, 1860-11-17
Financial Condition OF fthe South.
FHrn%v u~-.15 SA%k

The advices from the South tend to confirm
IN opinion which we have already expressed,
that the cause Of the present trouble lies deep
er than the election Of Nj. Lincoln to the
Presidency. From several sections we hear
that land ts unsaleable, md from all parts the
report IL that negroes have fallen md arc fall-
ing In price. Thls result would Of COURSE, be
produced In course Of time by such agItations
as arc proceeding In South Carolina But It
could hardly have been effected so soon as this:
and In seekingfor Its cnnse we are forced to look
further back, and to inquire Whetherit may not
from thepresent political excitement. Between
the years 1850 and 1857 the average cotton
crop Of the United States was about 1000
bales; the average price Of mfdd1lng uplands
was about &c to 9c pound: the average price
Of fnegro field hands WIS $500 to 81 ,000; and
cotton land was remarkably cheap. Three to
four years ago the Development of cotton
United States increased the demand for cotton
to such All extent that niddling uplands was
wanted At lie to 12c in this market, and at
71-ed to 81 in Liverpool. This led, Us mat
ter Of course, to wider cultivation of cotton
in the Southern States. Planters In the Caro-
rs before on the land they held, but bought
new land In the younger States, stocked
it with negroes, md planted there like
wise. Thus the cotton crop swe11ed from
3,1l392 bales in 1873, to 1851, ,481 bales in
1859, and 4, ,615 10 bales in 185360; had tho
weather been MS favorable this year It Is known
that the crop would have exceeded 5000, 600
bales. Yet, notwithstanding this surprising
Increase Of production, the price has not fallen.
Mtddllng uplands is still worth between II and
II cents pound-a price which would In for
mer times have given the planter profit Of
fully five cents per pound. Now, this vast
increase In the production Of the staple, unac
~{oIh 4 $r4$ Il
naturally have made MI the Southern planters
rich, bnt for one thing: like the Western farm-
ersin 1856 8and 1857, the more money they made
the more they laid out In land and negroes, ma-
chinery and buildings. Though Missouri and
Virginia we're steadily drained of their slaves,
negro field hands rose In the cotton States to
5000 head; lind advanced in correspond
years than In the ten previous. Hence, though
tho South has been receiving hundred mil
lions of dollars year more for cotton than
she did twelve or fifteen years ago, It is quite
doubtful whether the planters have any more
available meansnow than they had then. 1.iks:
plenty of land, and ii the weather IL
vors them they will have plenty Of
cotton every winter; they have very large
amount Of money invested in slaves at a very
high price. But from all t1lnt We can learn
they hare no more actual money now than
A5CN IL uAfE+ 4uty AE. III = HOlA1 pIE-
cisely in the condition In which the West was
in $3.50 greatly expanded that the first ad-
verse wind was sure to cause catastrophe
The adverse wind came this year In the shape
Of the drought which destroyed over 10000
bales Of cotton, and cut off the corn crop In
the Gulf States. The catastrophe VIC see be-
fore us. With negroes at 1900 4 head, and
corn imported from Illinois and laid down at
the plantation at ssse.225 bushe1, even eleven
cents pound will hardly reward tile planter
for growing cotton; and II ont of the pre-
ceeds Of his crop he has to pay
debt to his factor, incurred for purchases
Of land and negroes, tho result cannot be
doubtful, and it would have been the same
whoever had been elected President. The
election Of Lincoln has iritated the minds Of
SoutherneEs, aroused their appTchcnsions Of
trouble with their negroes, aud has thus pre-
cipitated matters; but 1t could hardly have
produced the results VIC see had the Sontn not
been in an expanded condition, aad! but for thu
recent excessive development Of cotton cul-
turc. So far as we can learn, the debt Of the
South to the North for goods purchased was
never SO small rs it u at present. But the ad-
yances Of the Southern factors to the South
crn planters are heavier than they ever were,
and the shipments Of cotton TO the ports III
payment Of these advances, up to the present
dates, arc fully 81, ,000 600 behind those Of last
year.