The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1906-08-10

section to the direst poverty. Fifteen
years ago, when we were beginning
to see daylight, there came a period
of exceeding low prices of cotton which
lasted for seven or eight years, during
which we lost almost as much on cot
ton as we,made on Industrial advance
ment 1t should be borne in mind that
there have been only two periods in
the South's history, one between 1899
40 and 1856 and the other between
IS90-91 and 19O1-02, when cotton ever
averaged, except in one year, as low
as 10 cents pound Omitting the
entire war period with its high-priced
cotton, but including the two periods
just mentioned of low prices, and the
average for 100 years would be over
10 cents. We may, therefore, dismiss
without further consideration any fear
of five or six or seven-cent cotton
again, unless in some year of great
production the bankers of the South
should fail to appreciate their RESPONSE
bility and their opportunity.
Two years ago when the South pro-
duced nearly 100000 bales of cot
ton, at time when it was estimated
that the world would need scarcely
more than 100000 bales of Ameri-
can cotton, it looked as though the
cotton buyers and the financial powers
of Europe, aided to some extent by
kindred interests in America, would
beat down the price of cotton to five
or six cents a pound. At this critical
time leader was found equal to the
emergency of combining the cotton
planters and the bankers of the South
in a plan to prevent the slaughter of
cotton. BY holding back the crop, the
farmers, sustained by the cooperation
of Southern bankers, halted the panic
which threatened this industry for a
few weeks, prices gradually arighted
themselves, and the South gave to the
world its greatest lesson on the value
and power of cooperation. The whole
situation was changed; the world was
taught that the South was no longer
a beggar; that the Southern cotton
planter could no longer be robbed
with impunity; that he intended and
had the power to enforce his inten-
Itions to secure fair profit for this
lroyal staple When you read of the
Iefforts which are being made by the
spinners and the governments of
Europe to develop cotton-growing in
other countries in order to lessen their
dependence upon the South, go back
seventy-five years and you will find
that even at that early period Europe
was making far greater effort to ac-
complish this very thing than it is
ldoing now. BY the side of the agita-
ton at that period in Parliament and
in cotton-mill circles, all that is now
being done in this respect seems like
child's play. Yet despite the active
propaganda carried on for nearly half
a century before 1860, and now re-
yived the Souths monopoly of the
worlds cotton trade was never so
strongly intrenched as it is today. An
official report made in England about
60 years ago took the ground that the
English people should endeavor to
keep cotton at the lowest price posi-
bic, not only because of the profit to
England in buying cheap cotton, but
because, as the report stated, it would
thus secure larger supply, since 9he
cotton planter in the Southern States
of America would undertake to in
crease the number of his bales to
make up for the smaller amount which
he received per bale.
er since persistently and consistently
followed that policy, and from their
point of view, they are justified in
doing SO. With cotton at five or six
cents they could buy their entire sup
ply of American cotton for about $780,
100000 year, but with cotton at
twelve cents they have to pay to the
South $400,000,0G0 a year, or more
than $1,000.000 every day. No wonder
Europe would seek to save this $780,
100000 year, and no wonder that the
South, having learned it's power and
knowing the business of its cause, is
determined that never again shall it's
cotton be sold at Improbable figures.
Moreover, the economic develop
ment of the South makes it wholly un-
necessary for this crop to be sold at
Ia loss in the future. Diversified agri-
culture has opened to the Southern
farmer the possibility of turning from
cotton to fruits and vegetables, to
alfalfa, to stock-raising and to many
other pursuits which afford more
profitable employment than cotton
would he af loss than O ar IN cont. a