There is a problem with the cotton industry in the southern states: it must make up its mind whether to have a high price for cotton with a smaller market, or a lower price with a larger market. It is argued that there are four approaches to the solution of the problem. The first would be to hold all cotton produced for parity prices, or a specific level. The second argues for a level price for domestic consumption but world prices for export. The third utilizes world prices based on unrestricted competition or international agreements, while the fourth solution looks at a complete reconversion of the south's cotton program.