Word: cotton
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Consider the tattered state of Old King Cotton. To perpetuate 200,000 politically potent but economically inefficient small cotton farmers in the Southeast, the Government supports cotton prices at 33? a Ib. Since this is well above the present world price of about 23? a Ib., U.S. cotton exporters complain that they cannot compete in world markets. So the Government gives them an 8½?-a-lb. export subsidy. But this distresses U.S. textile makers, who must pay 33? a Ib. for their cotton and howl that they are being swamped by imported textiles made from U.S. cotton that foreign...
Hoping to win the support of Southern textile makers for his tariff-melting Trade Expansion bill. President Kennedy last winter urged the Tariff Commission to put an extra tax of 8½?-a Ib. on imported cotton textiles (which are already saddled with a 14?-a-lb. tariff). But last week the Tariff Commission turned Kennedy down. By a vote of 3 to 2. the commission decided that it would be a bit absurd to establish an import tax to offset an export subsidy which had been established to offset a price support...
Textile-shipping Japan and Hong Kong cheered the decision, but indignant growls rose in Congress, which is highly sensitive to the voting powers of the cotton growers and spinners. Still fearing for his Trade Expansion bill, the President declared grandly that "the inequity of the two-price system remains as a unique burden on the American textile industry, for which a solution must be found in the near future...
...held out to the Japanese delegation in Moscow. The Soviets professed a desire to buy big amounts of Japanese steel, tubing and mining equipment. Playing on Japanese worries that the U.S. will impose ever harsher quotas on Japanese textiles, Moscow also talked of importing $500 million worth of Japanese cotton goods...
...year the Empress died. Decade after decade, thalers continued to tinkle at bazaars from Istanbul to Yemen. Islamic missionaries carried the coins into Africa, where traders used them to buy slaves for the U.S. South. During the Civil War, the North used them to pay for Egyptian cotton...