The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1908-10-27
FACING A CRISIS
SHALL THE SOUTH SURRENDER
S15O,OOO,OO0 in Gold?

Y1CO,UUO,OOU LII Ooio
That Is What She Win Do If the
Cotton Crop is Sold ut Present
Prices.
The flippant way in which some
people speak Of the present price
of cotton argues that they do not
fully appreciate the gravity of the
situation. This is intensified when
they say that the farmers have put
the price Of cotton top high and that
it is now seeking its natural level.
Such people leave the impression
that they are not looking beyond
their personal interests and therefore
fail to see the stream Of gold. that
annually comes to the South from
foreign countries in exchange for
her. cotton crep-this amounting 70
hundreds OF millions Of dollars, which
is the handspring to ali business
life and activity In the South. Cur
tail this inflow Of gold and we at
once crippel every industry in the
South. Augment it and at once the
electric effect is seen and felt In
every line Of industry.
The price of cotton is today 2 IL
cents per pound less than 1t was
year ago. If this depression Of price
is to continue throughout the season
it will mean a loss to the South on
a 100000 bale crop of s15O,OOO,-
600, a sum equal to more than ha f
of the capital invested in the cotton
mills of the entire South; likewise a
much greater sum than will be
spent in the South this year for pub
lie education.
These illustrations are given to
more forcibly illustrate the enormity
of the loss of the South, caused by
the present depression in prices, and
to endeavor to arouse a determina-
ton among our people, irrespective
of vocation, that it shall not be so.
For the past few years the South
has been enjoying an unprecedented
prosperity for the cotton crop. 1t
seems that the cotton buying world
has decreed that this age of South
ern prosperity shall not longer cou-
tinue. AS eyidenc of this there was
during the summer a report sent to
the cotton factory centers OF the
world stating the Southern cotton
crop would approximate 100000
bales and the prediction made that
the price would go to eight and pos
sibly as low as cents per pound.
Such report very naturally demor'
allied the cotton trade and every
manufacturer wanting to get in on
the ground floor was unwilling to
lay up stock, and SO curtailed pro-
duction and bought cotton from hand
to mouth continually looking for
lower prices. Another factor in de-
pressing the price of cotton is the
closing of the Lancashire mills in
England. These mills are said to
represent half the spindle capacity OF
that country; consequently their
closing will very materially affect
the price of cotton.
Hold for Better Prices.
Such briefly is the situation. What
are the remedies? An easy question
to ask, but far more difficult one
to answer.
In my opinion, the first thing nee
essary is for the cotton farmers
themselves to determine in all their
might and manhood that they will
not sell a bale Of cotton at present
prices except to satisfy existing OBJ
legations; and then first endeavor
to store the cotton and get advances
On it to meet the necessity of the
occasion. AS long as sufficient COT
ton to meet the requirements of the
mills Is offered there will be no need
for them to advance prices. There
fore hold the cotton of the market
until the surplus Is worked OF. II
the cotton mill men can not sell
their goods they can not be eX-
pected to buy cotton at its full value,
so the thing to do is to not offer any
cotton for sale until the trade wants
it at a price that will Justify the
farmer to sell.
At the present prices the purely
cotton farmers is making no more
on his cotton than he was ten
years ago when cotton was selling
at 6 cents per pound At that time
corn, meat, labor and other. lhings,
that the cotton farmer buys was sell.
ing at but little over half the prices
they are now bringing. Six-cent
cotton at the time multiplied mort
cages on the cotton farms Of the
South. Notwithstanding the few
years of good prices We have had
have enabled most farmers to pay off
the mortgages then incurred, a con-
tinuation of present prices and con-
ditions will bring about a repetition
of those days. For that reason the
manhood of the South should be
against low priced cotton. 1t is not
yet time for the South to assume the
role of a philanthropist aid sell cot
ton for a price less than the cost of
production so as to furnish the worl |
with cheap cotton goods.