Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1906-10-23
# the government, under solemn seal,

of the government, under solemn seal
that cotton Is the master product o.
the world. This same report further
shows that the total balance Of trade
for the fiscal year in favor of Amer
lea was only $374,OO0, 900. Thus, bu
for the export Of cotton, there woult
have been no balance of trade to oul
credit. the withering blight of panic!
would have set in. and not only would
our people have been short of wha
we now have in hand, nearly foul
hundred million dollars, but in addl
ton thereto thirty millions Of Amer
lean gold must have been sent acros,
the seas to foot our losses and to aug
ment the prosperity Of other lands
The worlds annual output of gold 1!
less than the south's annual output oi
cotton.
Triumphant Despite Neglect.
During the years of the travail OF
cotton. iron and steel were the favor.
lite offspring Of the protective tarif
system. The government. as a foster.
ing mother, barred our ports agains
the free ingress of the manufactured
products Of the Old World to protect
our Infant Observation-Disclosures
though now hoary-headed with age
are still sucking at the breast-an6
in return these Infants" brought back
into America the last fiscal year the
splendid return Of $161,000, 600
Herein was wisdom justified of hel
children" During the same era the
government. by enormous subsidies OF
land to the trans-continental rail.
roads, developed the great northwest
1rened practically free lands to the
landless immigrants, and amazed the
world by the rapid expansion of corr
and wheat fields. Last year this 9th.
er favored child brought back through
exports made to foreign shores In the
aggregate, from the sale of bread.
stuffs. the magnificent yield Of 1885,.
100000 Of gold. Cotton, without gov.
ernment favor. direct or indirect
yielded to our country in the same fis-
cal period double the aggregate sum
brought in by iron. steel and bread
stuffs, with margin left Of $57,O00,-
600! Personally, I think the protect
i've tariff and the railway land grants
were wise and beneficent I cite their
history not in disparagement, but to
estop those who would deny that the
currency relief which the south now
seeks Is we'll founded both in prece-
dent and principle.
During the'panic Of 1893 one Of the
state banks Of our city (Atlanta) had
$350,000 loaned on cotton. The bank
called these loans and every penny
was paid within sixty days. This bank
carried through the panic cash re.
serve Of AZ per cent. At the same
time national bank Of our city, the
oldest In the cotton states, and one OF
the best in America, only had a cash
reserve Of 10 per cent. During the
same period the Bank Of England had
only a legal tender reserve Of 6 pei
cert, and the aggregate banking in
terests Of Great Britain averaged le.
gal tender reserve Of less than pei
cent. In the fall Of 1868, more than
a year after every Southern port had
been blockaded, Vicksburg had fallen
Sherman's army was on Georgia's
soil. and Grants far flung battle lines
were coiled around Richmond; the
death rattle was in the throat Of the
Confederacy; its treasury notes were
worth less than ten cents on the dol
lar. The Confederate government Is
sued what was known as the Cotton
bonds" in the total sum Of 5000, ,00C
and pledged as security therefor cot
ton owned by the government, which
was scattered on the plantations
where 1t was grown from North Car
olina to Texas. By the terms Of these
bonds the cotton was to be delivered
should the war continue, within ter
miles Of a railroad or navigable river
within Confederate lines. Within
twelve hours after the subscription
books were opened in London, the
price Of the bonds being fixed at 90
cents on the dollar, subscriptions re-
ceived were five times the amount OF
the aggregate issue. 1t was not the
credit of the Confederacy-the Con-
federacy had no credit then-but g
world hunger for cotton.
The Louisiana Banking System.
In the fierce light that now beats
upon the despised state banking sys'
TENS of old days there was one whose
name remained spotless, and that one
the banking system Of Louisiana
The banks were required by law, and
did maintain a special reserve Of 8;
per cent. This system lasted twenty
two years. There were no failures
When the war came on and specie
payment was suspended Throughout
America, the banks of New Orlean:
never hesitated, failed or refused tc
redeem it's obligations in gold, and
did so up to the very hour that the
Federal fleet under Admiral Farragu'
captured both the cash and the city
Years afterward I saw the explana'
ton in two heroic figures In the Lou
isiana state display at the Worlds
Fair; the one a white-haired and
crowned old monarch with his arm
around a young girl at his side, and
below was written the inscription
King Cotton and His Darling Louis
lana"
Cotton an American Monopoly.
After a careful study Of the pater'
nal policy Of England I am confident
that If the cotton crop was grown un'
der the English flag that the country
would by an export tariff or appro
pirate bounties reserve for its home
manufactures the monopoly of the
raw material for the clothing OF tht
world. We invoke no such nursing
We would not disturb the materia
privileges of the infant industries
But a currency system by which the
people of America are enabled to hole
their cotton. allowing it to percolate
into the market as the spinners neec
It. enabling the producers to enjoy the
fuIl hene6t of competitive buying, Is