Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-12-27

native for salabie commodity must bs
cotton for many years to come.
Your committee regret that the tax
i upon cotton had not been removed by
the passage Of an act in February lsst t
take effect Sept. /, 1857. At that time
two members Of your COMMITTEES, were in
Washington and earnestly seconded the
effort o. Hon. James g. Blaine, Of Maine,
TO secure the passage of q bill which be
then introduced, which was adopted in
committee Of the whole, but thrown out
by close vote ia the House. The relief
is tmperatively demanded at the present
/ time, and your cons mlttse would have
advocated the passage Of law TO take
effect at once had it not appeared to be
! impracticable to take such action in the
House Of Representatives.
/ As long since as April, 1885, one Of
your committee while advocating 8 tax
not exceeding two cents as a temporary
measure, and opposing the attempt then
being made to fix the rate ats to 10 cents
/ per pound, used the following language:
Given supply Of 5000, 600 bales, or
barely enough, is there not danger that
the average price, free from taxes, would
not exceed 20 cents; say for Surats or
short staples, l73 American, %? These
beiJg the average values, In gold, With
out regard to taxes, and the supply being
barely sufficient, the attempt TO add the
tax Of cents would be partially success
ful, and 1t would probably result in en-
hancing the price, say 70 19 or 20 for Su-
rats, and "a to 25 for American.
"But let ns look forward a single year
beyond. Let il be admitted that the
supply delivered from November l, 1866,
to November l, 1867, shall be less than
5000, 600 bales, less than enough, and the
price consequently so high as to enable
this country to add the five cents tax
can any one doubt that such price would
still further stimulate production, carry
that of other countries nearly or quite to
5000, 600 bales, and our own crop to 5,000,.
900 bales or over? Then the price must
fall to a low point, and the only tax which
could possibly be borne by American cot
ton would be one which should represent
less than the difference in the value be-
tween American and Surat cotton, esti-
mating such values at old fashioned, or
what may be called normal prices. Say
eight TO nine cents for Surats, and ten 70
thirteen cents for American. In such
event two cents would be the highest
point, and even that would have to be
temporarily removed.
q 1t may seem absurd to intimate even
the possibility of such prices as soon as
the year 1865, but the whole question
turns on the aggregate crop Of the world
being little more than enough, and if
6 100000 bales be little more than
enough, such prices are possible
sit may not be denied that at such
reduction in price the cultivation OF cot
ton would cease in many parts Of the
world, but India and Egypt would be
slow TO give up the struggle; and in or
der 20 regain the monopoly or absolute
control of the markets of the world,
which the writer fully believes our great
superiority, both in point of soil and eli
mate, entitle Us to, our cotton must be
absolutely free from tax during the Pc
riOd Of low prices, which must inevitably I
follow the excessive prices which have I
prevailed"
We have given upon a previous page
the estimated supply aud stock Of Europe
for one year, from October !, 1857 To De-
tober |, 1865, ), ~, 900 bales Let Us add
for our own stock and consumption the
very moderate quantity of $40, 900 bales, /
aud we have {, 6,542, 600 bales, OF posi- !
oility of good deal more than enough. |
The result las followed the last quota
ton in Galveston for low middiing
Texas cotton, a quality equal to middling /
lplRnds, was 10 cents per pound IN gold. |
Respectfully submitted.
GEO. L. WARD,
EDWARD ATKINSON,
q. W. FkEkI4AND.