The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-05-14

1859 to 1864. ...:..... 10000 so'OUO $4,000
aesn ie sS or APRIL 90 lvsrpda 60
s e: Sh hsane Hp9 sasS .Sg 1n' I'm 'Ae
SSS bales Sss:
Stock of all kinds Of cotton Liverpool on Goth April
1855. ...... .e2oooo bales. 1862 2os 900 bales
.6l5 600 bales $4,000 bales.
Average twelve months imports into Great Britain in
ten years, from 1843 to 1852. iucluaive tbales):
5Issso 5rs;s EsSt FS'Sse isc5SS ssssts;
Same n,ss1'SSo aSy; 1855; $4,000 $4,000
The above tables show that the production OF
cotton has been an eminent success in India,
Egypt and Brazil in quantity; and whatever may
be said to the contrary the quality even Of Indian
cotton is good enough to drag down the price of
| our own growth, as happened in Liverpool last
month, to the extent OF eixpence sterling per
pound, equal to IS or 16 cents Of our money, in
| less than six weeks.
The natural course seems now to bo for cotton
to decline, perhaps very slowly, and by fits and
starts, until it reaches half its present value, il
the growths Of 1866 and 1867 prolific; and it is
| equally natural to suppose our planters must
make u, two successive crops each OF three or four
before the cultivation in the Bombay district will
be materially curtailed.
| The prospective difficulties Of the American
planter, even without any tax cotton, great;
probably greater than he supposes, as both in
the North and South, there still lurking ideas
| that american Cotton ia king" For il he &C.
sS 10 10"
fore small the cultivation in other countries will
| continue to increase.
Yet, at ths very time, whom he is struggling for
existence, a tax of five cents per pound is pro-
posed; which, being practically an export duty, is
equivalent to charging him with that amount for
India, Egypt ahd BraziI R And stil It is expected @
he is to compete successfully with those growers.
Our knt wieago Of the proposition is mainly do
rived from the sketch OF a bill for amending the
| Internal Revenue act publiahed some days ago in
| our papers. ..-.- .....
We deem it reasonable to suppose that if it was
first suggested when cotton was worth 80 cents,
and expected by some persons to be 60 or 70 cents
per pound this summer while the present average
value at the ports Of the United States is little
| must be from speculation for resale. chiefly to
our spinnere, and because of anticipated failure of
the growth Of this year. :.
The bill is based upon the assumption that
| thirty-four millions of revenue will be derived
from this tax, and connects with the recommen-
dation other proposed changes, in the law,
our country as the tax referred to s oppressive to
the South, viz:
l. The reduction of taxes on incomes.
| g. A drawback on cotton goods, when exported,
OF five cents per pound thus increasing the bounty
on their production from two to five cents per
pound.
crude and one fifth Of that on refined petroleum.
There is in these and other notifications eug-
gested 10 the existing law want of impartiality,
which, in the Judgment Of your Committee, is cal
culated to provoke hostility at the South, and to
excite in all honest minds at the North the hope
| that such purpose will not prevail. 1t ia not as
| though the people of the South we're prepared to
enter into competition with the manufacturers of
the North for the benefits to be conferred through
| the payment OF the proposed bounty on cotton
| goods exported. They are not, and cannot be- for
years to come. and the imposition Of discrimina-
ting tax which tends to make the rich OF the North
richer and the poor Of the South poorer, operates
! as a encouragement to those who, with heavy
heart but honest endeavors, strive to regain their
| lost footing. ..
Your committee believe that it would be wiser
and better to lift up those who are now cast
| down, by just and generous legislation to in
| spire the Southern people with hope OF better
days, rather than by an opposite course to pro-
long the era Of political and commercial dstrust.
Ifit is true that when ''one member suffers all
/ the members suffer with it." your committee
| would urge more moderate tax than that now
proposed-not in the interest Of the South alone,
but for the common good Of all the States In the
| Union.
Considerable discussion ensued upon the differ
ent points suggested in the report, Messrs. OP-
DYKE Judge MARy1N, O. W. FIELD, Mr.. MAURY,
and others advocated the viewa OF the Committee,
which were answered in q few brief, but rather
pithy, remarks by Mr.. OoNKLM.
| On motion&o OF Mr.. MAuBY, resolution was
adopted declaring that, 'in the opinion of this
Chamber, it Is inexpedient to increase the pres
ent duty Of two cents per pound on cotton"
j On motion, 1t was voted 10 recommit the re-
port to the Committee, with instructions to en-
body It in the form of memorial to Congress,
and forward copies Of the same to the Hon. HUGH
MoCULLooH Secretary Of the Treasury, and to
Messrs. MORGAN and DODGE, our Senator ana Re-
preventative in Congress.