"Paper says the crop is larger than the government estimate," said
Tolliver, and added, "There'll be no painting this year." He looked
toward the Smith School and thought of the five thousand dollars
waiting; but he hesitated. John Taylor had carefully mentioned seven
thousand dollars as a price he was willing to pay and "perhaps more."
Was Cresswell back of Taylor? Tolliver was suspicious and moved to delay
matters.
"It's manipulation and speculation in New York," said Colonel Cresswell,
"and the Farmers' League must begin operations."
The local paper soon had an editorial on "our distinguished fellow
citizen, Colonel Cresswell," and his efforts to revive the Farmers'
League. It was understood that Colonel Cresswell was risking his whole
private fortune to hold the price of cotton, and some effort seemed to
be needed, for cotton dropped to nine cents within a week. Swift
negotiations ensued, and a meeting of the executive committee of the
Farmers' League was held in Montgomery. A system of warehouses and
warehouse certificates was proposed.
"But that will cost money," responded each of the dozen big landlords
who composed the committee; whereupon Harry Cresswell introduced John
Taylor, who represented thirty millions of Southern bank stock.
"I promise you credit to any reasonable amount," said Mr.
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