The Feliciana Democrat., 1858-10-16

made their loons upon negroes and cotton.
The supply under this action became very
large, and the price was sustained by paper
loans. The production of cotton for five years
to 1882 was 4 sos 900 bales, and for the ucXt
five years 65l 900 bulcs-an increase OF 80
per cent This great increase was followed by
great fall in price and general Insolvency.
The Southern trade could not pay. the bnukS
all broke negroes were run to Texas, and in
lS43 cotton, which had sold at 20 cents in
1925, brought only cents The north began
to haze n great contempt for Southern husi.
ness. The production of the great staple had
ourun consumption, partly by reason Of the
increased growth, and partly by reason Of the
deficient harvcS'S Of England from 1887 to Is.
~, which chilled the consumption of goods.
Since that time there has been no speculation
at the South The production Of the great sta.
pies has gone on steadily, but the consumption
of those articles has gradually outrun the pro.
duction, and since ISL the price has notably
advanced, in face Of the largest crops. While
the West and North have gone mad with rail.
roads and land speculation, the South has ere.
atcd no credits, bn has enjoyed large profits
from cotton A crop OF three aud quarter
age Of S52 per bale, and u new one coming
forward ut rising prices. As a consequence,
the South pays mp its bills well and promptly,
while it is almost impossible TO gct a dollar
from the West The position Of the South now
il mprcgnable. 1t holds Il monopoly Of an urt
ce that mnSt in the course Of events constant.
ly fall behind in the demand. and necessarily
appreciate in price, impartng rising value 10
all property dependent upon il 1t follows,
that with rising prices the amount Of property
as compared with Indebtedness, is swelling in
volume. comforting upon that section greater
degree Of property than PERHAPS was ever cn.
jyed by people. The steady advance in the
value of cotton to a price which is largely r..
munerative takes from the business all Spcrn-
lative character, since the demand il such that
the largest possible crop that the physical force
can raise can do no more than check tile rise,
willie short crop absorhs MI surplus stocks
With the staples of the w, st. on the other
/ hand, in years of abundance there is no sale
for the crops, and the loss requires good year
or two to make it good. The large purc a.
cs of goods that are made in years of prosper.
! ity, undergo a check when the export of food
ceases and the prices fall 1t follows that the
Southern business, which was hazardons Is
years snce-when the staple WINS Of donbtgnl
profit, and when its low price prompted the
abandonment Of the cultivation for mnnufncu.
ring has now become safe and steady The
cultivation is at pr sent rates far more profit
able than manufacturing can be anywhere, that
| is for those possessed OF hands aud land TO
purchase land and stock ut the present high
rates of hnndS might not pav SO well, hut upy-
ertlerss leaves high profits The urgent want
of hands TO produce that high priced material,
may possibly concentrate them in the cotton,
sugar, rice and tobacco fields from all other
cmploymentS, and ultimately leaves the small
trades open to the more efficient race,
\ Y Economist.