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"Untie From Wall Street "Before We Tie To You” J. K. Eubanks. Georgia business agent of the Farmers’ Union, was in Atlanta recently, having come direct from Birmingham, where he attended the meeting said to have been called by bankers and spinners with the view of organizing a cotton warehouse movement. “We were invited to this meeting," stated Mr. Eubanks, “in order that we might hear this question discussed. Our Alabama state business agent, P. F. Parker, was there, and also a few other Farmers’ Union representatives. “The announcement has gone out,” continued Mr. Eubanks, “that a plan was agreed upon at this meeting, and that it had the endorsement of both the Farmers’ Union and the Southern Cotton Association. Nothing could be further from the truth. Alabama State Agent Parker has already sent out a denial of the statement, making it clear that the Farmers’ Union has not endorsed the plan promulgated. Jordan and Hoadley. “I may as well be frank,” said State Agent Eubanks, “and say that as soon as we got to Birmingham, we found that the meeting was all cocked and primed by the Southern Cotton Asso ciation. The invitation wo received came not from it, but from others, the Southern Cotton Association evidently fearnig to take the lead in the move ment on account of its odorous con nection with Mr. Hoadley, of Wall street. So we were invited by others, but wo did not take the bait. From all we could see, one end of the fish ing pole was in Wall street, and we have no doubt that Speculator Hoad ley was eagerly feeling for tremors at the handle end to see whether or not the nibbiers at the other end of the line meant business. Too Close to Wall Street. “We must make it plain now that we cannot and will not co-operate with the Southern Cotton Association, as long as it is officered by men as close to Wall street as are some of its pres ent head officers. Less than six months ago Mr. Hoadley, in an inter view, boldly made the statement that he was kept constantly in touch with cotton development in the South by almost daily communication with Pres ident Harvie Jordan —that Mr. Jordan let him know ‘just what was going on,’ etc. That came only a short while after the time when the Southern Cot ton Association endeavored to force the Farmers’ Union to make a stand for 10-cent cotton for last season. We would not do it, but made a straight out fight for 11-cent cotton, and large ly as the results of our efforts most of the last year’s crop has sold at nearer 11 cents than 10 cents. If we had agreed to 10-cent cotton, not one bale of cotton in the South would have brought more than that figure. May Be Loaded. “As to the Birmingham warehouse movement, a plan was proposed by this convention to establish a cotton exchange for handling warehouse re ceipts, closing contracts on them in stead of spot cotton. Our plan is for the Farmers’ Union to deal only in spot cotton, and to sell direct to the spinner. We are establishing ware houses throughout the South, and at the present rate of increase it will not be long before our warehouses arc available to the entire cotton belt. But we propose to retain the identity of a bale of cotton from the gin to the spinner, giving the producer the bene fit to be so derive d. It seems to mo this scheme to handle paper only, losing the identity of the bale of cot ton is a scheme of speculation pure and simple. It may work all right in some instances, and In other Instances Says Farmers' Union to the Southern Cotton As sociation. Fubanks Considers S. C. A. Leaders in “Bad League. ROBERT TOOMBS ;i! i I ’ i! \ SAM W. SMALL ft • t! • t! ( Sing ye bold peans to the Spartan band ft ! That died unconquer’d at Thermopylae, ft ! Or any else who, since that day, i! • Have battl’d to save Freedom to their land: $ J Yet let us not forget the valiant stand ft II Our fathers made against Oppression's sway j When the mad North swept Justice from her way ft i And fought to crush our rights with ruthless hand! ft y. ft K ft Then stood forth Robert Toombs, the flaming soul, ft | Master of forum, senate, or the field, ft J To serve his Mother State with knightly zeal! !|j j Now when that State again beats her long roll, ft i And calls her sons to bear her sov’reign shield, ft ! Let us like him be ready, true and leal ! ft ? :: it may be loaded at both ends and in the middle. “As soon as we struck what we thought to be’ the bottom of the Bir mingham movement, w T e politely with drew and notified them that we would have nothing to do with it. Fears Southern Cotton Association. “If the Southern Cotton Association only knew it, it is working actual in jury to the farmers of the South by its constant alignment with Wall street, and with the spinning interest. When ever you hear of the farmers of the South tying up with the speculators of Wall street and with the spinning interests, which naturally w r ant low priced cotton, right then and there you may be prepared to look for a new period of low-priced cotton. We have forced high-priced cotton by our inde pendent and organized effort. We pro pose to be just and reasonable with the spinners, and not to extort a penny from them by charging more for our cotton than its actual worth. “But the time has passed when they can get our cotton at a penny’s less value than it is actually worth, and likewise the time has passed when the Wall street speculator can beat down our cotton and enable the markets of the world to buy it at less than its true value. “This thing has been done by the Farmers’ Union, and, despite come of the highest officers of the Southern Cotton Association —and having done this much ,we do not propose to tie up any further with the Southern Cot ton Association until it unties itself from Wall street and the spinners.” Why Farmers’ Union Did Not Approve. At a recent meeting of agricultural organizations, representatives of spin ners and bankers in Birmingham. Na tional Farmers’ Union Business Agen% P. F. Parker, of Alabama, made clear, WATSON’S WEEKLY JEFFERSONIAN. in a statement, why the Farmers’ Union was not ready to join in the cotton warehouse receipt movement inaugurated at that meeting. An exact reproduction of the state ment made by him, as setting forth the attitude of the Farmers’ Union, is as follows: “There appears a radical difference of opinion on one vital point. The Farmers’ Educational and Co-operative I nion has gone on record as favoring a plan of procedure that will preserve the identity of the sale of cotton from the time it takes shape at the gin until it loses its form at the mill, and to that end we are building warehouses for the purpose of properly protecting the cotton. We are devising plans by which we can keep correct record of each package from the gin through the warehouse and along all its meand erings until its final destination is reached at the mill where its form is to be changed. “Our reason for this will become ap parent as you think over the situation. We want the farmers to take pride in putting and keeping his product in marketable condition. We want him to become anxious to place his name on each bale, just as does the manu facturer of every merltoriius article of commerce. We understand that certain manufactured articles have be come standard because of the pride taken in perfecting and maintaining the quality of the goods. We also find that certain largo commercial and banking interests have been built up and maintained by painstaking exact ness in working out the details of busi ness. This we propose to do through our warehouses. “That the spinner will agree with us there can be no doubt, as what he wants is actual cotton. This he is sure to get if he deals with the farmer di- rect. We are sure he can no more spin a negotiable receipt than he can a paper contract. Therefore, all he wants to know is that the farmer that produces the cotton, the warehouse man that weighs it, the cotton union or exchange that transfers the title are each responsible for their share in the process of transfer, and the point the banker should be vitally in terested in is that it is actual cotton and not paper contracts that he is risking his money on. The Farmers’ Union proposes to actually meet these conditions by absolutely refusing to part company with the cotton until the price agreed upon by the National Union has been reached. “We are told that this cannot be done, because of the economic law of supply and demand, and there are peo ple so short-sighted as to think that we hope to abrogate that law. Our purpose is to enforce the law of sup. ply and demand in fixing the price. We will first fully consider the actual demand in view of the probable sup ply and then fix an equitable price, based upon supply and demand, legiti mately coupled with the cost of pro duction. When this is done we shall maintain the price by regulating the supply to the demand. This can he done only by our being in position to take care of the so-called distressed cotton and prevent its being dumped on the market. Here is the first place we see for the banker to legitimately enter the proposition. If he will fur nish us cheap money on actual cotton, allowing us to retain ownership until our prices are reached or we get ready to sell he can co-operate with us. The next place the banker can help us is in handling bills of lading. Here, again, the banker is interested in our preserving the identity of our cotton and not letting it be swallowed up by a bill of lading that, like a certifi cate or paper contract, may be a fake. “The spinner is very much inter ested at this point. He wants the banker to be absolutely sure that the bills of lading represent actual cotton, definitely described and actually on board the cars. To know this he not only wants the number, grade and weight of each package, but he also wants the car initials and number. “Gentlemen, in view of these facts and the further fact the speculator and market manipulator more fully understands the processes of juggling with certificates and paper contracts than does the actual farmer, we would respectfully suggest that the putting on foot of this proposed exchange be deferred until a more thorough equip ment of the machinery of warehousing and grading is perfected and a more definite understanding with the spin ners is reached on a question of a di rect deal. Hoping that our position has been made sufficiently clear and that you may intelligently compre hend just where we are, we thank you for the privilege of thus presenting our views.” < <. A CLEAN SENATOR. > Senator John T. Morgan, of Ala bama, occasionally writes magazine articles which involve a great deal of research, but he uniformly refuses to accept pay for them. In the course of his public career he has been of fered innumerable railroad passes, but never accepted any, either for himself or any member of his family. Though over 80 years old. he thinks nothing of working half the night. The sena tor never haunts the departments look ing for jobs for constituents. Os mod erate means when he entered the Sen ate, he is now a poor man, having lit tle or nothing but his salary. PAGE SEVEN