The Columbus dispatch. (Columbus, Miss.) 19??-1922, 1920-03-14

markets will add enormously to the general pros
perity Of this section, and to far greater extent
than would the production of cotton even at the
present prices"
In further discussion of the cotton situation with
this member of the Federal Reserve Board the
writer added:
"Ihe enormous profits made by cotton mills in this
country and abroad indicate that cotton manufae
turers have made profits far beyond what might be
called a, fair and equitable profit on any business.
Their profits have exceeded the profits of the cotton
grower The cotton grower has received no such
profits for his raw material the cotton manufac
turer has received for his finished product. The
point that am making is that the cotton grower is
not getting, his full price for cotton at Al cents
pound so long as cotton goods selling at re-
latively far greater profit between the cost Of the
raw material and the cost Of the finished product
based on former years. 1t is also true that the
large landowner or the large cotton grower
make big profit on cotton at 40 cents pound, but
the small grower cannot do it except in rare
Everything which enters into the production of
cotton is from two to three four times the price
which prevailed prior to 1914. The farmer pays
for everything which enters into his living
The accompanying table shows th2 very great in
crease that has been made in every ohter Southern
State well as in Texas. In of them the per-
centage Of gain has been greater than in Texas
North Carolina had crops last year valued at $685.
100000 as compared with the ive-ytar average of
l9l3-19l7. of $258,900 900. In South Carolina the
average of the fiye-year period of 100000
to- $520000000 last year. These two Statcslmake
remarkable record scarcely surpassed by any other
part of the Country. 1t is interesting fact that
california; with al nof its vast agricultural wealth,
hada total crop production last year of $450000O0
less than South Carolina and s2Os 100000 less than
North Carolina. Oregon and Washington, which
boast nightly of their vast agricultural potential
ties are not even among those who also ran, as
compared with the Carolinas or with other Southern
States The total value of the crops of Washington
last year was 1896 100000 and of Oregon, $780,
100000
The three Pacific Coast States, Washington, Ore
gon and California, had an aggregate crop produc
ton last year Of $S1O,OOOOOO or $2G6,OOOOOO less
than the State of Texas.
Under these circumstances it is not to be wonder
ed at that there is amazing progress throughout
the South and that the bank resources of this see
tion are growing with rapidity that literally as
tonishes the Treasury Department
The most gratifying feature however of the
whole situation is that this gain is based so largely
on diversified agriculture and on the very fact that
while there is decreasing grain production in the
rest of the country, shown by last years figures
there enormous increase in grain production
throughout the South
1t will take some years Of this Astounding pros
perty to give to the South the great accumulated
wealth of the North and West For 80 years those
sections were ping up billions on top of billions of
dollars while the South was struggling to overcome
tho bankruptcy Of 1865. Fifty years ago the North
and West were already high up on the rung of the
ladder Of Astounding prosperity; the South was down
at the bottom struggling to get a foothold on the
first rung 1t is climbing upward now 1t begins to
see the daylight shining over the depth of poverty
out of which it has been moving steadily upward.
What it has accomplished in the last few years Is
only indicative Of the vastly greater things which
will be achieved during the coming year
Heretofore the great industrial and railroad inter
ests of the South with the exception Of cotton mills
have been largely owned in other sections. What
ever profits were made by the sulphur mines and
the coal mines and the iron furnaces, and the rail.
roads largely paid to Northern and Western
stockholders The South got the benefit Of the EN-.
ployment that created, but it did not own the
capital Of these institutions. The balance of trade.
therefore, enormously against this section to a
greater extent indeed for many years than the bal
ance Of trade will be against Europe but now the
balance of trade is turning toward the South The
millions and tens of millions which it has annually
paid to Northern and Western insurance companies.
to Northern and Western financial institutions for
moey advaccd, the profit on much Of its industrial
development which has gone to stockholders in other
regions, will be Offset by the Souths ability to fin
ance itself and TO command respectable price for
its cotton and for other things which it is producing
for sale elsewhere.
The naticn may well rejoice that this great ma
tonal asset, the South, the greatest undeveloped
asset of this or any other country is at least earn
ing for itself and for the nation dividends common
surate with the resources with which it has been so
marveousy blessed by nature.
The aggregate values Of al crops by States; the