The Caucasian. (Clinton, N.C.) 188?-1913, 1893-03-09
SILVER AND COTTON.
A PAPER READ HYMaRtOa BUTLER VICE
PRESIDENT or THss.F. LGsO / u,
REFrRE THE sRO ANNUAL CON.
VERTiON or The AMERICAN
BY. AETAliC LEAGUE.
1.-THE Loss Sustained nv the Cetton-Piznt-
ers on Account of the Decentralization
OF Silver Since 1873"
THE SOUTH AND WEST MUST JoI,
HANDS AND STRIKE A DECISIVE
BLOW FOR INDUSTRIAL FREE
DOM

MR. PRESIDENT AND GENTLEMEN
OF THE BIMETALIC LEAeUE-I am
asked to address You on the topic
"The loss sustained by cotton plant
ers on account of the demonetization
of silver since 1873" Since receiv-
ing your highly esteemed invitation
(for which honor wish now to
thank you) have been so pressed
with public and private duties that
I have not been able, from the data
at hand, to make the necessary cal
culations to insure such accuracy as
would warrant laying before you and
the public the approximate figures
that would indicate the total loss for
these twenty years, enormous as it is.
But permit me to say that the free
coinage of silver is and has been a
burning question with us of the
Southern section of this country.
Producing, as We do, three-fourths
of the cotton crop of the world,
which is largely sold and manufac-
tured abroad, we were the first to
feel the baneful effects of the de-
monetization of silver. The market
price for our cotton during the year
intervening between 1866 and 1880
fell from thirty-tuo cents to eleven
cents per pound, and we believe that
this blighting result is due to the
contraction of the currency and the
degradation Of silver more than to
any and all other causes combined.
Since that time, chiefly through the
same cause, the price has fallen so
low that the great bulk of the crop
is now made at positive loss. The
reason for this was first attributed to
the inevitable conditions which OBJ
tain in reaching specie basis after a
violent initiation Of the currency. But
subsequently events disclosed the fact
that after nearly fifteen years OF
specie resumption, prices continued
to decline and harder times come to
our people. This long-continued
distress, thl. ever-increasing contest
with want and unremuneratlve labor,
has forced an examination into the
real causes which conspire to bring
about such abnormal and apparently
inconsistent results. When a peo-
pie first begin to feel any oppression
they are prone to blame the man in
sight. So in this case, at first the
factors and middlemen were charged
with the offense, then the railroads
and spectators became the subjects
of condemnation and then the man
ufacture:s and the tariff were accused
of beng responsible for low prices
and the resultant hard times. But,
while some, if not all, Of these are
still held guilty to a certain extent,
the real underlying cause was found
to be an inadequate and a continual
shrinking volume of currency-a
currency held firmly in the iron
grasp of the gold trust of this country
which in turn was and is absolutely
dominated by the gold trust of Eu-
rope. And | declare herr and now that
there is no help for the cotton-grower
of the SOUTH mo certain remedy for the
evils which surrounds us there, save
that which would come through q
reconstruction of the financial system
Of this country. This reconstruction
should logically begin with the re-
storing of silver, and through the
free and unlimited coinage at the
constitutional ratio, putting it on
equal terms with gold.
I am proud to stand before you as
the representative of great agricul-
tural organization, the National
Farmers Alliance and Industrial
Union, and still more so on account
of the fact that its grand motto of
equal rights to all aud special
privileges to none" is followed by a
declaration of principles, among
which las ever stood demand fol-
''the free and unlimited coinage OF
silver" And right here l am re-
minded that exactly one year ago to.
night, the combined Industrial and
Labor Organization of the county
assembled at st, Louis, (known az the
St. Louis Conference) adopted unani-
mously this same demand. This de.
mand was among the first issued by
our organization, and upon this de
mand every true member of the ALI
ance stands to-day. As an organiza
ton, We recognize the demonetiza sior
of silver as an outrage upon the pro
ducers of this nation as whole anG
as crime against every man, woman
and child who works for living
within its borders.
| AS technical question, l am franl
to admit, l have never been able tx
give it that thorough investigation
which it deserves, but as genera
economic proposition, several year
ago established the opinion that fire
coinage of silver was not only right
| but imperative. This feeling, an
sure, is well nigh universal anon,
the cotton growers and wealth pro
ducers of the South; and | am con
strained to say that if the fight fo
free coinage should be abandoned b
the people of the North, or even tn
silver producing States themselves
we of the S3uth would continue th
fight for it as a measure of prime ne
cessity for our section. First "
would fight for it as one great ste
, | in the financial reform such as woul
make it possible for us to pay ou
, debts IN a currency of the same Pc
| capita circulation as when contract
. ed; and next, to prevent the ruinou