The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-09-10

The price Of middling cotton is ap-
preaching S cents pound and the indica-
lions are that II will be considerably higher
before the middle Of October. The cotton
crop is a short one. There is no doubt
about that. The cotton acreage is less
/ than it was last year, the quantity Of fer
tilizers used in making the crop was
I much less and in nearly ali the cotton
growing states unfavoraDle weather con-
ditions have prevailed. In many localities
I the crop is being damaged by worms and
rust, and should there be an early frost
| the yield would not reach 10000 bales.
/ Indeed, some OF the best Informed of the
/ cotton men express the opinion that the
/ seasons yield will not reach 100000 bales.
( even should frost be delayed until very late
in the fall. II the cotton planters are
wise, therefore they will not hurry their
! cotton to market. They will watch the
market reports closely, and il they see
that the price is gradually rising they
wiz hold on to their cotton until they are
satisfied that the price is as high as it IS
likely to go.
The rise in the price of cotton is an
object lesson which is not likely to be
4 lost on the people Of the south. When
! cotton was selling for cents a pound
and less the silverite newspapers and
stump speakers declared that its low price
was due wholly to what they are pleased
to call the decentralization of silver, though
the Secretary Of the Treasury has point
ed out that silver has never been demon
etized However, these silverites assert
ed that cotton had dropped to cents
pound because our minis were not open
to the free and unlimited coinage of sill
Yer at the ratio of l6 to ]. They offered
no reasons for their assertion. They
expected it would be accepted because
people who are dissatisfied with their
financial condition are ready TO accept any
theory. not because they are certain it
would bring them financial relief, but be-
cause they are willing to experiment,
thinking that If the experiment should
fail they would be no worse off.
Those who believed that the refusal to
open the minis to the unlimited coinage
caused the low price of cotton now see
they were mistaken. Nothing has been
done In behalf Of silver and yet cotton
is worth over SIS a bale more than it
was six OF seven months ago
What caused the rise in price,, Clearly
the prospect of a short supply. And what
caused middling cotton to sell at cents
n pound. and even less. a few months
ago? Evidently the enormous supply. Last
seasons crop was nearly 100000 bales.
That was more than there was an active
demand for This year the crop is likely
to be less than 100000 bales, and that
amount is a little less than the world
wants. Hence there is beginning to be a
scramble for cotton. and the price is adj
vancing.
Could the people have a greater object
lesson than is presented by the differ
ence between the price of cotton this
year and the price last year? They can
not fail to see that the price depends upon
supply and demand. and not upon this
policy of the government in respect to the
coinage of silver.
1t is worthy Of notice that the silverites
no longer say that the low price of cot
ton was due to the discrimination against
silver. II they should make a statement
of that sort they would be laughed at,
even by those who a few months ago
made the mistake Of accepting their 16 to
l idea. And the reason why the CONNER
cal value Of silver declined is the same
as the reason why cotton declined last
year. There is an overproduction of sill
yer. Any one who takes the trouble to
compare the output of silver during the
last few years with that of previous years
is certain to understand why the price
of silver has fallen. The production has
Increased enormously. The rise in the
price Of cotton because Of the decrease in
the yield Of that product cannot fail to
have "a most disastrous effect upon the
campaign Of the silverites in behalf of
| free and unlimited silver coinage.