The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-29
BY Ad Carter

ago, and its plan of procedure was eco
nomically sound. The journal of
Commerce admits that the govern
ment's low estimate had beneficial
effect in that it advanced the price of
cotton long enough to liquidate many
of the frozen loans, and therefore JUS
Trying the attempt of the Southern
cotton raisers to. resort to all legitimate
means. to raise the price OF their
product.
The motive behind this attack is not
altogether clear. The journal of Com
=merce has not been conspicuous for its
friendship TO the South, as has been
shown. for example. by its hostility to
the Southern wholesale grocers. APP
parently it is its desire to keep the
price Of cotton as low as possible, re-
CARELESS of the impoverishment Of
those who produce it. If the attack
was calculated to win favor with the
speculative element, it was poor bust
ness because there are always two
sides to a market, and wherever there
/
was in the interests of the British buy
ers, it is more understandable. for
from that standpoint it is successful
enterprise.
If it was the intention to curry IA
vor with the American manufacturers
on the theory that it desired to help
them buy cotton at the lowest posi-
BILE price The Journal Of Commerce
has misealculated. Mill owners are
naturally keen business men, but as a
class they are honorable men and
sticklers for ethical business practice,
They arc willing that the farmers
should get fair price for their cotton,
for they know that If the South is i'm
poverished a large portion Of the buy
ing power Of the country is gone and
with it proportional outlet for the
finished goods. They are human
enough not to be willing to make their
profits out Of suffering fellowbeings.
Furthermore. they are not so much in
terested in the price of raw cotton be-
ing low as they are in having it upon
stable basis, for the cost OF the raw
material is always absorbed in the SELL
Ing price, nor can there be an abnormal
difference between the price of the raw
cotton and the finished goods Hence,
a campaign for cheap raw cotton IS
silly.
The New York Commercial has un
derstood, probably better than any
other Northern newspaper. the prob
lens Of the South and has sympa-
thized with its people in their efforts
TO solve these economic questions
Surely the principal Industry OF four
teen states is entitled to a hearing.
While, naturally. we have not always
agreed with the American Cotton As
soeiation, we have always recognized
its sincerely of purpose in its honest
efforts TO benefit the South As for
its president. Mr.. Skottowe Wanna
maker, who has been singled out with
particular bitterness. The Journal Of
Commerce could not have known how
nightly he is revered throughout the
South or It would have been mere tenn /
perate in its criticism. Far from MAX
ing any money out Of his efforts TO
save the farmers Of the South, ne has
expended almost 500, 900 OF his own
money ia their behalf In his zeal he
is sometimes called a crusader, but no
one has ever questioned his personal
Integrity. It would be just as well be-
fore milking any further attacks upon
the southern people for The Journal Of
Commerce to try to understand the
subject from the Southern standpoint.
1r. Tor that matter. from the American
standpoint. View York Commercial.