Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-12-01

] The cOnSum ptiOu of EurUpe iu 1862 the yeal
! OF sm allest supply and of highest prices, was
/ $50 5oOUVJ pounds, or in balCs OF 100 POUNDS
I,S76,25J. The proportion OF American Gotten
in TINS year was somewhat larger than al 8
later date; but in 1851, u was less than eight
per cent. OF a total of over 2 5gg 90 bales.
Ihs crop OF ls66, in tue L uiJeu States for the
year ending sept l, 1857, is estimated to have
oeen from LcOOWO 20 10000 b. lies, out OF a
total delivery OF 2G0,0gg bales, tbs surplus
I being old cottOs . bat while this product yyas
FAR more than could have been anticipated by
the most sansume friends OF f ee labor the
crop Ia question was in reality Siiure il hav-
ing been cut short by season more unfOyora-
Ols than almost any heretofore ex xperienced.
IRE season OF l>t7 mas, however proved most
propitious, and the amount 10 come forward Is
estimates by few commercial authorities at
less than 100 90 bales OF 40 pounds each and
may even reach aggregate OF 3oU0U0O bales
IN considering tue subject OF the production
OF cotton in the United states with reference
TO the influence OF the tax iJi is desirable 10 tae
a large, rather than small estimate OF the
present crop; and we assume, therefore, the
pounds each II from this We deduct LtO0uUU
bales for home consumption, and or an aidi-
don to the small domestic stock to be held
over, have l,75o J0g .oslss avaif4 Die for ex-
port, or 2,l250 0U0 bales estimated at 40J pou 5iz
each. II, now, other counties snail produce,
as much cotton as IN ls65 and there is no evil
dence as yet OF appreciable deereaseJ the guam
uty from other countries than the United
states, estimated in bales o. 400 POUNDS each
viii be 2,4oo UuJi making total available cotton
supply 70 Europe OF 4,o.v W. Da-es suca sup
ply VIII be equal 70 that of the year 1850 when
there was, undoubtedly, a surplus: but OF this
Quantity the United states will now furnish
less than fsrty seven per cent instead Of
eighty-fve per cent. in the year referred 10.
IN short, under the stimulus Of high prices,
the world has produced more cotton Jnan II
can consume at the prices OfLbe dag. Tochsapen
prices may greatly eXgend the cOnsum ptiOn
after recovery from the frst shock Ofso great a
change. But, IN this ial Of prices, The profit Of
the producer, resting upon toe higher prices
which invited bis outlay has, 10 = very great
extent, and for the tims, been lost.
"A her Arn1
acy, the average prices OF Surat cotton ia Liv-
erpOol for he twenty years, ISL to 1850, ranged
frOm ID 10 514d Per pound v hen iU was Sd in
IS45, The import TO Great Britain was only i55.-
UUO bales; when u was SD, in 1857, Jne Import
vas tsoUgo bales. Thus, IL appears, that price
regulated be quantity i'm ported ana neither
the import 10 Europe nor the export from
India. was any measure OF the production Of
that mysterious country. Though its expgrtx
IN annual average had been onls about cJOO8o
bales, ana much OF that to China, when the
American war maze its sudden call for cotton
IN lS8l-1, India contributet more than /. 90 Ok
bales shat season. There is no evidence that
there was any larger or more successful plant
ing that year than previou-ly; Only that price
called II out and the stock left for home t1Se
was by 50 much the less. Doubtless, in toe sue
cseding yt ars, cotton planting in India was IN
creased, as elsewhere, but the stimulus OF won
and forWarders.
always (at least in modern days been a latent
cat acity IN tnas country TO throw upoa the
market an extra, and, perhaps, unexpected
hall million Of bales Of cot on IA any wear
wren The price should offee sufficient induee-
ment; ana an equal capacity 10 consume al
home the whole production, when at so low
prices that Il could not re exported 70 Europe
or China. since the completion OF many hun
dred miles OF railways in India, that power Of
adding promptly 10 the worlds supply of cot
ton has been greatly increased.
1t therefore becomes evident that low rrfces
1or cotton must be anticipated for a con-ider-
able period. during which the domestic Dro-
duction should not be discouraged by the con.
IA of a aI.E
the relief that viii be Afforded by The prounpf
removal OF the existing tax. the Commissioner
fIlly believes that the United states will speEd-
ily regain control OF the cotton market and
again supply by far the larger portion OF me
total demand OF Europe for consunpiion IN
Lhis oPinion, moreover, he nuds him self sus-
tanned by what may be regarded as the b 81
authoritt-s on cotton in tn country and uar-
tcularly by the laie Com mission of fine UniIad
Stales 20 the Paris TX posit on, the Hon u n.
Nudge OF Massach usetts, 10 whom as chairman
OF committee, the subject OF the fufure sup
ply OF cotton was especially referred for tpVes-
ugation BY his colleagues on the Commission.
The conclusion OF the report OF this tyorntnit.
Tee, not heretoio1e made public, il as follows:
Having csrefnDy observed what has been
done and Il doing by other nations the Com
mittee present the follOsing eonclusinns:
. ftrsti Enat eotlon-gTowing in the southern
States. IL untaxed, eau be conducted prof ';aiiv
aud suceessl pily, as aga nst all competition
Second ThaI II burdened by a tax suf1elert
70 De worth to the Treasury the cost OF its col-
lection II cannot al present,if ever, be success
fnliy prosecuted.
ThiTd That already familiar to our people
In all its details, IL is the only industry imme-
diately available and praetieable TO the great
body OF the laboring population Of the south
for the profitable employ ment OF surplus labor
that Is hey ond the necessities OF Gro ps for sub
sisience, in the production of something salea-
hle and exehgngeable, whereby wealth can be
regained; and,
Fourth That the Importance OF a large pro-
ductOn OF cotton, as th8 ehief export OF the
county, in adjusting balances Of trade and ex-
changes, and especially IN its bearing upon the
future position OF t.le public debt, 20 largely
held and 70 be held abroad, cannot well be
ovelststed, and so far tianscends the value 81
the prese1t Tax thar TO preserve the latter at
the cost OF losing the former would be " ha'-
penny 'OEth OF wisdom % pound Of fOlly.1
The whole amount Of In ernal Revenue de-
rived frOfn the lax on raw cotton for the fiscal
year ending June 3D. ls57, wa s2S 7839.8 81; aud
although ihis sum comprises nearly all the rev.
enue derived from the southern section OF the
country and constitutes an amount that can
III be spared from the Treasury, yet, under an