New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-12-12


"a quite clear that if the domestic manufacture
bad been permitted to STOW as it would have
done under the tariff Of ls2S-had that tariff been
allowed ~ continue in eXistence-the quantity
required to go to Liverpool in those two years
would have been less than it was by at least half
million of bales; and that instead Of the stock
on hand growing to 1000 it would have dimin-
ished to almost nothing. Then, instead OF de-
cline OF prices, there wsuld have been rise-siV-
ing the planters more for two and half millions
ia the latter year than they obtained in the former
for three and third millions, and making ditier'
snce to them, as q body, of more than twenty
millions of dollars, if not even thirty millions
Such was the state of things at the date of the
passage of the oct of lS42. The markets OF the
world were everywhere glutted, as they now
are, with cotton and cotton goods, and every
where there existed that distress which iorshae
consumption Of anything but food. On sueh
market as this there was poured the immense
crop Of 1923, exceeding by more thsn 'OV'o'V
bales the average of the two preceding years
producing, as might naturally have been expected
a great fan of price. On the top OF this came
another large crop, exceeding By almost 4Oo,ooo
bales the average Of the two years preceding the
massage of the act of 1872 and thus the quantity
that reouired 10 find a market in the two years
following its passage exceeded by more than
million OF bales the crops OF the TWO previous
ye.rs and this at time when the domestic mar
ket vas but Just beginning to recover from the
disastrous effects of the British free trade policy
Of ls40-i2. The following year brought with IL
the largest crop that had ever been known-its
quantity having been greater, BY 16O,OOO bales
than the average of the two years to which we
have referred. and about 700 900 greater than the
average Of the four years prior to the adoption Of
the protective policy in 1925 and thus the surplus
produce Of those three years was but little short
of 9, 900, 900 bales with a domestic market then
requiring less than 100000. The natural conse-
quence was that all this enormous surplus was
forced Oh the Englsh market, in which the stock
on hand grew to 100000 bales, producing re-
ducton of price as we see by the circular be-
fore us, for Fair Upsnds, to AID. per pound.
The planters were being ruined, not because OF
the tariff but because they had, during series
Of years. done their best to annihilate the domes-
tic manufacture, and to render themselves de-
pendent on a single market.
In the 70 lowing year the crop wss bat 2, 100000
bales, and there was less to force on that single
market--the consequence of which was rise to
AZ and in the next the crop fell off to l775,OOO,
while the domestic consumption was maintained,
and then the price rose to 7i-giying the planter
far more for the short crop than he had had for
tie large one This effect, however, would hsye
been just as surely produced had the crop been
large andour assumption large, because the price
of the whole is fixed in Liverpool, and is Deepen
dent entirely on the quantity that must go to that
market. Every single bale stopped Outofthat mar
kettends to raise prices and every one forced upon
il tends to reduce prices; and therefore it is that
the planters are, more than any other portion of
the community, interested in the adoption of
policy that looks TO the building of mills and fur
naces throughout the Union.
The year 1913 brought with it again a large
CROP or 2, 347 coo bales, while the domestic con-
sumption rose to 53l 900; and yet, although two
previous crops had been but little more than the
average of those Of eight years before the price
fell to as low point it had reached under
the tariff Of 1872 when three successive crops
had given surplus over previous years of nearly
two millions The domestic consumption had,
however, already commenced to decline, aud
there was more to be forced on the foreign market.
The crop Of 1850 was again large, and the
domestic consumption again declined; the cOnse-
Quence Of which was seen in reduction of price
to point lower than had ever been known-the
natural consequence of that dependence on sin
gle market that it was the object Of the tariff Of
&c to bring about. Had the tariff Of lSi2 re-
NAMED in existence the domestic consumption
would, in that year have reached 100000 bales,
and the Liverpool price would have been greater
by not less than So and probably So bale,
giving the planters thirty or forty millions addi-
tonal for their crop.
InlSi9-5O the crop fell to nearly two millions,
and then the Liverpool price went up to Odd;
thus proving how great is the increase in
the misunderstanding from any cause tending to d.
minish the quantity forced on the regulating
market.
In lS50-jl the domestic consumption again de-
clined, and this decline in our demand was fol-
lowed by the large crop of le5l-2, the extent Of
which was about >, 600, 900 bales Down went the
price, which stood in January, l-j2, at only three
farthiDgs more than it bad done at the period
when, in three years, the increase Of production
lad been nearly two millions. Had tie domestic
demand been permitted to grow, and had it then
reached, as IL trOEId hare dOse million of bales
the difference to the planters on this crop would
have been, at the least, thirty millions Of dollars