The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1898-02-15
IN THE BUSINESS TO STAY.
The Cotton Mill Industry i'm the South.
What is Needed at the Present
Time.

The Cotton Mill Industry i'm the South
What is Needed at the Present
Time.
Capt. VIM. a. Courtenay, OF Newry,
S. c., president Of the Courtenay man.
ufacturing company, has been inter
viewed by a reporter for the Columbia
State, and he talked interestingly OF
the cotton mill industry in the South.
He said:
The real trouble OF the cotton man
ufacturing industry is largely financial;
this explains the general depression of
| business throughout the Union. The
abnormal demand for wheat on foreign
account, gives large profits in this
quarter; but iron interests are not
prosperity; prices are very low for pig
| and manufactured goods: cotton is very
| low, and this leads up to low prices for
cotton goods. There were other results
OF the war between the States besides
| the surrender OF the armies. The tend
ency then and now is to Capitalization,
having congress lcgislate for every.
| thing under the sun-frOm q monopoly
OF banking to "a general labor law. AS
the South finds, from aa experience of
30 years, that the very best place for
her II States is in the Union, it may
be as well TO consider the Southland in
its non-relation to the rest OF the
| country.
"Financially, the South has no United
States bonds, not that these securities
are not held 20 be absolutely the best
in the world but the South can't afford
to invest in 3 and per cent, bonds
the latter at % per cent. premium. Sc
when banking with note Issues is linn.
tied to national banks, that is to start
a bank OF $l00,O you must inves,
Sl2S,OOO for the privilege OF using 500,
QUO In currency, there are no takers i1
Dixie. We can't afford to do it. What
Is wanted is general banking law
with the use OF other credits thar
United States bonds, all under the
comptroller OF the currency, if possibl,
subdlvided by States, with the purpose
OF creating currency good every
where, but kept at home as much a.
possible. If the greenbacks could be
replaced with bank notes well secured
and fair proportion allowed in the
Southern States, reducing intcres
rates to or per cent. and accommo
: dating thousands OF local wants, there
would be Il widespread change in South
ern money opinions. The South in tn,
olden times was hard money" com
, munlty. It's cotton, tobacco, rice, ant
naval stores were gold crops annually
give the South q chance and the pub
lie opinion will react to earlier views
The recent Southern cry for 'fre
silver Is only the despairing cry of
long suffering people who are Genie,
the use OF their own assets for banking
I purposes.
"As to the cotton industry, it is NOR
depressed than ever before known, bu
: more North than South, and it may b
well to look for real causes. The nike
and uncertain finances are OF course
V general source OF disgust, but thcr
are specific causes plainly In view
), First, Fall River is gazetted as sayin
r it costs l6 "a cents pound to max
! print cloths. In direct reply. asser
4 that a South Carolina mill at ii = tim
s Is now making a very handsome prof
e at this alleged cost price, pays div
!, dends and puts up surplus. Secont
r another serious difficulty with the prir
Y cloth mills in New England is the vi
mistakable changes in the dry good
n trade OF to-day, there has been fC
/, years an annual decline in the takin
G OF narrow "7-yd" goods; but In the fac
II OF this easily ascertained II not we
d instead OF diminished, and whe
}. the surplus runs into millions
n pieces, Fall River cuts wages and got
h on producing more surplus. From
Is strictly business point of view, tn
n sooner the print cloth production
70 permanently reduced one-third to on,
70 half and looms run on other goods, th
Ir better 1t will be for New England an