Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-02-09
Cnnfans

The special Importance of this subject at
the present stage Of affairs in this country
justifes frequent allusion to it. The Lon
don Money Market Rsvis.O, while allowing
that money and cotton are inseparably
connected for the present, argues against
the probability of the future scarcity and
dearness Of the staple, quoting the great
increase in supply and doubling the state
ment put forth by the circulars that the
decrease in stocks of yarns and goods in
England and in countries supplied from
her must necessarily be greater, compared
with last year, than the additional amount
of cotton aioat. This additional amount
of cotton over 1868 is 10000 bales, or 81
per cent. During the first ten months OF
the last three years the imports were, IN
1862, 844, 48S, 900; in 1868, All, 626, 900 ;
and in 1864, 6SS, All 900, the product be-
ing thus doubled in two years. India,
Egypt, and China have furnished ~ per
cent. of the supply this year, and the in
creased supply from those countries In
two years has been at the rate OF "a per
cent. In arguing from the increased de-
mand for home consumption after the De-
ginning of November-an increase OF 3O,-
900 bales per week-that the decrease OF
stocks at home and abroad will not be so
great as represented, the Rerie,C is entirely
reasonable; not SO, however, in the de-
auctions it attempts to make from the IN
crease of supply. 1.-THE same rate OF IN
crease during the next two years would
give US more than enough cotton at mod
crate prices without regard to the war in
America, or rain in Turkey, or drouth in
India" says the Revieto, and then asks,
"Why should the cotton market have
risen 2bd. per ID upon the reelection OF
Mr.. Lincoln. when at this moment India,
China, and Egypt can give us all the cot
ton we wants" .
But that the question is part OF an ar
gument towards desired conclusion. the
question would be foolish. Liverpool and
Manchester can answer it easily. The
same article answers it when saying that
the cause of the unprecedented dearness OF
money is ian insufficient supply of cot
ton at an excessive price, bought with gold
in all the markets of the world instead OF
North America, whence, prior to the war,
our cotton came, and was paid for by our
manufactures instead of gold" Thus,
individual dealers and workers of cotton
may or may not make profit, but the
aggregate loss to the industry of England,
from being forced to pay for cotton in gold
instead of manufactures, is immense. Con-
siderations of comparative quality OF
staple and comparative cost of culture, OF
course have their weight but the fact just
mentioned is the reason why the restora-
ton of the American supply will be the
destruction of Eastern cotton, and this I'M
certainty tends to keep up prices.
The seizure of so, 900 bales of cotton at
Savannah, may cause panic in the Liv-
erpool market, but it will not make any
revolution there, nor will it replenish our
own Treasury and insure return to specie
payments. The effect in markets abroad,
however, will be rather from the new pro-
liability of speedy end Of the war, and
the prospect that more cotton will be re-
leased than the actual throwing of the
captured cotton upon the market. The
quantity obtained will be less thought OF
than the fact that the door is opened into
the great cotton region of the South, and
the question of what is coming will be the
key of speculation. The Confederate cot
ton-loan, which closed, at last accounts,
at EGO, having fuctuated l04 per cent.
during the year, will likewise experience a
damaging blow whenever Wilmington
shall be taken. Yet England is not par
tieular, and will not be slow to pay the
government gold for all the cotton it can
| capture, should gold be insisted on, al
though 1t was pleasanter to buy it Of the
| rebels with rifles and ammunition at sew
eral hundred per cent. proft..-U. S.
! Economist.