The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1898-09-08

by its magnitude cannot be ques-
toned.
The tendency of the worlds in
dustries is to the lowest possible cost
Of production and distribution. The
movement is Worldwide, and no
power, no artificial barrier, can stay
its progress. Looking at the South
in this light, we find condition
duplicated nowhere else. 1t has
been said that no other country has
the fundamental resources of all in
dustrlal development. Here we find
coal and iron and cotton and timber
in such vast quantities and capable
of being so cheaply utilized as to
dictate the worlds prices. constitut-
ing a basis for the unlimited eXpan-
sion Of all the Industries employing
these raw materials. Take cotton, to
begin with. Three-fOurths of the
worlds cotton is grown in the South.
The capital invested in turning this
cotton into the finished product is
probably over 81, 800. 900, 900. The
pre-cmincnt advantages of this sec
ton for growing cotton, whose i'm
portance the ma jority of the people
scarcely comprehend, are not more
striking than its advantages for cot
ton manufacturing. Admitting this,
we can form some idea Of what it
would mean to find the South in the
future manufacturing as much cotton
as all the world now does. An in
vestment in Southern cotton mills OF
upward Of billion and half dol
lars would turn the 10. 900, 900 bales
annually produced now, and worth
TO this section only $500, 900 a
year, into the finished product worth
billion dollars a year. We may
not see this in the near future. but il
must come. Moreover. it should be
remembered that the building of the
Nicaraguan Canal and the opening Of
the Far East to the commerce of the
world, with America in lead, will
create in China and Japan an en-
largeI market for American cotton
as well as cotton goods. This, | be-
lieve. was estimated by Gen. Grant
at five million bales or more a year.
Ex-Governor Hubbard, of Texas, for
merly Minister to Japan, after a care
full study of the situation in the Far
East. stated that with Nicaragauan
Canal in operation a market would
be developed in the Eastern world
| for not less than ten million bales of
American cotton. We are already
producing from 1O,Oo0.OoO to II ,OoO.-
| 900 bales year, and with this pos
sible expansion of the Oriental de-
| mand, even if Gen. Grants estimate
| is too large, and with the steady
| broadening Of the worlds require
ments-for the consumption Of cot
| ton measures the civilization of every
nation-it may not be many years
| before the 10.OOO.O)) bales crop Of
to-day shall have reached 2O.O00.O00
| bales.
| The production and manufacture
of the bulk of the worlds cottOnis is in
itself enough to enrich an empire and
create wealth beyond anything that
the South has dreamed of, and yet
cotton is only one item of many in
the South's great storeroom.
Il take it that with the rapid eN-
| pansion of the worlds cotton re-
quircments- there will be room
enough for the profitable operation
of many of New England's mills on
finer goods, while the South con-
tinues to extend its textile interests
as rapidly as the capital and needed
skill can be supplied. Eventually it
will dominate the manufacture of
fine goods as well as coarse. The
views so ably expressed recently by
Mr.. ID. a. Tompkins, of Charlotte, n.
c.. to the effect that the low priced
cotton, instead of being a disadvan-
tame to the South, is not an unmiXed
evil since it prevents the large devel-
opment of cotton growing in other
countries and enables the South to
maintain its world monopoly of this
industry and causes an increase OF
cotton consumption in new fields a.
we'll as old, are worthy Of careful
study bv the South. In many senses
cotton is still king in the worlds
business affairs, and the importance
to our country that the South shal
maintain and strengthen its domi
mating position in this staple cannot
be OvereStimatcd. | do not recall
any other where the production OF ;
great staple of almost universal con
Sumption. the demand for which
must necessarily increase year by
, year in the proportion to the increase
of wealth and the progress Of civiliza
ton. is so completely controlled by
one section or even by one country
as is the case with the South and it
cotton With the cost Of fertilizer:
constantly decreasing by reason o
the phosphate discoveries in Florid;
I and Tennessee. with the spread o
, Intensive farming and the conse
quent lower actua! cost of producin?
, cotton. with the improved method
of handling this staple from the Gil
f to the mill now commanding genera
! investigation. with the introduction
l of cylindrical baling. it is only rea
: Sonable to hope that even If price
= continue As low as for several year
1 past the net profits to the farmer vii
: be greater than in the past with hlg
| prices. With this increased con
t sumption of the South's chief stapl
: and the multiplication Of industrle
e for the utilization Of this and othe
t resources likely to result from move
h mentS which the war will start. ther
u will be added to the available wealt
n of those needing it most. viz: tn
i land-owning classes. enough to cor
tribute materially to the recoupmen
n of the losses caused by the civil wal
e Coming to iron. believe it
V universally admitted that the Sout
e is to-day making iron at lower COS
It than any other country in the worlt
: and Alabama is now debating tn
l. price in the worlds markets for pi
: iron. What it has done in iron thel
o is reason to hope it is destined to d
% in steel And Alabama in this r.