The home journal. (Winchester, Tenn.) 1858-188?, 1867-01-12
Tax on Cotton.

all cotton grown in the United States.
This is equal 10 m assessment OF TWEEN
ty or thirty per cent. upon the cost OF
prodnction--a hUrl0n which would be
altogether withou. excuse II it were to
rest upon any home interest, This Is
so apparent, that those who have dc
Tended the tax have based their argu
ment upon the ground that American
cotton was without rival in the markets
Of the world, and therefore such an
exaction could not interfere ut all with
its foreign consumption, and must be
paid by the alien purchaser.
TO show the error Of that position,
Il committee Of the New York Cham
Der Of Commerce, consisting OF five
eminent citizens, drew up Il report,
which was perfectly manswerable in
its conclusions, and WAS unanimously
adopted by that body, The committee
was afterwards instructed to prepare a
memorial to Congress urging the aboli-
ton Of the tax This document was
prepared and presented for adoption at
n special meeting Of the Chamber re-
Gently called for that purpose. TO the,
establishment Of those who ordinarily
attend the sessions of this body, the
meeting on this occasion was packed
with a class Of political partisans, who
have done so much during the last
three or four years to destroy the rep
resentaive character Of this Board of
Trade. Speeches were made in oppo-
sition to the memorial by some gentle,
man who were far more Jealous than
we'll informed, and NY others from
whom no such opposition could have
been expected. Sneers were uttered
against the committee who had pre-
pared the report although one Of them,
A. a. Low, Esq, who is also president
Of the Chamber, was absent from the
country, and might have suggested q
different course toward one who had
given the subject 50 much attention.
Sharp criticisms, with more ~ill-nature
than point, were made upon the statis-
tics prepared by the committee though
these were furnished from his own re-
cords by the well known Mathew Mau,
ry, Esq. who was one of the "iatlers'
Of the Chamber in the days Off widest
influence aud greatest usefulness, before
it had degcneratcd into q political ma
chine. In short, after treating the
subject with the ~1lippancy peculiar to
the performances of n juvenile dcba
ting society, the majority present laid
the memorial with its belongings upon
the table, and the whole matter was
thus indefinitely postponed. This was
u singal triumph for the friends of the
tax, and was brought about by the
usual gathering Of those members
whose faces are only seen in the Cham
Der on such special occasions, and
whose names are not much known in
connection with the ''companies' Of
New York.
This probably closes tie history Of
the memorial, but it by no means dis
poses of the question thus summariiy
dismissed from the attention Of that
assembly. With all proper Difference
to the gentlemen who were in slch
haste to satisfy their record and disown
the former deliberate action Of their
body, made after consultation with the
wisest heads of the country, VIC venture
the assertion that the tax on cotton
will prove to be a very serious mistake.
1t is trlc, as that committee asserted,
however unpalatable the truth may be,
that American cotton does not hold
the necessary supply of the world
which it occupied berore the war. The
spinncrs did not simply learn to do
without it, but they provided to a great
extent, q substitute for it in the growth
of other countries. This production
was everywhere stimulated by the ca
ger demand and the enormous prices
which were paid, until, at the close Of.
the rebellion, the largest supplies came
from other countries and if our ields
had never yielded another bale the
world would not have been greatly dis
tressed by the failnre.
In the two years which preceded the
wharf.-the European markets took ST per
cent. of their supply from this country,
and but 10 per cent from oil other quar-
tiers. This was 80 far changed that
after the close of hostilitics it wat found
that other countries produced 60 per
cent. of the cotton thus used, while
America furnished but 40 per cent. Of
the supply.
The theory then held by some that
the foreign was used only because
American could not be obtained, and
that its use would be abandoned the
momen.. a supply was offered from our
fields, has not been sustained by fur
Their experience The foreign staple
has not been obliged to wait for Il mar
kct until our crop was exhausted. nor
has its price depended upon its relative
proportion to the yield from the States.
The cottons OF Brazil, India and
Egypt are now produced in large and
annually increasing quantity, AMI have
established a recognized position in
every important market. When it be
came apparenttwo or three months ago
that the crop of American cotton would
fall below the larger estimates which
had been current, the consequent adj
vance in prices at Liverpool WIS far
greater in India cctton than it was in
cotton from t le In ted States.
In view Of these undcniable facts, it
would seem to be the dictate of sound
policy to recover, if possible, tic pres
tige thus lost, and restore to American
cotton the lead of European markets.
There never was a more in-opportune
moment for tle imposition OF a tax
upon its production. The South itself
wxs impoverished and desolsted, and
needed every encouragement rs astim-
illus to its industry. The planter had
q more formidable competition than he
l.