The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-09-28
COTTON PRICES SHOW
Under Wilson.Gorman Tsr,ff Cotton
Was 7:9F Under Mckinley Gil.
DlNGLEY BILL HURTS MAkUFAc TUReRS
The Past Twenty Four Months Ending With
The Present Month Have Been the
Worst Cotton Spinners Have
Ever Known.

Hon. James II. Pou was present at the
joint debate in Smithfeld between Hon.
Locke Craig and Hon. Jeter c. Pritchard
A reporter called to see Mr.. Pou and
talked with him about the debate and
the impression it made, and Mr.. Pou said:
II heard the joint debate at Smthield
last Wednesday, and l was delighted at
the manner in which Mr.. Craig sustained
our cause.
| was surprised at much of Senator
Pritchard's argument. | had always re-
garded him as fresh and candid de-
batter, and ! was not prepared to hear
such statements as he made that day.
lst. He charged that when the Cen
eral Assembly of 1901 convened, Governor
Aycock come to Raleigh and notified his
friends that unless the salary of the
Governor should be increased to four
thousand dollars, he would not qualify as
Governor
l consider that an unwarranted and
outrageous charge. Senator Prtchard
has evidently been deceived by some one.
He should. while here in Raleigh. inform
himself as to the facts. and publicly
withdraw this charge. He owes this 70
himself, not to Governor Aycock, who
needs no defense.
2. He stated that under Democratic
free trade (the Wilson act) the gold re-
serve began to shrink, and that business
came to a stan1still, and that bonds had
TO be issued to maintain the gold reserve
1t 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
shrinkage in the gold reserve, began dur
ing Harrison's administration, full three
years before the Wilsoun Bill was passed.
Speaking of the Silver Purchase Act OF
June, 1S90-the Sherman Act-and its eff
feet. President Harrison in his annual
message to Congress, December. 1891.
said, The exports of gold which began
in February last and continued until the
close of July, aggregated over $70,0000 600.
The net loss of gold during the fiscal
year was nearly sos, 100000
Notice the date when the export of gold
began, February 1st, 1891, within less than
year after passage of the Sherman Bill
to settle the financial question and of
the Mckinley Bill establishing a high
tariff. Senator Pritchard can't make in
teligent people believe that the Wilson
Bill (passcd in August, 1S94), caused our
gold to leave us In fact the hard times
were on us before Cleveland was elected
in 1892. Credits were strained, the great
Homestead strike fought out and lost be-
fore that election. The Earrings had
failed, the collapse in Austria had come,
"hard times" were at the door. And the
gold reserve was so low that the Harrison
administration had The forms and en-
craving stones ready to print the bonds
il saw were necessary to maintain the
gold reserve.
3. In endeavoring to meet Mr. Craigs
argument that trusts were fostered by
the protective tariff Senator Pritchard
said that ,his could not be for in free
trade England, Austria, France and Ger
many trusts were more numerous than
in the United States. England has prac-
teal free trade but the other countries
are all high protective tariff countries. 1t
is painful to near Senator of the Uni
ted States speak of Austria, Germany and
France as free trade countries
Senator Prtchard pictured the hard
times as he called them of 1896. and the
relief which McKinley's election brough,
to the country. He alluded to the price
of cotton as being three or four cents a
pound. Cotton has not sold at any such
price in sixty years, unless it was badly
VI 1OtbCH.J Sld ShO"ON
him the actual price of cotton in Smith
heldsin September, 1896, to be 7.80 against
$40 the day of the speaking Qast Tues
day. Senator Pritchard then said ION,
yes. that is so. But everybody knew
that Mckinley would he elected then and
cotton had begun to rise. The revenue
officers laughed and thought this was a
good hit and a complete answer. But if
Senator Pritchard had examined the rec
ord he would nave found that the year
previous, October 1, 1895, long before Nc
Kinley was nominated, the ruling
price of cotton was cents a pound. So
far from rising upon McKinley's election
cotton declined. fell cent a pound with
in six weeks after his election. The day
before the election of 1885, the price
was Is and before Christmas, 1886. it
had fallen to Is.
The lowest prices the cotton farmers
have ever received for their cotton was
under the administration of President
Mckinley The lowest quotation for mid
ding cotton on record in New York is
4.9S for Novembers during the week end
ing November 4th, 1898. Just twenty
months after President McKinleys first
inauguration, and a year after the passage
of the high tariff Dingley Bill.
If we compare the prices OF cotton
during the last two years of the Wilson
tariff and the first two of the Dingley
tariff, Senator Pritchard's statement be-
comes more absurd
The errors raised in 1895 and 1896 were
sold during the Cleveland administration
and while the Wilson law was in force
for prices, averaging in New York as fol-
lows
The crop raised in 1895 at SIC cents
per pound.
The crop raised in 1896 at 7.72 cents per
pound.
Average for Cleveland's last two years
1.94 cents ner pound.
The crop raised in 1897 and 1898 were
sold 1urinp MeKinlav'S adminiStr ration