The times. [volume] (Richmond, Va.) 1890-1903, 1895-10-22
a FEEE-COiNEE ON THE RISE IN
COTTON.

Judge Charles Z. Latham writes The
Times to criticise the statement in our
article Of last Saturday. entitled The
Fail in Value Of our Exports" that to
bacco, wool. cotton cloths, coal. animals,
agricultural implements. leather. and
furs, have held their own" during the re-
cent decline Of some agricultural pro-
ducts. He quotes from the statistical alb
stract for 1894, published by Secretary
Carlisle, TO prove that these articles have
not held their own.
All that we have to say in respect 10
tie matter is that we took the language
criticised word for word from the docu-
ment that Mr.. Morton, the Secretary Of
Agriculture. has just published. ind, if
Judge Latham Will write to HIM and point
out what he supposes to be an .ncon-
sistency between his publication and Mr.
Carlisles publication, We have no doubt
Secretary Morton VIII clear up the APP
parent Inconsistency to his entire salts
faction.
Addressing himself to our remark that
cote MS rise would give the free coiners
most trouble. Judge Latham then con-
tinues as follows:
But" you say, cotton Will prove the
most puzznng problem Of all 10 them"
Cotton within the last six months has
almost doubled IN value" ~ ny mas
tnat gone up so amazingly in price, IL
Tue uemonetlzatiou OF sliNer was Cssus-
ing 50 many tnngs 10 fal?'
lou give "a partial answer TO this ques-
ton yourself when you say IN The same
eulto1aI that as We make httle more tnan
hal1 OF our usual cotton crop We ought
10 gel double price for H.
AS the Uniteu states produces nearly
four-ifths OF the cotton supply vi INC
world, failure OF the crop IN this cOun-
try Will necessarily put up the price, not
wIthstanuIng the characterization OIL sill
yer, but producing little more than hair
OF our usual crop cotton IS now oniy
nine cents per pound, whereas IN 1919 II
was twenty Genus. II has constantly and
regularly fallen since mat time, until III
1874 At sold Tor a nttie more than Sax
cents. In eacn OF the years, 1855, 1881,
1880, 1SSb, 1891. 1855, 1889, 1881, the crop
was larger than the present one. Inc
crops Tor all of these years were as large
as usual, and yet the price averaged more
than ten cents.
Before the decentralization of silver We
could make a fuii crop and get a gOOu
price for IL, but now We must make oniy
half of our usual crop or consent 10 take
HAIR price for the run crop This Is the
legitimate erect of the destruction OF one
haIf OF our redemption money A failure
of the American wheat crop would have
no such effect upon the wheat market
OF the world, because We don't produce
so great a portion OF the worlds supply
Of wheat as We do Of the worlds supply
OF cotton.
In 1915 We produced $3.50 sos bales Of
cotton, for which we received 1901 ,Uoh 500.
In 1894 We produced 6i,JiJ,Sl bales nearly
twice as much as in 1910, ana yet We re-
ceiVed for il only s2O5 so1.vjV about 49,
OvO.,rJ less than we received Tor one-nali
OF the quantity in 1873. Who has gotten
the benefit OF TINS fall in price? England
and the other countries of Europe, because
they purchase every year more IMAM. tWO'
thirds of our crop.
IL seems to ME, Mr. Editor, that the
only thing produced in this country that
has not fallen in price during the last
twenty years is gold, and the tendency
of the price OF that is still upward AS
long as that goes up the price OF every
thing else nus come down. II Is gov
erncd by the la-- OF supply ana demand,
SO often quoted by you. Population and
the demands of trade are constantly III
creasing. while the supply OF gold remains
unchanged. While this condition lass
the purchasing power of gOl1 VIII con-
tinue 10 increase, and We had as well
look the fact squarely in the face
Respectfully yours.
CHAS. Il. LATHAM.
This Is the free-silver doctrine OF
abundant money. whether good or bad.
being the thing that is wanted We have
exposed the fallacy of the idea so often
that we see no good in going over the
ground again. but we let this champion
of free silver have his say.