' -I V. v
COTTON PRICES.
Ex-Gov. Heyward's Address to
The Farmers on the
COTTON SITUATION.
He Thinks That All Should Stand
Tojtelhcr for Hislifr Prices?Ohrs
Much Valuable Information on the
Cotton Vuctttion, Which Will Prove
Interesting ItradlnK, Not Only to
Farmers, hut to All.
Ex-Gov. Hey ward was one of the
principal speakers at a farmers' contention
held n Orangeburg recently.
The meeting was held for the
purpose of considering the cotton situation
and this subject was thoroughly
treated by the former governor.
He said:
"The question of most vital Interest
to the cotton planter today, his
crop being practically made, is the
question of price. in this he not
alone is interested- The whole South
Is equally interested with him in the
producton and lharketing of the cotton
crop, because this crop Is today
our most important industry, contributing
aa>.'1t did last year $800,000,000
to Che business of the South,
$500,000,090 of which came to us
as a resuljrof exi?orts.
The pro ducers of cotton realize the
faot tbw in this question of price
more 1+ al -take today than simply
the one crop of this year that a new
psjflnf in the industry is being entered'
upon and a new basis of values
determined. Economic conditions are
swn that t.be period of low values
'lytiich have recently prevailed is no
]r?nger possible. A new commercial
" joasis of value must he agreed upon.
/We are in what might he termed a
ffl transition state because of the great
ft tiuctations in price, which are the
tendency of the day. prevailing last
, year to the extent of 12"? per cent.
What the farmer wants is not only a
MR remunerative price, and to this he is
justly entitled and he has a right,
to demand, but lie also wants that
^ price as staple from year to year as it
p& j is possible to make it. In determinJ
inn what that price shall he two Iin/
portant considerations must be inslst*
'.^d upon?one as important as the
oeV to the producer. The price
,,ai\must yield a fair profit to the
proVer- 1>ul mi,sl not be so high
thatV w'" 'u any degree check or
curta, *be wonderful increase in the
consumption of cotton which has
taken 'ace during the last 10 years,
for if idoes disuster will follow,
free Fucts Established,
v "Thre-fart? have now been indisputah'
established in connection
cotton industry and these
rihn everything to the grower of
^.otton. The first is that the South
has a monopoly the world over in the
raising of cotton; the second, that the
1 consumption of cotton is increasing
. wonderfully each year and the third
that the South has the ability to keep
pace with the Increasing consumption.
These three circumstances combined
mean that the South will he the richest
and the most prosperous part of
the greatest country in the world.
"In order not. to he dependent upon
the South for their supply of cotton
foreign spinners have searched
tlio vvorlfi nvnt- fnr ?i vainwp nf sjnnnh
and with what result? The only
countries which enter Into competition
with the South in the export of
cotton are Egypt, India and Brazil.
Although cotton has been planted In
Egypt since 1821 that country has
uever raised more than 1,200,OOP
hales, and that last year. The land
in Egypt adapted to the cultivation
of cotton is exceedingly limited, and
the quality of the cotton raised does
not place it in competition with the
hulk of ours. India comeB next to
us. hut India consumes nearly all the
cotton she grows and will never become
a competitor in exporting cotton
to Europe. Brazi, where such
efforts have been made to break the
supremacy of the South, produces only
2f>0,000 hales, and the Brazilian
mills use all of this. Peru and Mexico
have undertaken to grow cotton,
hut It practically amounts to nothing.
So much for our monopoly.
Of the greatness and the Importance
of this monopoly, a prominent
American hanker the other day said:
'Bring me all the grain, all of the
provisions, all of the foodstuff, all of
the steel, and all of the Iron of the
4 7 States of this great union, which
was exported last year, and I will sell
the cotton crop of 1907. and pay you
cash, and yet have money enough left
to capitalize 200 national hanks.'
Consumption of Cotton.
"The next question which interests
us Is the consumption. Take n period
of 10 years. In this time the consumption
of cotton in Great Britain
has increased 21 per cent. On the
continent of Europe 2.r> per cent.
"In tlie Northern Sta'es of this
country, once the only part of the
country where cotton was spun to any
|it l (Till., UIUI in IIH' fSOUTllH
.>rn States 149 percent. Tho demand
foi all products of cotton, especially
HI cotton cloth, is Increasing and widenlug
every day. The civilization and
evangelization of tin- world means
B^B the clothing of the world. The cotton
farn can know that when he
contributes his quota towards the
^^H $21,000,000 expended each year in
foreign missions that, he is not only
Maying us treasures in heaven,' hnt
that his 'own will he returned to him
nBi^B with usury.'
9E|^H "And the world can never demand
more cotton than the South can sup|g|
^Lpiy Less tban one-sixth of the land
g|||g|K^Bin the South today is improved; and
B^^^Hess than one-half of that is planted
cotton. Science is being applied to
^^^^^^biriculture more and more each year.
||tag|l|g^Kid science will some day ennhle us
IjjgaaplMH raise twice as much cotton upon
H|j5&??^Br present acreage. Science will,
toSSSOS^Hough fertilization, cause our
BE||^5|^Rds to bear more stalks. Through
BjaBjBMMM^Broved methods of cultivation,
Hw|H? boils witi he grown on theso
Hh8|^H(r and by means of the more
a^HBHH^B'uI selection of seed especially
|Vfl^U^^Hed to local conditions more
will he formed on dvery boil.
H and more efficient labor in
RBHgB^^^B ntton fields?which labor is
HA to come as time rolls on and
5S?|S^g*uth adjusts herself to changed
HHHHns. is also destined to play
part (n the Sooth's greatest
H H I.ive Questions.
Hj^H^H^^^Bich for the future of the cotj^^^HSHnBB^Htry.
But you say: 'We ere
1 1 I nil1' III SB
not ltrinc in the future. We will fcdxnit
all you say. What of today?
When one of you farmers brines your
one. or 10 or 50 bales of cotton Into
Orangeburg, having firmly made up
your mind that you will sell it this
very day, whether the buyer's views
meet yours or not. whether he wauts
it todky or not. ' Should one tell you
about the future you might make reply
in the words of that old missionary
hymn?'every prospect pleases
and only man is vile.' Of course
there are degrees of villainy. The
home man is not as vile as the man
away off. The Orangeburg buyer is
not as bad as the New York speculator.
and he is not. for the simple reason
that the home man buys something
as cheap as he can and natural!
tries to sell it as high as he can,
whereas the other runs down the
price of something which is the property
of some one else and makes his
profit out of the other man's losses.
The simple question today for the
cotton farmer of South Carolina and
the South to ask himself is: 'Is not
my cotton worth more, or will it not
be worth more than 1 am now offered
for it? If so, what shall I do to compel
those who want it to pay its full
value? Both of these questions should
be carefully considered and carefully
answered. They are just as important
to the farmer as any of his investments
are to the banker or the
capitalist. To the farmer they frequently
mean his all. It means the
comfort of his family, the happiness
and the future of his children. The
prudent man is always careful how
he advises his friends In regard to
money investments. The same prudence
should be exercised in ad vising
the farmer in regard to his crop.
If your cotton is intrinsically worth
no more than the market price today,
if it will not enhance in price it is
to your interest, to sell no v. If on
the other hand, it is worth more than
the market, if you will get a better
price by holding it. why. of course,
it Is to your interest not to sell now.
The answer which will lie given *o
the first of these questions depends
largely upon who is the party questioned.
"Unfortunately there has been sol
much speculation In the cotton mar- I
ket that it is difficult for any one.
even a disinterested party aner rare- i
ful study to advise with any decree of!
certainty. He ran only say what
should he: what certain facts warrant.
and In the long run it is facts
that tell. To the second (liiestion
there is hut one answer, should you
determine that cotton is selling below
its value, and this answer is that you
must give your product to the market
only in such quantities and at such
times as consumption demands.
An Illustration.
"To illustrate: 1 am not going to
pay you your price for a horse in the
fall and feed him all winter when I
do not need him to plow until spring.
Especially is this true when 1 must
borrow the money at eight per cent.
When 1 need thy horse then and
not until then?will I he willing to
meet your demands. When you are
so situated that you can keep the |
horse at less expense than I can. and
especiallv when you can insure him
against dying, the proposition is simple
enough. It is to vonr interest to
keep the horse until I am in the market:
even if you have to borrow a
little money on the horse it is wiser
for you to do this than it is for me
to borrow the full amount of the purchase
price. Itut if you insist upon
my buying him now the difference
miict lin hnnrnn liv Veil As it is ill
the snle of a horse so it is in the sale
of a i>ale or cotton. Ail carrying
charges and all risks of fluctuating
markets must he assumed by the
producer, who insistos on selling hefere
the consumer is ready to purchase.
"In speaking to you this morning.
I wish to discuss hoth the present
and prospective prices of cotton, and
also urge upon yon the only method
which 1 see you can adopt to bring
about more favorable conditions.
"As a general proposition we willall
admit that when the consumption
of an article approximates its production.
when the supply meets the demand-that
price for the article is a
fair and equitable one which will allow
.the article to be produced and
consumed at a reasonable profit to
hoth producer and consumer. Of
course with cotton 1 use the word
consumer in the sense of manufacturer.
As to Prices.
"The first tiling to he considered is
the relation between production and
consumption. What are the facts today
in regard to the cotton crop for
the season of 1907-08? Do they or
do thov not warrant the paying of a
better priee than is now being oft
-red?
"The total cotton crop for the year
ending Sept. l, 1907, amounted to
I:t,51 0,982. an increase of over two
million bales over the crop of 190a06,
and a decrease of f>0 odd thousand
bales under that of 1904-05
This increase was caused by the magnificent
crops of the South Atlantic
States being somewhat below ilio average.
Last year on September IT*
the agricultural department placed
the condition of the Texas crop at 7 4 j
points, whereas the report just issued .
places the condition for this year at j
?><> |miiiws. uouisiana nisi year on trie
same date was placed at 73. and this
year at f>.7 points. Mississippi last
year was placed at 7f> against ?">!?
points this year. Alabama is placed
at the same figure as a year ago.
"As we come eastward. according
to the government report, the condition
of the crop is slightly better this
year than it was at the same dsite hist
year: but we must remember the
hulk of the crop is produced in Texas
and the Gulf States. Should we have
an excellent season for harvesting
and a late frost, even then all indications
point to a crop of nearly a
million hales less than was raised ltist ,
year.
ijiist Year's Consumption.
"During last year, of our IS..740.-J
^000 bales of cotton the world had up
'o' the beginning of this season consumed
12,000,000 hales, carrying!
into the present season only 1,000.-;
000 bales, and this amount was widely
scattered in this country and
throughout Europe, making stocks'
comparatively light at all points of ;
consumption.
yUnder these circumstances, with
out any increase in the consumption
of cotton during the coming season,
the supply will not exceed the demand,
but the chancesare all in favor
of an iucreased consumption. As T
have already stated, during the past
10 years the consumption of cotton
by mills in Great Rrltian and on the
continent of Europe averaged 23 per
cent, increase and in the United
States 93 per cent. Our cotton consumption
has been increasing during
past decade at the rate of about 5 per
cent* yearly, and we therefore have a
right to expect, especially in view of
v
1 a A ?
HKK ' " '
wtflKfv
\ .
f ". ?' *>
the unprecedented prosperity of the 1
country, an increase in consumption 1
of at least one-half million bales. f
"The years 1905-06 show an in- c
crease of over this amount. There- t
fore summing up: with a crop for <
which all indications point to a i
shortage of one million bales, a proh- <
uble increase in consumption of five <
hundered thousand hales aud carry- <
ing over into the coming season not t
more than one million bales, prices t
can not legitmatoly be depressed by t
the claim that the world does not (
need every pound of cotton which the 1
South will produce this year because t
the supply scarcely equals and cer- i
tainly will not exceed the aemand. 1
Fair Prices For Cotton.
"X fair price for cotton for this f
year and for every year as long as
present conditions continue is a price
which would be renumerative to the j
farmer and which will also allow the
manufacturer or consumer to realize
a legitimate profit upon his investment.
To this both are entitled, and
this both have a right to demand.
Neither will receive it unless they demand
it.
Of course the most difficult proposition
to be encountered is the determination
of a price which will l?e
mutually agreed upon as fair and
equitable by both producer and consumer.
The first step to bo taken in
arriving at such a price is to decide
whether the prevailing prices are the
proiier ones. Are they too low or are
they too high? In my opinion they
are lower than circumstances warrant.
and I believe that if the farmers
will take steps they should take there
will follow an advance in prices. To
what extent this advance will go T
am unable to say: and no one. gentlemen.
is in a position to determine
this question; no one actually knows.
"The farmer has a right, which every
one concedes, to hold his crop for
If. cents a pound and to hope that if
properly marketed it will reach that
t figure. 1 join with him in this hope
because as I have already said, the
i prosperity of the Southern cotton
j planter means the prosperity of the
South. As lie grows rich we all in
the South grow rich with him. Rut 1
am unwilling today to take upon myself
the responsibility of saying that,
in my opinion, if you hold your cotton
there is any absolute certainty of
its emhnucing in price to 15 cents a
pound. However, there are certainly
more reasons why 15 cents is an
eniutable price than the prices which
are now being paid are fair, and under
such circumstances there is every
reason why our farmers should cease
giving their cotton away at rates
which at present prevail. Cotton in
j Orangeburg today is bringing in the
| neighborhood of 1 1 cents a pound to
Hip producer T.ast year (ho a vera go :
[ price throughout the South for cotton 1
was 10 9-16 cents a pound for middling.
A year and one month ago
! today 9 l-S cents per pound was the '
marketed value of your cotton, but
towards the close of the season, on '
the 27th day of August last, the
same cotton selling in September at '
9 1-8 cents a pound was worth 12
9-1 r. cents a,pound. Why today it
has fallen in price nearly 2 cents? '
Certainly conditions do not warrant
it. If last August, wfth a crop which
necessitated the carrying over into
the next year of one million bales. '
cotton was worth IS 9-16 cents per '
pound, is it not worth just as much
today with a crop every pound of
which will be consumed by the spin- !
dies of the world? That cotton today
is selling for less than it. did 20 or
4 0 days ago is due entirely to the
fact that the farmers by forcing their J
product upon the market play absolutely
into the hands of the specula- '
tors. Every possible excuse is used
by the speculator to 'bear' the mar- '
ket. And whether or not there is any
sense or reason in the pretexts which
they give for a low market, its long '
as the farmers insist on disposing of '
their product as soon as it is made,
these pretexts will have their effect.
1 I'nr I
"If a storm is reported or even if <
a slight atmospheric depression is i
mentioned in the West Indies cotton 1
noes tip on the Now York exchange, i
in tlie fear that the storm will re- I
dnce the production. When the storm t
does* not materialize the market is
promptly reduced because the storm 1
has not reduced the production, t
When the government report as hap- t
pened this week states that the con- t
ditiou of the crop is not as good as it i
was a month ago, the New York
speculators choose to place tin entirely
different interpretation upon
the report. They prefer to say that
white is black, and black it becomes;
and as a result the cotton market
promptly weakens.
"It is the speculator today who has '
the winning hand, and lie will continue
to hold this mind as long as
the farmers allow him every time to
hold the trumps and to play them
when he thinks best.
"It is the speculator and not the
cotton mill people, who, today, is
forcing down the prices of cotton.
The coton mills did not object to the
prices which prevailed before the recent
decline in cotton, for the reason
that they were making a reasonable
profit on the goods wliieh they are
selling, having made their contract (
for goods based upon higher prices
than are being paid today. It is not
to tlie interest of the mills to have
cotton decline. Already as a result
of the decline, cotton yarns have gone
down, and where such goods are
manufactured by mills which have
bought cotton at much higher prices
than prevail today, it is not to the
interest of such mills to have other
mills make contracts for yarns at a
lower hasis.
"To have cotton now continue to
ut-t iint- 11i?**ilis i ur i ru-ir competitor a
who is short of cotton can purchase ^
what he needs for about three cents j,
a pound less than the cotton in their p
warehouses cost them The mill man p
as well as the farmer wants a staple p
price for cotton.: then both can. with t
some degree of certainty, know what r
they can depend upon. a
The Values in Cotton. n
"Cotton may be said to have two n
values: the Intrinsic value and the |
speculative value. Its intrinsic value a
today is considerably more than the ''
farmers are being offered for it. Its
speculative value can only be determine*]
by the manner in which the I
farmers are willing or able to hold up
their end of the line.
"Conditions, taking Into consideration
the supply and consumption. .
make ihe intrinsic value of cotton no
less today than it was when the n>ar
ket opened. Its speculative value ?
will he determined by the ability of
the farmer to hold his cotton for advanced
prices. Cotton has In the past c
decade, with conditions far more un- h
favorable than they are today, reach- h
od IS cents. This, however, was the t
result of speculation, for within five 11
months cotton fell to nine cents, the n
'corner* having been broken. t
"Being interested In the warehous- n
nf or cotton and Joining the several
armers' organisations in advising the
armers to hold and warehouse their
:otton this year. I feel that I can not
ake upon myself the responsibility
>f saying to what extent you have a
ight to expect cotton to advance. I
lo say, however, that you are not le:eiving
today what you should re:eive,
and that I believe this year of
ill years Is one in which a stand
ihculd be made and higher prices
intended for. I believe that holding
xitton this year will be to you a proftable
investment. I am as much inerested
in its being profitable as you
ire: for I realize the fact that -should
>rices decline not only yourselves but
he warehouse system will receive a
lerlous setback.
Secret in Marketing Cotton.
"The secret, as I have already
itated, in marketing cotton is for the
armer to give to the market the coton
as the market demands it; and
his he can best do by warehousing
lis cotton. Although I do not beieve
that it would be to the inter?8t
of the farmer at any time to hold
ill of his cotton for the reason that
he farmer then becomes the only
mil in the market, being the only
ine who owns cotton. If your cotton
s gradually marketed every one who
actually buys and owns 1,000 bales
s to a certain extent on your side
ti the tight to maintain the price?
le does not wish to sell and it is not
:o his interest to have the commodity
which he owns lose its value.
Bven where a mill has bought cotton
tor its own consumption it is not to
he interest of the mill manager for
several reasons, to have cottou dediue.
In the first place it gives his
competitors who do not own cotton
in advantage over him in the manifacture
of goods and where he has
,o borrow money with his cotton as
jecurity. as nearly all mills do, it
nukes him liable to be called upon at
inv time for additional margins. The
cotton buyer is not materially interested
whether high or low prices prevail.
He is interested in each individual
transaction. He simply buys
tnd sells cotton based upon a higher
iroflt for each day's work: and it
ioes not make any difference to him
whether the cotton which be buys
mil then sells brings 15 cents or 5
ents a pound, so long as he make his
irotit. When he become a speculaton
he then of course, has that interest
which every other speculator has,
ind it is very material to hint whether
In1 is on the right or wrong side of
ho market
Question of Holding.
"Kveu if i believed- which I do
lot do that It is to the farmer's iu:erest
to hold all of his cotton at the
opening of the season. 1 would he
somewhat loath to give him such advice.
for the reason that t realize that
lany farmers are so situated that for
litiancial reasons it would lie impossible
for hiui to do so. This being
he case, in such a crisis as this it is
ill the more incumbent upon those
who can afford to hold their cotton j
mil take it off the market to do so.
Ity doing this they not only help
themselves but they help that man
whose financial conditions are such
that lie is obliged to dispose of a certain
amount of his crop.
"It is exceedingly unfortunate to
ill interested ill cotton this year that
l stringency in the money market
ihoiild prevail just at the time when
iu ^ucli..il.l ..I 'I
on uuiiik us ousiness illegitimately.
Vhen the stork and l?ond market is
epressed it means tliat capital for a
ime has become timid, and the more
irnid it becomes the more tendency
t lias to wlthdra.v from circulation,
nd the more stringent money beonirs.
Hanks Arc Taxc?l.
"While the banks of the South, of
ourse realize fair profltR upon the
mslness created by production and
landling of cotton, still oftentimes
hey are taxed to their utmost capacty
to furnish to this industry in its
nany ramifications all of the money
hat It demands. The hanks furnish
noney directly to many of our fari
*
1* It- * ? I t uitpii uivit: aiiu l*? 1 II*" i
ulvantage of the cotton planter to
keep off the market as much as he
possibly can. in some quarters tliel
heory prevails that the hankers and
merchants of the South and the country
generally are not helping the farmer
all they should to hold on t<> his
otton. If the stringency in 'lie nion?y
market were local, if it were < ontitled
in the South alone, if the man
who buys* cotton were not having
qual difficulty with the man who
auis cotton to borrow money with j
which to buy or hold, then there
might be some basis for such an impression.
The cotton industry is
more important and of greater interest
to Southern financiers than any
tnd all industries of the South coinPined,
for it is the basis of Southern
prosperity. Not only this, but a
liank makes it money by lending
money to any and all who have proper
collateral, and if the Southern
tanks were in a position today to advance
money to the manufacturer,
he cotton buyer or farmer for cotton
ransactions they would uuquestioniltly
do so.
Money Stringent in (aencrul.
"The present stringency in the
noney market is not confined to the
>?>iitIt and to Southern hanks. it
ireiails. I might say, throughout i he
Jnited States and Canada, and the
tame conditions exists in Europe.
The unusually high rate of discount
vhich today prevails in Itritish
tanks testifies to the fact that the
tresent money stringency is worldvide.
and that for the time being, at
east, the world's monetary facilities
ire inadequate for the volume of
insiness both in progress and conemplation.
"It does not help matters for us
o decry and to blame any one eslecially
for the present condition of
ffairs in this respect. The scarcity
f money affects all alike, and we can
o nothing but meet the situation as
. e find it. realizing that we are today
nnl'rnnlorl with o o/?n/iitu?? ..
...... m wiiuii iwii cinti mil ?l
hoory. Many men differ as to the
ause of this condition, hut in my
pinion, the stringency in money is
aused by the fact that the people of
his country and of Kurope have sillily
in the last year overreached
liemselves in the amount of business
hat they have transacted. Not only
his, hut the large profits wnich have
eon made in business have been inested
in improvements, comforts,
nd. I might say. luxuries of all
inds. Therefore, for the present, at
?ast, money, which is simply a nied11111
of exchange, must catch up, as
t were, with the many uses to which
t has been applied. In addition to
his the tendency of the day is to
egulate and control the large corporte
interests and trusts. While in
lany cases this is proper and legltilate,
and niost desirable, still for a
ime at least It depresses securities
nd will continue to have this effect
ntil we can draw a distinction heween
the corporation doing its btisuess
legitimately and the corpora
mer*. They discount the notes which
others of our formers make to the
merchants. When a farmer gives his I
note for fertilizers that note before
very long finds its way to the honk,
and the same is true often with the
mules and implements which he /
buys. When the crop is ready to tie
harvested the hanks have to supply ?j
the money with which to inove it, ,
and until that time, everything has .
been going out and nothing coming 1
in. When the Southern banks, therefore,
are called upon to furnish money
with which to hold the crop unites
a large amount of the money wanted J
goes to pay the notes made to the
merchant and to the fertilizer mau I
they are in times such as this, when
money is as tight as it is now. and 'j
they can not obtain funds from reserved
centers?because tho ??m?? -
conditions prevail there?-often unable
to meet the demands which are ?
made upon them. There is every rea- *
son to believe that in a very short
time the money market will become 1
easier and the banks throughout the
South will be in a much better position
than they are today to assist the
farmers in holding their crops and 1
also to lend money to buyers and
mills.
"1 have recently made every effort
that 1 possibly could to place the
customers of my warehouses in communication
with those who were in a r.
position to lend them money, but
unfortunately, for the conditions
above stated, 1 have not been able to *
make much headway.
"The cotton garmer today finds ^
himself in this position: The conditions
are such with his crop and with /
its probable consumption, that it is
very material to his advantage to
hold his cotton, but on the other 1
hand he is embarrassed with the
fact that in so holding it is necessary
tor him to borrow a certain amount c
| of money, which it is most difficult
for him to obtain, l'uder these cir- .
[cuinstances what is he to do? Why,
the best he can do. Those who can .
| warehouse cotton should do so: those '
who are compelled to borrow money
on it should do so; those who have to I
| borrow should borrow as littleasthev
possibly can: those who have to sell '1
and can not borrow should sell as
gradually as is possible. it is only
by adopting this course that the present
downward tendency of the mar- /
ket can he checked and speculators
made to realise that the Southern
farmer is now in the saddle, and he ^
intends no longer to he dictated to as
to what prices he should receive for
his cotton. ,
llorrowitig Money on Cotton.
"The great mistake which farmers
make when they wish to afreet a '
loan secured by cotton is that they
lay as great stress on the margin )
which the hank Is able to allow as
the Interest which the bank charges. 1
The question for the farmer to hlwavs
ask himself is this: How groat
a margin, and not how small a margin.
ran he get on with? It is had
business for him to borrow on the
cotton more money than he actually
needs. He simply has the interest to 1
pay. And then, in addition, when he t
borrows more on the cotton than the
cotton costs and stores the cotton,
hoping for a further advance in price,
he immediately becomes a speculator
to a greater extent than it is prudent
for him to be. If lie is going ""to
speculate with his cotton the safe
rule with him to follow is to speculate
only with the profit which ntav
be made in the cotton and not with
the cost of the crop.
"Although cotton still reigns as
king there is a crisis today in the affairs
of his kingdom. Much will depend
upon the outcome, for the issue
is whether his reign shall be helpful
or hurtful to those who are his most
loyal supporters. The fight is being
waged fiercely on both sides.
"It is told that once In the midst of
| a battle the color bearer carried forward
the colors and planted them In
advance of the wavering battle line.
The soldiers called to him to bring
the colors back to the line. His reply |
Mill! 'Di'lnn tlin 1ln? ? " 4 ' '
I "" " ? ?'?" '"""in.
So tod.-'v, from those who have at t
j heart the t>est Interests of the rot- a
ton farmer, comes the cry, not only t
to stand firm hnt to advance to the \
standard and carry the fight Into the t
I enemy's country. The road to vie- c
tnrv is nointed out: to a victory _
whi"h will he as heneflcient as it will
lie lasttnc. Vnd it onlv remains to .
he seen whether the farmer will tahe
that road or not."
DRY TICKKT WINS. |,
0
Tlif City of Asheville Vcdrs (Mil the ^
liar Rooms.
t
A dispatch from Asheville, N. C., n
says no such sight was ever witness- j
ed in any city of the South as was
enacted there on Tuesday of last Q
week when Asheville by a vote of j,
nearly 1000 declared for pronihition.
The polling places were thronged "
with women and children who bold- /
ly pleaded with the voters to vote *
dry.
Large delegations of women and
children surrounded each polling
place singing and praying during the
day. The campaign for, and against
prohibition, which has just closed,
has been undoubtedly, the most hotly
contested and keenly interesting
fight of the kind in the history of
Asheville.
The financial and business inter- L
estshave been about equally divided,
and each side has worked with much
vim and vigor, .the prohibitionists
being led by W. H. Whitson, a prominent
business man, as chairman of
the executive committee, while exRpnrcccntativo
I I.Vo? CI 1
... . .fw.ici viicnii, nas
acted in the same capacity for the
anti-prohibitionists.
An interesting feature of the campaign
has been the large number of
parades organized by the prohibition
forces there being parades
composed of children, parades of
women and children, and parades of
men. the torch light parade of the
prohibition voters which marched
through the streets of the city Monday
night being the largest of the
kind ever seen in Asheville. The women
of the city have taken a most
active part in the fight for prohibition
and their presence at the polling
places in large numbers was ^
somewhat of a novelty in elections H
in Asheville.
Owen Wister, in a magazine arti- T~
cle of current date has sized up the 1
situation in Pennsylvania and his de- I
finition is being generally accepted
as the best yet. Mr. Wister speaks
to the point. "Pennsylvania today,"
he remarks, "is a government of
knaves at the expense of fools." L
' > /
The Boy. j
wouldn't be a single thing on earth
Except a boy.
And it's just an accident of birth
That I'm a boy;
tnd. goodness gracious! When I stop
and think
'hat once I trembled on the very brink
)f makin' my appearance here a girl,
t fairly makes my ears and eyebrows
curl,
But I'm a bov!
ust think of all the jolly fun there is
When you're a boy!
tell you! you're just full of business
When you're a boy.
?t i- 1 n -i ?
ucrc ? urea to uunu in an ine vacant
lota,
lo swimmin,' tie the fellers' clothes
in knots,
?ie tin cans on the tails of dogs; why,
gee!
"he days ain't half as long as they
should be
When you're a boy.
"here's lots of foolish things that
make you tired
When you're a boy.
"here's heaps of grouchy men that
can't be hired
To like a boy;
"here's wood to chop at home and
coal to bring,
Vnd "Here, do this?do that?the
other thing!"
Vnd. worse than all, there's girls,
oh, holy smoke! .
Vre they a crime, or just a joke
Upon a boy?
Vnd then there's always somebody
to jaw.
When you're a boy?
somebody always layin' down the law
To every boy;
'I'ick up your coat; see where you've
put your hat;
)on't stone the dog; don't tease the
poor old cat ;
>on't race around the house"?why.
sufT'rin' Moses!
"he only time you have to practice
things like those is
When you're a boy!
Vnd yet I don't believe I'd change a
thing
For any boy;
fou've got to laugh, to cry, to work,
to sing.
To be a boy;
iVith all his thoughtless noise and
careless play,
iVith all his heartfelt trials day by
V*"J
iVith all his boyish hopes and all his
fears.
'd like to live on earth a thousand
years
And be a boy.
( iven l"p die I'inUt.
The efforts made by the State of
Louisiana to keep out the cotton
)oll weevil have been unsuccessful,
tnd the commission having charge
)f the matter has about given up the
ight. The conclusion arrived at was
that the weevil could not be externinated.
but that its destructive operations
could be kept down in a;
neasure by the farmers in careful
planting and theburning stalks.
It is said the commission has had to
urn and light the Guatemalan ants,
vhich were imported to destroy the
veevil. It has proved of a more men -1
tee than the weevil ever was, and is|
tow seriously threatening both the!
>rgange and sugar-cane industries by j
ts ravages. These same ants almost:
viped out the sugar plantations of
Jrenada, in the West Indies in a
ampaign which extended over ten
rears.
1 P A I ? % . ?
ix xnis is true, and tno American
Vgriculturist says it is, it was a silly
md disastrous experiment t?? import
hese nuisances to the United states,
vhich already has more insect pests
han it can handle. These creatures
an't be used like sleuth-hounds to
un down any particular game, and
.re sure to follow their appetities
nto new fields.
Thkrk should be a complete revoLition
in the preparation and packing
if our cotton market. We are told
y those who have been there that
housands of bales of American cnton
reaches the foreign market with
ot a shred of covering on them,
'his careless way of doing business
auses our farmers to lose millions
f dollars each year. Why not stop
?
JATALOGl
SSjpt# SSNI
wpnEj ?
arge Whito Iron Hod
$S.90 KM*
Ho*intlfni .
3o inch' . lut
MP)
oslin Blanket, por pair .. ..$1.68
Floor on Cloth,' per' i
If? LION FURN1
Ciwh or Credit.
COLUMBI
THE ONLV
In Columbia. South Carolina, maklni
fhing in the Machinery Supply Lint
Write us for prices before placir
OOLl'MBIA SUPPLY iX
On corner opposite Seaboard Air 1
VARDAMiW ROASTS ROOSBVEM
Hp Id Iter Rrvohrtlonbrt and Pa*?tmaatpr
In Yerbiagp.
Governor James K. Vardaman, of
Mississinoi ~
rK. r wrn* mmmrn Iiitvi V IVVT ^IVCU 111
reply to President Roosevelt's speech
at St. Louis, strongly denounced the
president's policy and called him "a
revolutionists." The governor says:
"Mr. Roosevelt is a past grandmaster
in the use of words. With
the great French diplomat, he evidently
thinks that language is to
conceal rather than express thoughts.
Within the pile of verbiage there
lurks the most pernicious principles
and vicious politics that ever wrecxed
a republic or destroy the rights of
the people.
"He nas preached purity in politics
and at the same time accepted
from the railroads contributions to
corrupt the ballot. He accepts the
ottice bought for him by criminal
contributions and then turns around
and undertakes to preach political
honesty to people who corruptly
bought for him the office he holds.
A wonderful man. indeed! And
more remarkable still is it to me that
the people of Missouri are caught by
the little cheap flattery and platitude,
which he indulges in, when he
comes on his shaking tours to the
South.
"The constitution of the United
States is to this man a blank piece of
paper, upon which he would write
anything that his judgment might
prompt or his political fortunes dictate.
"Mr. Roosevelt is a revolutionist.
He has no respect for the law of his
country, constitutional or statutory,
if they happen to interfere with the
consummation of any of his schemes
or plans. The fiat of his spasmodic
will, superinduced by consuming vanity.
is the only law that he respects."
>l.\\(il,i:i) IN A CJIX.
A Young Man Dies as a Uesult of
Accith'iit.
Henry Hyatt, aged 29 years, while
attending to the steam gin of his
father Thursday, about three miles
below Dillon, hud his arm caught in
the gin. The entire limb from finger
to shoulder joint was fearfully mangled.
Drs. Henslee , Mlchaux and
Goddard were called in at once and
did everything possible to save the
young man's life, hut he never rallied
from shock and hemorrhage, dying
at fotir o'clock the next morning.
He leaves a wife and two young children.
We are sure there is not a newspaper
of any intluence in South Carolina
that does not sympathize with
the farmers in their light to maintain
pood prices for cotton. They
may not all see the situation in the
same way, but we believe they are
all patriotic, anil are doing what they
car to help along the good work. So
don't let us criticise one another and
divide our forces.
Ai.l the people in the South will
not become prosperous until the farmers
can hold their cotton and sell it
when the prices suit them. Then they
would not bo compelled to take any
old price for their eotton that might
be offered them. We hone to li"c to
see the day when such will bo the
case.
-C " "V Low Prices
Guaranteed I
KSW * Kycs A ecu ralvlv
Fitted BYMAIL
Framem fitted f?? face perfectlu
Fit EE examination blank*
CRYSTAL OPTICAL COMPANY
213 Temple Court. Atlanta, fia.
This is He ((quarters
FOB
Pianos and Organs.
You want a BWPdt toned and a durable
instrument. One that will last a
long, long life time.
Our prices are the lowest, consistent
with (he quality.
Our references: Are any hank or
reputable business house in Columbia
Write us for catalogs, prices aud
terms.
MALONF/S MUSIC IIOUSR.
Columbia. S. C.
J E FREE!
^
< n I'alm. Alarm Clock, large ni7,?,
;h . . 75c nickel uso
Cocoa Door Mat- Ut9i ?
- ?4/T3\ irt.i vn**
bqxkir* yard. . 40c ^
iidbe c?.. Tn :
Order by Mail. Iju^r Oak Chatr.
a, a a cobler seal t8o
HOUSK
? a sperinltv of handling everyig
order elsewhere.
Oolumbia, S. C.
Line Passenger Station.
. * . M:,