The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1898-02-08
Cotton Mill Situation Reviewed
BETTER MARKETS REQUIRED.
The New England Mills are Suffering
Because They Cannot Sell Their
Products at Profitable Price.

informed Southerner on the cotton
mill situat on, js taking a keen in.
terest in the New England labor
troubles. lie lives in the very centre
OF the Southern cotton mill belt, and
has within the past few weeks visited
every milling section in this country
His version Of the situation is from the
standpoint Of u cotton mill manufac-
turer of long experience. as well as
one who sp' AXIS from intelligent obser-
walton. w tn reference to the indus.
try in the North and South, respec-
lively, the past and present conditions,
the so'called Il sectional rivalry" and
the future in both sections, he says:
THE New England MILLS are suffer
ing because they cannot sell their pro-
ducts at a ! cotitable price. The South.
because the y like to sell goods cheap.
but because In order to sell at all they
are obliged to cut the New England
quotations. This condition is not
agreeabletO the mills of either section.
1t makes the appearance that Southern
competition is becoming ruinous to the
New Eng and mills.
AS q after Of fact, the mills Of
New England and Of the South both
need better markets. There is ample
room for prOvement of the condition
u.
There are ONE conditions in the South
more favorable than in New England
for the. pr duction of cheaper goods.
Therefore, If the compe tition is reduc
ed to that oint where it is a question
OF surviva', the Southern mills can
probably old out about as long as
those in n, " h gland. Any improved
condition, however, which puts the
manufacture of cotton in the Southern
States on a satisfactory basis would
also make q very satisfactory condi-
tion OF things in New Eng land. The
trouble is that the condition Of cotton
manufactu o in all parts Of the United
States Is very much depres sed. Eng
land and Germany are sending ships
here to car ry away the bulk Of our raw
cotton to be manufactured in those
countries at profitable prices, while we
are squahbliLg over the location of the
factories for doing u small proportion
OF the business l conceive that this
condition Las been brought about by
the following circumstances
First, cur domestic market will no
longer take the products Of all the cot
ton factories in this country. This il
caused by the increasing number of
isctories and by the drying up of the
domestic markets so that they no
longer take as many goods propof ton
a,ely as tley foI merly did.
We are in need of q new currency
system, vi der which the country peO-
pie Of the West and the South may
And their property fit collateral for
such loans as they need to make dur
ing the Year for facilities, the ex-
change o foreign products for manu-
factured goods would be greatly pro-
noted anG dome stic demand for cotton
1O N,,,,f,a hi ln, ,,,,
normal condition. To accomplish this,
we must create banking system that
will. permit the banks Of the West and
the South TO issue notes upon their own
assets under government supervision
and without tho necessity to buy Uni
ted States bones as basis Of the notes
issued.
Hon. j. FL. Walker, chairman of
the committee on banking and cur
rency of the House Of Representatives,
seems to ave r, ached IA solution of the
currency question that would be en-.
tirely sal sfactory to the people and
mat would bring the domestic markets
back to normal condition. Without
such a remedy the condition of things
will probably grow worse until the
money &C tres themselves feel the re.
action ard find di tficulty in utilizing
the quBn titles Of money accumulated
in the Fl! ancial centres. Indeed, the
reaction | as already reached the New
England mills and it is the drying up
of our domestic markets which has
been caused by the want Of a circulat-
ing medium witch is now making the
very great ulty about disposing of
manufactured goods.
I" In careiGny written editorial pub
lished some day ago in the New York
Times under the heading of an "S per
cent. country on a 3 per cent basis"
1t was shown tt at American money is
already seeking investment in Ger
many and in En-, land. In the effort to
control tue trade of this country for
New York by I'll q control of money in
New YOi k, the very trade itself which
has been inter d d to control has been
more or less dried up. 1t Is not the
purpose TO say this has been corrupt
bly, done " that it has been attempted
by New York people with corrupt
motives. 1t is simply the result Of
their making the best use for them
selves OF banking system which is in.
capable Of the slightest Aexibility.
The ref rm OF the currency should be
reduced to the single, simple pro-
position OF authorizing all national
banks in the United States to issue
bank bi 10 on their unimpaired assets
under the supervision of the govern.
ment, a a tax of per cent: not, to
be guar nnteed oY the government in
return Tor this tax; issues to be made
under fovernpenO authority and all
without The necessity of buying United
States boz ds We need no bauks
smaller than 100000. When this Ia
done AID our cuuutry banks are able
To loan money to their neighbOring
farmers on assets that would be per.
fectly good at home. but that are worth
nothing In New York, then our do
mestic 'rade will be at once increased
by at j. asst so per cent. of what it /.
now. Then also the cotton factories o
New Eogland and the South bott
would ! ave ample markets for all the
goods hey can make, at advanced
prices, and everybody would be better
OF.
I'm travelling through the countr,
In the South IT. may be observed tina
there is an abundance OF food produced
every year, that the farming Il men
and the negroes in particular havinl
more f,od stuffs than they have an,
use for, are yet ragged and Ill clad. /
10 the want Of a medium of exchang
that makes this condition of things sc
There can be no over production q
long IS there is that largo prOportio
OF our population who need clothes an
cannot exchange their farm product