The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-08
FIXING COTTON PRICES.
A Spurious Argument Exposed -


A Spurious Argument Exposed - A
Warning to Georgia Voters.
From Springfield (Mass) Republican Qnd)
The southern farmer is dosed with non
sense on the silver question from one
weeks end to another, until It is the most
natural thing in the world that his fnan-
cial notions should be hazy, il not crazy.
Here is a fair sample OF the kind of STUFF
dealt out by the Atlanta (Ga) Constitu-
ton, which pretends to a sort Of leadership
in southern journalism. The Constitution
processes to believe that the reason why
the price OF cotton is fixed in Liverpool
is our financial system by which il means
the decentralization of silver. I'VE do OBJ
ject,' it says, ITO England insisting that
this country have such financial system
as will give her the ability to set the
prices on all our products" The argu-
ment of the article is that England the
buyer, sets the price of cotton in spite
of tho farmer who raises IL, while of
everything the farmer buys the price is
fixed by the seller what gives the right
of the purchaser OF the farmers surplus
to fix the price and refuses him that right
when he goes to purchase? Nothing in the
world except the peculiar financial system
that is interviewer and fixed for that spe-
cial purpose" The inevitable conclusion
of this argument is that if the farmers
win unite to overthrow this peculiar finan-
cial system and establish a new one, a
leading feature in which shall be the free
coinage of silver at is to /, they can fix
the price of their surplus products them
selves and make John Bull pay what they
choose for them. 1t is the evident pur-
pose OF the article to produce exactly this
and no other impression on the southern
Fr,.aN 49,.
written?
1t is hardly worth while exposing such
ignorance, or worse, as this, by repeat
ing what every intelligent person knows,
the familiar reasons why the price of the
worlds surplus products are largely fixed
in English markets. Competition, the bid
ding Of the surplus products of the coun-
tries of the world in the market Of the
largest consumers for purchaser, makes
the prices at which these products are
sold. The financial system of the coun-
tries producing these surpluses of grain or
cotton only slightly, If at ALL affect the
prices at which grain or cotton Is sold in
Liverpool. Indian cotton, quality for
quality, sells for no more than American
cotton. because India is where the Con-
stitution would bring this country. Cot
ton from the United States sells in Liver
pool in competition with cotton from all
| cotton-producing countries, and prices
are reckoned on gold basis, and this CON
dition of things would continue II the
United States should ordain the free coin
age of silver at any ratio congress chose,
or If populistic greenbacks became the
only currency OF the country.
The Constitutions argument is non
sense as an argument, but a serious mat
ter enough when its source. its purpose,
and its possible effects are considered 1t
can have but one effect upon the reader
who takes it seriously, and that is to
more hopelessly than ever muddle and
mislead him. 1t persuades him that he is
! being oppressed and defrauded, and that
| the conditions which are without doubt
hard upon him are made so purposely by
/ those who find a profit in grinding him
| down. 1t is the easiest thing possible to
identify these oppressors with his credi-
/ tors, or with the creditors of the mer-
chant or banker whom he owes, and easy
to pass from this Identification to a hearty
| dislike of the Creditor class" which be-
! comes his pet aversion next to the gold
| bug'-which title he regards as generally
! applicable to creditors as a class This
! frame of mind is a long step on the road
| to stay-laws reputation, and war in gem
/ eral upon creditors as the experiences in
/ Kansas within the past year or two have
/ abundantly proved. Georgia is not Kan.
sas, and the Georgia farmer ia by no
/ means ready to go into the extravaganza
! of the Kansas popullst, but that ne is not
/ is by no means the fault of the Constitu-
! ton, which Is doing its best to make of its
/ state place where no cautious investor
/ will loan his money, for fear that he nieh,
not get back what he loaned when the
time for repayment comes.