Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-11-07
VaIorization of Cotton.

| VaIorization of Cotton.
While there is no question Of the
fact that it is easily practicable tc
make cotton bring a reasonable price
under proper conditions, those people
who think it is possible to arbitrarily
fix a high price in the face Of an al
most unlimited stock on hand with
more constantly in the course of pro-
duction, are badly mistaken.
If the requirements of the world say
are in the neighborhood of 100000
bales of American cotton, and the crop
is known to be only 100000 bales
then prices are liable to range any
where up to the neighborhood Of Is OF
20 cents a pound; but if on the other
hand, it is known that if the crop
reaches 13,500,000 bales, that extra
100000 bales may easily depress the
price down to 9, s or even 6 cents a
pound.
Our people have observed the opera
ton of this law long enough to be
convinced of it's full bearing. The
statistics of all the years in the his
tory of cotton production has been
that small crops have invariably
brought more money than large crops
and every time a crop has exceeded
the requirement of the year, the price
has gone below the cost of production
We do not think there is any doubt
of the fact that if in the case of 49,
O00, 900 crop against 100000 require
ments, the holding back of 100000
bales would keep prices up to maxi
mum figures, provided only that there
was reasonable assurance that there
would not be another 100000 bale
crop the next year. To guarantee Sc
curity in such a matter, 1t would be
necessary to bring about reduction
of acreage the next year.
There is much difference of opinion
as to how much cotton it is possible
for the south to produce. There were
those who held few years back that
it was impossible to produce 15,O00,-
900 bales. The argument was that the
lands, mules, machinery and labor
were not available. 1t was not diff
cult to present the whole case in quite
a convincing light; but the arguments
presented will not stand the real test,
no matter how plausible. That has
been proven, and so far as our judg-
ment goes, we would not be skeptical
over an assertion that the south could,
if necessary, raise 4O,OOO,OOO bales of
cotton.
AS an illustration Of what we mean,
let US explain that it has been demon
strated time and again that the size
of a cotton crop depends more upon
the financial ability of the farmers
than upon the weather or any other
consideration. For instance, let us
take the record back few years. For
the year ending 1899. there was a crop
of 11,199,994 bales. This crop had fol-
lowed a big crop, and the average
price which had been 6.22 the year be-
FORE was reduced to 6 cents. Because
cotton was so low that year, the farm
ers were unable to get the necessary
credit and the next year the crop was
reduced to 9,436,416 bales. The aver
age price that year went up to S.69,
and because of the better price, the
farmers were able to do still more the
next year. They raised 10,3S3,422 bales
and got an average Of 500 for it. The
next year they went still stronger,
producing 1O,6SO,6SO bales and receiv-
ing an average price of S.75. 1t began
to develop about now that the produc-
ton was far short of consumption,
and the next years crop Of 10,727,559
bales brought an average of 1927.
The crop of the year ending 1905 was
only 10,011,374 bales. and the average
price went up to 1912. This hand
some price stimulated still larger pro-
duction and furnished the means to
bring it about, so that the next year
the crop aggregated 13,665,9SS bales.
and the price dropped to an average
of Gil. Here was another damper.
The next year the farmers raised all
the cotton they could on a Gil basis;
but the crop dropped to 11,345.9SS
bales, and the average price went up
to 11.29. And so it has been going.
This years crop was planted on a 13
cents basis, and that is why we have
a crop of near 100000 bales and the
price down to S.75.
According to this rule, it seems safe
to predict that next years crop will
not be a large one. 1t will certainly
able improvement in the price soon,
if for no other reason because the
farmers will not be able to plant and
work the cotton. If the price does
improve, then Of course next years
crop will be apt to equal the figures
Of this year
But while all we have stated is fact,
and we do not think there Is anything
wrong with the conclusions indicated,
we do not think that such a condition
is creditable to the people of the
south. On the contrary, it is really
discreditable, and especially so since
the remedy is so simple and so plain.
AS matters now stand, there are many
other crops that can be raised with
more profit than cotton, and every
acre devoted to such other crops adds
to, rather than detracts from the price
of cotton.
1t is sincerely to he hoped that the
governors will not stop with the reso-
lutions adopted and we hope also that
they will not encourage any PROPOSE
tion which seems to involve the idea
that it is possible to raise an unlimited
amount of cotton and maintain the
price at a profitable figure. No plan
that seeks to increase the price with
out limiting the amount of cotton
available, can possibly attain more
than temporary success. Whereas,
any plan that will reduce production
will advance prices in corresponding
proportion.