The Kosciusko star. (Kosciusko, Miss.) 18??-1898, 1895-04-26

IN the Wow vi OiN
viii be the certain result ofthe su;-
cess of the free silver move, and
their view, not political theories,
will shape the policy of the credi-
tors. A large portion Of ths In
debtedness of the people is to for
eign loan companies, made payable
believe, almost entirely in gold
coin. With gold appreciated the
burden of these debtors is increased
proportionately, and the loss Of
property, by very many, would be
certainty. But this would not be
the limit of the disaster. Should
the supporters of free silver coinage
develop such strength as to demon
strate that they will probably elect
majority of the next Congress
and the President, notice would be
thereby served on the creditor class
that within the next two years al
ter the election all debts not spe-
officially PAYABLE in gold would be
| liquidated n deprecated currency.
Can there be any donht about the
effect of such notice? Creditors,
in anticipation of the enactment of
Il free silver law, which, in their
Judgment, would lower the value
of the obligations due them, would
relentlessly hasten, by every means
known to legal machinery to en-
force collections, just as surely as
if a law were passed providing that
within two years all debts would
be barred. There would be no
extension of debts and no new
credits given until the great change,
which they apprehend would be
wholly disastrous, had been worked
out. All enterprises IN which cap
ital enters would cease, general
suspension Of business would en-
sue and universal bankruptcy pre-
vail. | can imagine no activity IN
trade except such as would be car
ried on by sherilfs and debt collec.
tors.
1t has been repeatedly asserted
that the fall i" the price of cotton
results almost entirely from the
lack Of free coinage OF silver. |
will submit few simple facts that
ought to be considered in this con
nection. In the cotton season Of
1S59-60 the average price Of New
Orleans middling cotton vas 1921
cents per pound. At that time the
whole world enjoyed whatever
benefits can be produced by free
coinage Of silver. In the season of
1SS9-90, thirty years thereafter,
and sixteen years after the much
complained of act of 1878, tie av-
erage price of middling cotton in
New Orleans was 10. 20 cents per
pound. Thus it will be seen tina,
up to that time the suspension of
free silver coinage by the civilized
nations had not produced the
slightest effect upon the price OF
cotton. Again, recurring to the
claim that free coinage would boom
cotton, | refer to the pass. &c Of the
Sherman silver purchasing law, in
July, 1890, which added $4,000,
600 annually to our circulation, al
most the total of the American pro-
duction of silver. And yet the
great fall in prices set in in the
year succeeding that act. In 1890
to 81 the average price Of middling
cotton was SIS cents per pound;
for the season OF 1891 81 it was : "a
cents per pound; ard in lS92-93 it
was S.1 cents per pound. 1t will
thus be seen that this great increase
in the volume of money, so far
! from raising the price Of cotton,
did not prevent Il fall almost On.
preceaented. If the lack Of free
coinage Of silver is the sole or chief
cause OF the present low price ut
cotton, why is it that the intelli.
gence and commo> sense of people
about their own affairs intuitivrly
rise in complaint over what they
suppose to he interested exagg ,ra.
ted crop estimates, and why have
conventions been held to secure u
reduction of the cotton acreage?
The etfet t"and facts of natural
laws ought not to be lost in the
maze Of theories. If 80, the les.
sons of thrift and economy now be-
ing acquired South may be aban-
doned for the fallacv that their
place may be supplied by a mere
act of law. If the act of 1873 IS