Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-10-16
Tho Cotton Situation.

The present wretched weather and the
| low price of cotton has cast gloom over
our city and its trade, causing a general
dullness and inactivity in commercial
circles. Many of our best informed and
experienced citizens had anticipated a
slight check-perhaps a slight falling of
in price, but the recent heavy and con-
tinued decline in cotton is as unexpected
as it is most clearly without just cause
or sound reason. We expected slight
temporary decline when the glowing &C.
counts of the crop prospects, which were
so industriously circulated here in
August reached Liverpool and Man.
chester. We were well convinced at
that time that our planting friends were
over.estimating the product of the crop,
and giving too much prominence to the,
at best, but fair prospects which the
month of August seemed to indicate.
These accounts, highly colOred as they
were, have been very greatly exaggerated
in the interest of spinners and specula-
tors, and, combined with other causes,
have produced such decline in prices
as to leave the price o-day unremune-
rative to the planter.
Indeed, we do not believe that, under
the present system, the ruling rates of
cotton to-day are sufficient to pay the
cost of production. The expense in the
way of taxes, freights, commissions,
insurance, storage, ETC., will amount TO
at least Ia or Is cents per pound. This
taken from the present price, say II
cents for middings, would leave but II
or l3 cents net per pound. In gold this
would be but about the old price before
the war-saY 10 cents per pound. The
present crop has been raised at rate of
expense much higher than any ever
heretofore made, truthfully remarks
the Augusta Chronicle Provisions
have been from go to 100 per cent.
higher than formerly. Large sums have
been expended for Guanos and other
fertilizers, while the cost of labor has
been very great, amounting in some in
stances, to one-half the crop Ten cents
in gold will not more than pay the cost
of production, unless q very large crop
is realized. We have ceased to hope for
even moderately fair crop. The con-
tinued rains of August and September,
nave Cduoeu luz ldbc lIulb W suSu, uuu
thousands of acres have been destroyed
by rust, boil worm, rot, and the cater
pillar. We doubt very seriously whether
the crop will be much larger, if
any, than that ofl666. In fact, so great
has been the destruction of cotton from
different causes during the last two
weeks, that we do not believe the crop
will be as large as that of last year. The
weather during the past week has been
very unfavorable to cotton picking, while
the continued rains and general damp.
ness will materially injure the staple.
All accounts from this section of Alabama
and indeed all over the State, are not only
unfavorable. but actually disastrous to the
cotton prospects. Where it is possible,
we believe it to the interest Of the planter
to hold his cotton. If he sells now he
cannot get the actual cost of production,
while it is almost certain that when the
great cotton ports are reliably informed
as to the present and prospective con-
dition of the cotton crop, the price will
assuredly advance Montgomery ala }
Mail, 9Th.