The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-10-16
! Cottpn ard Trade.

1872 ", 49, RSOPASb - low QOubuE
since, have disappeared almost as
suddenly as the mists Of the morn
ing. In their stead, pomplete pa
ralysis OF business and crnel disap-
pointments have transpired. 81
Il The relations of each class of
society are 80 intimately connected
that no special pursuits can be seri-
ously damaged without correspond
ing losses to all. In the present con-
dition. Of our country, no callines
depend SO critically upon each other
as those of the merchant and planter.
The planter is beholden to the mer-
chant for supplies to enable him to
make his crops; the merchant to the
planter for prompt reimbursement
as soon as the crops have been ma
tured. Ready and punctual ACTION
on the part of the planter is eminent
ly necessary, in order that the mer-
chant may meet his obligations in
bank and maintain his orcdit. upon
the preservation of which the planter
mnst rely tcr future accommodations.
In consequence, therefore, of any
widespread non-fnlfillment of these
mutual liabilities, all professions and
evocations suffer and business gene
rally comes to halt.
When the planter considers the
entire prostration of capital, affect
ing alike merchant and banker. as
well as himself, he must confess that
the merchants of the cities have
extended him and his associates libe-
raj, very liberal support. In former
years we had banks,r with capital
and disposition to supply the every
need of business Mt seven per cent.
Then, merchants could easily obtain
indulgence from their creditors. from
the fact that Northern dealers knew
that the goods sold to the home deal
er on time were disposed Of to plant
ers who were universally recognized
as solid men, from the ownership of
estates and slaves. Now, all this is
changed. We have o small banking
capital not one-ffth Of what it was
before the war-and the customary
rate Of interest is nineteen instead of
seven per, cent. Many merchants.
too, have paid much larger per cent.
for short period, to enable them to
meet their obligations, while those
indebted to them do not make q cor
responding effort to satisfy the claims
against them. Therefore, the home
merchants are solely at loss to keep
up so unequal struggle, and, failing
to honor their notes promptly. the
Northern merchants, ,betraying q
feeling of insecurity with regard to
eventual payment by Southern c9As.s
tors, will refuse to extend them the
same favors as formerly, unless the
planters come forward cheerfully and
generously and place, their cotton or
other produce upon the market.
Unless they do this, regardless of
present prices, and pay what they
owe, business must stop and every
branch become deranged. This
stagnation, injurious to the merchant,
as it is, will react finally upon the
planter; for merchants must either
abandon their traffic, break, or de.
cline to credit to any extent. .o !
This year has been, it is true,
fatal one to the planters, although
the bread crop is good and will pre-
vent starvation. Yet all their money
transactions and calculations were
based upon cotton at about the rul-
ing quotations of last spring! The
swift and unexpected decline in
prices has completely upset their
plans and prospects,; while the anti
cipation of rise in the market
tempts them to hold back their cot
ton in defiance of their promised
word, which should be more sacred
than bond. xxx
Cotton may or may not advance in.
price. Those who profess to be post
ed as to its statistics, etc., are divided
in opinion. The planter must be his
own Judge. and if he desire to specu-
late or risk on that point, he should
do so only after first selling enough
to keep his credit bright and shining.
1t will be of greater value to him, in
the long run, than two cents per
pound more in the market price.
He will be cheerfully assisted during
another season. Those, on the con-
trary, who purposely avoid their OBJ.
legations. will ask for credit and ask
in vain.
In case there G!::oU 10 SOME among
the planting fraternity who have can
celled their debts, and yet possess
cotton over and above them, we
would suggest to such that the fire
proof warehouses of the cities afford