The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1895-04-30
SILVER AND COTTON.
! DO They Is,se and Fall Togcthcr?-
The Views of Il Large Cotton Spccu.

The Views of Il Large Cotton Spccu
Iator.
a special correspondence of tho At
lanta Journal called the attention of
John III. inman, OF New York, to the
claim of the free silver advocates that
the recent advance in cotton was due to
an advance IL silver, and asked whether
or not the claim was justified.
1t will be- recalled that u few weeks
ago, Mr.. lnman created u sensation on
the floor of the Cotton Exchange by ap-
pouring there in person and buying
large quantities of May cotton. 1t was
asserted that he had made corner on
the staple for that months delivery,
but this docs not seem to be borne out
by the facts, as the quotations on May
cotton do not vary materially from
other months. Butts ut any rate he was q
large buyer and when | asked about
the silver question he told me
the reasons that had actuatcd him in
his recent purchases.
"By far the greater part of tho
risc," said Mr.. lnmau, has been due
TO the improved conditions following
the bond sale. That salc re-establish-
cd confidence. twas superbly handled
and the feeling has taken hold that the
financial question is settled for ut least
two or three years. That is the view
held and that is why ! and my friends
bought.
81 look to see the silver craze die
out just AS the grecnback did. But
will say that If the agitation should
again unsettle finances, men who have
bought cotton with the expectation of
an Improvement in business, would lot
their holdings go, and go quickly, re-
gardless of what they got. Fittings
are let alone | look for an era of pros
perity, first in IL moderate degree, and
then in q marked degree. As for the
effect of the price of silver on the price
Of cotton, the explanation is th IS /:
Manchester sells to India, exchange is
drawn payable in silver and the higher
price they get for their exchange the
better price they get for their goods.
| suppose tho recent rise in silver has
affected the price OF cotton II quarter
OF q cent pound. TO be accurate, If
thirty-One-hundredt to the rise i'm
silver. The other seventy one hun
dredths cents would be due to other
causes, mainly the confidence that has
followed the bond sale. ssIGyen the pos.
sibility of free coinage Wsald 80 un-
settle business that the fafiEcrs would
lose all they have gained, for as I tol
you, seventy per cent. Of the rise Is due
to the belief that the free silver craze
has about run it's course. Ii free
silver should prevail the farmers and
verybOdy else would be overwhelmed
in the utter destruction OF business"
a great deal OF gold is being min
cd" said Mr.. lnmAn, land there VII,
be plenty to go round. The report O
the director OF the mint shows that
In. l.l1
| was $l3O, $4,000; In 1892 it wa.
STAG, ,2O7 900 and in 1893, 1851, 22S, 100
The United States, Australia, Russi.
and Africa are all producing large
quantities of gold. The treasury hold,
about 5OO, 100000 in silver dollars ant
bars, against about II 800, ,000, 900 o
gold. Certainly this proportion shOnl(
| not be increased and the ontput of tn,
mines should be sold just Us we sell tn,
surplus output OF our iron mines, ant
In fact, the output of the silver mine
Is being sold In foreign markets. Th
shipments of bullion amount to 300.
600 q week.
Speaking OF the condition OF tn
farmers i'm the South, MIR. Inmu
said
If they continue planting so muc
cotton there lis no telling what tn
price will gOto. The South has pecu
lar advantages which should be utili,
cd. There is practically no compel
tion in cotton raising, except anon
; the farmers themselves, ior In no othe
country can the staple be produced
II quantity, and of character to mi
terially affect the price. The whei
raisers of the West have competitiO
notably in South America and Russi,
The way for the Southern farmer
prosper is to diversity his crops, utili
ing more Of his land for home suppl,
: and less for cotton. There has bee
: more cotton raised than the world r
, quires. 1t Is only to be expected tn,
the price will fall when the ma
3 ket is glutted with million ar
U half bales more than is demanded. ~