Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1906-06-13
The REGENT SLUMP IN COTTON.
WHAT CAUSED IT AND HOW TO PREVENT
A REPETITION.

oooi"eiobS hoo S'NSu ou1 luS lOilo"'
ing interesting statement with re.
gard to the recent slump in the price
of cotton:
The recent drop in the price OF
cotton emphasizes the absolute ne
cessity for thorough organization on
the part Of the South for the protec-
tion of this, her main article of com
merce and from which she derives
the capital upon which her entire
commercial structure depends. 1t is
matter of surprise that business
men of the South look upon this
movement to control the price of cot
ton as being one in which their SYM
pathies, perhaps, are enlisted, but in
which they have no personal interest.
write this article in the hope
that | may put new light upon it
and will show to some at least how
the price of cotton is of vital interest
to every one engaged in business in
the South, and how it is absolutely
impossible for the farmer alone to
control the price. No one will deny
that cotton is the essential, the cur
rency of the South. The amount of
business in the South is dependent
upon the volume of money she re-
ceives from her cotton crop. Now,
what are the factors under the pres
ent system of things which determine
the amount of money we are to re-
ceive from a given crop? The
banker, the merchant, the teacher,
the preacher, all seem to look upon
this fight as being one in which the
farmer alone is vitally interested.
Now, to illustrate the actual con.
dition of affairs there is enacted on
the streets every day during the cot
ton season scene which brings out
accurately the explanation of the
South's condition, and the forces
which determine the price. The
farmer drives up on the street with
a bale of cotton on his wagon; that
bale Of cotton represents part of
the currency of the South, part Of
that which is to determine the
amount of money that shall be put
into circulation. Who samples,
grades, weighs and fixes the price of
this cotton? The representative of
the organized brain and capital Of
the world.
The European spinner. is thor
oughly organized, the Northern spin
ner is organized, the Southern spin
ner is organized, therefore, the one
who samples, weighs and prices this
cotton is the representative of one of
these organization, one who knows
the intrinsic value of the cotton, and,
from the very nature of the case it is
to his interest to get it as low as pos
sible, because the difference between
what he buys it at and the price at
which he sells the manufactured
article is the margin of his profits.
AS said before, he is representa-
tive of organized brain and capital.
He has an unlimited credit. He rep
resents that element which seeks to
get the cotton as cheaply as possible,
and which really, under the present
system of things, fixes the price of it,
Now, who is on the South's side,
the side which is to determine how
much money shall be put into circu-
lation through the Southern cotton
crop? The representative of South
ern poverty and disorganization, the
producer who has neither capital nor
credit and without any organization
to back him. 0n The one side a rep
resentative of the organized brain
and capita! of the world, and on the
other side the representative of the
South's poverty and disorganization,
and between the two is the destiny
of the South.
The banker, the merchant and the
business men of the South from diff
ferent places of business see this un-
equal struggle going on from day to
day, seeing the price of cotton put
down, say for per cent per pound,