The Birmingham age-herald., 1923-03-12
TO FIGHT EXCHANGE POWER OVER COTTON
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thing is radically wrong. Senator Underwood of Alabama. in defending the Dial proposal. said in the Sen ate: The south has a practical mo- ropoly on world necessity. And yet the south is paid for that world necessity whatever New York or Liv- erpool or New Orleans decrees the south shall be paid.
 Tt is not strange as a result that the south continues to be poor. The Dial bill might not solve the prob lem. It Is certainly the best sugEes- tion now before the Senate. Until some other senator offers something better, we should put it into effect. If it is not the proper remedy. let some other man amend it. But do not kill it without presenting a more worthy substitute"
 It is admitted that no more worthy substitute was offered. It is true that Senator Heflin suggested a law suspending any exchange whenever a certain number of southern gov ernors complained of it's unfairness It was move for effect however, in the opinion of other senators. At any rate. never after it's suggestion Git was never formally introduced) was a word spoken concerning 1t.
 The Dial bill pended before the Senate committee on agriculture for many months. Southern senators on this committee were Smith of South Carolina, Harrison of Mississippi, Ransdell of Louisiana, Heflin of Ala bama, and Caraway of Arkansas. Reported UnfnvOrably.
 After considering the bill periodi- cally for nearly year, the commit tee determined to report it unfavor. ably. It was unanimously voted to permit Senator Ransdell of Louisi- Nana, defender of the exchanges, to prepare that adverse report. In his report. Senator Ransdell included a speech which he had delivered against a similar bill sponsored by former Senator B: B. Conner of Ala bama, but neglected to include Sem ator Corners speech in defense of his Lill.
 In view of the adverse report, it became incumbent on Senator Dial to offer his bill as an amendment to other proposed legislation. On his first attempt. he read telegrams ad- dressed to him by Senator Ransdell in which the Louisiana senator stressed the alleged danger threat ening the exchanges. but. in the words of Senator Dial, made no ref erence to the dangers perpetually be- setting the farmer" Again3t the Dial bill. Senators Ransdell. Heflin and Smith spoke.
 Anne ndment Beaten.
 The proposed amendment was beat en by division of southern demo- crats. and the opposing votes of that element of the republican party which is sometimes. in the heat of debate. referred to as the Wall Street crowd"
 Just before the adjournment of the Senate, the federal trade commission, under instructions of a resolution by Senator Dial. reported on the causes precipitating the slump in cotton prices immediately following the war. In the report was included reference to the probability that the options granted tn exchanges by the Smith-Leve act worked to the disadvantage of the actual producer of cotton.
 This inspired Senator Dial to mako second attempt to put his measure, in the form of an amendment. through the Senate. In his speech he declared that the farmer was be- ing robbed by the exchanges, and predicted that If his remedy was ac- cepted. the price of cotton would asc>nd several cents. He referred to the fact that the exchanges had opened headquarters for lobbyists in Washington, and urged southern senators to stand by the farmers rather than the exchanges.
 O o O
 HefIin Leads Attack.
 But it was to no avail Senator Heflin led the attack against the amendment. He expressed the fear that the legislation would react against the producer of off-grade cotton and in favor of the cotton mills. The "reactionary'' element of