The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1894-10-30
HARD TIMES FIFTY YEARS AGO.
THE Ups AND DOWNS OF COT,
TON. <

Persons un~acquainted with the his
tory ofthe prices of cotton will be ex-
cused for saying present prices are
without precedent. Those so upac-
quainted might include the expert In
the price and quantity of cotton, for IL
will likely not know 1T. Therefore, l
think 1t important that this should be
known. In this, az in nearly every
thing, W. cannot understand the pres
ent and predictthe probabilities OF the
future, unless we know the past. The
narrative / shall make will no doubt
astonish the overwhelming majority
of the present generation-even OF in
telligent men.
In March, 1887, short staple cotton
was worth IL cents per pound. 1t sud-
denly took u decline until in q short
while 1t got down to q cents per pound.
The lower grades touched 4 cents and
there were even transactions as 3 and u
fraction. That cotton should ever
have been as high as II cents per
pound will surprise many, and it will
be more surprising when | say | found
among the papers in q law suit where
al executor had charged himself with
20 cents Il pound, sold in 1919. Sad to
say from 1887 to the ummer Of 1S49
cotton sold at u cents. 1t was only oc-
~casionally 1t would jump up to I and
perhaps to s cents, and just as quickly
recede. 1t will be perceived that for
twelve long years cotton ruled at
prices that it cost TO make it and even
less. In plantation and slavery times
IL was the estimate OF the cotton plant
ers that 1t cost 9 cents to make cotton,
and this whore the planter owned his
labor and his land. Hence unless cot
ton brought s cents there was no profit
in growing it. The period l speak of
was one of awful financial distress. 1t
was present during the presidential
campaign Of 1910 and defeated Martin
Van Buren, for his second term, for the
people could not help thinking it was
the fault Of his administration. The
times would b&ve defeated aay party
in power, Georgia, although generally
y Democratic State, went against Van
~Buren by 5000 majority, but at the
cratic candidate for Governor, Charles
/. Mcdonald, by more than four thou
sand.
All things considered, the times now
are not near as hard as they were dur
ing the years mentioned. It is now
felt almost entirely by the laboring
classes, or those who have to depend
upon their personal exertions for u
living. Then everybody felt it, and
none as much as the property owner.
During the "hush times" large in
d~ebtednoss was contracted. Judgments
for large amounts were rendered
against u very large per cent. of the
population, the banks failed in every
direction and large properties, both
real n personal, were sacrificed I'M
der the sheriff's hammer. Neverthe-
less, wheat, corn and bacon commanded
good prices. Now the man who gets
only low wages can buy nearly every
thing he needs at lower prices than
ever before. Wheat is even cheaper
than corn, and sugar is to be had ut
twice as much for q dollar than the
price it bore at the time l write of.
Wearing apparel and the fabrics nee
essary to make them are lower than
ever. Then property shrank in value
much more than now. A man slave
worth 81, OC0 would sell at sheriff's sale
at from 5000 to $500, and lands and
plantations in proportion.
To escape the impending calamity
some of our rich planters abandoned
their and and ran away with their
slaves and live stock to Texas. Texas
was then the independent Lone Star
State. Persons, ITO escape the penal
ties of crime, alsoran away to Texas,
and the State was largely populated
by those who had u away from the
States for debt or crime, These were
so numerous that that element was q
factor in politics. 1t did not hurt a
MAJ If he wont to Texas to keep from
paying his debts. One runaway plant
en- | can recall was made Governor Of
the State, and a runaway lawyer was
made United States Senator, and u
grand man he proved himself to be.
Before he held Office he RENTED back
to the States the full amount Of his in
debtedness.
Now, what was the cause of this
stringency, and as connected with it
the low price OF cotton? Liverpool
controlled the price of cotton then, as
nOw-that is, if it is rue that Liver
pool is the only factor in the price of
cotton. But then, as now, there was
trouble in the United States growing
out OF u tariff and our financial sys-
tenn. As to tariff, we were living un-
der the compromise of 1888, which was
a high tariff compared with hat of
1910, under which cotton went as high
as II cents per pound and hardly ever
fell below 10 cents. We we're also
feeling the effects of u change from
the United States bank to what was
called the s. national bank system " by
President Jackson, Inc the establish
ment of what was called tho "inde-
pendent treasury SYSTEM" in 1887, un-
der Van Buren's administration. 1t
seems from this hat the tariff and the
financial systems are important factors
in the price OF cotton. 1t also seems
that the price of cotton Is an impor-
liant factor in the prosperity of the
people. How it is / do not know.
only state facts. The present low price
of cotton comes when the Mckinley
tariff had been in force, and when sill
YER had been demonetized, and when
that decentralization has been intensi-
fled by the repeal OF the obligation to
coin 80 much silver every month under
what is called the Sherman law. Is it
not possible that the two has run cot
ton down, although Liverpool con-
trolls the price ?" If cotton was run
down, when the tariff and currency
were as they were before, may not
that be the important factor in the
low price of cotton now, although
% Liverpool controls the price p"
But, after all, what 1 have written is
more for the encouragement of our
people than to discuss the questions.
We have seen hat although cotton
ruled from a to Z c~ents-mostly 6-for
twelve years, afterwards it ruled from
TO to II cents. 1t surely will advance
again unless the supply should continu-
ously largely exceed the demand. This
is improbable, because cotton is con-
stantly extending itself to other for
eign nations and is being more and
mana uae1 "a n auhetifpfo for ,uonl Oil,