The people's journal. (Pickens, S.C.) 1891-1903, 1897-07-22
AN EXPERT's OPINION
VIII the Cotton Planter Got any Bon
ehe from tho Duty on Egyptian

!
| Cotton.
MIR. Alfred b. Shepporson, the fa-
| nous cotton expert, contributes to Tex.
| Cllo America q most interesting article
on tho proposed prot ,ctive duty on cot
| ton. He docs not believe that this tax,
whlch Will apply practically only to
Egyptian cotton, will have anything
| like tho effect that Is expected by its
advocates, and the producers Of Sea
Island cotton. Tho cultivation in this
country OF the fancy varieties OF cotton
directly into competition has decreased
materially within the past few years,
but Mr.. SheppcrsOn says:
II do not think, however, that the
reduction was caused by the importa-
ton OF Egyptian cotton, but was due to
the fact that because Of its larger yield
and ,nOrc ready sale it was found more
profitable to grow the shorter .staplcd
variety in common use."
MIR. ShepporSOn docs not belicvo that
the prico Of Sea- Island cotton will be
affected by protective duty. HG gives
rs follows some excellent reasons for
this faith
"The fact that the Senate had voted
on the Sth inst. to impose duty of
twenty (2O) por cent. on raw cotton was
known in every important market in
this country and Europe by tho next
day and has had no effect whatever
other kind of American cotton. If
merchants or spinncrs believed tnat
the effect of tho duty would be to en-
nance the value OF any description of
cotton, they would have bought SO free
ly as to have materially advanced
prices long before now. They would
not wait for the actual enactment of
tho law. On May 2S the official quota
tions of 'middling upland cotton were
i cents in Now York, and Il pence in
Liverpool and to-day's quotations (June
2S) are exactly the same in New York
aud l.32 Of ~ penny lower in Liverpool.
The quotations Of South Carolina Sea
Island cotton in Charleston and of
Georgia and Florida Sea Island cotton
In Savannah to-day are precisely tho
same as on May %. My latest Liver
pool quotations Of Sea Island cotton are
for lTtL inst, and while the prices for
Georgia and Florida Sea island cotton
were tho same as on May y, the prices
OF some grades Of South Carolina Sea
Island cotton were a little lower"
MIR. Shepperson does not think that
the present low price Of Sea Island cot
ton is due to the competition Of Eyyp-
tian cotton, nor does he believe that it
IS possible TO raise the price of Sea Is
land cotton by the proposed duty. He
says on this point:
The fact Of our placing Il duty on
cotton could not possibly have any ef-
icct upon European markets, except
that just to the extent that
Egyptian shipments to America
might be curtailed, the supply availa-
ble for Europe would be Increased.
The European price necessarily likes
the price of cotton for the American
markets, as it would be utterly impos-
sibc for the purchasers Of on ly thirty
(3o) per cent. OF the crop to govern the
price to be paid by the buyers of the
other seventy (IO) per cent. The price
of our cotton is not controlled bv the
views Of its owners or their commission
merchants. but is regulated by what
tile European spinncrs are willing to
pay for 1t, and no one can pretend that
the imposition by us Of 4 duty on E,ryD-
Llan cotton would make our cotton any
more valuable to European spiuners."
Mir. Shcppcrson believes that q duty
, on cotton will not only not help the cot
ton planters Of the South, but will prove
Il positive in jury to them. 1t will in
crease the cost Of the Egyptian cotton
which our manufacturers use and thcy
cannot we'll substitute Sea Island cot.
ton Tor the Egyptian. In some cases
they might do 80, but "it would be quite
as unwisc as itwould be for a contractor
to use marble instead Of granite for the
foundation walls Of q house when the
price stipulated to be paid for the house G
was based upon.th foundation being Of
the cheaper MATERIAL
Inc greatest danger OF the duty on
cotton IS thus set forth by Mr.. Sncp-
person:
Instead OF helping the cotton grow
ers, think duty upon cotton will
prove to be :: positive Injury 10 them,
as it vii! undoubtedly cause tho plant
ing next year Of larger crops OF Sea
ls!anu and fancy staplcd cotton when
the present production Of these cottons
Is already so great that prices are be-
low remuncrativc point. TO increase
inc supply without corresponding in
crease In the demand must inevitably
result in still lower prices"
/ a n al vi hill ,nf ~, 4, l.