Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1900-10-03
SILVER AND COTTON.
Bryan's Theory as to Parity and
Price Is DisprOvsd.
Owing tn Good Tiues Of the Past
-Four Years the peUpIe Are U.s.
Ing More Cotton Than
Ever before.


the silver theorists. Their claim that
wheat and silver kept pace was long
ago exploded by the fact that while sill
yer has continued to fall since 1896
wheat and practically everything else
produced by the farmer has continued
10 rise. Their last attempt, however.
IN the effort 10 sustain This argument
was cotton, which continued to fall in
price until 1899.
They studiously avoided the fact that
the cotton production Of the United
States, the worlds chief cotton pro-
Queer, has enormously increased, and
that this fact accounted largely for the
decreased price, but kept hammering
away with their assertion that the ST.
mu~ltaneous fall in the price of cotton
and silver was proof of the accuracy of
their general claim that the price of
silver governs the price of farm prod
ucts. But now the last prop is
knocked from under this theory by the
fact that cotton is selling in the New
York market for double the price of
1895 and 1869. while silver continues its
downward course.
The price OF an ounce of silver in
March. 1896, just prior to the nominal
tion Of Mr.. Bryan, was a little over 20
cents and the price Of q pound of cot
ton was az cents; or, in other words.
in 1896 il required ten pounds Of cotton
TO buy an ounce Of silver; to-day an
ounce Of silver Is worth c. cents and
a pound 81 cotton over ten cents. so
that il uuw only requires six pounds of
cotton 10 buy an ounce Of silver in
stead Of ten pounds, rs Was the case
in 1880.
The fact is that The price of cotton.
like that of everything else. is gov
crned 10y the ability Of people 10 buy
and the relation Of production to the
worlds demand. Under The prosperity
and manufacturing activity which pre-
vailed in the United States in 1892 the
home market took a much larger share
of Ii enormous cotton crop than il
was able to take under the business
depression and inactivity of manufac-
turcrs which existed in 1894.
The official reports of the bureau Of
statistics show that the consumption
of cotton in the United States. which
amounted to more than 1.57l.OO0 600
pounds in 1892, fell TO Lose. 900. 900 in
1894, a reduction of nearly one-lhird,
while in 1899 the consumption of cotton
in the United States amounted to 2.0C6,-
000,0G0 pounds. having nearly doubled
as compared with 1894. and increased
over 90 per cent. over the corresponding
period Of 1892.
The per capita consumption of cot
ton in the United States amounted TO
over - pounds for each individual in
1892, but il fell TO less than 16 pounds
in 1894, and increased to more than
81 pounds in 1899. Nearly IS per
cent. Of the entire cotton crop was
consumed at home in 1889, and in
1894 less than 90 per cant. YVES con-
sumed at home, while the figures for
1899 show n return 10 the conditions
of 1899, the proportion of the cot,
tor crop retained for home consump.
ton in 1899 being again nearly 2;
per cent.
The relative importance of the
home market of this single item OF
cotton Illustrates the value 10 the
farmer Of n prosperous market al
hone for any and all of his produc.
lions. The figures of the bureau OF
statistics and of the department Of
agriculture show similar condition.
regarding the home consumption OF
farm productions in prosperous year,
as compared with years Of terribl,
depression under democracy and q
low tariff, in which people were com,
PEELED TO reduce their expenditure,
for food and clothing 10 the very
lowest possible figure, and the re.
suit is that the home market under
the prosperity of 1900 is worth hun
dreGs of millions of dollars more r.
the cotton Planter than it was under
the depression which is sure to re.
turn 10 the country in case Mr.. Bryan
and his followers are permitted Il
force upon the country their policy
of free silver and a low tariff.
The following table shows the HON,
consumption and expectation Of cot
ton in the years 1892, 1894 and 1899;
Home Consumption. Exportstlor.
ears,,r,,d capita sxnortcd t,tr,l