The times. (Owosso, Mich.) 1882-1897, 1896-10-16
SILVER AND COTTON.
Refutation OF an Argument Made
the Silver Men.

Refutation OF an Argument Made by
the Silver Men.
The Financial Chronicle refutes the
argument with which the silver men
appeal to the cotton growers Of the
south by demonstrating that the agita-
ton for debasement of the currency
has actually cost the cotton men mill
ions of dollars within a year The
Chronicle says, in part:
Suppose our northern friends. in ad-
dition to the purchases they have made
in the last twelve months, should have
been during the whole year eager buy
ers and have taken in the aggregate.
say 100000 bales more of cotton than
they did take out of the United States
crop. Had they bought as much as
they did during the previous season
they would have absorbed 4S3,426 bales
more than they have, and If the year
had been a prosperous one the con-
sumption by American spinners would
no doubt have been developing all
through the twelve months. for the
productive capacity of spindles run
ming increased during the previous
year and was on the increase at its
close. But the smaller figure will form
the basis for any calculation and is
large enough for our purpose. The
amount of the staple visible at the out
ports and the interior towns, say, May
1, 1896, was $50. 902 bales: June 1 it was
497, 1858 bales, and Sept. K was 3S5,171
bales. This statement we give only be-
cause 1t discloses how near the point
of exhaustion the supply of cotton in
America has been running. If even
the assumed 100000 bales could have
been taken out of the stock, that
stock Aug. would have been less than
sufficient to meet the requirements;
and, indeed, ever since June the as
sumed additional takings, If deducted,
would have practically absorbed the
entire accumulated supply in the Unit
ed States. Hence, long before the close
Of the season, If our spinning industry
had been prosperous, instead of send
ing the cotton to Europe at the price
then ruling because 1t was not needed
here there would have been a sharp
competition between the foreign buy
er and the American buyer as to which
should have the needed American sup
ply.
or course, If, as already stated, the
American trade had been growingly
active as last year and as II promised
the first month of the current season
to be this year, the northern spinners' /
demands would have been imperative
and to a larger additional amount than
the assumed 10000 bales, and the Eu-
ropean spinner would have been forced
back upon the Liverpool stock many
months ago for his dependence. The
Liverpool stock of American cotton on
Sept. 1 has just been reported at only
1897, 1000 bales lagainst 1,094,000 at the
same date last year. What might have
been the effect upon the price Of cotton
of a more urgent American demand,
especially when apparent as now, that
the added demand would entrench so
seriously on the Liverpool stock as to
have absorbed almost the last bale. no
one with certainty can say. AS mar
ket conditions have ruled, low mid
ding LI.''1c. Notwithstanding the
short supply. i.c">. on the 1st of Janu-
airy, below cents, and did not go
above that figure until Aug. 20. being
for a large portion of July under Z
cents, with the highest figure for that
month lie cents; indeed, the average
for the season, that is for the twelve
months ending Sept 1, 1896, was only
TX cents. Such a low average with
supply so short, would never have
ruled had II not been that business In
America during almost the whole of
the twelve months was disturbed and
restricted and almost paralyzed under |
an existing and developing monetary
growing out of the threat |
ened change in our monetary stand
ard.-Sioux City Qa.) Tribune.
To wool, the product of the great m |
dustry of the sheep husbandry, as well |
as to the finished woolens of the mill. |
we promise most ample protection
To this w. j. Bryan says: Speaking
for myself, II is immaterial in my opin-
lon whether the sheep-grower receives
any benefit from the tariff or not. 1 am |
for free WOOL"
In his speech at Albany the gentle
man from NQbra qlxa said. ssxAta osfr