The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-01-26
A COTTON BUGABOO.

Elsewhere we copy from the New York
World the statements about cotton by
Daniel j. Sully, the bull leader claim
ing that even the government estimate
of 1852 900 bales of cotton is too high to
represent the crop of 1908, and by Theo.
H. Price, the "bear leader predicting a
full supply of cotton and stating that
there is a greater amount of cotton 'in
sight this year than last year In pub
fishing these two views, the World says:
There is a third side OF the contro
versy to which The World has called at
tention, and which is made painfully
prominent by "15-cent cotton" 1t is the
side OF the public and of the public in
terest The continuance OF abnormal cot
ton prices can have but three results, all
lamentable in the extreme:
Semi starvation for the worlds
cotton spinners and weaverS;
Curtailment of cotton-cloth con-
sumption in every part of the globe;
Fresh impetus to British and Ger
man efforts to raise cotton in colon
;al Africa.
cot these results two were noticeable
throughout our Civil War. AS to the third,
times have greatly changed In forty
years. Egypt has become a producer of
first-class cotton, and what has been done
in Egypt may be done elsewhere, to the
lasting hurt of our Southern States and
of our national yearly balance-sheet, if
the spur of famine prices continues to be
applied"
Well, what would the World have the
Southern farmers do about it? Does 1t
think they should refuse to accept the
fifteen cents offered for their cotton on
both sides of the ocean? Would 1t have
them, for fear of future competition from
Asia and the fear of curtailment OF the
use of cotton goods, demand to be paid
seven cents instead of the fourteen cents
offered through the operation OF the law
of supply and demand? AS to the danger
of 'semi- starvation the farmers were re-
duced to these conditions when they were
forced to sell their cotton at from five to
seven cents The low price of cotton dur
ing the years set back material develop
ment in the South at least ten years.
Give the Southern people over twelve
cents for their cotton FOR series of years,
and every industry in America would be
benefited, gold would flow in from Eu-
rope, and the balance of trade would be
felt in every business mart The present
high price of cotton temporarily embar-
rasses cotton mill operatives and cotton
mill owners, but prices will shortly adjust
themselves and this trouble will be short
l.-ed.
AS to the smaller consumption of cotton
goods, it is a thousand times better for
the South to raise S,000,0 600 bales at ff-
teen cents pound than 100000 bales
at seven to eight cents a pound, and if
consumption decreases the farmers will
not be hurt Besides, they will be able
to devote much time and labor to diversl-
fed agriculture and will be more prosper
Gus.
AS to the "bug-a- boo" of the fresh i'm
petus to British and Germans to raise cot.
ton in colonial Africa that has no ter
ror for Southern cotton growers They
know that Europe will try to raise cotton
in Africa and elsewhere whether cotton
sells at five cents or fifty. OF course
higher prices would increase the impetus.
but it will not cause single stalk OF cot
ton to grow where the climate and other
conditions are not favorable.