Milford chronicle., 1935-08-02
REPUBLICAN
OPPORTUNITY
Should Consolidate Itself
On Two Or Three Fun
damental Issues.
BY pelmer Hubbell


For years corners" have not beer
permitted in a grain traded in on the
Chicago Board Of Trade or in a
stock traded in on the New York
Stock Exchange. Whenever one is
suspected to be in the process Of
formation, trading in the grain or
stock involved is suspended.
Both exchanges in taking this
stand, act in the interests of both
common welfare and common homes
ty. Prices based on corners" are
artificial and hence must break. Such
artificial prices may. enable a few
nimble spectators to take large
profits, but in the inevitable return
to the normal price levels dictated
by free and open markets, far more
people are injured than ever can
profit by the short and artificial
bulge.
The exchanges are thus looking
after the well-being of their mar
kets, of their customers and Of the
public.
Now the government calmly an
nounces that it has in effect a cor
Eer on cotton until the new crop
comes on the market. Because the
AAA has been lOaning to cotton
growers more money on their cotton
than they could ever get in the open
market, and has taken cotton as Sc
curity for the loans, the govern
ment is the potential owner of over /
six million bales.
The government has put itself |
with respect to cotton in the same
position that certain notorious spec
ulatOrs in the past have put them
selves with respect to wheat. In
every case public opinion excoriat-
ed the spectators. In every case the
self-righteous opinion of the govern
ment has charged them with being
public enemies.
Where is the difference? The price
of cotton is being kept at artificial
levels by an action of the govern
ment which has been condemned in
similar efforts by individuals.
One of the most logical and real
istic reasons for such condemnation
has always been that the effort must
fail and in failing, injure
the public.
Just where does the government
get of? Does 1t think It can defy the
laws of price and of economics when
those laws have been the most ur-
gent reason for prohibiting in in
dividuals the very thing the govern
ment is trying to do?
The government has a corner in
cotton.
$50 what? When spectators at
tempt to acquire a corner they usu-
ally end up broke. But the govern
ment has the U. S. Treasury to gam
Bile with. The government has the
taxes---a sales tax On
Every yard of cotton bought by the :
pOor, a burden on every cotton mill
Torker--the government has
his source of wealth to gamble ,
With. /,
But with all its sales tax resOur-
,es and with all the Treasury money
AIKEN from the taxpayers of the ma
ion, the government will sooner or :
ater come precisely the same crop
r that every other speculatOr, whe- =,
her government, individual or pool
las ever come, when a corner is en- !
.ineered in a world commodity. =
Meanwhile cotton speculatOrs--
hat is, cotton growers--are liv- :
ng in fools paradise and the tax i
aging consumer is holding the bag. I
Political parties. in estimating
heir opportunities, usually take
hat is called a practical view. =
leaning an effort to win as many =
Otes as possible by making fatu- y
us promises which there is no .
hance of keeping on as many sub Il
cts as possible. o
The New Deal, following this path, q
as started the nation toward eco III
Dmic and social strife. =,
Is It not time for the Republican q u
arty to consolidate itself on two or II
rec fundamental issues all Conser- q
ltives can agree on, and with cOur-
re and conviction set out to do one -,
ing---saVe this country from -
e doctrinaire incompetence of the 3
sw Deal planners and their Chief? q, q,