The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-05-14
CE 4 ARLESTON.
MONDAY MORNING. MAY IA, 1866.
FIVE CENTS TAX ON COTTON.

FIVE GENTS TAX ON COTTON
In our issue today will be found deeply
interesting report of the New York Chamber
Of Commerce on the bill imposing tax of
five cents per pound on Cotton, which has re-
Gently passed the House of Representatives.
The announcement that this bill had passed
the House, and the probability that it will
pass the Senate, has fallen upon the communi-
ty like the blast'of q hurricane. Men breathe
quickly, and, with Bet teeth, ask "Whatnext9"
The planter of Cotton, in hopelessness, reads
the details Of the monstrous imposition, and
feels that bis hands are tied he cannot raise
the article if he would The poor freedmen,
receiving part of the crop for their labor,
having no ability mentally or peouniarily y
to meet the tax-gatherer, will fall helpless
into the hands Of the greedy speculator and
the manufacturer, annoyed beyond all measure
by the petty details of the law, will change
his business to something less troublesome
and less taxed. 1t is not our purpose just
now to discuss the bearings of this extraor-
ordinary measure, or its effect upon produc-
ton in our country, but to allude to result
which will grow out of this scheme if car
ried into practice according to the plan now
before Congress. 1t is we'll known to those
dealing in Cotton, that a great part of the
article is put into yarns in England and in
France, and sold by the spinners to supply
other portions of Europe; and it has often
been matter Of inquiry why our Cotton was
not spun here ard exported in that state, in
stead of sending out at great cost of freight,
insurance, bsling, &C., quantity Of waste
equal to Is per cent of all Cotton exported.
This inquiry has never been satisfactorily an
swered. Capitalists have occasionally talked
of mills for yarn, but nothing has been done,
and the feasibility of supplying Europe with
yarn, instead Of Cotton, has never been test
ed; but Congress, if it passes the bill pro-
posed, and allows drawback" of all duty
paid, when manufactured Cotton issent abroad,
will settle the whole case, and will change, to
q great extent, the manufacturing industry Of
this country and Europe. The immediate of.
feet of this tax, with the "drawbaok;" will
be to stop the shipment of Cotton, and to con-
vert our country into the great "Spinning jim
ney" of the world. Was not this the real
design of the planners of this scheme and
is it not contemplated thus to monopol,ze the
spinning of all the Cotton raised in the South?
How oan Manchester spinner compete with
an American spinner, both using similar ma
ohinery and making the same kind of yarn
We will suppose that Cotton falls to 25 cents
per pound, tax paid. The British and Amer
loan spinner buy Cotton at this pricez-the
Englishmau sends his to England and con.
verts it into yarn; the American spins This
also, takes his drawback" of cents per
pound, and ships bis yarn to England. The
drawback" gives hin, 25 per cent. profit,
less expenses, and enables him to sell at the
price the raw Cotton cost the English spinner.
but the stupendous results Of this scheme,
IT successful, cannot be calculated. Millions
OF foreign capital will be placed in Cotton
mills in this countryside value of the Cotton,
by preparation, will be nearly doubled ----our
idle population will be employed-the basis
Of exchange much enlarged trade
with Eusopeinoreasod-- od--the supplies from hus.
bandry will bo needed in larger meesure--in
faet, thsro can be no estimate Of the Immense