History appears to be repeating itself in the cotton market. The price dropped so far day before yesterday that Secretary Wallace and Chester Davis, A.A.A. Administrator, hurried to give out reassuring statements that the Government will "do something about it."

This is just what the old Farm Board did in the autumn of 1929 when cotton prices began to fall. They poured out loans to permit the surplus to be held for an advance. In the spring of 1930 the price crashed through the artificial bottom established by the loans and the Government was left with all the bales on which it had advanced money.

When the New Deal arrived in March, 1933, the Farm Board was severely denounced for its unwisdom. Mr. Morgenthau, our present Secretary of the Treasury, as Farm Commissioner, took over the old Farm Board. He said that the thing for the farmers to do was always to market their old crop before growing a new one.

Now, however, A.A.A. appears to be back in the position the old Farm Board occupied in October of 1929. And Senator Smith of South Carolina declares that the Government must take five and a half million bales off the market immediately.