The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-02-18
IT Is TILE NLTn[1TElL.

= pun VIS prosperity vi lbO I"IiANi
depends that of every industry in the
country. When crops are good and
prices profitable the effect is felt in
every branch of business and everyone
shares in the well doing of the farmer
The reverse is equally true. Hard
times have been known before in
Texas, bat never harder than those
experienced by farmers and the COM
mercial class during the past twelve
or eighteen months.
During that period men with prop
erty sufficient to pay 500 cents on
every dollar they owed, have found
the greatest difficulty in carrying on
their affairs. The merchant might
make sales but had great difficulty in
making even partial collections.
The debtors spirit might be will
ing, but his bank account weak.
Money is scarce, and until it is more
plentiful we may expect to experience
the chilling effect Of poverty.
Many causes have been alleged for
our financial depression, and many
remedies suggested; but they fail TO
give fall light in the one case or sup.
ply remedy in the other. We are
told that the per capita of money in
circulation is too small and that that
is the cause Of our financial difficult
ties, and that an increased coinage of
silver or issue of treasury notes would
quickly bring about general pros
perity.
Parties making such statements
presume OH the ignorance of their au-
dience and proclaim their own. That
an increased currency is desirable
and necessary, no one, except few
bloated capitalists will deny; but even
with it the people will get DO
benefit without giving quid
pro quo. If the per capita were
increased to 500, there would still be
millions of poor people who would
have to struggle for existence, and
give labor or its product for every dol
lar they handle.
Certain self-appointed leaders of the
Farmers Alliance devised scheme
that they dubbed "sub treasury,
which they boldly announced as u
panacea for all the monetary troubles
which beset the farmer. They are
loud-mouthed, arrogant, yet specOus
fellows, and have gained following
in some states where agriculturists
are not noted for intelligence. They
are the sort of people that expect
something for nothing, and they will
be sorely disappointed.
The agricultural depression in this
state is mainly due to an excessive
supply of cotton, which has reduced
its price below the cost of production.
There are other minor causes, but this
one is paramount, and the remedy
lies not in the legislature, but in the
producer.
The merchant who sells his goods
at less than they cost him must surely
become bankrupt, no matter how
plentiful capital may be with others;
and the farmer who sells his cotton at
9 or cents per pound less than it cost
him must not expect to accumulate
wealth rapidly in that particular de-
partment.
1t has been stated by those claiming
to have made study of ;he subject,
that it costs on an average at least s
cents per pound to raise cotton on
our best uplands. That price has only
been realized one or two days during
the current season, and for the greater
part of the time it has been from to
6 l-2 cents. Yesterday it touched the
lowest point since 1877, and one of our
buyers bought fifty bales at 5 cents
per pound. And the indica-
tions are for still fur
ther reduction. Last seasons
enormous crops bids fair to be ex-
ceeded, and there is no prospect for
better prices next year.
What must be done to meet the diff
ficulty? There appears to be but one
safe, sound, common sense remedy;
that is, reduce the supply of cotton.
If next season crops did not exceed
1000, 200 bales the farmers would prob
ably get as much for it as they will get
for double that quantity this season,
and they would have an immense acre
agewhich could be devoted to other
profitable crops. Here lies the secret OF
renewed prosperity for the Southern
farmer, and until the lesson is learned
and general action taken, we will look
in vain for better times in the cotton
belt.
THE WET BLANKET
1t is well known that Texas has