The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1904-01-23
The South A Land of Wealth.

THE pig iron production of the South
in 1880 was 397, 900 tons, or about 10
per cent of the entire product Of the Uni
ted States In 1890 the South produced
/ 700, 600 tons. while in 1908 the South
produced fully 3, 500, 900, or 20 per cent
of the entire production of the United
States for 1908, which is within 200, 600
tons Of the production of the entire country
in 1880. The production of pig iron in
the South in l 1903 is about nine times what
it was in the year 1880.
In 1880 the total production of btu
minous coal in the United States was A.,
600, 000 tons. of which the South mined
5000, 900 tons, or II per cent. Last
year the South mined over 60, 900,
600 tons, or nearly 80 per cent. more than
the United States in 1880, and 10 times
It's own product in 1880 In other words,
the increase in the product of the Southern
mines last year over $50 is 900 per cent,
while the increase in the product for the
balance Of the United States was about one
half that ratio.
In 1850 the South had invested in
cotton mills S2l, goo, 900 (667, 600 spin
dies in 1890. 500, 600, 000 &, 700, 900
spindles) in 1900, S1l2, OOO, 600, and at
the present time s175, 900, 600 to 5000,
O0O. 900 (about 5000, 600 spindles)
The relative growth of this industry in the
South, as compared with New England is
shown in the fact that in 1892 the con
sumption Of cotton in the Northern mills
was ,. 100. 600 bales and in the Southern
mills 6S6, 600 bales, while for the crop
year Of 1903 the consumption in the Nor
thern mills was ,96T, 600 and in the
Southern mills :. O5O, 600 bales, Thus,
while the consumption Of cotton was prac-
tieally stationary in the country outside Of
the South, it has more than trebled in the
last 10 years in the South Connected
with the development of cotton has been
the increase in the manufacture of cotton
seed oil and kindred products In 1880
there were 80 cotton seed oil mills in the
South, with a capital Of So, 500, 600; to-
day there are about 200 outton-seed oil
mills, wi,h a capital Of ever $50, 600, 600,
and an annual product of over 1925, 600,
600
The total value Of the cotton crop of
the last i've years, due mainly to an ad-
vance in price, was 1878, 03O, l07 over
the amount received by the South for its
cotton crop in the preceding Eve year per-
iod. This Excess in the value Of the cot
ton crop, a compared with the 6ve-year
period ended with 1898 80, is much larger
than the total capital Of all the national
banks Of the United States, is nearly 10
times greater than the capital Of all the
national banks in the Southern States and
Is over 80 per cent, greater than the total
resources Of all the national banks Of the
southern States Ii is equal to the pres
ent market yalne of the entire bonds and
stocks Of the United States Steel Corpora
tiou, aud more than the market value Of the
Standard Oil Company For the first two
OF three wears Of this five year period
southern farmers used their increased earn
ings to pay debts, buy land and get them
selves on q cash basis Last year they be-
gan to save money. This year, for the
first time since the war, Southern farmers
are in such good financial condition that
they can carry their cotton independently
Of banks or commission merchants, and are
selling it only as they are tempted by the
market price
To recapitulate, agricultural products
of the South this year viii yield at least
81 800. 600, 600 to Southern farmers,
against $500, 600, 600 in 1850 and 81,
27O, 600, 600 in 1900 The value of the
products of Southern factories and mines
viii be 81 $50, 000, 00O, against s457,
0O0. coo in 1880 aud 81 SEQ, 600, 900 in
900. showing total of SO, 25O, 600, 900
for the year. or difference of nearly
$500, 0O0, 600 as compared with the total
value Of the products of the South only
three years ago
.Of the 43 States and Territories of
the United States showing new mileage
construction during 1903, % are credited
with the construction of over 100 miles of
road. OF these, 10 were Southern States
The total construction for the year was
5723. 10 miles, of which the Southern
States constructed 2lOS 9S, or 364 per
cent.
In individual deposits, the growth in
national banks in the Southern States was
1872 per cent, while in the balance Of the
United States it was less than 80 per cent.
In resources, the increase in the Southern
national banks was over IA per cent,
while in the rest of the country it was about
99t per cent 1t is also very significant
to observe that the increase in the resources
in 1908 over 1900 was 6S per cent. for
the Southern States, while the increase for
the same period for the rest of the country
was less than % per cent. The increase
in surplus and profits in the Southern
States has been 81. 70 against an increase
of 81 per cent for the balance of the coun-
FRY, notwithstanding the fact that the per
centage of increase in the number of banks
in the South was 7S.ll per cent, against
3S.73 for the other States, and the in
crease in the amount of capital was 10. 80
per cent. in the South, against only l6. II
in the other States, although these new
banks in the South did not have the accu-
4 80. ,.,,,., ,,,,.,,, Il,