The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-08-23
Dial Digs into
J Cotton Figures
Defends Last Report-Calls
on Trade Commission to
Act on His Senate ResOlu-
tion

Act on His Senate ResOlu-
/! ti0n
Washington Aug. 16.-Senator
! Dial said today that he had so
many inquiries about the last ag-
| ricultural report as to the estimat-
led crop Of cotton that he DECIDED
to make the following statement:
Notwithstanding the agricultur-
al department. has been Very much
criticised, and, sometimes Justly.
yet I hope it serves useful pur-
pose, and believe that the people
should he little bit indulgent in
getting the facts.
Il have had so many inquiries
about how the last report was ar
rived at. and how the. August re-
port could be reconciled with the
July report, because the condition
report in July was 71.2 and the
estimated yield was II ,065,000 bales
and the next report, to wit, on
! August /, showed a condition of
a0.S, with an estimated yield Of
! Il, $4,000 bales, therefore it will
! be noticed that upon August show
| ing 4 less condition. greater num-
! her of, bales would be produced.
IL 81 was unable to understand this.
! and took the matter up with the
department., and told them that I
could not work out the sum ac-.
/ lcording to the ordinary rules of.
I arithmetic. They explained TO me
las follows: to wit. that the cal
tculation was not made according to
| the usual rules, but that they took
las basis the ten years average
i and since the deterioration. the
two reports mentioned were less
than the ten years average, and
the estimated production was nat
sural consequence.
TN order. that my constituents
!, may understand the method of the
Agricultural department in pur-
suing the matter, Lam making the
/. above statement for their informa-
! ton and for .what,it- is. WORTH, =,
:. In this connection Senator Dial
made public the following letter
which he has just written to, Mel
son : B. Gaskill, chairman of the
federal trade commission, relative
Ito. his resolution now under. con-
.sideration by the commission for
an. Investigation of the cotton sex-
! changes as to their methods em-
! ployed in cotton future contract
! trading.
August IA, 1922.
| Zion. Nelson B. Gaskill,
Chairman, Federal Trade Com
! mission.
Washington, D. c.
Dear Mr. Gaskill:
Regarding the resolution which
II introduced last March calling
Upon your commission to make an
investigation as to the, causes of
1.-THE present depressed. price Of cot
!! ton, which resolution. is now in
! your hands for consideration and
| for such recommendations as it.
may. see fit to make to congress,
! am taking the liberty Of calling
your attention. to the great need
of Quick action. As you. know the
cotton boil weeyil has done: hun
/ dreds of thousands of dollars DAM
age in the cotton belt this year.
]. In spite of this and the probability
/ that the crop this year will be
small, the price of the staple re-
mains low. Whenever there is a
1 government crop report there is
Ia little trading. if the condition is
!, '.hullish" but in a day. or two this
stops, or practically SO, with the
price remaining low. -
{ what / especially desire to bring
to your mind is this, that what
lever action the Trade Commission
means to take in this matter should
be taken now. The people in my
!; state. and all others OF the cotton
belt are. suffering greatly because
of the unfairness of the present
cotton future contract law and in
my opinion. they Will continue to
suffer until this condition is rem
tedied.
| ...-As I have stated several times
| on the floor of the senate the pres
! ent law is one of the. most unfair
pieces of legislation Of which,
| have ever known There is neither
equity nor justice in it.. It's whole
tendency is directed toward max
|, ing the cotton producer, the man
/ who actually tolls and makes the
crop, accept for it what he can
get and not Whist his crop is worth.
i II. am SO thoroughly convinced
!; that my resolution, is, laid along
! the proper. lines and. that until. our
/ commission thoroughly considers it
and makes its recommendations TO
congress in accordance herewith.
which feel assured it will do.
| see no way OF the. cotton producers
getting, out Of debt in the south.
BESIDES this. the bankers all over
THAT section have large loans out
which they cannot collect. the lien
and furnishing men also have much
money due them, and, many land
! lords are hard put to it. largely
!. because of the unfair, unjust, and
|. i.ineGuitable future contract law
no wworking against their inter-
hi lou