The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-11-03

Sunday Morning. November 8. 1857.
Rather Encouraging.

In several articles on the cotton
question, which we have published in
the PheniS, we were constrained to
present q gloomy picture. Of the
future Of our great staple. The New
{. York World, while it admits that ii
requires no little courage to entertain
= and express e favorable opinion re-
specting the commercial position Of
, cotton, gives us a moro hopeful view,
sustained by some facts and figures,
than anything we have seen written
on the subject within the past few
months.
There have been heavy. losses in
several extensive operations in the
city of New York; but much Of these
losses, we think very correctly, the
World attributes to the setting of
non-commercil theories against a
few commercial facts. In November,
1856, the price Of middling cotton
was pushed up in the New York
market from A to IS cents per
pound-from which there has been
steady decline to the close of last
week, when the same grade was
quoted at Is cents. The World says
that among the recent transactions
was sale Of 500 bales, at 10 cents,
which cost about Sc cents per pound
the loss upon which, exclusive of
storage, insurance and other charges,
was over $85, 900. The decline that
has taken place in the price of cotton
within the past year has bankrupted
some of the Oldest and wealthiest
mercantile houses in the country.
But even in this gloomy condition
of the staple and its price. there are
some facts which ought not to be
overlooked. The average price of
middling cotton before the war was
IL cents per pound in gold, equal
now-taking the depreciation of cur
rency, and the direct tax on the arti-
Gle, into consideration-to about
1S1a cents; but the cost of raising
cotton has nearly doubled, and at
least % cents per pound is necessary
to return the planter his first cost.
Again, the crop now coming to
market, even should it reach the
highest estimate made, comes upon
markets nearly bare, whereas the
stock this time last year was some
thing about 100000 bales. AS the
World says, we have to replenish our
stocks instead of drawing from them,
and this alone will dispose of any
increased growth, should there be
any; which we very much doubt.
The wants of Europe for the coming
year will certainly not be less than
those of the past year, and if this
country be not able to increase its
exports, and the Liverpool operators
become convinced of the fact, there
will doubtless be an advance in the
price.
Such is the view which our con-
servative cotempornry in New York
takes of the present and future prices
of our staple; but our planting friends
should remember, as doubtless they
will, that at oil times, there were
many contingencies which upset their
most favorable calculations; and that
these contingencies are now increas-
ed four-fold. Cotton has treated its
friends too badly of late, to win back
the old confidence they were accus-
toned to place in it. We think they
should not plant largely, for with the
increase of production, must come a
decline in prices.
A New POLITICAL SCHEME On the
18th of Novcr1ber-three days before
the meeting Of Congress- large
number of prominent Southern poll
ticians have erran0e1 tn nesa,n!,!t. In