The watchman and southron. (Sumter, S.C.) 1881-1930, October 14, 1914, Image 6
PUNS FOR COTTON LOAN.
WADK'S ASSOCIATES EXPLAIN
sr. locis s< iikmj:.
New York Expcetcd to Contribute
$.10,000,000 or More to (?reut I'ool?
Fund to Be Formed by Subscription
fron Natiouul Hunks.
I ?
St. Louis, Oct. S.?Details of the
proposed $160.000.000 cotton pool,
planned by Festus J. Wade, a local
hanker, anl now being considered by
the secretary of the treasury and the
federal board as a means of relieving
the cotton crisis, were made public
here tonight by business associates
of Mr. Wade. The latter, with a dele?
gation of st Louis business men. Is
on his way to Washington.
A statement prepared by Mr. Wade
before his departure today says It Is
expected that New York city will sub?
scribe $60.000,000 to the pool, and
perhaps more. St. Louis Is expected
to contribute $7.600.000.
The loan fund Is to be formed by
subscriptions from national and State
banks and trust companies, mer?
chants and manufacturers through?
out the country. The pool Is to be
menaced by some large firm experi?
enced In such business, assisted by an
advisory committee of prominent
banks and cotton handlers.
At least 100 financial center* will
be asked to contribute to the fund
to provide storage facilities for the
surplus cotton and to Issue uniform
negotiable warehouse receipts for the
cotton, which would be used as col?
lateral
The syndicate will name barks In
various points in the South to handle
loans and perhaps hold them in trust
for the syndicate. Each Institution
making a loan will receive the notes
of the borrowers, with the ware?
house receipts and insurance on tho
cotton in favor of the loaning bank.
The reliability of the warehouse Is
to be guaranteed by the banks
through the clearing house associa?
tion.
All loans, according to the state?
ment, shall be made payable on one
year after date or earlier at the bor
romer's option, with the right on the
part of the agency bank to extend the
loan six months and for a second term
of six months with the approval of
the syndicate managers.
Explaining that it is not Intended
that the fund should bo put in com?
petition against financial institutions
which usually loan upon cotton, the
statement proposes an Interest rate
of 7 per cent, per annum Instead of
the customary 6 per cent.
In addition there will be a charge
of 1-10 of 1 per cent, per month to
meet such expenses as compensation
for the syndicate managers, advertis?
ing and other es?"ntlals to the organ?
isation.
It further Is explained that this ex?
tra charge Is proposed so as lo dis?
courage the holding of cotton beyond
a period when It could be sold at a
reasonable price.
W Hit. I IT CASE CLOSED.
Resignation of Justice Brings It to
End.
Washington, Oct. 9 ?The Wright
Impeachment inquiry came to its for?
mal end today when the Investigation
subcommittee met for the last time
and nooil- report to the full Judiciary
committee of the house that the res?
ignation o.' Justice Wright had put u
stop to the Investigation. The judic?
ial committee will make a report to
Ifie house recommending that no fur?
ther action t?c taken, in view of Justice
Wright s reslgt allon.
In Its report, the subcommittee
states that It look testimony for and
HK'HMHt Justice Wright for 4 da vs.
hut that the resignation of the Jurist
makes fu* .ner Hearings unnecessary
a>id calls for the dropping of the en?
tire proceedings.
He was charged with misconduct
while holding the position of Judge.
These proceedings w* re begun by W.
H. Cooper, a bunker of this city, for
m< rly of South Carolina, und It Is the
general understanding here that Jus?
tice Wright's resignation was the re?
sult of Mr. Cooper s charges.
^ WOCLI> AVOID DELAYS.
Newspaper Men I r?e Cluingc in Tax
Hill.
Washington. Oct. 9.?Newspaper
publishers generally are preparing |o
ask the senute to change that portion
or the house war revenue bill provid?
ing for a stamp on the hills of lading
on nil packages. Newspaper owners
do not object to paying the lag hut
contend that neither thr railroads nor
other transfer t.item companies will
hold their ? urs until newspaper pack?
ages are checked, stamped ami re?
ceipted for.
Pittsburgh newspaper publishets
who hi < Inquired Into that section
of the bill. BSgaSJSat th.it a ls\ could
be Imposed o-i the stall of sworn cir?
culation.
Messrs. s. M. Mitchell and John D,
Kpprrson will send fowls from here
to Augusta to the poultry show.
TOTAL ELIMINATION URGED.
ADY<H \Ti:s nilM UHTOX HILL
commm to adopt this
sit i FMK.
Arguments Favoring Idea Made by
Representative ?tl/cus, While Op?
ponent.-. Kay Proposition 1s l'neon
stltutlonaJ.
Co1unil)la, Oct. 9.?Pressure is be?
ing brought to bear upon the speei.il
committee from the house appointed
to consider hills relating to the cur?
tailment of cotton production to re?
port a measure providing1 for the
elimination of the staple entirely in
1915. It Is impossible, to Judge with
any degree of accuracy at this sta?,'e
of the session what headway the to?
tal elimination idea is making among
the members of the house at large, but
there are indications that converts are
being rapidly made to the plan of pro?
ducing no cotton next year.
The select committee from the
house held two meetings yesterday
one In the afternoon and the other
last night. The committee will hold
Its third session at 9 o'clock this
morning in the room of the supreme
court.
At the afternoon session of the se?
lect committee, four advocates of the
entire elimination of cotton as a crop
in 1915 made arguments before the
committee. They were: J. Q. Ander?
son of Hock Hill, Wade Stuckhousc
of Dillon. J. J. M. Graham of Wil
llamsburg and J. A. Ithamc of Lee.
Last night W. F. Stevenson of Che-1
raw and other members of the house
who have introduced bills Intended to
reduce the production of cotton in
1915 were heard by the committee.
The revolutionary idea of elimi?
nating cotton as a crop in 1915 is
being opposed on the ground that the
I general assembly has a right to regu?
late the amount of the crop produced,
! bu* that the police power of the
State does not give scope for the de?
struction of the crop in its entirety.
The question of the unconstitutional
Ity of a law prohibiting the growing
of cotton would have to be threshed
out In the courts.
The problem which the select com?
mittee from the house is trying to
solve is recognized on all sides as of
tremendous importance to the State
and the South at large, involving as it
does between $30,000.000 and $50,
j 000.000 to South Carolina cotton
growers alone. The committee has
avowed its Intention of making its re?
port to the house as early as it can
consistently do so, In view of Its de?
sire to have the fullest and freest dis?
cussion of the whole question of the
curtailment of cotton production.
The members of the select com?
mittee from the hcn*e now engaged
In holding a series of hearings on the
question of curtailment are:
Mr. Lee, Darlington, chairman; Mr.
Dclser, Sumtcr; Mr. Pegues, Marl?
boro; Mr. Atkinson, Chester; Mr.
Hluckwell. Laurens; Mr. Itcthea, Dil?
lon; Mr. Mower, Newberry; Mr.
Wyche. Spartanburg; Mr. Welch,
Klchlaml. Mr. Epps, Sunder, und Mr.
Kiley, Saluda.
?OUTHKRX T<> issi'K dividend.
Iteduees Disbursement to 2 Per Cent,
und SuhstIt utes Five Year Puirt for
Cash.
New York. Oct. 9.?The Southern
Railway company today declared a
semi-annual divided of 2 per cent,
payable in scrip on its preferred stock.
Action on this dividend was deferred
several weeka ago because of the un?
settled llnanit al condition.
The scrip is payable in live years
Bad bears interest at Uli rate of 1
per cent, a year The rate of the last
semi-unnual dlvhi-nd was 2 1*1 per
cent, and it was payable in cash.
Explaining the reason for paying
the dividend in scrip instead of cash,
the directors issued this Statement:
"Although the full dividend of L' 1-2
per cent, for ihe period had been
earned, the board deems that in view
of failing off of revenue and the con?
sequent necessity for retrenchment <?i
expenses, it was fair that Stock hold?
era should share with employes am!
o beers of the company a aaciiflce of
ii sir current income."
( alls roit ECONOMY.
w 11-on Urges Cabinet Offerers to lie
(a reful.
Washington, Oct, 9. strict Injunc?
tions t<? practice economy during the
coming year were given by President
W ilson today to cabinet members who
called to dlSCUSS with him their esti?
mates. whi< h are to be sent to tie
treasury next Wednesday,
Hltlllsil simp AMIIOIIK
St. Oiiciitiu Hau Aground Near Tyhcc
Island,
Sa\ anhahi i ?? t i The i irltlsh
ileamehlp s . Quenlln tan ashore i
mllcej ??ff Tybee last night. The ship
Is at the mercy of the waves. Titus
h.i\ e been sent to her relief.
MW IM Kl l HITK'lsr.S HENRY PLAN
ion DIRECT FEDERAL aid.
gays Scheine Is Not Practical aiul Ob?
jects to Features of it?Such Action
Would tu* t'iidcinojcrutlc?Take up
St. Lotik.s IMan.
Washington, <>ct. !>.?The plan for
direct federal aid to cotton growers
to the extent of $400,000,000 was the
subject Of sharp criticism in a letter
to Representative Henry of Texas,
made public tonight by Secretary Me- j
Adoo. The letter is in reply to recent j
statements to the house by Mr. Henry.
Mr. McAdoo announces that the
propeeal to sell $160,000,000 of Pan?
ama Canal bonds to bolster the cot?
ton crop is not practicable, and gen?
erally objects to all the features of
the Henry plan. He calls attention to
the fact that those who dealt in to?
bacco, naval stores, copper, silver and
other commodities have not sought
government aid,
"If we disregard every suffering in?
terest except cotton," he said, "and
make It the sole beneficiary of gov?
ernmental favor, what becomes of the
Democratic principle of 'equal rights
for all, special privileges to none?'
"If wc enter upon the course you
suggest we must help every distressed
industry impartially. To do that
would necessitate the issue of many
more than $400,000,000 in bonds and
greenbacks end dangerously involve
the credit of the government. It
would be a hopeless undertaking, in
dellance of every sound principle of
finance and economics with certain
disaster at the end."
Representative Henry introduced in
the house today a compromise loan
proposal presented In a bill framed
last night by a conference of South?
ern members of congress. It would
reduce the proposed loan to $250.000,
000. Mr. Henry also sent a letter to
the house banking committee asking
a prompt hearing on the bill.
While Mr. McAdoo was writing his
letter the committee of St. Louis job?
bers and bankers, headed by PestUI
J. Wade, was in conference with a
committee of the federal reserve
board over the proposed $150,000,000
I cotton loan fund to take care of the
I surplus cotton crop.
No decision was reached and the
i conference w ill be resumed tumor
I row.
Oov. Hamlln and Messrs. Warburg
and Harding, the board committee,
will discuss the proposal tomorrow
before they meet the bankers and
later the full reserve board may take
it up.
The discussion today dealt with de?
tails of the proposed loan fund.
Hoard members were interested to
know what profit the hackers of the
pool expect to make and what its
I bencllts w ill be to the cotton pro
I duccr.
I Mr. McAdoo's letter to Mr. Henry
went exhaustively into the aid to be
extended by the treasury to the na?
tional banks In cotton States, show?
ing that It had Issued to them since
the wur began $?1,000,000 in cur?
rency; that its crop funds amount
to $11,337.000; that its regular do
I posits in the South total $10,065,000
and that there is available for South?
ern banks in compliance with law
$151,000,000 more in additional nat?
ional bank currency.
"What Is really wanted," said the
letter, "is a restored market for cot?
ton." The value of cotton has been
I
injured this year by the European
war. This Injury can not be relieved
nor the market restored by legisla?
tion, any more than the Injury to
corn which was caused by the drought
last year In the great corn States of
the West could have been repaired by
legislation.
In bis letter Mr. McAdoo denied
that he had the right to deposit treas?
ury funds, of which Mr. Henry had
said there were "several hundred mil?
lions," exclusively in the South. The
statutes require, he said, that such
funds be distributed as far as practi
abie "equitably between the different
States and sections."
"if the government had several
hundred million dollars In the treas?
ury," Mr. McAdoo said, "congress
would not be engaged now In passing
:i new tax bill to repair the loss In
revenue occasioned by the European
war."
in conclusion the letter says:
"The powers and resources of the
Southern States should be employed
for the benefit of their people and
the national government should nol
be expected to do things Which lire
beyond Its power. I am glad to state
lhat the federal reserve banks
throughout the country are now prac?
tically organised. The resources <>r
these banks will be uvallalde in the
Very near future and should aid tin
linumial situation and ail kinds of
business."
Tornado In KailMIs,
Knllnn, Kan.. < >ct. |o.- A tornado
last night killed John heerfelt, his
family of four and Injured three oih
NTg.
BILL PERMITS PLANTING si A
ACRES IN COTTON TO WORK
ANIMAL.
Measure Making Staple Taboo in
1U15 Will bo Introduced Besides
Committee's Measure ? Hearing
I nded Yesterday.
I Columbia, < >et. 10.?A bill propos?
ing the curtailment of cotton produc?
tion In 1115 at least l-.'i per cent,
j will be reported to the house next
[Monday night by the select commitee
(of 11 members appointed to consider
|all bills relating to this subject. The
j curtailment bill from the committee
j will provide that not more than six
lucres of cotton to the work animal be
cultivated in 11*15. In some sections,
such a law will doubtless redu<*e the
production of cotton much more than
one-third in comparison with the
crop of last year.
The select committee will not offer
total elimination of cotton In, 1915, a
plan to which many converts have
[been made since its proposal at the
cotton congress in New Orleans. It
is understood, however, that a "no
j cotton" bill will be introduced in the
I house by one member of the commit
j tee appointed to consider the best
[plan for limitation of production of
I the staple next year.
The select committee, which is
confronted with the largest economic
proposition that any body of men has
had to face in South Carolina for the
last half century, concluded its hcar
! ings yesterday afternoon at 5 o'clock
land went into executive session,
j A consensus of the opinions of the
j members of the committee on the
: question of curtailment of cotton pro?
duction was obtained at the executive
'session. A bill embodying the ideas
I of the majority of the committee was
I ordered drafted for presentation at a
meeting of the body at noon on Mon?
day. On the subcommittee appoint?
ed to draw up the bill are Mr. Mow?
er of Xewberry, Mr. Heiser of Sumter
and Mr. Wyche of Spartanburg. The
committee confidently expects to re
i port the subcommittee s bill or some
modiiieation of it to the house at 8
o'clock on Monday night.
At its session yesterday afternoon
I the cotton curtailment committee
heard speeches from B. J. Watson,
commissioner of agriculture; Lehman
Johnson, a specialist on cotton seed,
and Mr. Addy and Mr. Kirby, the lat?
ter two memb?rs of the house who
have introduced bills to decrease the
production of cotton in 1915. The
committee allowed extended hearings.
Great pressure was brought to bear
upon it to recommend the total elim?
ination of the planting of cotton in
1915, but it decided not to do this.
Oproaltion to the "no cotton" plan
is marked in the Piedmont section
of the State where it has been ar?
gued that money crops to take the
place of cotton could not be readily
producedt and independent farmers
of small means would be compelled to
go into the mills from the farms if
cotton was made taboo by law in
'1915.
._._
-
KOCK HILL YOUTH KILLED.
Charles Long Meets Death When
Peter <?. Karree Doses control of
His Motor.
Hock Hill, Oct. 9.?Charles Long,
15 years old son of Daniel Long, was
, struck tonight and instantly killed at
1 Wilson and White streets by an au?
tomobile driven by Peter G. Karres.
0 restaurant keeper. Karres is held
[to await the finding of a jury of In?
quest which will Inquire Into the In
1 cldent tomorrow.
j Karres apparently lost control of
I his touring car as he turned the col ?
lier. Charles Long was standing be?
side a post. The post was knocked
down and the boy fell across the side?
walk. It is not known whether his
death was caused by the direct impact
of the car or by his head striking
the cement pavement,
j Karres has lived in Kock Hill for
I several years. He is In his late
208. He is one (>f the proprietors of
the Uoyal cafe and has a good reputa?
tion.
-,
HI LL I'CLL ON KINO Kit.
l ire Alarm lulls at Cheraw and In?
stantly Kills Heese Hough.
Cheraw. (?et. 1 !>?At 1- o'clock last
night as Heese Hough was rillging the
large lir?- alarm hell he met instant
death. Prom the Italian! hotel lie
saw tire in Davis & Hros' store
across tin- street, und went to give
the a.arm. While doing this the bell,
tvhieh was hanging at the top of the
wutei lank l"'" feet high, ami weighed
7011 pounds, fell on him and mangled
him terribly. He was a man of tin"
qualities, highly respected nnd leaves'
ii widow ami several small children.
Mis funeral was held at the itaptlst
? hurt h t his afternoon.
The nie did considerable dunlttge!
I,, the building which was owned by
.1, I'. Hunter, and tlie Block was dam-:
aeed at least 50 per rent, by fire,
smoke and heat. I
WILL MOT REPORT DILL TO
HOUSE OP REPRESENTATIVES
EMBODY IN ii DR ASTIC
LEGISLATION.
Measure Probably Will be Dratted
Providing for Some Degree of Cot?
ton Acreage Redaction for 1915 ?
Only Two Member* for Radical Plan
?Mr. Holser Civos Statement Telling
Why lie is Opposed to Total Eradi?
cation of Staple.
Columbia Kecord, Oct. 10.
That the special house committee
appointed to consider the matter of
reduction of acreage planted to cotton
will not draft a bill for total elimina?
tion is practically assured. Although
there is a decided sentiment among a
portion of the members of the general
assembly for total culmination, ma?
jority of both houses are against such
radical legislation. Opposition from
the Piedmont is particularly pro?
nounced; for, it is argued, the farm?
ers of that section can not produce
any other money-making crops, and
total elimination would drive the ten?
ant farmers into the cotton mills. The
mill operatives are lighting the idea.
A hill curtailing the production of
cotton for 1915 probably will be draft?
ed by the committee Friday afternoon.
At the meeting of the special com?
mittee held Thursday afternoon, four
contenders for total elimination ad?
dressed the body. They were: J. O.
Anderson, of Kock Hill; J. J. A. Gra?
ham, of Williamsburg; Wade Stack
house, of Dillon, and J. A. Khame, of
Lee. At the meeting held Friday
! morning, Dr. Staekhouse spoke again
before the body, and W. F. Stevenson,
of Cheraw, made an argument, stat?
ing the acreage curtailment would be
constitutional, while the entire elim?
ination of the staple would probably
be constitutional.
Only two members of the commit?
tee are in favor of total elimination,
land there is no chance of a majority
hill providing for such legislation be?
ing introduced in the house. There
i're eight measures now before the
committee providing for the curtail?
ment of the cotton crop, and each is
being given consideration.
The members of the special commit?
tee are:
Mr. Lee, Darlington, chairman; Mr.
Holser, Sumter: Mr. Pegues, Marl?
boro; Mr. Atkinson, Chester; Mr.
Blackwell, Laurcns; Mr. Dethea, Dil?
lon; Mr. Mower, Newberry; Mr.
j Wychc, Bpartanburg; Mr. Welch,
' Kichland; Mr. Epps, Sumter, and Mr.
Rlley, Saluda.
In opposing the total elimlnatio.i
plan, Mr. Belser, of the committee,
gave the following statement to a re
I porter of The Kecord Friday after
I noon:
"There is considerable agitation for
planting no cotton in 1915. Before we
are swept from our feet by this no
cotton propaganda, let us examine the
data and deductions which are put
forth by its advocates.
"They estimate the supply for a
two year period as follows: on hand
September 1, 1914, (visible and Invisi?
ble), 6,200,000 bales; production in
the United States, 15,300,000 hales;
191 I production in other cotton-grow?
ing countries, 7.000.000 bales: produc?
tion 1915 in same countries, 4.500,000
(bales; a total of 33,000.000 bales, if
these figures were correct there would
be considerable ground for their posi?
tion. The estimate for 5,200,000 on
hand, however, is at least 4,000,000 in
excess of any reliable estimates. The
world ordinarily carries over a sur?
plus of something like 2,000,000 bales
as a stock or source of supply from
which the mills draw their cotton as
needed, so this can be practically ell
minuted from the available supply as
i
the same amount will be needed at
the end of the two-year period.
"It seems more reasonable to esti?
mate the supply and consumption for
the two-year period as follows: Cotton
on hand September 1. 1914, (approxi?
mate), 2,000,000 bales; American crop
11114, 15,300,000 bales; all other coun?
tries. 191 1. 7.<ni0,o0<i hales; non-Amcr
leun production 1915, under war condi?
tions, 4,600,000; a total of 28,800,000
bales. The normal consumption is
approximately 21,000,000 bales. The
highest estimate I have seen of the
reduction owing to the war from any
reliable source is 5.10111.1110? bales, and
the estimates of reduction run down
as b?\v as 3.000,000 bales. Taking the
highest reduction figures give us a
consumption of 16,000.000 bales a
year, or 33,000,000 for the two-year
period. Add to this the necessary 2,
000,000 working surplus and we have
a probable demand for the two-year
period, commencing September 1.
1914, and ending September 1. 1916,
34.000,000 bales. Against this we have
a world production of the two-year pe?
riod of 28,800,000 bales. If the no
American cotton idea were adopted,
such ;i condition would undoubtedly
mean high prices for cotton l?efore the
end of the two-year period, but the
ffUenthtn is. would these high prices
come in time to relieve the producer
who is now hard pressed to pay his
debts?
?The world would doubt that the
A FALLACY EXPOSED.
HOLL wkkvil remain though
cotton crop is cut out.
I ['initiating Every Salk of Cotton in
1015 Would Not Kill the South of
the Weevil.
Clemson College, Oct. 10.?Elimi?
nation of the entire cotton crop of.
1916, including all volunteer stalks,
if such a thing were possible, would
not exterminate the hoii weevil.
This statement is made by the divis?
ion of entomology of Clemson Col
leeg and is based on knowledge of
experiments conducted over a period
of years by the United States Bureau
of Entomology and upon a detinite
opinion on the subject received from
W. I). Hunter, chief of the division
of Southern Field Crop Insects, U. S.
Bureau of Entomology.
In some manner the impression
has been received by some of those
who are offering plans lor altering;
I he South s present cotton policy,
that if all cotton was cut out next
year the boll weevil would be elimi?
nated. The entomological division
of Clemson College conferred by tele?
graph with Dr. Hunter, a world-wide
authority on the boll weevil, and Dr?
11unter replied:
' The destruction of boll weevil by
elimination of lt>15 crop is entirely
impracticable.*'
Two plants thurberiae and hibis?
cus, are chief among the reasons why
cutting out all cotton would not wipe
out the boll weevil. That the weevil
will breed in either of these plants
has been demonstrated delinitely.
A. F. Conradi, State Entomologist,
says that cutting out the entire crop
for a year would wipe out vast num
j hers of the weevil and would elimi
j Itate the pest entirely from scattered
j localities. Hut, he says, the weevil
would return in as large numbers as
before as soon as otton was again
! planted. The inse< prefers cotton to
any other plant, a 'ar as is known,
I but it has great adaptability and
w ould lind other ways to live and to
I
; propagate if cut off from cotton.
The purpose of this statement is
to correct the false impression about
the relation of cotton elimination to
boll weevil elimination and is in?
tended, it is stated to touch on the
entomological phase of the question
Mrs. c. H. DoLurnic is visiting her
daughter, Mrs. c S. Kingsmore.
other States would follow South Caro
' ilia's radical example and there
would be no material relief until the
legislatures of other cotton-growing
States convened at times varying
from January until June of next year.
In the mean time, if this year's crop
* followed the course of other crops it
? would be out of the hands of the pro?
ducers, and the relief would not be
? given where it is needed.
"Let us assume that uniform cotton
elimination acts were passed by all
the cotton-growing States and seo
what would be the effect upon our
people and industries of this State.
Our farm lands would be put into
grain and other crops with the mar?
keting of which our people are unfa?
miliar and for which our market Ci Il?
ten are not equipped. There would be
no local market for grain and other
crops planted because everybody
! would have made his own supply. Be?
fore the end of the period our oil
mills would have run out of seed and
lie idle. Likewise with the shortage
of live or six million bales, which in
the ordinary course of commerce?,
would be distributed among the mills
of the world, our mills would have
to shut down, their machinery lie idle,
and their operatives be thrown out of
1 employment. This is a condition
which no one is willing knowingly to
bring about.
"Would it not be sounder policy to
allow the Southern cotton-growing
i States to grow the live or six million
bales, which the world Would need to
keep its mills ri lining, to afford our
farmers some ready money with
j which to meet the expenses of oper?
ating their farms and paying their
?debts? During the past six years with
the supply approximately adjusted to
the demand, the South has received
an average price of 1 - cents per
pound for its cotton crop, is it not
reust nab!i to suppose that by raising
just enough cotton in 1916 to meet
the probable demand, with the sur?
plus curried over from the 1914 crop,
I that we should still obtain a fair prt< e
for t hat supply ?
? "It must not he overlooked that
even if we should produce a slight
surplus of cotton, the cotton can be
stored and kept, and that it will keep
lor years, if we get an overproduc?
tion of grain, hay and other farm pro?
duce we are unprepared to properly
care for same, and that such crops
would raphllv deterioute and become
unsalable,
"Let us. therefore, before we adopt
any such radical measure as total
elimination of the cotton crop,
fully count the c*?st and l?e prepared
to meet the conditions that such eli?
mination w ill bring about."
_ j