The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-23
The COTTON CROP REPORT.
Views Of the committee on Agriculture
as to The Depression,
SEVERAL REMEDIES SUGGESTED.
The Consumptive Pow Of the People the
Real Home Of Raw Cottop-"Futuros"
Largely Responsible for tho Trouble.
The Decentralization of silver.

The Demonotization of silver
WASHINGTON. d c., Feb. 2c.-Scnator
George. chairman Of the Senate Commit
on the condition OF the cotton crop the
causes for existing depression. and inc
remedies that should be applied. The in-
vcstigaton wac made under author
lty OF "a Senate resolution OF April 10. i@l
Tho cotton report is divided into five
parts me FIRST part being devoted 10
the financial condition of me producers OF
cotton. from which 10 appears: FIRST
that tho financial condition of the farm
ers IS bad. and That very few indeed are
substantially increasing Ia the possession
Of property. S.lO ud. that with the prices
provaHIur BOO tho years 1881 '92-9 90 in nearly
every part OF lhc cotton producing region
tho cost OF production cqudicG, n " do
not exceed the value Of the cotton raised.
Tho result has been TO produce wide
spread discomfort among cotton producers
ana disposition TO discredit their old
time conservative methods and 10 induce
TOO ready acCel taICe of plausible
theories for relief.
With regard 20 the causes Of the low
prices The report says.
'It is conceded that the obvious, APP
parent and prOXimato cause is over
production. Since. in the main. with de-
vlatous produced by abnormal cOndl-
lions prices ave regulated by supply and
demand % fun supply with relatively
diminished demand bringing low prices.
and great ana active demand with rcla-
lively diminished supply bringing higher
price where there Us an annual increas-
ing supply through the effort To maintain
prices. there is an annual Increasing de-
mand.
THE ovFH-TROpUCTIoN Theory
Statistics are produced to overthrow the
theory of oVer-UrOductiou being the cause
OF lJw price. the surplus iu America ana
Europe being less than in 1866. In CON
Guiding This part OF The report the com
mittee says. 10 is The effective wants Of
the ultimate consumer which fixes the
amount OF the demand for the raw cot
ton. lf there was not cotton factory
in the United States. and foreign cotton
manufactures were admitted free of duty
ana sold az cost 40 higher than is now
charged for cotton goods. there would not
he one pound less consumed iu the
United states than It present II such
goods were admitted at "a lower price
consumption would He advanced So that
the real elective home marHct for the
raw cotton, wherever manufactured is
in the consumptive power of the people.
~ Whoever takes the cotton from the farm
ors and gives 10 In "a manufactured state
To inc consumers at the lowest added
cost Us beneficial agent, both 10 the
consumer and producer. by increasing
consumption ana preventing a surplus.
whoever and whatever Increases this adj
diuonGl intermediate charge reduces con-
sumption, and Injuries both producer ana
consumer.
FUTURES TO BLAME.
The ~nious extent to- which dealing I'm
futures has attained in late years is
announced as another cause contributing
10 low prices. Much testimony on this
subject was taken by tie committee. An
elaborate argument is made TO show the
power OF congress % deal with this sub
lert aud control or suppress L.. Having
o. 'tbiiahed this fact TO its own sat.sfac-
ton. the committees report continues.
TT would seem TO require no argument
10 show the prOpriety of the exercise of
The power f only the result would be- to
restore to che public az large the free and
mtrammeied rsht Of buying and selling,
ana thus destroy am Illegal monopoly (cOt-
20 TWO corporations ana TO the member
nip OF which only q few can .e admitted.
and These only by the salvation OF the
operations themselves.
'iWO-thfrds of the cotton crop is eN-
J 1r,rd. This expectation plays almost as
Important "a part iu the regulation Of our |
foreign exchanges. and contribute very |
tfte.F 10 the maintenance OF our dnan- |
.il system OF securing 10 as favorable |
exchanges. The higher the price of The |
export the greater the value OF our |
Ircisu trade in brMeing larger wealth
tJ our country I'm this view il is The
l3ulf'e interest of the whole country |
Nat ali arrangements. customs of trade.
" men aIilhcdIly deprcss the price of cot-
'1. should Doe abolished. cotton raising
Is 'Ht principal business of al least nine
--tto-. ihc people of which az. iu the
main. nom many causes unable to
mango io other business for many years
10 come. To these people specially. shown
't inc evidence. We report % Doe i'm the
bad financial plight We have described
is co. high tutt OF the common govern
n'ni of the whole country that il shall
I.' JOS powers To prevent depression i'm |
h' price OF their great staple by the de-
GEES and articles of gamblers iu human
an'r ass we have shown these dealers
10 be-"
OUTBOUND 10 ABOLISH THIN
Tho committee concludes this part OF
i9 report ny stating tS conviction To bee
mat While these DEALINGS in futures can
DOT for amy long period control absolutely
Doe price of cotton Independent of the
upp} and demld YET they clearly some
mes ahnormalk produce too low prices.
as Well as high prices. as Us admitted by
her advocates. from a temporary pee
lodi huf generally they deprcss To "a
'nS ccrao.e extent prices, and that Con- (
less not only has the power TO abolish
ham. but DO IS in duty bound 10 DO So.
Under part four the characterization Of !
ilvcr is discussed. This being a cause for
DE low price OF cotton in the estimation
IF the committee as more potent than
N.Y. There are many printed pages of
rs ueuts 20 favor of the rehabilitation
t silver ana the prevention thereby of
8lling prices by the opposition of gold.
Me committee also finds that importa-
lon from Europe, other than by the reeu-
ar commercial methods. tends 20 deprrss
he price of cotton. as ii lessons tho
mount Of money I'm the market. which
xes the price II cotton.
TIE BENfDHs.
The report concludes with "a division de-
Oted 90 remedial legislation. The con
Iusions reached 10y Mr.. George are nom
oncuTcd IN by his Republican assoc
idtes. His great remedy is the remOna-
d.