The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-10

world has been short of cotton for three
or four years; that the determined eff
forts to find new sources of supply prom
Use no great measure of success. The
most promising of these enterprises is in
Togo, German West Africa, and no one
who read the story of the work there, as
told in the April, 1902. issue of The Tex
tile World by the Tuskegee graduate who
Is in charge of it, can believe that Togo
can ever threaten the supremacy OF
American cotton. We know that the con-
sumption of cotton will Increase the de-
velopment Of uncivilized races and the
settlement of undeveloped territories.
With these prospects, all tending toward
higher prices, it is difficult to escape
from the conclusion that 10 IS cents,
the average price of cotton for the twelve
years from 1879 to 1890 inclusive is more
IN harmony with present conditions and
prospects than is $40 cents, the aver
age for the succeeding twelve years from
1891 to 1902, inclusive.
During the first period from 1879 to 1890
the business of the country had various
ups and downs, but on the whole enjoy
ed fair share of prosperity. During the
last period Of twelve years, from 1891 to
1902, on the contrary, the whole world
suffered extreme business depression and
nowhere was this more acute than in
the United States. This tends still further
to strengthen the belief that the recent
advance of cotton to II 1-2 cents indi-
Gates the restoration of cotton prices to
the former high level. perhaps to a still
higher one
The recent advance is popularity attrib-
TO h.a rfy -
corner. and rumor has persisted in plac-
ing one of the greatest Individual for
tunes IN the country behind this pool.
MS may or may not be so. but the other
conditions stated are undisputed.
Assuming. then, that II instead of 8
cents is to be the level for the next few
decades what does that mean to this
country? Continuing the comparison of
the country to an individual planter II
means that he will receive 81 40 for the 40
pounds of cotton per capita he had for
sale, instead of 50 20 as formerly. To be
sure the q pounds of cotton used in the
family will be valued at $2.97 instead of
81 1t as before. but then this makes no
difference ito the family a whole, since
1t is a home product. The gain to the
family results from the increased price
for the part that is sold. amounting to
$40
An individual planter doing business
under the conditions stated, would well
come the rise In the price of cotton as
an salnixed good. When, however.
eighty millions are to take the place of
one, the increase in the price is viewed
with alarm in many quarters. But why
should there be any difference in the
two cases? Instead of selling ~
pounds we selling 3,22l,0oo,eoo
pounds of cotton to foreign coun-
tries. and instead of receiving
1851 $780, 900 we get $354 000 900 for it, a differ
ence in our favor of $50 $50, 00o This is no
trifie. even for the United States. We
can use ii in our business. In two years
1t would pay the estimated cost of the
isthmian canal, an enterprise TO which we
are pledged.
Turning to the domestic consumption we
find that the q bounds per capita is equal
to 2,l63, 100000 pounds for our $4,000, 900 peo-
pie and that we must charge ourselves
s237 100000 instead of s173 100000 for this
quantity of home produce, a difference of
So, 10000 or about 81 cents per capita per
year
This sum is simply transferred from
the people as a whole and placed in pos
session Of a portion Of them who, under
proper distribution of such proceeds,
would be in great part the inhabitants
ot our southern states. Added to the in
crease in the price of the cotton sold
abroad it would mean the greater part
Of the 1851 900, 900 placed to the credit of
the south
A portion of this amount may be d.
verted into improper channels by reason
of speculation or. TO be more exact.
gambling in cotton in our exchanges
This, however, is another question and
should not be allowed to confuse us in
considering the effects Of a permanent
increase in the level of cotton values.
The change from an to an r-cent
level would, doubtless. entail incon-
veniences and loss on manufacturers of
and dealers in cotton goods, owing to the
fact that goods might not advance as
rapidly as the raw material but such in
convenience and loss would be trihing
compared with the ultimate advantages
to the whole country, and consequently,
to the manufacturers and dealers them
selves arising from the increased income
derived from the sale of our surplus
product to foreign customers.
There is no force in the objection that
higher prices for cotton might stimulate
production abroad and thus destroy our
foreign market, The world needs a new
supply of cotton; civilization waits upon
1t. The scarcity of cotton is a serious
danger that now threatens mankind and
a new source of supply would be
inestimable benefit to the human race If
supply should be found that would
drive our southern planters out of the
business 1t could be looked upon only
as blessing to the world as a whole.
There is, however. no prospect of such
discovery. 1t is practically certain that
there will be no such discovery. We are
trying to consider the case from the
standpoint of enlightened American self
ishness and are forced to conclude that
the substitution of Ii cents for 8 cents
as a permanent price level for Ameri-
can cotton should be welcomed by every
- .-,~Ai~ American.