The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-17

roo Mucn COTTON.
In the address and resolutions which the
cotton growers who met in Atlanta this
week adopted the chief cause Of the low
price Of cotton was barely mentioned
while much attention was given to alleged
causes which have little or no bearing
whatever upon the price of that product.
The real cause OF the depressed cotton
market is the very large cotton crop. If
the crop were 100000 Of bales less than
what 1t is believed to be, cotton would now
be selling al cents and perhaps 10 cents
per pound. The cotton growers who met
in Atlanta, however. tried 70 make them
selves and other cotton growers believe
that the selling Of cotton futures and the
monetary system are what keep down the
price Of cotton.
Too many politicians set into conventions
of cotton growers for the good of those
who grow cotton. These politicians have
axes to grind. They insist that lesisla-
ton is necessary to make better market
for cotton because they want to be chosen
TO help do the leeislating. They are not
so much concerned about the price Of cot
ton as they are to get fat offices for them
selves-ofIices which they expect the cotton
growers viii help them in getting.
In what way does our monetary system
keep down the price Of cotton? We doubt
if any cotton grower could give a sadsfac-
tory answer to this question. The price
of cotton is made in the markets which
take the surplus of the crop, and those
markets are in Europe. No change in
our monetary system therefore-that Is,
no change that would keep our paper ana
silver money on a par with gold-would af-
feet the price of cotton in the least. 1t
may be true that if we had a deprecated
currency the cotton grower might get more
of that kind of currency for his cotton
than he gets of sound currency, but he
would be no better off because he would
have to pay deprecated currency prices for
all he bought
And how does speculation affect inju-
riously the price of spot cotton? None
of the politicians who figure in conventions
Of cotton growers undertake TO answer the
question. AS a matter OF fact the dispo-
sition is to buy rather than sell cotton fu-
lures, thus making the market strong, but
them in the cotton crop reports this year
The dealings In wheat futures are upon as
large a scale as those in cotton futures,
but speculation in wheat has not kept
down the price of that product If it has
had any effect upon the price of cash
wheat it has tended to raise it,
The effect, however. is not enough to JUS
tify serious consideration. The other day
in Chicago cash wheat commanded a pre-
MUM over wheat for future delivery. Cot |
ton Is not affected differently from wheat
by speculation in futures. and wheat far
mers are not complaining of speculation
in futures. They are getting a high price
for wheat because the wheat supply of
the world is short. II cotton farmers
should cut down the cotton acreage one !
quarter they would have no occasion to
of the low price of cotton The
making of the price is practically in their
own hands, and because they cannot agree
to cut down the acreage they try apparent
~ to make themselves believe that the
causes of the low price of cotton are other
than they know it to be. Let the cotton
growers reduce the cotton acreage and
they viii have no occasion for finding fault
with the monetary system of the buying
and selling of cotton futures. .
For the sake of the south we would be
glad to see gambling in cotton futures abol-
ished because gambling of that kind takes
millions of dollars out of the south every
year, but it doesn't force down the price
of cotton.