The republic., 1851-03-14


The small increase in the export of tobacco Of the
crop Of 1886 caused fall Of price from $9l 54 to
S51 50, from which it partially recovered in
the following year, and it was not until the re.
fully recovered and then il went up to 1924 At.
With the diminished export of rice. the price went
up to 1920 cents, and thus it that diminished
cessarily, with diminished power Of home con-
sumption, prices fell rapidly when production
again increased.
The effect of an increased dependence on foreign
markets il remarkably shown in the prices of cot
ton of this period. The crop OF 1885 ID reported at
], 800 900 bales; but the domestic consumption be-
ing large, the export was only OOO 0OO pounds,
and the price was. 10 6-lo
Thonceforward, the growth Of the home
market arrested, and the whole in
crease was compelled to seek market
| abroad. In 1886, the increase of crop was
81 900 bales, Tor 2S, ,OO0, 900 pounds,) and
| the increase of export "A 900 900 pounds.
i being more than the additional crop, and
| the price fell TO-. o.......................... IA
| In 1887, the increase of the crop over 1885
was 440, 900 bales, 200. .0O0. 900 pounds,
| and the increased export was 2l6,OOO,OOO
| pounds, the consequence OF which was
| fall to-. .................... lO
In 1888, the crop was 1850 900 bales, be-
ing the same as in 1885, and yet the export
| was greater by 80, 900 900 pounds. and the
i price was less by 2 l6 cents, having been
only. Ia
Il is desired particularly to call the attention of
/ the reader to the numerous evldenCcs OF ''prO6-
perty' existing at this PERIOD resulting from short
crops of almost all things, because in similar facts
to be found the chief evidences Of present great
| "prosperity."
The domestic market for cotton diminished as
the domestic production of things TO be given in
exchange for cotton diminished with the progress
of applying labor to the creation of new farms and
plantations, and new roads by which to reach
Them.
The export of provisions, which from 1881 to
1885 had 'fuctuated between eleven and fourteen
q M n nj rnA. -
to sS,Sss $40; and in lss7-S to ss.SsS, $50 If we
deduct from this, for the year 1885,. the guam
titles of foreign -four and grain consumed, We find
the net export TO have fallen to ps miIions or far
less than half the export of those years in which the
manufacturers Of iron and of cloth had advanced
30 rapidly, but this tells but half the story.
The domestic consumption of food had fallen
greatly, because OF the enormous advance OF price
consequent upon greatly diminished production.
In September, 1886, -four in New York was $40 25.
In March, 1887, it was SIS. In the following Sep
months it continued above So; but at the close OF
1899, when exhaustion destroyed the means of
making roads, it fell with great rapidity. In
1896, pork rose to $l8 25. In 1888 It was
SIS s.; and during the whole period Of the
road making mania 1t was above $l3. Under
such circumstances great dimnution Of con-
sumption was inevitabls and il 10 reasonable to be-
leve that the actual quantity OF food produced in
the Union in those years was materially less than
the average of five years before, Notwithstanding
an augmentation of population equal to one-sixth
With diminished production there serious
diminuton in the reward of labor. Money wages
| ceased to produce the same quantity of food and
clothing. Immigration ceased to grow. In 1884,
it had reached IS, 900. In the following year it
was SO. 900. In 1886. $1,000 and the average Of
the whole period from 1885 to lS4l, only 81 $50
Turn outs and combinations with view to raise
the rates of wages in accordance with the rise in
food, became almost universal, and were a neces-
sary consequence Of diminished production.
We have here, obviously, no increase in the
quantity of the products of the farm plantation
| with which to pay for imports. Cotton gained
| slightly, but tobacco and rice diminished. The
export of provisions was almost at end, for the
net amount of three years but little exceeds that of
the gle year l63O-3l. Nevertheless, few years
of increased production, under the tariff of 1928,
had far established the credit of the country that
foreign nations gladly took our bonds for future
payment, and we were enabled to eat, drink, wear,
and use commodities for which we were yet to pay.
In 1894, the amount of imports was 66 millions. In
In 1885, it was l22 millions; in 1886, l5l, and in
1897 1l3, making about 400 millions in three years;
being an excess Of about 140 millions, for which
gave certificates of debt bearing interest. Thence
forward that interest was to be paid, requiring
about 81 millions per annum.
If we now examine the character of this vastly
| increased amount of imports, we find small in
| crease in the power to consume raw produce, for
which we had to pay-the chief increase being in
those commodities upon which we could have
| credit