The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1898-01-26
LESS COTTON,
MORE MONEY.
THE FARMERS HAVE THE
POWER no FIX THE
PRICE OF COTTON.

HOWEH III FIX IHE
PRICE OF COTTON.
Prom The State.
A correspondent in Edgefeld
county sends US an annotated copy
of cotton circular Of Hubbard,
Bros. & Go. of New York, dated
January 10
One paragraph reads
In 1892 and 1895 it was thought
that the south had learned Of it's abil-
ity to control prices by reducing the
production, and that It would this
season pursue a similar policy We
believe it will, but the mass of the
trade and outside buyers would ike
TO see and read more evidence Of the
success of the, movement started at
Atlanta and Memphis to reduce the
cotton area. They do not see in the
southern press the same unanimous
expression Of opinion that the reduc.
tion will be advantageous to the
planter, or thai tits the Only policy
which can prevent lower prices next
season.
Onr correspondent comments !:
Move the press to unanimity if you
can.'
Another paragraph is as follows
Will the markets continue to move
toward lower level, is the question
which now interests as all. The an
swer will depend entirely upon the
action of the south. If it has learn
ed to produce cotton pro6tabIy on
the basis of 5 cents there will be no
reduction-in acreage aud merchants
and manufacturers will have to admit
that their position Is wrong It is
She fear that it will prove wrong
Naich is DOW weakening prices. for
1t Is an old sdage that clears, not
facts, make values "
Not S per cent. Of the cotton
around me is profitable now at S
cents ia. the annexation of our COR
respondent
a third aud 6nal paragraph isthis !:
Should it become evident during
the next so dsya that present prices
are not profitable there will be Sub
stsntial reduction in the acreage and
the sale of fertilizers which will lead
TO an active market We believe the
reported increase in the wheat area
in the south will be followed by an
increased area in corn aud oats, aud
that little new land will be cleared
for cotton planting, as we cannot yet
believe that there ;s any other logi-
cal conclusion to be reached when
cotton is bringing less than the basis
of FIVE cents in the interior In the
meantime, the problem for the south
is to convince the spinning world
that it does not intend to raise bum
per crops Of cotton at present prices.
Until this is accomplished there will
be small chance of permanent ad
vance in prices
Our correspondent adds to this the
request: "Give your best efforts to
prove these facts and you will again
render most valuable aid to your many
patrons and friends''
The same mail brings us q cotton
letter from Latham, Alexander & Go
of New York, under the same date,
and It supplies che facts and the argu.
ment. We present It in full:
1t seems to US that the most vitally
important lesson for the south to
learn is that oyer-production CT cot
ton is seriously harmful to the nate
rial prosperity Of that section
We have repeatedly written Oh
this subject and feel that we have ex-
hausted the argument nevertheless.
with the result Of the current crop.
we are constrained to write again,
even at the risk of reiterating what
We have said before
Whatever share the merchants and
planters of the south are to have in
the revival of business and general
prosperity of the country, now ap
parently well started, will depend
upon the profit that is made in the
production of :. cotton, crop worth
$500, 600, 900
The total crop of 1866 was T..
l57 ,346 bales, and it sold at the aver
age price of s 09 cents per pound, or
$40 80 per bale according to the re-
cord ofexports and the official figures
of the bureau of statistics at Wash
ington The planters that year made
larger food crops. and when the plant
ing season the next year began,
they were fortified with every re
-:~:xa a. -.11.oo o1s<on okon~ir