New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-03-20

al Goaded by the pressing necessity of an increase
IN the revenue, Congress seems to ignore all thu
principles OF the science of political economy
Wnen that, which has been the great gold -bearinp
staple OF the South, had been in question, It i
now proposed to lay q tax of five cents pound
on cotton, which, in the present state of the cot.
ton world would come out of the pocket of the
producer; for It is manifest that an internal reve-
nue. tax Of fiye or ten, or twenty cents per noun5
would not induce either the foreign or home man.
ufacturer to give any more for cotton than he IL
now giving. Neither public necessity nor national
legislation can reverse the laws of supply and 40.
mand, and cause the dearer commodity to drive
the cheaper from the market. Our cotton poy
comes in competition with the cotton raised else.
where, in all the markets of the world. IT. peads
no argument to prove that the country where cot.=
ton is least burthened, and can be raised cheanest
| will, to very great extent, monopolize the pro.
ducton.
Heretofore we have been able to undersau oil
other countries, but It'll seems now to be the inter
ton of those whose business seems to he only In
raise a revenue, to increase the cost of nrodnc.
lion to the utmost extent consistent with anv nro.
ducton at all. All taxes on production Of q sto-
pie in one country operate as bounties to the pro-
law to impose an additional tax of five cents ner
pound on cotton should be correctly described in
the caption as ga law granting bounties ON all
cotton raised IN the British dominions and other
foreign Countries When, on account of our ea.
vorapie position and untaxed production, before |
the days of any internal revenue We
eould, IN the year ending January, 1859, sell |
5ool ooo oaies IN England, at as low price as eg
pence. england only received from India SIS 900 |
oales but Wheni IN the year ending in January
looo, tne receipts IN England, from the o. S., had |
AMEN 70 lo4Uoo bales, and the price advanced to /
e pence, England received from India l 1853 900
,aies' 10 the year ending in January 1864, when I
ingiand received only 24l 900 bales from the u s.
nd the price had advanced to "a pence, the re.
eipts IN England, from India, reached the unpre-
edented quantity of 1907 900 bales. In the wear
ndng January 1865, when the receipts from the
4 s. had increased "a lttle,) to 522, 600 bales, the
rice responded at once, and declined to 81 pence.
le receipts from India declined in due proportion
I,S2o,Ooo bales, proving to demonstration that
e receipts in England Of cotton from, the q. s.
,clnes IN exact proportion with the advance il
ice. AS, therefore, our government increases
cost of cotton to the planter, it increases the
of East India cotton to the same
tent. II
It Is manifest that twenty pence per pound for ;
ton in Liverpool would so stimulate its produc.
n where labor was cheaper, that in spite of our t
vantages United States cotton would in few !
ars be excluded from the markets Of the world :
consequence of the burthens imposed on its pro. d
stion here by indirect as well as direct taxes. /
eems altogether probable that the present adj a
SO condition of the productive labor in the Gulf IN
ties will only yield in 1866 a crop of 1900 900
es, instead Of the produce of 1861 of 1850 900 I'll
es. Continued adverse legislation may crush @
culture altogether, and repeat the history of
sugar culture in st. Domingo. The high rates,
pence, which cotton commanded in 1854. At. b.
cited to England 100000 bales from China and ~
'an II the object Of our government was to ty s
mote the culture ofcotton in other countries to Z
extent Of its destruction in our own no better WI
n than this could be devised but it is most
,idal policy if permanent revenue is des,red so
MERCHANT as