The Union times. [volume] (Union, S.C.) 1894-1918, 1896-01-24
TOO MUCH COTTON
DOESN'T PAY.
A Small Crop And A Big
Price Is The Idea.

| Lane. IreSluenC or the American
Cotton Growers Protective Associ-
alton was held in Memphis last Tu-
esday and was largely attended by
prominent planters from all over the
South. 1t is estimated that there
were fully one thousand delegates
present when the convention was
called to order. The feature of the
convention was the address of Pres
ident Lane. We haven't space for
| the full address, so we will have to
content ourselves with some extracts.
After successfully combating the va
rious arguments against the attempt
to organize tho farmers and reduce
the acreage, he turns his attention to
the annual surplus and says:
'The annul surplus that we have
been usually making is the most ef-
fective instrument used by the cot
ton bear to depress values. Wrench
this weapon away from him and
henceforth while he hibernates he will
have to lunch on his paws:
"Overpi oduction fosters maDipula-
ton. Without a surplus being pro-
duccd above the actual demand of
consumption there would be no such
thing as the manipulation of mar
ket. The law of supply aud denant
which is the natural and h onest regu
lator of prices, would control. Com
petition would intervene and the cost
of production of an article which il
the fairest standard of its value woulc
be its price mark.
The world spends annually about
$500, 100000 for cotton goods. five
send out 6, 00,00J-bale crop VIC
get this money for il, and the con
sumers will compete among them.
selves for our product, and the pro-
ducer substantially dictates the price
IF we send out 10, ,000,00O-bal,
crop, as We did in 1894, they paw
the same or less, and lcaveus to com.
pete among ourselves for the p,ice.
Our labor and expel. scs running tht
same.
The world has to be clothed. The
consumption of cotton is near.y in
flexible. The production is flexible,
With this conclusion it resolves it
self into the question, How arc wv
to destroy this annual surplus III
only safe and practicable wa <
gested is by a judicious decrease cf
acreage, say 70 per cent; we would
then realiz" I5 per cent. increase in
the price, and still have 5000. 0u3
acres of land to raise foo! crops II ,.
on, which, if raised in sutiicicn, q,a@-
tity on the farm, iustead Of being rIT.
chased at longtime prices, with cot
ton as its uncertain security, will
make another legitimate difference in
favor of the cotton grower oi26 pcr
cent"
"Thore can beno palmer object les
son portrayed than that Of this last
season of the result of decreased pro.
duction. AS another lesson, us to the
efficacy of the decrease reproduction
as a stimulus to the incrcaHc of price,
we will cite the history of the cotton
market in the year 1S43. The average
price of cotton that year was $50.
The production was decreased the
next yearly general consent about .
per cent. and cotton values rose in
consequence thereof to .8T in 1916
"Thc idea that has been advanced
to deter farmers from decreasing their
acreage, to the effect that it would
stimulate the production Of other
countries, is 'dclusion and snare.
This question has been settled some
time since to the satisfaction OF those
who have put themselves to the
trouble to investigate.
"The East India crop that in 1915
and 1876 amounted to 1900, OOC
bags, amounted in 1894 to 100000.
The Egyptian crop amounts now II
about the same it did then. Brazil
has fallen from four hundred arla
two thousand down to one hundred
thousand last year, and sundgies.
that is TO say, and other countries.
nave fallen from two hundred alI
twenty thousand to ,lc hundred
and the entire forejgI production |.
mounts to only one muIon five lua
dred and seventy live Amer ctr
bales. therefore we have little to l,al
from foreign countries.
by reasonable cmtailmcrt q"
cotton acreage, and planting I'll,
same in home supply crop, it fgur