If peace is restored and maintained, cotton will start again upon its upward course and in a few years, with such a vast demand as China would create, I am conservative in saying that the price would pass the 20 cent mark, and remain above this mark, no matter how large the crop. On the other hand, if events are allowed to drift on and a general war comes, cotton would become a drug on the market, even though reduced acreage, calamity and distress would spread over the South. Indeed, with militarism uppermost, wars and rumors of wars would continually disturb the world, nations would be exhausted and lose in their buying capacity, and the myriads of helpless peoples would pass under the military yoke and remain unable to buy clothing. The greatest source of Southern prosperity would be permanently blighted, and a serious blow would be struck at the general prosperity of America, and at the happiness of mankind. Under these circumstances, when it is a question of 3½ cent cotton or 25 cent cotton, I do not hesitate to say that the solid influence of the South should be felt for having our country act promptly and vigorously, to use every proper means to restore the balance of the world on the side of peace, and to bring about the ending of the present war and the restoration of Manchuria to the commerce of the world. It only remains for us to refer summarily to the factors of supply. It is practically certain that the South will continue to produce the bulk of the world’s cotton. During the Civil War, when cotton was over $1.00 a pound, persistent efforts were made all over the world to develop cotton growing, but in vain. The Gulf Stream on one side, and a vast continent on the other, produce climatic conditions for cotton culture not duplicated anywhere else in the world. We may expect some increase in the output of Egypt on account of developing irrigation, and possibly a temporary increase in the output of India, and other secondary sources due to the recent high price, but the present depression will tend to check this movement. Therefore, the South may be expected to continue to produce over 80 per cent of the world’s supply so that the question of supply lies in our own hands.