The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1892-01-07
REDUCE COTTON ACREAGE.
Only one Way to Secure Better Prices.

SAVANNAH, GA, December 24.-Ih
following letter has been received b
Messrs. W. W. Gordon & Co., from MI
Alfred B. Shepperson:
81 COTTON EXCHANGE,
LEW YORK, December 81, 1891,
Messrs. W. W. Gordon & Co., Savannah
Georgia.
DEAR SIRs :-Middling uplands cot
ton is quoted to day at 7 15-16c. in thi
market and Aid in Liverpool. Thes
are the lowest prices of this season. Th
Liverpool quotation is AZ lower than dur
ing the depression of last season, whil
the New York figures are at the loves
price of that season.
Upon the basis of these prices the re.
turn made to the planter is undoubted-
ly less than the average cost Of produc-
ton.
The depression now existing and which
has characterized the cotton market fo
many months is caused by the excessive
supply and is due to over production il
this country.
Most people have theory that wher
any commodity is selling below its actua
cost, an advance must necessarily ant
speedily follow.
Confronted With the condition of over
stocked markets in America, Europe ane
India, and the immense receipts from
our present crop, this theory has moi
been of the lesst avail 10 stem the tide Of
| depression. Important staples often sell
| below their cost, and corn has been sc
cheap at the West, as to be used by the
farmers for fuel.
The price of cotton, as of every Other
commodity, is regulated by supply and
demand. ordinations of speculalions
may temporarily affect or impede its op-
Grafton, but in the end the law of eupply
and demand in its relation to values ia
inexorable. The cultivation of cotton ie
the greatest interest in the South. The
price realized for the crop affects every
business and industry in the South whose
SUCCESS depends in any degree upon
home support. Unremuuerative prices
for cotton mean scarcity Of money, re-
stricted trade, and financial embarrass-
meat in every branch Of business
throughout the cotton belt.
To secure any marked improvement in
the price of cotton, the chief essential
will be to give to the world some certain
assurance that the present large stocks
will be diminished in the near future and
not again augmented by another large
crop in 1892. If such action should be
taken at the South as to induce the belief
that the acreage of the next cotton crop
would certainly be materially reduced q
liberal advance in prices would almost
certainly ensue. Spiuners and iner-
chants would not wait for the stocks to
be actually largely diminished by reason
of reduced crop, but would discount
the fact months in advance of its actual
accomplishment.
For years past many of the best men
of the South have urged the policy Of
planting less cotton and more corn. II
has usually resulted in general acqui-
escence in the soundness of the advice
! while each individual planter has actu-
ally put in little more cotton and lit
tie less corn, thinking his neighbor would
do just the opposite and bring about the
result of making cotton high and corn
cheap. Nearly every planter thought ii
would be 8 shrewd thing to have full
crop of a dear commodity and a small
crop of cheap one. The last season
resulted in giving them very big crop
of very cheap cotton, and very small
crop of very dear corn. The present
crisis is so grave, involving as it does,
many interests besides cotton planting,
that decided measures seem TO me to be
imperatively demanded to avert impend'
ing financial disaster to the South.
A reduction of cotton acreage coupled
With an increased acreage in grain would
be of such incalcuab!e advantage to the
| planters, merchants and manufacturers
that all should heartily unite to bring
| about this result.
An indefinite agreement to reduce cot
ton acreage will not begin to meet the
case.
beg to suggest that practical plan
and one almost certain of successful re-
| suits, would be for the factors and mer'
| chants of each place to agree with each
other not to make advances to any plan
| ter upon the next crop unless upon the
positive understanding that such planter
would plant 10 per cent. less cotton and
! devote the decreased acreage to corn in
| addition to his previous acreage in grain
Then have the planters of each election
precinct form "Ten Per Cent. Clubs,
agreeing with each other to put 10 pei
cent. less acreage in cotton and to put ir
corn every acre thus taken from cotton
for the next season.
With only fair season, crop of s.
900 900 bales OF co;tou can be grown on
the present acreage. A reduction OF II
per cent would probably reduce the mex
crop to about I, 100000 bales or less, ane
the markets OF the world would be reliev
ed of the pressure of the immense stocks
A large reduction of acreage would no
be advisable, as it would tend to stimu
late production in other countries, while
q smaller reduction would not be sufi'
ciently radical to accomplish the desired
results.
I have no pecuniary interest, directly
or indirectly, in cotton, and have hac
none for many years. My friends in the
cotton trade here are all well aware o
| tt: r,.I ,,J - =, ,o.b ~, ono roolv nooou