and playing the game" the New Workers again turned to Washington. The United States government readily came to the aid of their friends. the New York cotton gamblers, and issued a criminal indictment against Brown and Hayne flor interfering with trade 2, This was the limit It was exactly as though an outsider had beaten the game in regular gam bling hell, and then the police be called in to aid the gamblers. insassaulting the outsider and retaking the stakes. It was not only case of "welshing' of the rankest sort but unfor tuantely, l 1t also established a legal precedent that no one may expect to interfere with the gambling operations of the New York cotton exchange without danger of a federal prosecution.
 This may sound unbelievable. but it is matter of court history. Whenever an attempt is made to regulate or abate cotton gambling. the same old thread bare argument is advanced that the cotton exchange is necessary for the conduct of Legitimate business--which Is to say, hedging operations" l Yet, 1t Is matter of record that for more than three years just past nc legitima te- Hedge" was possible Flu ture prices were steadily maintained at about 10 cents a pound below the cost of spot cotton. with the result that | every transaction was necessarily a speculative one--a gambling one, while the exchange had not scintilla of le- gitimate business to justify its exist ence.
 The Hatch bill, the Lever bill and the present bills before Congress are not intended to hamper legitimate business, nor would they do so. The intent was and is to abate wholesale gambling in cotton prices. All gambling Is taboo Cotton gambling appears to be exempt Is it not just possible that this is true because Of the fact that elders and dea- cons and pillars of the church may safely induise in this privileged form l ot gambling without disturbing their church relations Ia
 The great majority of us--the mind less multitude-se satisfied with ex- isting things. We object to any change The popular attitude seems to bt whatever is. is right
 If one calls attention to abuses or wrongs, one is viewed with suspicion The idea seems to be whats the mat. thumb get mashed?"
 when Voltaire began his heterodox. view the Industrial situation. which is more deplorable and stagnant than a, any time within my recollection. Scarce.