The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-20
Cotton ana Capital.

1t is common saying that cotton is gold IN
one sense It is true. Othor products not gold
gre not available fur export. Northern writer's
sometimes boast OF the enormous vaius Of tho ha y
crop. But double or troble tue yield Of hay, wha.
could bc done with it2 The excessive supply
would only have the effect of reducing the market
yaiuo. 1t is t,o bulky to bear exports to foreign
countries, for the coat Of it's transportation would
be more than its value when it reached market.
This has been illustrated in our immediate vi
cnity, with ono OF our own staples. The time
has been when tho prico CT molasses i'll New
Orleans would not repay tho planter for the outlay
for barrels and hardly for tho
barrels alone This applies as well to AMY other
articles OF produce. Tho people Of the United
States might he overwhelmed by an excess of pro-
duction, and yot, from similar good fortune among
transatlantic nations, they might hars nothing
that they Sonli rrI!aslE o e1pSftmnathins that
trary, from its ittlo bulk and universal due ia
always Interchangeable will always be equal to gold
!" tor ioTegn pESdnfts which i may bo "ur
God tho product of the mine, is gold, the OK
chungcablo Value. l'nt although gold in gold, il
up Iloul The crceAs anl picLt1 up in tho lisginga
Dit It requros capital even to scoop mud pick up
Tho miner must havo his subsistence, his cloth
hand. Without the capital for fool rainlent, roof
and pick, he cannot be brought 10 the diggings
and set to work. Gold may exist in ever such
it s not gold until labor has brought It forth and
made 1t available for exchanges. 1t is not the gold
OF commerce.
And so with cotton. Tho cotton States may have
the capacity for tho production OF fonr and half
million Of bales. But OF what avail is II to them
unless, like the miners they have tho subsistence
oil these require capital--require go!d-and with
out them the production Of cotton is impossible.
Let us 600 what is wanted to make available 100
stocked and furnished With al the necessary inn
plements OF hnshandry, mules, Gin, ete., TO
make 100 bales will require tho labor Of twenty FIVE
dc No. at, fn1
hands can hardly be set down at less than $500.
The food for the cattle would amount to $500.
Tho wear and lear Of the machinery and smiths
work for repairs would no doubt reach $500.
The subsistence for tho necessary servants Of the
ovorseer or planter would DO about $780,. The
Guiding rent or interest on tho yaluo OF tho planta-
ton and stock. hore is total OF $7150 The pay
ment Of this amount-the advancing Of this eaPi-
crop. II tho planter has his land, his imple-
ments and machinery, and his laborers at
hand-all ready and in working. condition
without obtaining tho additional capital neces-
sary for the purpose. Ho formerly got it from
his factor. His factor contributed part from
his own capital and part from bauk accommoda-
tions For thus there was ample security. There
was the value OF the land and slaves, the roll
ance which would be placod on ultimate produo-
ton because the labor could be relied on, the re-
sponsbility q the planter and finally the credit Of
the factor. AL OF these available to aecuro tho
banker, and the capital was accordingly forth
coming Now there is no slayo value for q
basis. The labor Of hired freedmen is noto-
rioysly unreliable Without labor tho plantation
is Worthless. Therefore tho plantation furnishes
no satisfactory security. From all these causes
ultimate production beeomes doubtful. Hence tho
growing crop cannot be relied on. With snch
general unreliabilty tho planters responsibility
yanshes For the same cansn the factors credit
ia diminished It is not manifest then that cotton
nndevoloped ia not gold, any moro than gold is tho
gold Of commerce, until paced 10 the market by
tho aid OF capital. .... tl.-
Il 100 bales require an ADVANCE Of s7l5O, q crop
Of 800 900 will need $11B l60 900. The expenses
OF transporting the crop TO market, the impolito
and restrictive excise, the charges Of faotorage-
even the baDg and tiesas vol as the rent inter
est the original investment In the plantation
| ell omitted 10 tho above, because they may be
promptly collected from the net proceeds, pro.
Yided the crop is promptly sold its arrival But
| without theso nearly two hundred millions Of ac
tive capital are required to enable The South tt
raise two and a half million crop. Supposinl
that moiety Of this sum is furnished from tht
resources Of the trade. 800 900 900 is still wanted
Hence it ia that the Bouth needs capital, nnd tina
| the manufacturers, merchants and ship owners O
the North and Great Britain are directly Interestet
| In supplying the want. Without furnishing th
| capital they will mt gel the cotton.
| f tNeao Orleans Prices Car,eHi.