The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-11-21
GLOOM OF COTTON GROWERS.

SCI 6SL4Od o10 Wow 9ooS3otiSeSA AAANA~ ~-~
ton, that the present crop will not ez-
ceed $500, ,000"
GLOOM oF COTTON GROWERS.
The Bear Conspiracy 10 Force-Down the
Price.
From the n. Y. Tribune, Nov. l3. ]
The bear element in speculative ex-
changes is one of the most vicious ob-
stacle the industries of the country
have had to contend against. The
depressing influence the bears OF
speculation have had for the last year
upon legitimate trading has been one
of the unfortunate features of hard
times, and recUperation under their
savage attacks has been slow. Natural
conditions may, of necessity, compel
prices to drep, but then the bears force
them still lower, never, taking any
thought of who is o-5e the loser. The
bear element in speculation has caused
more distress, bankruptcy and ruin
than any adverse condition Of the
times. It is an element that stops at
nothing to make profits for itself, and
it revels in its success.
Unfortunately for the people of the
South, their staple product, cotton, has
for the last year been the foot ball of
the operators of decline in the trading
on the cotton exchanges here and
abroad. There has been no let up in
the steady warfare they have carried
on against it, and every possible til K
and device has been used to hammer
down the price. Bear pools have been
formed time and again in all speculs-
tive exchanges for the purpose of ruin
ing one man; they have been formed
for the purpose of wreeking corpora
tions, and they have succeeded, wheth-
er or not Intentionally, in throwing
thousands Of people into bankruptcy,
1t seems most useless and most GER
taiDly q thankless job to call the atten-
ton ofthe bear spectators to the dis.
aster for which they are responsible.
The men who call themselves bears
seem to be without hearts, and they
satisfy the small amount of conscience
they have have with liberal donations
to the missionary funds. The damage
which bear speculation in cotton has
done the Southern. cotton planters is
stupendous.
Under the present adverse conditions
of the cotton market the prospect for
the Southern people is anything but
right. In the cotton belt, where so
many depend for livelihood on Gotten
culture, there will be great distress, and
it is impossible to estimate the amount
of suffering that will be experienced.
The low price of cotton has bad such
a distressing effect upon the Southern
ers that they are ready to take fright
at every possible suggestion Of adverse
circumstances, and they are clearly in
most unfortunate plight. The buying
power of the people who produce cot
ten is greatly diminished. In fact their
buying power is reduced to the bare
necessities of life.
John I. Dunn, of the firm of John I.
Dunn & Co, of this city, who for many
years was interested in the loaning of
moneys oD lands throughout the West
and South and is now trustee fol-
holders of mortgages in the South rep
resenting loans aggregating between
Sl,OOO,0 600 and 81 00O, ,O06, said yesterday:
1.-THE situation in the South is griev-
Gus in the extreme, and there is not
single bright prospect. To illustrate the
ruin wrought by low price of cotton to
the planter1I will cite two cases: A
plantation near Vicksburg was pur-
chased in 1889 for $4,000; loan of
S6,O00-w was procured upon it, and when
sold out this year there was only one
bid for the property, and that was Tor
nominal amount, made in the interest
of the lender. Another place, purchased
at the same time for So 800, was recent
ly sold for $1,000. All cotton planta-
tions, except in occasional instances,
have deprecated in the same ratio. The
value If city really has been fairly we'll
maintained, and the failures in jobbing
circles have not been as numerous as
might have been expected. This is ex-
planned by the fact that the decline in
cotton, while enormous, has not been
violent, giving merchants time to cur
tail credits and liquidste Indebtedness.
The prevailing impression that cotton
growers are free ofindebtedness as COM
pared with Western farmers is errone-
ous. The Objectionable system ofcredits
between factor and grower is now ruin
ing the latter. The cotton factor makes
an advance in the shape Of ledger
credit to the grower for al amount
equal to $40 or $40 for each bale he ex-
poets to be able to ship; chattel mort
gage is taken on the crop before it
exists. The factor charges against this
account the supplies furnished for max
ing the crop, at prices netting 20 To so
per cent profit to himself. Thus it is
that in season like the present, when
cotton is selling at cost of production
the majority of growers are penniless,
and the result brings distress to the
entire cotton belt population"
It is now being argued by friends OF
he South and by all people who want
to see one part of the couatry as pros
porous as anotherthat the Southerners'
interests should Re more diversified. In
the cotton belt, where fall in the
price Of cotton like the present comes
to that staple, there is no other industry
for the people to fall back upon, and SO
the disaster is more appalling. The bard
times from which the people of the
South are sufferisg may have oenefi-
cial effect in one way-their eyes may
be opened to the great necessity Of ex-
tending their industries so as to en-
brace something more than cotton cpl-
ture. The law of supply and demand
would not then be worked go satisfac-
torily by the bears,