Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-10-27
AGAINST EXCHANGE LAW
Senator Dial Says Statutes Are in
Need of Revision.


Orleans exchanges are operated, is one
of the most outstanding outrages ever
perpetrated against the southern farm
err and, incidentally against the whole
fabric of southern economic life, in the
view of United States Senator N. b.
Dial of this state who yesterday noon
addressed the sopening session of the
Cotton Manufacturers association or
South Carolina, held at the Grand the
atre, saws the Greenville News Of We'd
nesday. Mr.. Dial explained his move
ment for amendment Of the act so as
to relieve the iniquitous situation in
lengthy address of one hour and 80
minutes. He recommended that the
government keep out Of business so
far as practicable" and took occasion
now and then to swing a staggering
blow at the Republican administration
during the course of his remarks along
the idea of Relations of Government
to Industry" Senator Dial was intro
duced by President James D. Hammett
of the association to a large crowd
present.
Senator Dial went into lengthy eX-
position of the present cotton futures
act and pointed out it's numerous falla-
cies and iniquities. Under the present
system often ten times as much cot
ton is sold on the exchange in single
season as is produced. He pointed to
the fact that delivery on the futures
contract may be in whatever amount
and grade desired by the broker and
said this is another of the absurd in
justices encouraged by the system.
Law is Defective.
Understand" said Senator Dial. Il
do not object to the exchanges. Not at
all if they are run fairly and honestly.
At present they operate within the law,
but it is the law that is all out of tune.
1t is the overselling and uncertain de-
livery that / seek to eliminate so that
the farmers own spot cotton, and the
supply Of cotton will determine the
price today, tomorrow or at any time.
ITS one of the biggest robberies in
the world, this cotton exchange selling
system. The southern farmer has been
f1eeced out of enough money during
the past few decades by it-@to-paveHa
great highway all around the world In
fact it has been such an outstanding
evil and such longstanding one that
you can't blame the farmer for being
skeptical. 1 sometimes think that if
were the average farmer in the field
and somebody came along with some
cure all story I'd knock him in the
head with a hand stick and throw him
in gully.
Senator Dial then explained, that he
would have the futures act amended
so that spot cotton and not the eX-
changes would determine the price. He
would also change the futures act so
that deliveries would have to be in the
stated amount and at a stated grade,
so as to eliminate the necessity for
fluctuations day by day in the market.
Let's Gamble Fairly.
"In other words" said Senator Dial.
"If you are going to let 'em gamble,
don't mark all the cards in favor Of
the market man. Give the farmer a
chance to play his hand a little too.
Speaking in reference to purely state
laws, Mr.. Dial declared that 1--WE should
endeavor at all times to make and keep
laws which will deal justly with vested
interest, the farmer, the laboring man
and the whole citizenship of our state.
have seen with the deepest regret a
tendency in this state in recent years
to lay unduly heavy taxes on the textile
industry and other corporations,
by all means these people should
pay their just share of taxes. But the
danger lies in marking taxes discrimi-
natory and keeping them out of the
state or even of driving out what we
already have. 1 notice that North
Carolina is getting a large share Of the
cotton mills being built in the South in
recent wears. If more equitable treat
ment was accorded this class Of prop
erty holders 1 believe that many of
the mills would have located in this
state"
II want to say right here that too
many good men these days are sitting
back in their offices unwilling to go TO
Columbia and help make laws for the
state. What we need is sensible men,
business men, men who know what is
best for the state at large to go down
there each year and look after the in
terests of all the people"