Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1898-10-01

as effective measures TO these ends
have been taken and become cer-
tainty, cotton will Immediately ad-
vance and more money can be borrow
ed on it than it is worth today because
it would then become security con-
stantly appreciating in value. The
visible supply Of cotton is not above
100000, and the invisible supply,
or stock at the mills, is estimated at
100000, making a total of 100000
bales. To be certain not to underesti-
mate, we will put the amount of this
stock which has passed beyond the
control of the growers into the hands
of spectators and manufacturers, say
at 2, 100000. The consumption ranges
between 100000 and 100000 bales
per month. If the farmers should
withhold their cotton from the market
for three months, the entire surplus
beyond their control would be con-
sumed and the manufacturers would
be at their mercy for supply. The
entire situation would be changed in
stead of the speculator and the manu-
facturer debating the price the cotton
grower could fix his price and say pay
it or shut down your mill. A reduc-
ton in next years acreage of so
per cent. would insure such diminu-
ton of the supply as to make cotton
scarce and bring about an active COM
petion among the manufacturers for
their stock that would insure steady
and rapid rise of price.
This was made demonstrably clear
during the war between the north and
south during the COS. McHenry, in
his "History of the Cotton" page 81, ,
says: sin ordinary times there is al
ways two years. supply of cotton in
the crude and manufactured state at
the consuming points. At the fall of
Fort Sumter there was sufficiency
for three years. requirements. With
the supply larger in proportion then
than now, as soon as the production
was curtailed by the war, we note the
following extraordinary rise in prices
In 1860 the average price was II
cents, in 1861 at 13 cents, in 1862 at 81
cents, in 1868 at 81 cents, in 1864 at
s1.O1. But it is argued that any
heavy curtailment of production in
the south to raise the price will stimu-
late foreign competition. If 81 per
pound in 1864 could not stimulate in
genious foreign competition, it is diff.
cult to see how s or 10 cents can do 1t
now"
Touching this point, Ellison, in his
"History of the Cotton Trade" pages
14O.152, says: "For some years prior
to the outbreak of the Civil war it had
been foreseen that, sooner or later, u
serious labor disturbance at the south
was inevitable, and in view of the
calamity which such an event would
bring upon Lancanshire, every effort
was made to discover some new sources
of cotton supply. But, although the
powerful association formed for the
promotion of this end searched every
nook and corner of the cotton zone,
and sent seed to every one in the four
continents, willing to experiment, they
entirely failed to accomplish the
laudabe object they had in view"
Mr.. Ellison further tells US that
while the exceeding high price during
she war did considerably increase for
eign shipments of cotton, that this in
crease declined almost to its normal
bed as soon as the price of cotton fell
to Is cents or 80 cents per pound. If
no action is taken and this crop is sac.
rfced at present or probably lower
figures in the next four months, it will
fall far short of paying for the cost of
production. The cotton growers will
be impoverished, the country strip
ped of means and every business must
suffer. Should there be no effective
organization to curtal the supply by Il
uniform reduction of the acreage, and
any other plan to reduce the crop,
is the merest twaddle, the industry
will be but an illustration of the sur
vival of the fittest ; those who can
raise it cheapest and those who cam
not compete must accept the cheerless
and hopeless lot Of the bankrupt and
pauper. J. G. WILBoRN,
President S. &. G. G. U.
l.. w. YoUMANs,
Vice President n. c.. G.. u.