The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-02-19
Common Sense as to Cotton.
News and COIIricl0

| (NCwS and COuricr)
In letter which he has sent ont
to the bankers of the south, Col. w.
Is. Thompson, Of New Orleans. dis
cuSses the cotton situation as it now
presents itself. His views are set
/ forth comprchcnSivcly and yiYorous-
~ the letter opening with Il strong
| attack upon the bureau of markets;
or circulating through It's publication.
inc Market RcDOrt"r,' statistics
Wnlch COL. Thompson declares to
he thoroughly misleading. lie con-
tends that the estimate made by the
bureau of markets that the 1920 car
ry-oVer of cotton will amount to at
least 9,SSG,20S ha,cS is Ridiculous:
declaring that much Of the cotton in
Guided in the estimated supply for
l92O-21 is made up OF bOllics, snaps
and weather. damaged cotton not tit
Tor spinning purposes and "uSablc
only as material for padding sta
tiStlcs.' The bureau Of markets is
condemned for issuing h publication
which did not give Il true prCscnta-
ton of the facts and the effect of
which was to dcmOraliZc the cotton
market.
But Col. Thompson, while inn
peachinG the correctness Of thc-GE-
ureS published in "Thc Market Re
porter nevertheless adds immc-
d.ately that the situation. if not as
hopeless as pictured, is ncVerthc-
less very serious one, and he urges
that nothing can save the cotton in
duStry in the south from disaster en-
cept rigid curtailment of the cotton
acreage this spring. In this cOnncc-
ton he says:
Let it not he understood that 7 un-
derestimate the gravity Of the cot
ton situation. On the contrary, | wish
to emphasize with all the force DOS
sible the extremely critical condition
in which the cotton south finds it.
self Even admitting the truth Of
the alleviating considerations to
which | have referred, the fact re-
mains that the supply Of cotton is very
much too large for assimilation by the
trade in its present and prospective
state. The pressure of large stocks
upon q stagnant market and the strain
CT such holdings upon the financial
resources Of the south, will inevitably
bring disaster unless relief shall come
in the not distant future. Ny pur-
pose in emphasizing the more hope
ful features is not to try to lull the
cotton people into optimistic inac-
ton, but to prevent them from fail
ing into the lcthargy Of despair.
want to show that although the odds
against us are great. yet they are by
| l.
fight is hard one yet by hard fight
ing may be won.
THE action on the part of our pco-
pie which will save the cotton pro-
ducer the business OF cotton produc-
ton, the south and the cotton using
world at large from disaster from
which it would take many years to
recover involves the application of
plain, home!y common sense. The
cotton which we are carrying and
that which we will carry over into
next season plus a normal crop in
the ground will promise a total sup
ply for the coming twelve months
which would literally smother any
possible demand and would drive
present and future prices down to
wholly ruinous levels. We cannot de-
| Sroy the existing surplus but we can
| reduce the new crop to proportions
which will bring the total supply for
| the next twelve months well under
any possible demand. II this is done
, then only will the value of present
holdings be materially enhanced and
not only will the next crop be mar
| keted on IL profitable basis, but the
/ &c.
| future proiitablcncsS of Gotten will be
assured. There is one remedy and
one on.y for the present crisis and
! the future salvation of cotton and