CHAPTER XXIX. 
PRICES : THE PUZZLING PROBLEM OF COTTON VALUES 
There is an economic principle which applies to 
all products of the land and to all products of the 
shop: The final utility of the product shall determine 
its market value. When a commodity becomes 
necessary for any purpose, it will bring in the mar- 
ket whatever price is necessary to produce it once or 
to reproduce it again. 
If it costs ten cents to produce a pound of cotton 
and ten million bales are wanted, then if there is 
land enough and men enough who will be satisfied 
to produce it at that price, ten cents a pound will be 
the market price. But if twelve million bales are 
needed and wanted, you may or you may not have 
a different proposition: all available cotton land 
may be already in use; other workers may not care 
to engage in the work at the price offered; and if 
they do not turn to it, the increased quantity cannot 
be grown. What follows ? The economic princi- 
ple answers: If cotton is in greater demand than 
other things, then a higher price will be offered for 
it in order that laborers may be attracted to it ; that 
lands now given to other products be given to cot- 
ton; that owners of land on which ten-cent cotton 
would not pay, shall have the inducement of higher 
prices. So the additional two million bales are 
produced. On this basis an increase shall be 
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