The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1917-11-07
THE COTTON SITUATION.
An Interesting Presentation OF One
Point Of View Showing the Mean
ing To the South OF the New Factors
I'm the Cotton World.

nave upon this country, both before
and after it comes to close. i know
that some individuals, rather promi-
nent in the world of economic
thought. feel somewhat pessimistic
about the outlook. They largely be-
long TO that class however, whose
pursuits make them more or less the
orists The record shows that the de-
velopment Of economic life is not Of
ten In accord with theory, certainly
not SO often as to warrant us in TAX
ing the predictions of theorists with
serious concern.
You see the battles will hot be.
fought on our own soil. That makes
very great difference. During the
Civil War the field of conflict was in
the South, and it has taken the South
half century to recover from the eff
fects of that war. Except in a very
minor way, no battles were fought in
the North, and the North prospered
during the war and has continued to
prosper ever since. 1t is really becom-
ing clearer every day that this nation
is going to lead in the moral and po-
litical activities Of the world, and it il
just as clear that it is going to lead ir
the worlds business and industrial ac-
tivities as well.
The financial capital of the world
has already definitely passed to this
country, and the enormous sums that
Europe must send over here every
year in the way of interest for many
generations make it probable that
this supremacy will continue for very
many years, perhaps for all time. At
least. such a conclusion looks rea-
sonable. In the mater OF manufac-
turing cotton goods. for instance, the
lead is rapidly being transferred to
the United States Just a little while
back we were only using ne-third OF
the American crop. Now we are using
about two-thirds, and there is every
prospect of American mills absorbing
the entire American crop in a few
years, and only very few at that.
We often hear the question asked
II cotton cannot be exported, what are
tho American producers going to do
about 1t? In view OF this obvious
trend, 1T looks a far more pertinent
question, if cotton cannot move
abroad. what are the foreign consum
ers going to do about il? Or rather,
Whlch seems nearer to a probability,
L American consumption leaves no
cotton to send abroad, what are tho
cotton spinners of Europe going to do
about 1t? Indeed, it occurs to me that
mis- increasing absorption of Ameri-
can cotton by American mills is
among the very real and very grave
menaces to the great cotton manu-
featuring industry Of the Old World.
AS this has been due TO a trend of
Industrial life that developed in spite
Of the war, the menace is likely to be-
come more acute after it's close.
These changes in the cotton indus
Try as it relates to the South are
wholly constructive. The record
shown that this great Increase in man
in this country is by very
much the largest part confined to
southern mills The big fact is thet
ihe evidence constantly grows that
the capital of the great cotton manu-
featuring industry Of the world is be-
ing definitely transferred to the coun-
,ry of the cotton fields. Can we not
call it the inexorabla lcgic OF an in
eXorable law Of trade: In this con-
nection it should be stated, not so long
ago Europe largely financed and car
ried the surplus cotton of the world.
That supremacy, and the vast powe'
and profits that go with it, has now
passed to the South for the South in
recent years has carried, practically
without aid. the greater part of the
surplus of the cotton in the world.
This increase in the manufacturing
OF the raw product makes greatly
and vitality for the healthy employ
ment OF both labor and capital. Take.
for instance. pound of raw cotton:
when manufactured it runs i'm value
rom about 81 to above SIS. Some
authorities say i'm the hishly finished
abric ii runs wclI above this fioure
At % cents II pound, 500 pounds of
aw cotton would bring $125. When
nanufa actured, even at an avorare of
rom 81 TO 50 per pound. its value
would be from $1,000 to $1,000: or.