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- 
