Newspaper Page Text
Dial Explains Future A
Amendments.
Washington, July 21.-Sen
N. B. Dial of South Carolina Leli
that if the congress enacts his
posed amendments to the cotton
tures law, the South will be gre
enriched, and the exchanges don<
serious injury.
There is no question but
something is wrong. For the S(
?as ? world monopoly in the *
duction of cotton, and yet it is c
paratively poor. Other Southern i
ators are not as sanguine as Sen;
Dial. At any rate, even those on
committee on agriculture have sh
no enthusiasm in the amendme
behalf. At the same time, none s
Senator Ransdell of Louisiana
publicly stated his opposition, J
in this matter the Louisiana sen*
moves openly in behalf of the col
exchanges of New Orleans.
The amendments are little un?
stood. For that reason, Senator E
speaking in the senate, has endear
ed thoroughly to explain them,
that effort he spoke in part as :
lows:
"It is generally believed that th
is something radically wrong-J
?has always been wrong- in
method of marketing the cotton cr
The question is to find the def
and to apply the remedy; both :
apparent. The wrong is the ind
initeness in the contract and i
remedy is. to correct this.
"The interest of the grower
owner of spot cotton and the inter
of the buyer of a contract is ider
cal until the time when the buyer
a contract disposes of it, both W?
the price to advance. The seller
the contract desires the price to <
cline and when this takes place, t
price of spot cotton falls. There i
only ten grades of cotton tenderal
under the law. I have no objection
increasing the number. The sell
has the right to select whichever
these ten grades he desires.
Contracts Must Be Fair.
"The future market controls t
price of spot cotton, therefore, it
absolutely essential that such a co
tract be fair, equal, mutual, equ
able and just.
"The contracts are bought a:
sold on the basis of middling, and
case that grade is not delivered ai
some other grade is tendered, t
secretary of agriculture has the rig
Tinder the law to fix the price of tl
.other grades at the average price
ten spot markets.
"When maturity day is approac
ing, the purchaser, not knowing wit
in ten grades of the quality of tl
cotton that will be tendered him na
urally sells out, hence the market
top heavy. True it can be said th;
there is a purchaser for every co:
tract, but the fallacy of this argi
ment is that he is not a purchaser i
value when, he does not know tl
quality or the grade he will receiv
and he will only buy at a depreciate
price. This might be unobjectionab]
between the purchaser and the selle
because each acts with his eyes ope]
My unending complaint is that sue
a system depresses and depreciate
?the price of the actual cotton an
that the farmer has the brunt t
bear. There is no similar "custom o
.law in the world. This reverses th
usages, laws, and customs of all bu=
iness and is an abrogation of th
principles of common sense.
"In 1920 there were grown in th
United States 13,340,000 bales o
cotton, and there were contract
sold on the New York and New Or
leans exchanges alone for 128,907,
500 bales, and during that time thc
actual number of bales deliverec
were 267,700 in New York and 106,
600 bales in New Orleans. This i;
outside of the exchanges at Liver
pool, Bremen, Havre and othei
places. It is probable that every bale
.grown in the United States was sold
on an average of 25 times over be
fore it reached the consumer.
Depresses the Price.
"We all admit that over produc
tion depresses the price of commod
ities; this being true, does not over
selling have the same effect? Why
sliould cotton fluctuate from $1 to
$10 per bale in a single day? Goods
sold at wholesale are sold on sample.
Would any sensible person give as
much for a contract for any com
modity which could be delivered in
ten grades or classes, not knowing
which of the ten he would receive,
as he would give provided he knew
vthe exact quality he would get? For
example: Suppose there were only
ten grades of hats or shoes allowed
to be traded in by law and that con
tracts had to be on basis of the mid
dle grade, with the right to the seller
to select all the quantity in qualities
lie desired, would anyone give value
for that kind of a contract? The
proposition within itself is an abso
lute absurdity. The present law is a
plan or a system or a scheme which
deprives the grower of a tremendous
proportion pf the value of every
pound of cotton he raises. By alic
ing this law to continue, congress
unknowingly arrayed on the side
the bear against the producer. 1
present law is a great improvemi
over the former custom. Under tl
custom any one of 32 grades wi
tenderabk; this law reduced 1
number to ten. I am not compla
ing about the ten grades, but th?
is too much latitude allowed the s
1er in filling each particular contra
They should, be grouped. It took ci
gress exactly 30 years to get the 1
passed, to wit, from 1884 to 19:
I mention this to show the slowm
with which congress acts-and t
must be said to its shame.
Not to Injure Exchange.
"It is claimed by some that i
amendment will injure the <
changes. This is not my purpose,
am endeavoring to pass a fair, ju
equal, mutual, equitable and hom
law under which everyone must c
erate, and if the exchanges can r
exist under this kind of a law, th
can retire so far as I am concern?
My complaint i;; the injurious effc
of exchange operation on the pri
of spot cotton. We should be remir
ed, however, that there are no e
changes where coal, iron, steel, wo<
[etc., are traded in.
"Divide the ten tenderable grad
into three classes, high grades kno\
as Class A, medium grades as Cia
B, and coarser grades as Class
This is similar to grain contracts.
"My amendment requires the s<
1er to be obligated to deliver o]
third of his contract in the bas
grade in each class and remainii
two-thirds either in that grade or
the other grades enumerated in th
class. This will make the contra
elastic enough to encourage tradii
and at the same time definite enou?
to be practical and more valuabl
By making the contract more val
?able we help the price of spot cotto
No mill making one kind of thm
or cloth can use all of th ten gradi
of cotton. Furthermore, I am told i
exporter receiving an order for oi
grade of cotton, is allowed to fill
in either of the contiguous grades,
am also told that on the Liverpo
exchange the seller is allowed on.
three grades in which to deliver or
contract."
War-Losses: French vs.
German.
Those who are disposed . to tal
sides with the Germans and their ai
vocates for a sweeping reduction c
the war reparations should read can
fully the following vivid presentatio
of the "case" for France by the fi
mous Paris paper, The Matin. It :
printed daily in heavy type, and i
what we should call a "box," on th
front page of the journal :
Cost of the war to France :
Seven devastated departments:
Ninety-four per cent of her woe
production;
Seventy per cent of her sugar prc
duction;
Fifty-five per cent of her electri
energy;
Thirty-three per cent of her coa
production;
Four hundred kilometers of rai]
roads.
And France in three years:
Has had to pay $7,500,000,000.
To rebuild her ruins.
The war did not cost Germany:
One inch of soil ruined;
One factory damaged;
One coal mine ruined;
One sugar beet pulled up;
One elective cable broken;
One rail stolen;
And Germany has paid in threi
years :
One and a quarter billion dollar;
to pay for her sins;
However, Lloyd George, who ha;
on ?the Reparation Commission, one
vote, like France, cries:
"We must go to the rescue of Ger
many:
"We must lend money to Ger
many."
"We must give a respite to Ger
many."
As it is the English, at present who
are most urgent to have France con
tinue this ruinous experience, i The
Matin might well have extended its
comparative statements. While Eng
land lost heavily in men and ships,
she did not have her cities and towns
laid waste, her industries and min
eral resources wantonly destroyed,
and nas not had to pay out $7,500,
000,000 to rebuild such ruins and re
store such devastations.
But the picture that The Matin
limns for us in these fiery words is
a familiar one in history. France has
always played the herioc role when
ever, in what crisis soever, she has
been confronted with disaster. She
has never whimpered; she has always
"stood the gaff," and she has always
stood the torch and the calumniations
even of those she has repeatedly
shiended and saved.-The State.
County Commissioners Meet
at McCormick.
McCormick, July 20.-This is an
off year in politics in this county. It
is the year in which the state senator
and clerk of court, also sheriff do not
have to run, as the incumbent of each
of these offices holds more for a term
of two years. When the time closed
at noon yesterday for candidates to
enter the race for county offices there
was opposition to the office of ex
ception of C. W. Pennall, who is
seeking re-election to the office of
county auditor. Mr. Pennall has held
this office continuously since the for
mation of the county and the fact
that he has no opposition at this time
bespeaks an eloquent tribute to the
manner in which he has discharged
the duties of this office for the past
six years.
The first political meeting of the
present campaign for conuty officers
was held yesterday at Willington and
the candidates were greeted by prob
ably the smallest gathering of voters
ever assembled at one of these meet
ings in this county. JDr. R. G. Kil
lingsworth, the incumbent who is
seeking re-election as the sole repre
sentative in the lower house of the
legislature from this county was the
first speaker today. He charged that
the prime object of the last legisla
ture was to transfer the burden of
taxation from tangible property to
the intangible and that while this leg
islation was been passed by the house
of representatives it had met an ig
nominious death in the state senate
by reason of the activities of cor
poration lawyers in that body. Stand
ing on the soil upon which the great
lawyers and statesmen, Calhoun and
Pettigrew, were reared, Dr. Killings
worth expressed the hope that the
time would never come when the
state house of representatives be in
fluenced by lawyers as is the case
with the present state senate. He
promised if re-elected that he would
at all times stand for those things
most needed by the people of this
county and that their interest would
always be his interest.
Thomas Moore Ross, who is also
a candidate for the house of repre
sentatives as the opponent of Dr.
Killingsworth, made his first politi
cal speech, following Dr. Killings
worth. Mr. Ross is a member and
president of the McCormick Bar as
sociation. He stated that he came to
this county upon its formation for
the purpose of practicing law which
he considered an honorable profes
sion and which he had always striven
to elevate, that "he had followed his
profession as a lawyer continuously
since then, with the exception of the
period of the World's war in which
conflict he served with the famous
Thirtieth division and had no apolo
gies to offer for being a lawyer. Mr.
Ross pointed to the fact that his in
terest is identical with that of the
farmers and other business interests
of the county. He wanted, to serve
the people to the greatest advantage
and thought that if more lawyers had
been in the house of representatives
at its last session unconstitutional
bills taxing intangible property which
would practically bar the develop
ment of waterpower in this state
would not have been passed and sent
to the senate to meet its deserved
death. It was from a patriotic stand
point that Mr. Ross entered this race
-from a desire to serve the people
to the greatest advantage possible.
Judge L. G. Bell, the incumbent
for re-election as judge of probate,
as well as his opponent, merely intro
duced themselves as well as W. M.
Parks, standing for reelection as
county treasurer, and his opponent,
Joe L. Talbert.
The next campaign meeting for
county officers will be held at Parks
ville on August 1, and it is hinted
that the races of the candidates will
have warmed up by that time.
Charged With Beating Negro
Girl at Greenwood.
Greenwood, July 21.-Three white
men, implicated in the beating of
Irene Fisher, an 18 year old negro
girl here Tuesday night, were arrest
ed late yesterday afternoon on war
rants issued by the city recorder.
They are: J. G. Deal, a member of
the Greenwood fire department; E.
C. Johnson, an automobile salesm?n,
and Claiborne McDowell, an automo
bile mechanic. The girl says that her
assailants accused her of taking a
$10 gold piece from one of them and
then beat her with sticks until her
body was lacerated. She claims that
the gold piece was later found in the
pocket of one of the men.
The men were arrested on a. war
rant issued under a city ordinance
charging fighting. They were releas
ed under $100 bond. No charges have
been preferred by county officers.
The case will not come to trial un
til the girl, who is alleged to have
been beaten almost to. death, is able
to testify, it was stated today.
I
?J
*9
4
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USCO today betters that
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Men have always looked to
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Bible Thoughts for
This Week
Sunday.
I BE CHARITABLE :-Brethren, if
; a man be overtaken in a fault, ye
which are spiritual, restore such a
! one In the spirit of meekness ; con
sidering thyself, lest thou also be
tempted-Gal. 6: ?.
Monday.
; LOVE DEFRAUDS NOT:-Owe
no man any thing, but to love one
another. Thou shalt not steal. Thou
shalt not covet. Thou shalt love thy
1 neighbour as thyself.-Romans 13:
?8. 9.
Tuesday.
; A GOOD NAME THE BEST AS
SET :-A good name is rather to be
chosen than great riches, and lov
ing favour rather than silver and
\[ gold.-Proverbs 22: 1.
Wednesday.
ROAD TO SUCCESS :-Commit
I thy way unto the Lord ; trust also
. In him ; and he shall bring lt to
', ] pass. . . .Rest In the Lord and
wait patiently for him.-Psalm 37:
! 5, 7.
Thursday.
;; JESUS SAID:-And I, if I be
lifted up, will draw all men unto
; me.-John 12: 32.
Friday.
LOVE MASTERS FEAR :-There
is no fear in love, but perfect love
casteth out fear.-1 John 4: 18.
Saturday.
BOAST NOT:-Boast not thyself,
of tomorrow ; for thou knowest not
what a day may bring forth.- |
Proverbs 27: 1.
I fe.?
Union Meeting First Division.
j The union meeting of the First Di
vision of the Edgefield Baptist Asso
dation will convene with the church
at Gilgal, Juyl 30th, 1922.
11:00 a. m. Devotional services by
the moderator.
11:30 Roll call of the churches and
reports from the delegates.
12:00 Sermon by Rev. A. T. Allen.
Collection.
Adjourn for dinner.
Afternoon discussion of subjects:
1st. What organization is more re
sponsible than any other for the
morals of the people of this age?
J. H. Cantelou, R. T. Strom.
2nd What benefits are to be ex
pected from holding sessions of our
Union Meetings?-Rev. C. G. Wells,
J. N. Griffis.
P. B. LANHAM,
For Committee.
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