Camden journal. [volume] (Camden, South-Carolina) 1852-1852, 1852-02-17


in France, and on the Continent, and of the con-
commercial tables we could readily show an ad
dtional excess of consumption, sufficient to swell
the deficiency Of production to at least 100000
bales. Under such circumstances, can it be be-
ievcd that the planters allowed themselves to be
deceived by the same "old humbug" of 'over-
production" to the extent of willingly sacrificing
one half Of their labor. 1t is true we did!
Such has been the history of the past years
transactions. Let us look at the prospect before
lis and see what there is to encourage us for the
future.
Bales.
The consumptonof1S5l was certainly 1895 GAO
To this we may add for the present
year as follows:
For increase in Great Britain, rs is shown
by her consumption for the last
months 10000
For increase to France, 10000
do. to the Continent 10000
do. in United States, = 100000
1890 GAO
OF this amount required for consumption, 9TH
er countries will not, at any thing near the pres
cnt prices, supply more than 100000 bales, lcay-
ing the United States to furnish about 100000
bales. This we will not he able to do by al least
100000, and consequently the consumption must
be limited. There are two ways of limiting con-
sumption. The one is by positively refusing it
the raw material, ard the other by raising the
price to such extent as to lessen the production
Of coarse fabrics With the present relation of
supply and demand, cotton should be worth
II l-2 cents, and it is only necessary for the
planters who have not yet sacrificed their crops,
to hold for that price and they will receive it in
less Than sixty days. Why will planters refuse
to pursue such a course: Why will they sacri
flee their labor so unnecessarily us they are doing
at present 1t is simply because the ghost Of
ovcrproduction is haunting them. Spectators
and panic makers raise the report and our agri-
cultural editors, good easy men, circulate it, and
some of our planters without investigating it,
write long articles on it, and we are really made
to believe that there is danger of our producing
too much cotton. What an absurdity.
Seeing that the relation of supply and demand
would necessarily lead to enhanced prices, spccu-
lators early in the season sent forward their esti-
mates for the crop at 100000 bales, this pre-
vented prices from advancing in Europe until
they could stock themselves This they have
done to a far extent, and are still taking every
bale they can get, while the planter is informed
that the production is so great that, prices must
90 down after little. To sustain the estimate
of heavy product, sent forward, circulars were in
dustriousIy distributed among the planters, urg
ing them to send forward their cotton early, as
the early market would be best. This succeed
cd to some extent in swelling the receipts and
to still greater extent in inducing sales on ar
rival, and consequently in keeping prices down.
The estimates are now reduced to 100000
bales, which though insufficient for the demand,
will have to be reduced yet 2 or 100000 bales,
and by that time the planter will begin to s'~
the error he has committed in sacrificing his
crop. Should this article find a place i'll your
columns Mcssr. Editors, may again trouble
You with my spccula;ions on this subject.
Yours, \. COTTON PLANTER