The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-01-13

qulslte. All OF which, ny the wiSnofE wing OF 80
much labor from the production OF cotton to the
other productions and Industrial pursuits advanta-
Of cotton
Having considered the subject Of supply, that OF
consumption of cotton will next engage our atten-
ton. To my circular of 3lst August, 1850, APP
pended tables exhibiting tho increase per cent of
production as well as consumption, for the Two Pc
RODS of lS39-i0 to 1884, aud lSfi-5 20 IS4S-9-
each of five years The increase per cent Of con-
sumption Of the latter on the former period was
19s per cent. The increase of supply or crops of
same period, say the Eve years Of 1S.4-5 TO 1858
on that Of Iss9-iO to 1874, was abou. per cent.
called attention especially to that Extraordinary
and gratifying particular, that although the annu-
al consumption wss already greater than the an
nual production Of cotton, the ratio Of Increased
consumption was already greater than the ratio Of
increased production This cannot be too strongly
impressed upon our minds also called attention
to another fact OF comm anding Importance, viz:
that in the latter period Col 900 bales OF cotton had
been consumed which had not been reported n any
of the tables ! had seen could hear of-wheye it
has been consumed Is not very important for US tc
know, but it is very important to know ths. 1t has
been, as it exhibits the ratio of increase IN It's pro-
Per view, and in rather exciting one, If we pro-
perly understand it
TIE English circulars, Of both las. and the year
BEFORE observe that remarka BILE feature Will exhi-
bit itself the examination of their tables OF con-
sumption, and that is, that notwithstanding the
high prices which bad been noted throughout the
year, the consumption had not only not been d.
be an insufficient supply. The consumption Of the
present year will be largely that Of any other
in Great Britai2, France, and the Continent; and
the rapidity Of its increase in Russia, Germany,
and the south of Europe, ID highly encouraging. /
may properly ark here, that important as is the
consumption y, cotton in France, aud also in Ger
many, that their easantry have been, and are still
relying or flax and hemp for large proportion OF
French and the 10000 600 Of Germany consume
cotton in the ratio that the United Ssates Great
Britain India do; the crop of tho United States,
If doubled would not supply their demand. Cotton,
however, is spreading rapidly in favor ami popularity
in those countries Besides its superiority liz both
comfort and beauty-i's transcerdent advantage
over fax and hemp Is, that it is manufactured en-
tirely by machinery; whereas, flax aud hemp, We
must remember, have TO be wovenby hand The
land that produces them too must be highly
manuIed and the labor Of preparing for spinning is
very severe, and potatoes or wheat is tcand more
profitable crop. Cotton is fast supercecipg other
fabrics.
The con umption at the North has fallen Of, and
the mystery is thus to be solved The operators in
export Of large amounts of specie to fill the ;uum
produced by the unnatural decline. This exporta-
tion caused the Northern banks to suspend their
customed accommodations, and the manufacturers
1t is not reasonable to suppose that those who are
usually so sagacious will permit this unnatural
state Of things to be continued. They now must
support the price Of cotton It is not mere mat
the vaults of their banks must be ofectuslly
drained. Cotton and specie are the only things we
have to pay the foreign debt with-that is. If with
the little tobacco and rice we expert, e9:;o2 does
not make up the balance, specie must. Win Nor b.
capitalists close their eyes to this position! The
imports are enormous, and the amount the crop
must command, must correspond in great degree
with the amount of the imports.
We now arrive at the question of prices Of cotton.
There are two branches to this subject. One is,
what can an article be furnished st, paying its
prime cost, and reasonable profit for the Of the
capital employed? This is its worth or value and
commonly its price, and the other is-wha. can be
given for a material, having ascertained what it
will command in its manufactured state, deduct the
cost to manufa ,ture, and the usual profit for the
use of the money from that, and the remainder is
the worth value, and ought to be the price ofthe
material. This is merely the philosophy of prices.
for each party apt to use its skill and power to
disturb this principle But let US see fc- moment
the relative positions the cotton producers and the
cotton manufacturers occupy in relation to this
value. few years since, tor instance, tie cotton
planter bought lands at 81 ., and about that per
acre; now s. to SO are low prices. Negroes he
bought at $3.50 to $3.50 piece; now dc pays 500
% 000 not to say apything OF increased value of
provisions. Then The cost Of production has been
largely enhanced evidently. A few years since the
hand, and worked with machinery which was, com
pared to the modern. quite imperfect. re paid
duty on cotton, on his provisions, and money was
scarce and interest high, freights high Now, re-
cved CT duties, with interest low, freiShts ow de-
mand active for his goods. his machinery wonder
fully improved, it is evident that he eau afford to
psy the producer for his cotton than formerly,
and yet retain equally fine pros his is the re-
latve position of the parties but the cotton planter
hold to his cotton longer than the manu- scturer
can do without it. Were we to hold or to our
cottons for ninety days, they would not have bale
to 60 on, and being ct our mercy, We could make
them give fifteen cents.
may sum up with regard to prices, prospects Of
consumption, and the crop-that very clement that
could be desired is favorable to the planter. The
crop is an average one nearly, and is obliged, from
the position and concur OF things, to command
full nay, high price. It cannot &c avoided.
The stock on hand in Europe is fast melting away.
France has no cotton at alive may say, and is
actually shiyerng from fear. Cargoes al sea are
bid for. The stocks in England are lower no than
at this time last year their receipts in this month
and Decemb Der were unusually heavy; but this year
must, from the smalness of the stock OF Gotten in
our ports, be unusually small while the ratio Of
their consumption and export is, this year, very
much larger than last. Hence the stock in Liver
pool, on the LIST Of January, will BIO so light, that
where will prices gol Money everywhere is abun-
dant. The Bank of England, and the Bank OF
France are encountered with larger amounts Of bull
lion than they ever had before. The harves.s have
been fine, food must be cheap, interest is low now,
and falling trade is extravagantly good; no wars,
or rumors of wars. Tho French republic seems to
be working to suit the people of France admirably,
though some persons have been in ooustan. per
thing they would not like.
Should any planter doub. the probability Of my
correctness. let him remember my circular Of 9th
January, 1919, issued when middings here were s..
foretoldpr prices would 60 up, notwithstanding the
crop was large, and that they would be higher tho
next year, than they might reach that. Remem-
ber, that Notwithstanding the country was swept
clear, and some 100000 bales of old cotton was sent
to market with that crop altogether, swelling our
receipts to 2.129,0o0 baes-that midsling cottons
sold before the season was OUT in tho face of all
these tremendous receipts, at 10y cents, and with
all the stock on hand at the end Of the year, was
about the same as the year before, and that our
average for the next season was liz conts. Don't
fcect these things, and that the next year. with
crop of2,355, 900 bales, we got an average Of III
cents You are sustained in a demand fer full
price Sy me laes yUu IN shs so s9 you
and DO something about raising hogs, az bacon a.
10 Ia IL cent. 10 higher than cotton would DO ct ~
/ cents he chances are, you cannot make q large
crop the next year lou cannot nj ant the land D