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treasury to be loaned to the banks of the state in order to relieve the strained financial condition of the country and that Governor Pindal is quoted as saying that there is now probably $1,500,000 in the vaults of the state. I am not familiar enough with the financial problem of the country to know the cause of the present strin gency in money matters, bjit it is strange that, when the country is ap parently in a prosperous condition, it should be in the midst of a financial panic, and that the crisis should come just at this time when money is needed most in the South to handle the cotton crop and enable the farmer to demand reasonable prices. It is a well known fact that farm ers through their unions are getting in a position where they can fix the price of their own products and the local banks of the country are willing to assist them to hold their cotton until they are offered the price fixed by the unions. At this juncture the local banks are notified by the banks in the East in which they have money on deposit, that they. cannot draw any of that money, and thus it stands. What is the matter? Is the whole thing a scheme by eastern financiers, speculators and capitalists to thwart the efforts of the farmers and force them now, as they have in the past, to take for their cotton what the speculators are willing to give? I believe that the- banks of the South will be able to handle the proposition and that any scheme of eastern capitalists will be defeated. The banks throughout this state are in good condition and cannot be crushed by any financial scheme. I refer with pride to the three banks of Mena which are doing business at the same old stand in the same old way, unaffected by the panicky whirlwind which has caused the banks in the larger cities to restrict the amounts that may be drawn by depositors. I have investigated the situation here and find that our banks do not want to borrow money from any other source to transact their business just as they have been doing. Ts the farmers and their local banks will co-operate they both can stand “pat,” without the aid or consent of the East. However, if the state wants to help the farmers and has money to loan, why not let the farmers have it direct and take cotton as security? Time and space forbid going to details as to the plans, but the state could have an agent at each county seat who would be authorized to advance so much money on each bale of cotton as shown by warehouse receipt. If cotton is good security to com mission men and banks, why is it not good security to the state? Why should the state loan the mon ey to the banks at four or six per cent and let the banks in turn loan to the farmers at ten per cent? You say this is populistic. party doctrine. Suppose it is, the democratic party in the last ten years have appropriat ed many populistic doctrines. No po litical party has a patent right on any theory of government. The best laws of the republic adminstration were first advocated by the demo cratic party. Democracy is opposed to a government of either paternal- ism or special privileges, but if we must have either one of the other, is not paternalism better for the whole people ? I am for anything that is practi cable and right, that will assist the farmers, to fix the price of their prod ucts. The laywer fixes his fee, the doctor fixes the price of his services the merchant prices his goods, the carpenter, the brick mason and the painter fix their wages, etc. The farmers of the country are about the only people who have let others say what they shall receive for their honest toil. HAL L. NORWOOD. A WORD TO HOLDERS OF COTTON. For two weeks the cotton market has ben peursuing the course that it seemed to us natural and inevitabble it should pursue. There was a long period of weakness while demand from American mills was light. Then there was a sympathetic collapse during the acute stage of the panic, and then, having a naturally strong position, cotton made early recovery. During fifteen days the spot market has experienced a number of ad vances, and has not lost a point, with the result that good middling is bet ter than 12 cents in New York, and just a little off 12 cents in Columbia. It is not material now why the de mand from American mills was light, it is probable, however, that in the early fall they hoped to bear the market, and that they were further encouraged to stay off the market by the difficulty experienced in securing necessary funds to lay in large stocks. During the panic, when prices were tumbling, there was ractically no domestic demand for cotton because of the inability to command cash. Fortunately for the South, cotton growers “stood steady,” and there was no scramble to sell for what it would fetch. That would have been the course a decade ago, because the farmers were financially weaker, and had no sustaining organization. But the cotton grower has not passed the Rubicon. During the period of depression, when those that might have sold a few weeks earlier for S6O a bale, saw SSO a bale quoted, there were doubtless many that made solemn promise to them selves and to their creditors to sell “just as soon as cotton gets back to 12 cents.” Now, those that have determined to sell for 12 cents, those that will not risk holding for more, or that are under obligation to sell for 12 cents, must be expected to sell. But for self-protection as well as for the protection of other holders of cotton they must also determine not to sell a point less than 12 cents. Unless that determination is made, the result will be as we here outline it: The first day cotton touches S6O a bale, a great quantity will be offer ed; it will be absorbed at that price, but the mark t will close weaker, the day following much more will be brought to market to be sold for 12 cents. If any considerable part of these holders sell when offered $59.50 a bale then theqprice will continue to drop just in proportion to the free dom of offerings. The natural position of cotton is strong. There may be a little recession because of heavy offerings by the thousands wishing more cash THE JEFFERSONIAN. for the Christmas trade, but the ad vance is bound to be again taken up, and we see 13-cent cotton in the very early future. Much, however, de pends upon the farmer. He must sell with discretion; that will strengthen the position of those who are able to hold indefinitely.—Columbia State. HOLD YOUR COTTON. My name is Charles Tucker — My name I’ll never deny — I’m a union farmer, And shall be till I die. Now, brothers, hold your cotton, The crop is very light, The price that we’re asking Is now almost in sight. I got the editor’s letter That he sent out to me — Asking me to write him From this locality. I I’ll put it in a rhyme, . And thus compose a song— The cotton patch is empty, The crop is almost gone. Our cotton’s in the warehouse, With wrapping all around, Waiting for the spinners At 15 cents a pound. The seed is put in houses, To keep it off the ground, Or carried to the oil mill At just 1 cent a pound. —C. W. TUCKER. Route 2, Greenbrier, Ark. THE COTTON REPORT. It was not surprising that the price of cotton futures on the floor of the New Orleans cotton exchange had a bearish tendency as a result of the report of the cotton production in the United States, issued by the department of agriculture. Neither is it surprising that this bearish tendency was checked by the large number of orders to buy following the recession in values. The govern ment’s estimate was larger than was expected. This estimate is not necessarily accurate. It is based on reports from agents and correspond ents who are by no means infallible, and their reports are in considerable part only estimates made up from reports of individuals and locali ties. The government’s reports are liable to be erroneous; they are some times notably inaccurate, and of late years there is perhaps less confidence put in them by the farmers if not by buyers, manufacturers and conserva tive students of agricultural con ditions. The crop for 1907 (not including linters) is estimated by the depart ment of agricultural at 11,678,000 bales of 5000 pounds each. This estimate is based upon the amount already ginned as compared with former years together with as close estimates of the acreage as could be obtained, leaving the matter of how much of the product is being held by farmers for higher prices more or less a question of speculation. But even if there is a larger crop than was expected this does not necessarily mean that a good price will not be maintained. The de mand for cotton as a result of its wider use the world over is gradually increasing. More cotton is needed at home, as a result of our steadily increasing population, as well as abroad, than there was even a few years ago. Moreover, the cotton planters of the Southern states are in better financial condition than for years, and a larger proportion of them can hold on to their crops longer than usual. There is a strong tendency to do this, and the effect is almost sure to be an increase in prices later on. It is hardly probable that until the price advances to 12 1-2 or 13 cents will there be a free move ment of the staple. The disposition on the part of many to hold out for 15 cents will naturally have effect on the market. Taking everything into consider ation the prospects for prices that will yield a good profit to the South ern farmer are encouraging, and the farmer knows it. He is doing “pretty well, thank you.” this year. —Birmingham News. He is a shortsighted farmer who to save a small amount in the repairing of farm buildings sacrifices twice or three times the cost of the repairs in the loss of stock. Many districts of the Western states which make a specialty of growing cantaloupes have been struck with a blight which seems to have been to some extent brought on and aggravated by rains and heavy dews, and which does not seem to be ma terially checked by any spray that has yet been tried. Headway in fight ing the disease seems to have been made chiefly along the line of rota tion of crops and the planting of disease resistant seed. One changes gives a good story on a certain minister as fol lows: “It is said that the minister spoken of goes to church Sunday morning in a carriage. He received an anonymous letter recently calling his attention to the fact that “the Lord never rode to church in a car riage. ” The minister read the let ter from the pulpit and then remark pd- “If the writer of this note will come to me next Sunday morning, nroner lv saddled and bridled. I shall be glad to follow the Lord’s exam ple and come to church as He enter ed the city of Jerusalem.” A neighbor exchange says once one of his subscribers received a dun through the post office, and it made him mad. He went to see the editor about it, and the editor showed him a few duns of his own—one for pa per, one for type, one for rent and several others. “Now,” said the ed itor, “I didn’t get mad when these came, because I knew that all I had to do was to ask several reliable gen tlemen like you to come and help me out, and then I could settle all of them.” When the subscriber saw how it was, he repented, paid up and renewed for another year. A Tennessee man named Mr. Char lie Corn has announced his candi dacy for a public office. He wouldn’t stand much show in Georgia.—Ex. You are mistaken! Charlie Corn would experience no trouble in Geor “'ia. but old John Barleycorn, who has been knocking people out in Georgia, is catching it right and left. PAGE SEVEN