New-York tribune., 1894-10-29

during the last few years and caused large failures
II the future delivery system had rot existed, am
vet people IKE Mr. Hatch are trying to stop the
future delivery business which If it were done here
would be continued in Europe The price IN Liver
noo1 usually rules lower than {: does IN New-Y ork
The ooopo in thi, country beins more sangune may
be the reason for their being generally hu'lish.
Mr. Hentz was asked what relation he thought eN-
listed between the fall Of silver due - the closing
of the Indian mn:s. and the low price o. cotton.
SILVER AND COTTON.
THE fall Of silver in India" SAID ne, has prob
ably reduced the buying power Of the wago-edrning
consumer in the silver-using countries The decline
in silver largely due to ovcrproduction Is no great
cr than the decline in everything else including INC
rates Of interest. Thus the capitalist ana those
who live upon incomes. Of whom our Popullst ana
Alliance friends so often speak have suffered loss
of intcrcst which has declined from per cent per
annur in this STATE 70 and per cent, being
nearly or quite cut in TWO The price of labor 'S
ahou, the only thing that has no. been affected by
the decline in silver although 81 now VIII buy near
ly twice rs much as il did in 1873.
The depreciation in the value Of the rupee IN
India. owing 70 the fall in silver makes imported
goods which have to he paid for in gold, cost
higher For instance It works like the advance IN
gold did in this country during the war msher
nrices had to be paid in ereenbacks for imported
goods which had to be settled for in gold accord
ing TO the premium that existed on God
10 WNdt 40 YOU d'tiI'''' N"'"
in the price Of everything"
Il believe this great fall in values is largely dne
10 the Bcssemer steel rails which have cheapehe'
railway rates: to ocean cables and quicker com
munication Thirty years ago. on the iron ran j"
took four hours to go from this city TO Philadelphia
now on the steel rail, the distance can ne coNer''
in two hours. and larger loads can he haued tram
can be hauled from Dakota now about as chedP As
II could be brought from Buffalo then Thirty years
ago it took letter seven days to 50 10 NeW-o'I'dS
now IL takes two days.
Mr.. Hontz spoke highly OF the National banking
system advocated at the Baltimore meeting OF pdnN
ers He thought the elasticity of the currency hat
would result from such A system should silence 'he
silver agitation and do a world Of good.
OPINIONS or MEYER LEHMAN.
Never Lehman, of Lehman Brothers. was one OF
the founders Of the New-York Cotton ENchahS''
His firm has a house in Ne"-orleahS "'lu VIZ
brothers are authorities IN the cotton ud'e' vi
Lehman said that in the case OF feh'e'' ~ -
large rroportion of the cotonraisers Of tie Son'h
are cents a pound was the minimum P''' 80
which cotton could he raised at proht. ne
South is i'm fairly prosperous condition Sal'
Mr. Lehman JUS now. and the people are p'Sih|
their debts our adycps are that colle'"o"S "''
good But while they arc selling thelr '"''"" q"
an abnormally low price. II must he r'n'''"''''
that the cron is extraordinarily large IN" COTTON
rlanter has % per cent more cotton than "S""' ~
sol This is what is saving him on normal crop
n would be ruin for him to sell AZ cents
Are the planters diversfyins their crops tmS
year."
"ecmeu.hat huf not enough. am sorry 10 say.
Tho extraordinary chcapness oi gram mas h"''
something TO do with their failure 10 ra'sr 'h''
o,,, food nroaucts though this year the corn crop
South is bigger and better than ever before l.
the sugar bounty had noen continued large "''H
would have been devoted 10 cane. which may mex,
spring be put I'm cotton. The labororE VINO """I'
have worked the canchclds Will now nav" 10 grow
cotton This will be a misfortune al around u
iron and coal were to advance. it would help the
South greatly h. drawing away from the cotton
heds a large population to these ndnSI&,'s & o5
Mr.. Lehman said the competition OF lhil" tl 4tl
Egypt viii not affect the American cr@i. .rrH'
competition Of India IS yearly crowns I'ar. az
ideal hand He was lazy, and neither the men the
women nor The children worked as thT} ouSn s,iII
Mr Lehman thought, negro wages were down l"
the minimum. ,,. oor.s ht,
CROP; said Mr. Lehman. There is no telling hos
much the consumption Of cotton VIII be imcteaso ~
fiIv no 0n0 ba cs OF American cotton "il! be con
sumed It is certain ha he aa,y ,1HnS croascS o,
and their buying persistonIy mana'hen Si,e s,o5Uv
taxing about 5000 bales daily IN the Liverpool
market.
VIEWS OF \ COTTON EXPERT
Alfred r. shoppcrson. the Editor Of Cotton
Facts" and secretary Of the Subcommittee on
Cotton Of the United states Senate" Is regarGeh
as ahou, as we'll posted on cotton culture and
manufacture anybody In the country Ni.
Shepperson had charge OF ne Government ogt-
ton exhibit Ia chicago. OF the prevailing dcnord"-
zation al cotton. hc said;
There are very few mon in the cotton trade
who have seen cotton low a. 1t IS to-day ioT, IN
as IT present since lsis when midding up.and cot
ton sold in NcwYork Cor . cents pound Wm!c
never been known in that m@rkci 10 t,onSi
lSiS under the influence o. political disturb bancc5
,,,r,o,, f.s1 l+l F.f
the price of mddling upland cotton In INeipooi
was forced to ~ prnCe InSt wa1 S,, Im~ nn yhc
:.rbr greatest previous depression in reccn' years
crop exceeded 90lo0p bales. ana Was me arrest
almost as large. and under the great suppy OF
cotton and other uniavorable influences the Enc"
In March ls9! declined TO . ll-l6 cents IN New
YORK and g-G pence in Liverpool Middlins cot
ton lis quoted in Now-York now at 1916 cents.
lower than this time last year At these prices
cotton culture not only ceases h be TemuneIatSe
most extraordinary and exceptionally favorable
conditions. the cotton planter could not possibly
get back the actual cost Of his crop
THE SENATE INVESTIGATIONS.
From some recent Investigations for committee
of the United States Senate 1T was made evident
to me that under the most favorable circumstances
only a very small portion OF the crop could be pro-
duced for as little cents per pound delivered
at the nearest shipping point 70 the plantation.
used. the cost Of production seems TO range from
6 to I a pound. when proper facilities
are employed, while the cost to farmers not pos
sessng such advantages is higher, and sometimes
very much higher.
ION account OF the very low prices in 1892 the
acreage which was planted i'm cotton IN the spring
of 1892 estimated by the Department OF Ag-
rculture fully 1872 per cent less than the pre-
'ious yea. II was the greatest curtaiIment or
acreage of which we have any official record As at
the present prices the average cotton grower can
not get back new dollar for an old one expended in
cotton cultivation, II seems 10 me inevitable that
the acreage or the next cotton crop VIII bc re-
duced in even greater proportion than in 1892 un-
less very material advance In prices should occur
before the time to prepare for planting " the
price Of cotton docs not promise n fair Iemunera-
ton for their efforts tn" cotton planters VIII most
assurcdly give more attention to other products and
cultivate less cotton.
Tie low prices now ruling not due 20 oX-
CessAc prcsent supnlN OF collnm. inL TIE hnck In