The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-13

fbrevious year; or at all events, that IT will
reach very high figure. Spinners see a
flooded market before them, which they can
draw upon at leisure, and with provoking
symptoms Of short work, actually alarm hol-
ders into concession. lfthe stocks on sale
are somewhat bulky, and the Bank of Eng
\ land perceivcs that they cannot be held IN
the face Of engagements founded on this Sc.
curity. the rate Of interest is forthwith ad-
vanced, and a pressure created, expressly to
force Cotton down, for the benefit of spin
ners. regardless Of the sacrifice it involves
on this side the Atlantic. Thus, operators
IN Cotton are cut off from their usual facilI-
ties, and the demand sinks at once to the
grudging patronage of weekly consumption.
Capitalists are not much in the habit Of deal
ing largely in warehouse commodities; they
prefer less hazardous investments, with re-
turns more generally certain, even if these
returns are not altogether SO liberal as Cot
ton has been known To make, under pecu-
! liar circumstances. We do not think, how.
ever, that speculation is much to the advan-
tage of producer. 1t frequently raises the
price in first hands, but il is found objection
able in the long run, on account of The pref
udice which occasional losses never fail to
array against Cotton as an article of legltl-
mate traffic, and particularly for sterling
remittance. Our opinion is, that standard
of production and consumption, as nearly
uniform as can be established by the arrange
ment of labor, is The greatest security for all
who are. in any way, connected with the
Cotton interest, whether in the growth. man.
u(acture, or final disposition of the article
In the change Of labor which we recon-
mend, in relation to Cotton, we carefully
avoid extremes at the beginning. We have
seen very intelligent contemporaries, who a.
gree with US on The necessity of some equlll-
6rlum, in our capacity for production and
consumption; who estimate our excess, al
ready, at 100000 bales; and who are ofo-
piniun that the corresponding ratio of labor
should be at once diverted into other chan.
nels. On this predicate, the transition would
be one third from Cotton, which with all de-
ference, we think rather too violent. 1t
would, probably, excite fears, alike injurious
to agriculture and commerce, by disturbing
the laws of supply and demand, which are
most beneficial when most secure from sud-
den aud great interruption. We have Sc
lected the medium course, as the mnst advl-
sabIe-Ie US say, that 100000 bales ought
to be omitted from the production, which
would be one. sixth of full average crop, as
noticed by US a few mornings since; and the
capital thus liberated would establish and
work machinery to the value of Sl2 500. 600.
Let the proceeds be invested in additional
Cotton Mills, and 80 OH from year to year,
until third OF, or even one-half, the crop
of the United States shall be manufactured
| al home. When this, or any approximate
result shall be attained, then good prices Tor
cotton will be permanent, with the upward
slide in our favor, from the very tendency OF
the change.
Our manufacturing establishments being
on the increase, whilst the production OF
Cotton is kept steadily at one point, say q
600, 900 bales, Europe will at once see the
danger of a thin supply Of the raw materIal;
and consequently prices will assume all as.
pect calculated to dccny back to the cult-
vation of Cotton. much of the capital which
had been Withdrawn from it, and invested
in other pursuits. So long as our demon.
slra,ions for manufacturing are solid and
progressive, we shall keep our friends on
the other side of tho Atlantic in most O.
bliging temper; they will always be willing
to paw us full prices for an article lndlsPensa-
bic to their prosperity, and which they can
obtain from no other source to an extent,
and of a quality, to answer their purposes.
Instead of our being in state OF vassalage
to them, as we have been heretofore, III our
Cotton trade. relations will be entirely re-
vcrscd, and we shall possess the ability, if
not the will, to prescribe our own terms.
We might here annex. tables to sustain
our views showing the consumption, OF Cot
ton in Europe. and the quantity received
there FROM all parts of lbe world except the
United States; but as we have given the out
Inc with sufficient c,carness 10 all who
may feel disposed to refcc, on the subject.
we forbear, lest we nigh, be considered ,e-
dious. Our suggestions, ifnot very forcibIy
vindica,ed. have the merit, of being most
original, and as such, we are content 10 let
them abide all proper scrutiny.
N. O. Commercial Times.
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