The semi-weekly messenger., 1907-12-03


be a cure effected there must be On
accurate diagnosis There will be no
disagreement of doctors on that point
And there should be no obstacle 10 the
cIearest presentation of the symptoms
so that the trouble may be located
and the remedy quickly applied Tn
sustained opinion, however popular,
must give place to reason.
The following is the view of the
Yorkville Enquirer, and it is doubt
less view that is pretty generally
entertained at this time throughout
the cotton belt:
We have said it before and We have
seen absolutly nothing to change our
opinion, that these is little else be-
hind the present currency stingency
than a determination on the part of
the financial kings TO make the South
ern farmers take less for their cotton.
We do not deny that there may be Il
double purpose involved. There IS
much reason behind the claim that
one purpose of the furry in to force
congress to change the currency laws
SO as to give the eastern money CEN
tiers still more absolute control of the
situation; but we think that is only
a secondary purpose. The idea of buy,
ing the southern cotton crop for from
5000, ,O0O,O0 to $500 ,OOO, 900 less than it
is worth is more practical. Financial
independence of the south means some
thing very much like loss of prestige
and power, to say the least of it, for
the east That without going into
further details, is the principal reason
why we believe the fight is there.
Certainly none is more anxious thar
The State to whack the fellow who
Whacks the cotton grower. Aside frOLI
whatever patriotic wish there may be
for the south's prosperity, there is a
large personal interest. When the
price of cotton is depressed no grower
in South Carolina is more positively
and injuriously affected. But we do
not wish to lose time doctOring the
wrong malady, and we can not dis
cover the shadow of reason for the
contention that this panic is the out
against the cotton producer. 1t has
not even the stamp Of a logical leg
to stand upon.
The "'financia1 kings of the country
that could have had sufficient influence
to affect the currency situation are con-
cerned with the stock market These
men have about as much direct inter-
est in the price Of cotton as the South
Carolina cotton grower has in the
wheat market quotations for wheat.
On the other hand, the cotton ex-
change brokers and speculators are,
comparatively, small fry. They cut no
figue in shaping the country's fin
ancial market
1t is conservative estimate to put
the Shrinkage in values of securities,
largely held by rich men in the east,
as the result of present stringency, at
one billion dollars. That is two hun
dred and fifty million dollars more
than the value of a crop of 1880 900
financial kings that have weight
in the money market do not buy cotton
but suppose they did. Suppose as
result of this stringency that they
bought the whole 12,5O0,O0O bales for
$12 bale less than it's full yalle,
what would be their gain? The profits
would be just $15O,OOO, ,O0O-or only
Is per cent of the losses incurred in
railroad mining and other industrial
stocks largely owned in New York
be good business for easterners inter-
ested in stocks?
But continue the analysis. The
south's cotton is not spun by eastern
financiers. What part of the profits
would they retain. Of II, 500, 900 bales,
100000 bales will be exported to Eu-
rope, $500, 100000 bales will be spun
in the South and 2,25O,0 900 bales will
be spun in New England. Have Amer
cas- financial kings" any possible in-
terest in doing that which will deplete
the wealth in any part of America for
the enrichment Of European manufac-
turers? If s15O,OOO,OOO profits we're
made by depressing the south's cotton
by $12 a bale, foreign manufacturers
would get s960O0,0OO, southern manu-
facturers $27, 100000 and New England
manufacturers s27,OOO,OOO. For whom
would the financial kings" be fight
ing? And wheat and corn have suffer-
ed too. The losses recorded recently,
if applied to the whole crop, would
mean a loss of $4,000 900 for wheat
growers, and 67,5O0,OOO for corn
growers, based on last years produc-
ton.
We said that the really powerful
agencies in finances have no direct
interest in the price of cotton. But
they have an indirect interest. Pros
perity in this country helps all Amer