The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1902-09-30
COTTON PRICES SHOW
Under Wilson.Gorman Tariff Cotton
Was :9r Under Mckinley GIL.
DNGl6Y BILL HURTS MANU- ACIURfRS
fas. Tmnfy -Four Months (tding viii
the Present Mont, Have BIN The
Wofst Cot on Spinners Have
Ev-r Know.

~
Hon. James H. Pou was present 4; the
soint debate in Smithfeld between lion
Locke Craig and Hon. Jeter {. Pritchard-
\ reporter called 10 see Mir. Pou and
talked with him about the debate and
the impression it made. ana Mr.. Pou said;
Y heard the joint debate al Smithdeld
last Wednesday. and ! was delegated a
,he manner in which Mr.. Craig sustained
cur cause.
was SURPRISED at much Of Senator
Pritchard's argument. I had always re-
earded him as q fresh and candid d
batter, and 7 was not prepared 10 hear
such statements as he made that day,
Isl. He charged that when the Cen
eral Assembly OF 1901 convened, Governor
Aycoch come 10 Raleigh and notified his
friends that unless the salary OF the
Governor should be increased to four
thousand dollars. he would no. qualify -
Governor.
consider that an unWGrT3nted and
outrageous charge. Senator Pritchard
ras evidently been deceived bg some one.
lie should. while here in Raleigh, inform
himself as 10 the facts. ana publicly
withdraw this charge. He owes this 20
himself, not 10 Governor Aycock, who
needs no defense.
,. H. stated that under Democratic
free trade (the Wilson act) the gold re-
serve began 10 shrink. and that business
came to a stan1still, and hat bonds had
10 be issued TO maintain the gold reserve.
II is admitted in all financial circles
that the gold reserve diminished because
OF the sherman Silver Purchase Act and
not because OF the tariff laws. The
- L. - r. -,l o-,-, $50, H.,
irg Harrison's administration, full three
years before the Wilsoun Bill Was passed.
Speaking Of the Silver Purchase Act OF
June. 1S99-the Sherman Act-and its ef-
feet. President Harrison in his annual
messaga TO Congress. December. 1897.
said. The exports Of gold which began
III February last and continued until the
close 81 July. aggregated over SO. 10000.
The net loss Of gold during the fiscal
year was nearly SGS. coo, 900
Notice the date when the export OF gold
began. February 1st, 1891. within less than
& year after passage OF the Sherman Bill
10 settle the financial question and OF
the Mckinley Bill establishing a high
tariff. Senator Pritchard can't make in
t~elligant people believe that the Wilson
Pill Cpasscd in August. 1880. caused our
gold 10 leave rs. In fact the hard times
were on Us before Cleveland was electer
in 1892. Credits were strained. the great
Homestead strike fought out and lost be
fore that election. The Earrings haC
failed. the collapse III Austria had come
hard times" were ct the door. And the
gold reserve was so low that The Harrison
administration had he folms and en-
craving stones ready 10 print the bonds
il saw were necessary TO maintain III"
gold reserve.
8. IL endeavoring TO meet Mr.. Craig
argumen that trusts were fostered by
The protective tariff Senator Pritcharc
said hat his could not be for in free
trade England. Austria. France and Ger
many trusts We're more numerous thar
in the United States. England has prac-
teal free trade. but the other countries
are all high protective tariff countries. Il
l. painful 10 near a Senator Of the Uni
ted States speak OF Austria. Germany anc
France as free trade countries.
Senator Pritcnurd pictured the hare
times as he called them OF 1896. and ths
relief which McKinley's election brough'
TO the country. He alluded 10 the price
OF cotton as being three or four cents :
pound. Cotton has not sold al any such
price in sixty years. unless il was badly
damaged or -otten) Mr.. Craig showee
him the actual price OF cotton in Smith
field in September. 1896. to be 80 gains
$50 the day Of the speaking Qast Tues
day.t Senator PTitchard then said, "Oh
yes. that is so. But everybody knew
that Mckinley would he elected then and
cotton had begun 10 rise. The revenue
officers laughed and thought this was q
good hit and \ complete answer. But i
Senator Pritchard had examined the rec
ord ne would nave found that the year
previous, October |. 1875. long before Nc
kinney was nominated. the ruling
price OF cotton was 6 cents 4 pound. SO
far from rising upon McKinley-s election
cotton declined. fell . cent a pound with
in six weeks after his election. The dav
before the election OF 1896. the price
vas ) IS and before Christmas. 1850. II
he'd fallen TO : Is.
The lowest prices the cotton farmers
have ever received for their cotton was
under the administration OF Presiden;
Mckinley. The lowest quotation for mid.
ning cotton on record in New York Is
4.%A Tor Nov@nbers during the week end
ing November +th, 1888. Just twenty
ronths after President McKinley's frs
Inauguration. and q year after the passage
OF the high tariff Dinglev Bill.
If We COMPARE the prices Of cotton
during the lest two years of the Wilson
tafif and the first two OF the DiDeley
tariff. Senator Pritchard's statement be-
comes more absurd.
The crC- raised in 1865 ana 1896 were
sold dn.inc the Cleveland administration
and while the Wilson law was in force
Tor prices, averaging in New York as fol-
lows:
The crop raised in 1895 at SIC cents
per pound.
The crop raised in 1896 at 10 cents per
pound.
Average for CIavaIand,. 1or+