Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1859-03-09

loss Dy cneapenlllS Llc CttiEu iNcSlSu ii 1hS
productions This only goes to show that Al
would be on the decline together-thc proluc
tivcness Of capital, and capital itself. 1t woul'
surely he but poor consolation to the owners
olIr present slave population, when the price o
their staples is thus reduced by over-pToduc,iol
and surp plus supplies, to tell them that their ne
grocs were reduced also, by the same means
and that if they did not make as much as they
did before, with given number of hands, they
must remember that they did not have as mnct
money invested in them as formerly. Thi:
would be adding insult TO injury, as to thai
cla S. And rs for those who had invested III
the imported negroes at cheap prices, what gain
could it lie to them, that they had bought cheap
negroes, when they can only make correSpon-
dinghy cheap cutton with them? Hat! they not
as well have opposed the Slave Trade, and
bought fewer negroes at higher prices, and pro,
tluce,l less cotton with them, at better r,ccS {!
This view will derive additional strength frvm
the consideration that the price of the negro
when once introduced. whatever MAJ have been
his original cost, will tend to conform itself to
the value Of his pnulncire iabr This we shall
see in the course of this argument constitutes
the leading clement in tue pcrmanet value AMI
price of negroes The price will tluctuate ac-
cDrdng to the relative state of supply and de-
mana but in negro property it continually
gravitales towards the point have indicated.
This point will be more clearly demonstrated
when it arises in its proper order.
am met here in relation to the subject OF
cotton, with al argument of this kind: that as
the supply Of cotton is increased, the demand
will be enlarged and the consumption increased.
The idea is entertained, that there is some vast
expansive power in the commercial world: rea-
tive to Gotten, which will counteract the effect
of an orer-supply, and keep the demand forever
Unsuitable This idea, though prevalent is vague
in its conception AMI exceedingly delusivc in
lis nature. Now how will an increased pro'luc-
/! tion of cotton expand the consumption That
it will do it, do not deny. But the question
is how will it do it? In the first place it will
induce more clptal in Europe to lie invested in
manufacturing. Now, why will the increased
supply Of cotton induce investments il factories.
do not deny such an effect but what Is the
princip pie on which it proceeds? Why do not
| these additional investments now take place :
Is it because they cann,t get the material 1T
all? Surely, they could become competitors
in the purchase of the present supply of raw
material The new establishments cr,lld huy
c'tton As well as the cal itali>ts already engaged
in it. Why, thrIl, du they not invest? 1t is
because Of the hi i5h price of tic raw material.
The limited supply would not deter them from
taking their c'.;l!lces in tic MARKET if it we're
moi for the fact, that the limited supply is ac-
! comptnicl with corresponding high prices. Nuw,
tu rclnuve tue difficulty, and induce them to
invest ami become purchasers OF the raw male
rial, you, must not simply furnish them with. o
more abundant supply, at original Ligh prices;
ynl must add To Tie quantity the other essen
tial Inducements uf luwer prices. The increased
supply, without Il reduction Of price, would not
answer the purpose. 1t is then in that way,
and on that principle alone, that the enlarge
men. Of our cutiun crop will canSe m"rc iactn.
rie, in ElrOpe to be put into operation. 1t will
effect it by depressing hhs prize r cu'tyn. The
capitalist is thu, inluced to rulb"rk III the h,i
sillcss, Because ehen he buys The rip chlon ut
cheaper rGteS, he IN sell his |lbricS cf"apcr, anl
When the cotton fabrics arc rrrlnc =. il price,
more can be sold, for they are brought mihin
The r,ac! ct' u ia.g'r c!tss Il cas~mrS. In
this way, and Oh this principle tic con>mptivp
capacity Of the world viii be cXpanleh. At
reduced prices, larger class become consumers,
and consume more buuntifully than a. high prl-
cr;. The manufacturers market for cotton
goods being widencd llc can sell at cheaper
rates of profit tn himself, because hc can sell
mure gool-. But he c.lnnut GO below the Stan'l-
ard uf the cost Of the material and ol its naLu-
ftcture. Within that limit lie may reduce the
profits of his business. The controlling rrirci-
! ile with iD,, in the sale Of the manufacture q
articles, is the c''st Of its manufacture, n led
~ tile co,t Of the raw material. AVID when
yuu pat he manufactured article down, 10 ac-
commudte it to II larger class OF consumers,
and III that way enlarge tic consumption, you
must keep the cost Of the raw material at Il
corresponding rate. AMI when yuu have got
al Increase uf manufactured c.ipilal in Earope,
SO that co,aprtiiio among them in selling their
fabrics, will make them >ell lis low as they can,
and thereby reduce the price Uf c'tton SoolS,
YOU force upon the manufacturer the necessity
OF buying the raw material low. As long as lIe
cln buy at good prices, he eau afford to lay well
! f3r cotton. The cost uf the cs.t;On is the great
lever power that controls him. II he pays high
for that, be must charge high prices for lis
goods. And VIXEN the competition Of lS own
: own branch Of business is reducing him to low
profits, lie will cndcavor TO throw the loss upon
the cotton producer. Now, here is the mistake
which some people make, when they talk about
the increase Of manufacturing establishments
raising the price of cotton, hy competing with
each other in the market for that article? and
it is thus that they over estimate the advantage
from that source. They do not consider the
stron, competition on the other hand, in the
sale Uf their fabrics. The Latter reduces tho
profits nf their business and tho price Of the
manufactured articles, and th"ruhy N,Ateracts
! lnp eilart, ~ Il gr, " eXlen!, ui their mNnr:t-
i!,;i, ~ lllrGliAsgra Ut tie raw Hatsrgl. Ther
eprlG ullt II tbs str:s With easl, ptIi%r M ti::s
sale rf their improved ynlilss, 'ls a',ls uf viii
! ng &c co,ri,cte vigorously FIR Tie raw material.
Nuw, the idea Of the manufacturer being al J.
{" sell cheaper, wian he can sell more VI lIih
fabrics, diil in that way r,rriltg l5ss nrnn one
bait of cloth by the Increased aggregate tt heavy
sales, is principle which, it will be we'll to re
member j., not applicable 10 the cotton planters
bu.iness. We are not rendered the n:ofe able
to sell cotton low, because we have double
quantity to sell. Cotton is not made by steam.
1t comes from the earth by the toll Of the hand
and the sweat of the brow. A printer of cali
Goes, OF printer Of newspapers, may lower
their prices if you will double the custom Of
the one, or the subscription list of the other:
1t is not so with the man who grows the pro-
ducts of the soil. lie can afford to produce n
thousand bales Of cotton at no cheaper rates
than lie could ore hundred.
IT, then, the increase of our slaves through
the African traffic would double the unanity of
cuttnn we produce, and tLat increased supply
would induce All extension of the manufacturing
business, as ] admit that it would and tile 'e
two cllI>es combined expands the consumption
OF cutloa guuls in the world, as admit woull
be truc and reduces tue prices of those goods,
the great question Is, who is to bear the loss OF
. that reduction of price? might answer this
question by ;s'lln.; Il me- general an | more
abstract onc In all contests between The
inoneyed capitalist and the tiller of the soil,