The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-09-14


of Production and Prices Since I!el.
What the Record Of Crops Proves-sn-
vsr Has No Eject on Prices.
The spread Of free coinage sentiment
in the southern states has been almost
entirely due to the belief that the low
price Of cotton was caused by the adop-
tion of the gold standard. The main
argument Of the advocates Of q so cent
dollar in this section of the country has
been that the alleged demonstration of
silver was the cause Of the marked fall
in cotton during the past 20 years.
A bulletin inst issued by the depart
ment of agriculture giving the history
of the production and price Of cotton for
over 100 years proves conclusively that
the use of silver as money has nothing
10 do with the decline in value of cot
ton. Beginning with 1871, with q crop
of $3.50 bales, worth on an average 26
cents per pound in the United States,
the production rapidly increased during
the next ten years to 210, 526 bales, and
the price at the same time advanced to
A cents. In 1902 the crop was 24l, 22s
bales, of which 120,619 were shipped to
Great Britain, but, owing to the great
ly increased supply and a large stock
154, 900 bales-on hand at the close of
the year. the price dropped to 10 cents
per pound in New York.
In spite of this remarkable decrease
in price the crop increased to 340, 900
bales In 1910, worth 16 cents, In 1916
the crop was 457, 565 bales, but the
enormously increased demand from
Great Britain forced prices mp to 29H
cents, and the next year to "a cents.
These high prices caused an increase in
the acreage Of cotton, and by 1920 the
crop was Cos ,061 bales and the price
dropped to IL cents. The production in
creasing, prices fell, in 1892, to 11.40
cents, and in 1897, with a crop of s57,-
231 bales, and with 500, $50 bales in
stock, to 6. 80 cents.
By 1884 an increase in the European
demand for cotton had advanced the
price to nearly Is cents, with a crop of
1,205, 394 bales. For the next five years
prices luctuated widely, averaging from
~ to 90 cents per pound, and when, in
1910, the crop amounted to 2,177,S55
bales, the average price went down to
8. % cents. The great crops and the &C
cumulation of large stocks in Liverpool
caused a still further decline, in 1845
reaching 5 cents, the lowest recorded
price, with a crop Of 1894, 503 bales.
By 1850 prices had advanced to IL. "a
cents, and for the next ten years aver
aged about IL cents, the crop increasing
to 1885, BOT in 1855 and tc 1854, 292
in 1860.
The war which broke ont il 1851
brought on the cotton panic, which
lasted to 1866, when prices went as high
as 81. SO per pound. The close Of the
war left many Of the cotton growing
states in an impoverished condition, and
it was not until 1875 that the r was
as large as that of 1860. In the mean
time the price had fallen with the grad
ual increase in production until in 1871,
with q crop Of 1852, BIT bales, it aver
aged 16. 90 cents. In 1872 cotton wal
badly damaged by excessive rains, and
with a crop Of only 2,974,351 bales, the
price reached 90. 4S. In 1880 the crop
was 8, 761, 252 bales and tbs price had
fallen to IL. OF.
The increased European demand for a
time prevented prices falling to the level
of the decade previous to the war, but
by 1889 the stock ON hand began to in
crease beyond the demand, and in 1891
the unheard of crop of 1863. 597 bales
forced the price down to 8. 0S cents. In
1892 the crop was 9,035, 379 bales, the
stock ON hand amounting to 2,253,000
bales. Prices fell to 1874 cents, but ad-
vanced in 1898, when on account Of un-
favorable weather the crop fell of to
$500, 365 bales. to 8.24 cents. An in
crease to 7,549,S17 bales in 1894 was
followed by a decline in price, and the
greatest crop on record in 1895, amount
ing to about 9,476,4S5 bales, brought
down the price to 6. 90.
The following table gives the compar-
alive crops and stocks of cotton and the
lowest and highest prices in the United
States for two decades, showing that
prices reached the lowest point during
the years when the accumulation of sur
plus stocks was the largest, and that
those were the years of largest crops:
raA1-1SsO-