The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1867-12-04

ain 5si SO bales on the continents 10000
IL W. estimate cotton at 400 pounds to
the hale las has been the custom in the Uni
ted States IN the returns OF the censes) tle
Comparative supply will appear as loio y !,
subject to slight variation, IRON tne i"cs
that the cotton year of Europe lsI mace, up
to;the Istof Jan, and that OF tue Untea
States to the tst Of Sept.-in bales OF 4oV
pounds each 49, q q = ! -lssl
p CONSUMPTION OF EUROPE m 1860. Il
q 3Aj .SSar;Ian about s,91t,75o,
Other varieties. zoe, 900
Total q 4,6i1, $50
SUPPLY OF EUROPE IN 1885,
Americas, about ~, ovo'VuU'
other varieties. $50 S,4ss,2S5
= ET TOTAL, 5,os4,sss
! The consumption Of Europe ii 1850, the
year of smallest supply and OF highest pr,
ces Was go 800 OO2 hpunds, orsin bales OF
400 pounds, 1,s76.s5O. The proportion OF
American cotton i'm this year was somewhat
larger than at a latter date; but in 1854, 1t
was, less, than eight per cent OF total OF
over $500 bales. -
The crop of 1866, in the United States,
for the year ending Sept. l, 1897, is estimat-
eel to have been from one million to 1900
900 bales. out ola total delivery Of 1900, 600
bales, the surplus being old cotton but
while this product was far more than could
have been anticipated by tile most sanguine
friends of free labor, the crop in question
was in reality failure, it having been cut
short by a. season. more 7untaYorabl than
almost any heretofore experienced.
: The season of 1867 has, however, proved
most propitious, and the amount to come
forward is estimated by few COMMERCIAL au-
thorities at less than 2,500.0 600 bales OF $50
pounds each. and may even reach an aggre
gate of 100000 bales.
In considering the subject of the produc-
ton Of cotton in the United States, with re-
ference to the influence of the tax, it is de-
, sirable to take aiflarge, rather than a small
estimate of the present crop; and we assume,
therefore, the producer of the year to be
2,750,0OO bales, Of 400 pounds each. Itfrom
this we deduct 1000, 600 bales for home con-
sumption, and for an addition to the small,
domestic stock to be, held over, we have
1.75O,OO0 bales available for export. or
2.1s5,OOO bales, estimated at, 400 pounds
each. If, now, other countries shall produce
as much cotton as in 1866, (andy there isao
evidence as yet Of appreciable decrease, the
quantity from other countries than the Uni
ted States, estimated in bales of 400 pounds
each, will be 2,4S5,000 making total
available cotton supply to Europe of $780,
900 bales. Such a supply will be .equalto
that of the year 1860, when there was, un-
doubtedly, surplus; but of this quantity
the United States will now furnish less than
Al per cent instead of 50 per cent in the
year referred to. ~ 8
In short, under the stimulus of high prices,
the world has produced more cotton than it
can consume at tho prices Of the day. To
cheaper prices may greatly extend the con-
sumption alter recovery from the first shock
of SO. greata change. But. in. this fail Of
prices, the profit of the producer, resting
upon the higher which invited his outlay,
has, to very great extent, and for the time,
been lost ' .l5ssF t.ie ~
When the American crop was in its su-
premacy, the average prices of Surat cotton
in Liverpool for the 20 years, 1841 to 1860,
ranged Sd. to std. per pound. When it was
3D., in 1S45, the import to Great Britain was
only 10000 bales; when it was 54d., in
1857, the import was $4,000 bales. Thus,
it appears, that price regulated the quantity
imported; and neither the import to Europe,
nor the export from India, was any measure
of the production Of that mysterious coun-
try. Though its export in annual average
had been only about 500, 900 bales. and much
of that to China, when the American war
made its sudden call for cotton, in 1862,
India contributed more than 100000 bales
that season. There isno evidence that there
was any larger or more successful planting
that year than previously; only that price
called it out, and the stock left for home use
was by so much the less. Doubtless, in the
succeeding years, cotton planting in India
was increased, as elsewhere, but the stimulus
was wonderfully to the produc-
ers and forwarders. 1a4
| 1t is, however, safe to assume that there
has always lat least in modern days. been a
latent capacity in that country to throw
| upon the market an extra, and, perhaps, un-
| expected, half million of bales OF cotton in
any year, when the price should offer suffi
cient inducement; and an equal capacity al
home the whole production, when at so low
prices that it could not he exported tc
Europe or China. Since the completion o.
many hundred miles Of railways iniIndia
that power of adding promptly to thu
worlds supply of cotton has been greatly
increased. '.ia' - T" 70 7ii1t2s 's -
Ittherefore becomes evident that low price.
for cotton must be anticipated for a consid
cradle period, during which the domesti,
/ production should not be discouraged by tn,
continued imposition of direct TAX. But
with the relief that will be afforded by til,
| prompt removal of the existing tax, the Com
missioner fully. believes that tile United
States will speedily regain control Of tn
cotton market, again supply by far the large
portion of the total demand of Europe TO
consumption. In this opinion, moreover, IL
finds himself sustained by what may be regar
ded as the best authorities on cotton in thi
country. and particularly by the late Com
missioner of the United States to the Pari
Exposition, the Hon. f. r. Nudge of Mas
sachusets, to whom, as chairman of com
mittee, the subject of the future supply o
cotton was especially referred for investiga
ton by his colleagues on the Commission
Inc COACiuoioh VI tnc icpoiI VI CulS NOiu
mittee, not heretofore made public, is as fol
| lows: iGt34s4e 3
Having carefully observed what he's bee
done and is doing by other nations, the Com
mittee present the following consclusions
First. That cotton growing in the South
ern States, it nntaxed, can be conducte,
| proftably and successfully, as against a
competitor elsewhere.
| Second That If burdened by q tax stuff
Gent to be worth 10 the Treasurythe cost Z
its collection, it cannot at present, ifever, b
successfully prosecuted, ~ mr.
Third: That, already familiar to our pei