Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1905-01-05


"To Judge by the wild dispatches
about the outh's burning cotton and
the equally wild reports that would
create the impression that the break
in cotton is going to cause a wreck of
matter and a crush of worlds in the
South, one would be led to imagine
taat the whole South is staggered by
the cotton slump. The decline is de-
plorable, and, of course, means a
heavy loss to many, but it should not
be forgotten that about 5000, 900
bales were sold at an average of
probably 81 cents, and if 1000, 900
bales more should average only Z
cents, the total value of the crop, in
Guiding seed, would be over $780,
which has never been exceeded but a
few times in the South's history.
Moreover, the great increase in the
production OF grain and other diver
sifed crops last year added a gain OF
over 500, 0OO, 600 to the value of the
South's diversified agricultural pro-
ducts as compared with 1902, and
this years diversified crops will be
equally as great, reaching in aggre-
gate value about 81, 0OO, O0O, 900, or
double the value of the cotton crop.
"But there is no cas- for the
South to become panicky over the
-:A,oA;oo IT hos nonnxy q fi11an
faced far worse conditions and out OF
apparent defeat won victory. Even
10, 900, 900 bales, should the crop
prove thai large, and many good au-
thorities still doubt such a yield, are
not as unduly heavy, all things con-
sidered, as were II, 25O, 1000 bales in
1898. Then the world was carrying
a great surplus stock accumulated
through several successive years of
large production, and the South was
poorer, with comparatively little
surplus money in its banks and with
many of Its farmers buraened with
debts. Now the world has but little
stock of cotton outside of the crop,
the increase IN demand has gone on
for six years, and the South is rich,
with ample capital to finance a large
part of its cotton, while the farmers
are less in debt than since the al
The present price is almost as I'M
duly low as IL and II cents were un-
duly high, and as the Manufacture
ers' Record warned the world against
such speculative prices, so it would
due fright. On a declining market
people are always more disposed to
sell than on advancing prices, and
in this IS the danger that, frightened
by the decline, farmers will crowd
their cotton to market and cause a
further break.
s'Cotton IS intrinsically worth
more than it is selling for, and that
there will be a reaction IN price IS
lust as inevitable as it was that II
cent. cotton would decline. A staple
that does not d~eteriorate in quality,
that like pig iron is as good as twenty
e hence as now when below the
COST of production, as 1t is to-day,
neeus only 10 be held long enough to
make certain of higher figures. Just
how soon the tide Will turn no man
can say, nor can any say that it
will not go lower temporarily. But
the South's policy to-day should I'M
q~uestionably be, not to burn cotton,
not to crowd it to market, but to
O it and hold for the inevitable
swing ofthe pendulum, and in the
meantime to plant less acreage in
cotton and more in diversified crops.
The situation is in this way abso-
lulely in the control Of the South it
self. and will have no one but the
South to blame if it does not hold
back permanently a million or more
bales and then reduce its acreage
about 10 per cent. compared with
last year. The South holds the dom
mating position. If it will only use
its opportunity and market its cotton
on business principles, then it will
secure a fair price.
"Outside of a few spectators no.
body wants such low prices. The
spinner is no more pleased at this
terrific break than the farmer. Now
let the South pull itself together,
show that it can and Will protect its
W i~terests, and it will receive the
worlds applause"