Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1906-10-23
CIRCULATION BASED
ON COTTON
Proposition That viii Secure South.
efn Financial Supremacy.
IT Is BEST COLLATERAL ON EARTH

the World.
Speaking last Thursday before the
American Bankers association in ses-
sion in st. Louis, Mr.. Charles ]. Had
den Of Atlanta, made "A Plea for the
Cotton Fields" saying:
The cotton fields Of the south need
larger volume of currency at the
harvest season. Cotton at that season
so nearly absorbs our whole banking
capital that other lines of trade are
made to suffer. I am here to ask
your distinguished body to throw the
weight of your great influence in ia
vor Of some currency plan that will
relieve this yearly congestion. 1t Is
unjust and unsafe that We be left
wholly dependent upon eastern banks.
1t sometimes happens that demands,
enormous and unforeseen, are made
upon New York for money just at the
time of the cotton movement.
will pause at the threshold Of my
argument to say that we want only
sound money. Cotton Is to the COM
modities what gold is to the moneys
the most universally coveted, the
most readily cashed, the most widely
consumed among the great staples Of
trade. 1t demands currency as good
as gold. currency regulated and
warranted by the Federal government
and redeemable in gold. Federal en-
dorsement and gold redemption form
the citadel of American financial sta
bility, and upon 1t floats the flag of
our business supremacy.
1t is necessary that I approach. by
way Of certain established facts. as
upon stepping stones, to prove the
truth Of my postulate.
A Billion Lost by Neglect of Cotton.
Other parts Of our republic. in the
first half OF the last century, accumu-
lated their surplus in the form Of the
yellow metal, or its equivalent in the
worlds markets, but the cotton states
held their cash reserve in black Drawn
and sinew, a species Of property not
elsewhere marketable. 1t would be
irrelevant to recount the story of how
this reserve Of eighteen hundred mill
lion dollars was stricken from the
balance sheet.
Beginning with the crop Of 1865,
and continuing by very slow and
gradual diminution for about thirty
years, the cotton crop was literally
sown and reaped in debt. For the
first decade Of that period. contrary
to our national traditions and in vio-
lation Of the Federal constitution. the
cotton crop was punished by a direct
Federal tax During the first decade
and. indeed, through the greater part
Of the second. our people were op-
pressed by a degree of poverty which
can be understood only by those who
know the wreckage Of a war Of inva-
sion. and by debt which trails the
footsteps Of poverty. as the jackal
pursues the wounded prey.
a system of crop mortgages pre-
vailed throughout the south. Cotton
was the only crop on which the farm
er could obtain advancements of sup
plies. 1t alone commanded gold, and
gold was then at a premium. In most
instances the crop was mortgaged be-
fore the seed germinated: the law for
bade that the lien should be made be-
fore the planting. The supply mer-
chant gave his mortgagor a line Of
credit and charged against him his
supplies at profits so exorbitant that
they would now sting the conscience
of even modern trust. In his turn
the merchant pledged these mort
cages to the eastern wholesale mer-
chants. who. in their turn, demanded
profits commensurate with the help
lessness Of the consumer. The sup
ply men were generally called factors
The farmers vaguely thought that this
word was a corruption of malefactors.
Panks and money lenders were few
and remote. In September when the
| cotton bolls began 10 unfold their
palms. displaying the crisp white sta
began. The eastern wholesaler called
the factor, and the factor called the
farmer. The factor sent his patrols
on horseback through the districts to
to see that the staple was hurried to
the gin and from the gin hurried to
the factor Sometimes years came
and went before the farmer saw real
| nf ha hn
| debts matured at harvest time and no
one was willing to wait. The import
ars of Manchester and Liverpool arbi-
trarily named the price. 1t was a
transfer without negotiations. more a
surrender than a sale. There was
but one question: How much will the
| English spinners give?"
1t is painful to consider that era
those desperately dark years in which
it seemed to me. as boy, that the sun
| of hope which cheers the earth and
gilds all nature had set forever upon
| the scenes Of my childhood" The
greatest agricultural product of the
world was disposed Of by the toilers Of
| the nelu as IL ny DeSBdTS. ouE SON-
arnment allowed its monopoly. inher-
ted of nature. to be slaughtered by
alien hands. Lacking financial sup
| port. lacking available currency to
hush. even temporarily, the clamor
of creditors. while the cotton produc-
ers could not hold their crop even
long enough to negotiate with foreign
consumers. the people Of America
lost and the people Of Europe gained
within those thirty years, at the low
est computation. more than a billion
dollars of gold!
| The Master Product Of the World.
| A report of the department of COM
merce and labor, now fresh from the
printing press tells us that during the
last fiscal year. Cotton was the king
Of American exports" The ranks of
the different articles Of export are as
follows
Cotton ................$ $4O4 100000
All kinds of breadstuffs 1S6,OOO,OOO
All kinds OF provisions. 211,OOO,0OO
All kinds of iron and steel 161,OOO,OOO
This data does not come from par
tial sources, or from swift witnesses.