Newspaper Page Text
HE SPOKE FOR
ANTI-OPTION BILL
UNDERWOOD SUPPORTED MEAS
URE ADVOCATED BY FARM
ERS’ UNION.
Always Friendly to Agricultural
Interests.
Certain opponents of Hon. Oscar W.
Underwood for the presidency have
sought, though unsuccessfully to
trump up some sentiment against him
by alleging that he "appointed” Hon.
John Lamb a3 chairman of the agri
cultural committee, over the protest
of the Farmers’ Union. As Mr. Un
derwood never appointed Mr. Lamb,
the charge is false. Mr. Lamb was
elected by the Democratic members
of the house in caucus, the vote for
him being unanimous. He became
chairman by reason of the fact that
he was the ranking Democrat on the
committee, on which he had served
for 17 years. The objection to Mr.
Lamb was based on the fact that he
had not favored the Scott and anti
option cotton bill. As to Mr. Under
wood’s attitude toward this measure,
no better evidence can be presented
than the following splendid' speech
which he made in behalf of the bill:
His Speech.
“In my judgment the bill should be
considered before congress adjourns.
It is one of the most important bills
to a large number of people of the
United States that has come before
this session of congress for consider
ation. It is not only a measure that
seeks to work out a reformation along
economic lines, but there is involved
in the consideration of the question a
great moral issue.
A number of years ago the Federal
government prohibited the use of the
mails for the transmission of lottery
tickets, and the effect of that legisla
tion was to destroy one of the great
est gambling enterprises that the
world has ever known, the Louisiana
Lottery company. That legislation
proved effective and met with the
hearty approval of the moral senti
ment of the country.
The bill brought up sos considera
tion by this resolution does not pro
hibit the legitimate sale of cotton in
the exchanges of the country where
there is an actual purchase or an ac
tual delivery of the cotton sold; it
merely attempts to prohibit the spec
ulation in 'cotton futures where no
actual deliver?' is intended and where
the result of the transaction is solely
gambling in cotton futures.
Cotton Crop.
Prior to the year 1907 the New
York Cotton exchange published sta
tistics relating to the buying and sell
ing of cotton futures on that ex
change, and there was sold at that
time on this exchange 100,000,000
bales of cotton a year. The greatest
cotton crop that this country has ever
made amounted to a little over 13,-
000,000 bales, and the average cotton
crop in the country will not exceed
12,000,000 bales of cotton. The sta
tistics show that for the year 1906-7
37 per cent of the cotton raised in
this country was used in the home
market and 63 per cent, was shipped
abroad. In an average crop the home
consumption does hot amount to more
than 4,800,000 bales. It is therefore
conclusively shown that on this one
exchange twenty times as much cot
ton was bought and sold as was used
in this country.
About Hedging.
‘ It is contended by those who favor
the continuation of the sale of cotton
futures on the cotton exchanges of
the country that it is necessary for
the mill owners to buy for future de
livery in order to hedge against the
uncertainties of the future market
price in order, that they can make
their contracts, but it is seen it would
not be necessary for them to hedge
for more than the entire amount of
the cotton consumed by the manufac
turers of the country, which under no
circumstances exceeds 5,000,000 bales;
but the bill does not prohibit the pur
chase of cotton for. future delivery,
so that if the mill owners desires to
make his purchase of cotton on the
exchanges before the cotton crop is
actually gathered, if it is a bona fide
transaction for legitimate purposes,
there is nothing in the bill tha-t will
prevent him from doing so.
The statistics show that the amount
of cotton received in New York City
for the year 1902-3 amounted to 57,-
577 bales; for the year 1903-4 to 45,-
123 bales; for the year 1904-5 to 33,
798 bales; for the year 1905-6 to 6,-
575 bales; for the year 190 G-7 to 23,-
118 bales.’ The average for these five
years amounts to about 34,000 bales
that were handled in New York City,
but the transactions on the New York
Cotton Exchange amount to 100,000,-
£OO bales.
Gambling.
It Beems to me conclusively shown
from these figures that the transac
tions on the New York Cotton Ex
change were practically all gambling
transactions and not in the interest
of legitimate business. There was a
time after the New York Cotton Ex
change was organized, in 1870, when
there was a legitimate cotton market
in New York, and the transactions
on the New York Cotton Exchange
were in the main actual sales of cot
ton, but the through bill of lading de
stroyed the New York cotton market,
it costs |i.so a bale to store cotton
in New York City, and when the mill
man in the East eould buy his cot
ton in the South and ship it directly
to his mill on the through bill of
lading he was unwilling to pay the
cost of storage and >additional hand
ling charges that would be assessed
against the cotton if he purchased it
in New York City. The result was
that the legitimate sale of cotton in
New York has practicaly ceased, and
the New York Cotton Exchange has
been forced by these conditions to
deal in future sales for gambling pur
poses or go out of business. It often
occurs that spot cotton in the South
at the railroad station, sells for us
much as 1 cent a pound higher than
the price of cotton on the exchange
in New York, which is conclusive
that the prices on the New York ex
change are not governed by the law
of supply and demand, but the illegit
imate operations of the bulls and
bears on the exchanges.
King Cotton.
The cotton crop is one of the great
est agricultural products of our coun
try. It brings more gold back into
the country than any other commodity
we export. The South is largely de
pendent on it for its prosperity. To
me it appears absolutely immoral and
unjust to allow an organization to
continue the business of gambling in
cotton futures and through their man
ipulations to seriously affect the price
of this great agricultural product by
manipulations that are not dependent
upon the law of supply and demand,
but largely upon the amount of money
that the bear side of the market may
control one day or the bull side con
trol the next.
There is no exchange for the sale
of pig iron in the United States, and
yet every morning you can take up a
daily paper and know what is the
price of pig iron in the different mar
kets of the United States. There is
no exchange for the sale of wool In
the country, and yet the daily papers
give you the price of wool all over
the world every morning. Cotton
quotations could be obtained the same
way were the exchanges entirely abol-
Ished, but, as f said before, this bill
does not seek to destroy the cotton
exchange that is doing a legitimate
business and where cotton is actually
bought and sold, but only seeks to
prevent the gambling In future cotton.
The price of any commodity should
be fixed by the buyer and seller. It
Is not fair to have it fixed by men
on an exchange that arre not interest
ed in the product itself in any way.
I therefore believe that it is entire
ly proper for the government of the
United States to prohibit the inter
state use of the mail, telegraph wires
and the telephone wires to persons
gambling in this great agricultural
product to the material detriment of
the people who produce and the peo
ple who use it. I am therefore earn
estly in favor of the passage of the
bill.
Farmers and others who live at
distance from a drug store should
keep in the house a bottle of Bal
lard’s Snow' Liniment. It may he
needed at any time for cuts, sores,
wounds, rheumatism or sprains It
is a powerful healing and pene
trating remedy. Price 25c.50 and
SI.OO per bottie. Sold by New
Lyons Pharmacy.
The attorney general of Cali
fornia has decided that when a
California woman becomes the
wife of an alien she loses her vote.
Does a German girl who is married
to an Irishman become Irish?
If you cough all night you get
no rest, nor does anyone else in the
h‘ use. Keep within reach of a
bottle of Ballard’s Horehound Sy
rup. It is then easy to stop the
tickling which causes the cough,
whenever it appears. Prices 25c,
50c and $1 per bottle. Sold by
the New Lyons Pharmacy.
Administrator’s Sale.
GEORGIA —Toombs County:
By virtue of an order irranted oy Hon. D. T.
Gibbs. Ordinary of said county. I will offer for
sale before the court house door of Toombs
county on the first Tuesday in May. 1912, the
following described property to-wit: Fifty
two and three-tenths acres of land more or
less, situate, lyin« and being in the 15215 t dist
rict. G. M.. of said county and bound north by
lands of W. O. Donovan, east by lands of A. F.
Odom, south by lands of 13. C. Thompson es
tate. and west by lands of Dix estate for the
purpose of paying the indebtedness of said es
tate. The terms of sale will be cash.
This. April. 6th. 191*. H. P. Thompson.
Administrator of Estate of B. C. Thompson.
THE LYONS BROOK! B* APR. 26, 1912
f t
I Come See Us! |
❖ y
t X
❖ y
❖ ____ f
♦> y
♦>
£ If you like GOOD FLOUR come to see
❖ us. Just received another car load of PU= %
*:* RITY Flour which we are selling right X
V t
*♦* and with a guarantee. x
:j: WAGONS, BUGGIES, STOVES, PLOWS, £
% and a Line of GENERAL MERCHANDISE, f
which we are offering at SPECIAL PR I"
CES. Come to see us, we like your company♦
Come and investigate our prices before trading* *
j MM SUPPLY COMPANY, j
X X
X LYONS, GA. y
y i
T X
T i
? * ♦♦♦♦♦♦♦♦♦?
O «
:: Series. -
i < ►
o 0
o <
« > 4P
<► 1 >
«
if
4 '
< >
< >
► 4 *
Not Too Late.
4 ►
4 >
i f
1
< >
4 *
* »
3 *
i
To open an account in our SAVINGS DEPARTMENT, for we «►
i, want the people of Tatnall and adjoining counties to feel like any !!
;; day or month of 1912 will be alike adapted for so wise a step as the \ f
safe and profitable employment of their idle money, however small
< 1 the amount may be. Deposits made on or before the FIFTH of any . >
’I month draw interest from the first day thereof. ]'
,>• < N
:: FOUR PER CENTUM PER ANNUM, Compounded or Paid ; *
Quarterly, is the rate of interest allowed. The right to require 60 ; *
<« days notice of withdrawals is reserved, but parties dealing with us ' < >
for more than seven years have always found their money available ]L,
when needed. - ! T!
o - *
4► < ►
<► OPEN AN ACCOUNT BY MAIL, and we will demonstrate to you
;; the excellency of our facilities for handling same entirely by mail,
■ > if you should so require. Simply remit (By cash, Check or Money • »
;; Order) to the undersigned and as to have an account opened for you
U in our SAVINGS DEPARTMENT. Leve the rest to us. ,»
1, • • ►
.» < ►
~ < >
o < «*
, > < ►»
o < *
.» < ►
~
promptly obtained li/y
n all countries, or no foe. We obtain PATE NTS IE
8 THAT PAY, adverti** them thoroughly, at our H
fl expense, and help you to success.
Bend model, photo or sketch for free report E
lon patentability. 2° years’ practice. SUR- h
9 PASSING REFERENCES. For free Guide fri
m Book on Profitable Patents write to
fl SO3-SOS Seventh Street, m
jj WASHINGTON, D. C- |j
Special Cotton Seed.
I have on hancTa few hundred
bushel of special, selected and
hand ginned cotton seed, taken
from a field on which the yield is
from five to eight hundred pounds
of lint per acre, and I am offering
them for planting purposes, at
reasonable price. I guarantee seed
to be pure and those who use them
will be satisfied. Write me for
particulars and price.
J. D. Coleman,
Route 2. Collins, Ga.
Electric
Bitters
Succeed when everything else fails.
In nervous prostration and female
weaknesses they are the supreme
remedy, as thousands have testified.
FOR KIDNEY, LIVER AND
STOMACH TROUBLE
it is the best medicine ever sold
over a druggist's counter.