The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-04-23
From the Wall Street Journal.

WI ton crop is planted, IN the ISSUE
~ of which, now as formerly, the
welfare of millions of people Is involved
From one point of view 1t might be
said that the political history of the Unit
ted States might be easily couched into
the one word-cotton. The record of this
fibre from whatever standpoint we con-
slider 1t, throws out sidelights connect
ing 1t with every great period of our ma
tional career.
Just a hundred years ago its consump-
ton took one of those phenomenal spurts
which began to call the attention of the
British manufacturers to the great pos
sibilies of this country in manufacturing
The year before that only $4,000 bales had
been consumed but in 1925 there were
only three years In which the domestic
consumption rose above 100000 bales.
From that time until 1926 there were only
three years in which the domestic con-
sumption rose above 100000 bales. These
years included the war with Great Brit
ain, during which the south as producer,
and the north as consumer were much
disturbed in their industrial and CONNER
cial activities.
The resumption of peace and the subse-
quent period of national quiet saw an in
crease in cotton consumption which still
further surprised the watchers of the
young American nation. In 1886 the 100000
bale limit was practically reached; in
1912, 5000 bales, and in 1s45, 661,0O0. By
1s49 the home consumption had nearly at
tanned to 900 900 bales, and ten years later
it was million and a half, doubling in
another year and trebling by 1861. Then
another struggle came, in which industry
gave way to military demands, and the
country lost so much in its consuming
power that domestic consumption never
again reached the climax of the last year
under the old regime. The greatest do
nestle consumption never again reached
the climax of the last year under the old
regime The greatest domestic consump-
ton since that was in 1904, when four and
one-quarter million bales were used at
home
The movement of prices which this
staple has followed from 1890 shows a
checkered course that quite clearly re-
cords changes in economic and political
conditions. When the first census Of 1870
was taken the export price of cotton was
% cents. Before the end of that century
1t rose to A cents, and just before the war
of 1912 it sold for just about what Europe
has been paying for our cotton during
the current year This may surprise many,
but 1t was the result of market sud
denly taken away by the perils of ship
ping across seas, when the two greatest
navies of the world were armed to de-
stroy each others ocean going property.
Early in the thirties 1O-cent cotton again
becameNthe rule, and in the forties 1t how
cred for several years between and 10
cents a pound. This again was a danger,
not of sea. but rather of depression at
home. The high prosperity of the fifties,
however, brought back some of the lost
ground, but 1t never rose again above
half shilling, until the outbreak of the
civil war.
In this period cotton partook of romance
and tragedy, romance in the daring of the
blockade runner which carried bales of
cotton to Europe as we might now send
gold to pay bonds The tragedy was seen
in the wrecks of cotton manufacturing
England, where starvation fell upon many
of the innocent toilers. Even the worlds
greatest spinning talent could not make
much money with cotton at So cents q
pound. even If supplies could be obtained
with any degree of regularity.
From that climax there was gradual
descent, quickened by the restoration of
peace. 1t took, however, nearly ten years
to get back to the 10 and 11-cent basis.
which prevailed from 1875 to 1890. These
were fifteen years of comparatively stable
financial and economic conditions. From
that time forward, covering the next ten
years, the lowest fortune which the cot
ton growing industry ever experienced was
reached. The great crop of eleven and
one-half million bales in 1898 brought
values down to Sc cents, a little below
that of 1894. when a ten million bale crop