COTTON 245 



This individual may be green, an innocent rural 

 "lamb," or a bold manipulator, securing prey on 

 territory not even his ; on the very floor of the Ex- 

 change itself he may go and operate in his unrea- 

 sonable, unreasoning way. It is unnecessary to 

 repeat the story. Chance may favor him with a 

 step in line with the unchanging law, but once at 

 cross-purposes with it, though ever the "corner" 

 is scented, he topples, is sacrificed, and lost. 



WHERE THE REMEDY LIES 



To eliminate the foolish manipulator (small or 

 mighty though he be) or even the principle of spec- 

 ulation itself, is impossible; nor can we abolish 

 trading in contracts on the ground of illegality. 

 They are with us, a part of our commercial meth- 

 ods, and with us they will stay. 



What then can be done looking to regulation, 

 that justice may be given the producer and the 

 consumer: and protection even to those who will 

 indulge therein ? The following reforms may be 

 helpful : 



1. Complete publicity of past and probable pro- 

 duction should be had that supply and demand 

 may be accurately known and correctly interpreted. 



2. Remedy the over-trading feature of the Cotton 

 Exchange. 



3. Abolish the system of monthly deliveries. 



4. Increase the amounts required for margin. 



5. Grade and sell cotton according to the prac- 

 tical requirements of consumption. 



Publicity: In order to save the ignorant specu- 

 lator from himself, as well as protect legitimate 

 trade, only the most complete publicity will suffice. 

 The producer can receive no value from his prod- 



