The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-21
-.,-nrKINa BOWS 90 rRIoE.
the Delay in Repeating the sher-
20 -, Law is DoinE for Cotton.

~ Q the Delay IN hbRsaAAAtk the oueA-
man Law is Doing for Cotton.
- ,befr last circular issue Saturday
,,-tb,r4. Price q Co., speaking Of the
80. for cotton say: ct would be a
oI',s,rt task to record simply the factors
- hear ,Ipon the question Of supply and
s.,,,Di for the coming cotton year. but
ees,rruuately the desperate condition in
u-.bicb mis- country finds itself, as a re-
N'iIit6f financial experiments with silver,
- he usual governing question of
Ia, Surroundings into the background
~ the present moment it was the hope
IN cotton trade that the repeal Of the
S;lvsr-purchase law would occur before
- ,oftou crop was actually in. motion,
sn3 mat the south would, therefore, es-
aaHo the experiences of the wheat farmer
On west, But unfortunately action
Sas NOT been promptly taken, and while
ne LAWYERS representing the south have
been eloquent IN washington IN
oI.,.a+ino the free coinage
o. silver. the merchants and planters are
TosIizing that they cannot escape from
tbs depression which extends over the
rorth and west. So great is the lack of
lorFdance that money commands a pre-
,1iIrl of = to 3 per cent. for shipment to
+be south. as the New York banks are
rnabIe to part with any cash from their
reduced reserves, TO I'LL the Golfers of the
southern banks who now hold on an
average from 90 to 70 per cent of their
danosits in cash. But deposits alone Will
moi move the cotton crop; 1t requires
credit. and credit is sadly wanting.
1Irnder these circumstances the markets
m fills side have declined a cent pound,
or s. 90 per bale during the last thirty
DAYS. in face of an active demand for cot
ton from English and continental spinners,
which under other conditions, would
have sustained prices. Undoubtedly the
Invisible supply of cotton and cotton goods
nave been reduced to smaller proportions
than for many years, and the world is
prepared to purchase freely of their re
Guirements at present prices, under the
belief that the United States has this year
moderate, not an excessive crop.
Estimates of the yield of the growing
crop at this season are worthless, being
simplv the individual guess as to the
Development of the bolls now upon the
plaut and the chances of late Autumn,
but with the depressed feeling in COM
mercial circles the mere utterance of a
low crop estimate has the effect of caus-
ing a decline. How long the present
credit and monetary stringency will con-
tinue it is impossible to foretell, but the
present effect upon cotton is to lower the
price in the south, where the producer
has to sell as the foreign spinner will not
pay more than he can supply himself in
Europe. This is the point where the
premium on currency affects the price
paid to the planter. Yesterday per
cent was paid for 100000 to go south ;
this per cent is deducted by the
exporter from the amount he has to pay
the planter, or, in other words, he pays
81 a bale less than he would under ordi-
nary conditions And yet the senators
from the south, which does not possess a
silver NINE and produces the only crop
which calls for gold from Europe for two
thirds of the yield, are apparently infatu-
ated with the idea of coming silver at a
ratio that enables the miner to grow
wealthy at the expense of the rest of the
people. Might as well buy cotton at 10
cents when its commercial value. is s
cents, as to coin silver at S1.29, when ii
can be boughtin open market at rs cents u