The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1890-06-26
CARLILSE'S LETTER.

the end OF the year, when they must
be redeemed from the warehouses
or sold at auction by the govern
ment. If they were in condition to
do this. they would not need public
warehouses or advances of money
from the government.
EFFECT ON THE COTTON CROP.
It is claimed by some, however,
that whatever may be the case in
regard to other products, the entire
cotton crop could certainly be sold
during the year to our own manu-
tacturers and for expectation to
other countries, and upon this as
sumption strong and partially
successful appeal has been made to
the planters OF the South to give
their support to the so-called SUBJ
treasury plan. In my opinion our
domestic manufacturers of cotton
goods would be able to purchase
very little, if any, raw cotton at any
time if the proposed plan were
adopted. No one could successfully
carry on the business Of manufac-
turing cotton goods, or any other
character Of goods, under financial
system which inflated the currency
and increased prices when he want
ed to purchase his materials and
contracted the currency and reduc-
ed prices when he wanted to sell his
products. Such a system would
soon close every cotton factory in
the United States, because the
owners would find it impossible to
sell the finished product for enough
to pay for the raw material used in
its fabrication. But even if they
could conduct their business at all
with such enormous fluctuations of
prices, common prudence would die
tate the purchase of just as little
cotton as possible while prices were
nigh, especially when it would be
positively known that few months
would bring contraction of the
currency and lower prices.
About two-thirds Of your cotton
crop is exported and sold in foreign
country and its price fixed there.
| presume no one will seriously con-
tend that prices can be increased
abroad by initiating the currency at
home. During the war the price of
this article was very high in other
countries, and it was high not be-
cause we had redundant and de-
preciated currency, but because the
Southern crop could not reach the
European markets. The law of sup
ply and demand regulated the price
then, as it will continue to regulate
1t hereatter,no matter how large the
the volume of circulation may be at
particular times in this country. AS
long as the world produces sufi-
cient supply of cotton, and the mar
kets of the world are open to it, the
natural laws of trade will regulate
It's price and no artificial arrange
ments here will effect it except to
the extent of the demand for home
consumption. This home, demand
may be destroyed although by such
periodical mutations and contrac-
tons of the currency as will make
the business OF manufacturing too
; hazardous to be carried on, and in
that event unless production is
greatly diminished the foreign mark
ct would be over supplied and the
price would fall below what it now
IS.
THE MEASURE VICIOUS PER Sc.
! bave thus given you as briefly
as the nature of the subject would
permit, some of the reasons why |
think tie proposed plan for the re-
lief of the farmers wopld be injurious
instead OF beneficial, not only to
them, but to all the other people of
the country. But it would be un-
candid not to say distinctly before
closing this communication, that
even it it could be conclusively
shown that this or any other similar
scheme would be pecuniarily
beneficial to any particular
GLASS VI Jul pcopLG, WUuIu SUlll U6
unalterably opposed to its adoption,
because in my opinion it would be
another wide and dangerous depart
ure from the principles upon which
our political institutions are found
ed. 1t would be, in fact, the longest
step yet taken in time of peace to-
wards the consolidation OF power in
the hands Of the Federal govern
ment, and the subsection OF the
private affairs of the people to the
supervision and control of central
and irresponsible authority. You
and | are democrats, and as such We
believe that the government should
scrupulously abstain from all un>
necessary interference with the per-
sonal and domestic concerns OF its
citizens and confine itself strictly to
the administration of purely public
affairs. 1t is cardinal principal Of
our political faith that the people
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