The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-11-25
SUPPLY OF EUROPE m 1866.

L & ,iuL4 n i-9-' 4,os4, ,2s5
The consumption OF Europe in 1862, the year OF
smallest supply and Of highest prlces was 75O,-
500 900 pounds, or in bales Of 400 pounds 1876
ESQ., The proportion Of American cotton IN ths nus
in 1854 it was less than eight per cent. Of total
Of over 1850, 900 bales. -
The crop of 1886, in the United States, for the
year ending September LIST, 1857, Is estimated TO
total delivery Of over 100000 bales-the surplus
being old c1tton; but while this product was far
more than could have been anticipated by the
most sanguine friends Of free labor, the crop in
question was in reality failure, it having been
cut short by season more nntavorable than al
most any heretofore experienced.
The season Of 1857 mas, however, proved most
proptious, and the amount to come forward is es-
tmated by few commercial authorities at less than
$500, 900 bales of AGO pounds each, and may even
reach an aggregate Of 5000, 900 bales.
In considering the subject OF the production
of cotton in the United States, with reference to
the influence of the tax, 1t is desirable to take
large, rather tSan small, estimate OF the present
crop; and we assume, therefore, the product OF
the year to be 2750 900 bales, OF AGO pounds each.
II from this we deduct 1,OO0,OO0 bales for home
mestic stock to be held over, we have 1,750, 900
bales available for export, or 125 900 bales, esti
mated at 4D1pourlds each. II, now, other coun-
tries shall produce as much cotton as in 1866 (and
there il no evidence yet of appreciable decrease
the quantity from ether countries than the United
States, estimated In bales of 400 pounds each will
be ,4s5 900; making total available cotton sup
Div to Europe OF 4,61 00] bales. Such a supply
will be equal to that Of the year $780, when there
was, undoubtedly surplus; but OF this quantity
the United States will now furnish less than AZ per
cent instead Of IS per cent. in the year referred
to. .,r~ ,.a
In short, under the stimulus Of high prices, the
world has produced more cotton than it can con-
sumo at ths prices OF the day. To cheaper prices
may greatly extend the consumption after recovery
from the frst shock OF 80 great change. But, in
this fall Of prices the profit Of the producer-rest-
ing upon the higher prices which invited his out
lay has, to very great extent anil for the time,
been lost.
When the American crop was in it's supremacy
the average prices Of SuraC cotton in Liverpool for
the twenty years, 1871 to 1850, ranged from 3d. to
SD. per pound. When it was 3d., in 1845, the i'm
port to Great Britain was only 155 900 bales when
it was 5ld, in 1857, the import vas 6S00O0 bales.
Thus it appears that prce regulated the quantity
| imported and neither the import to Europe nor
the export from India was any measure Of the pro-
duction Of that mysterious country. Though its
EXPORT in annua! average had been only about
| SOD. 900 bales, and much Of that to China when
the American war MADE its sudden call for cotton,
in 1852, India contributed more than 1,OvO, 900
bales that season. There is no evidence that there
WAS any larger or moro successful planting that
wear than previously; only that price called It out,
and the stock left for home use was BY go much
the less. Doubtless, in the succeeding years, cot
ton planting in India was increased, as elsewhere
by the stimulus OF wonderfully remuneratiye
prices to the producers and forwarders
II is. however safe to assume that there has al
vays lat least in modern days) been a latent ca
pacitv in that country to throw upon tho market
an extra, and, perhaps unexpected, half million
| OF bales OF cotton in any year, when tho price
should offer sufficient inducement; and an equal
canacity to consume at home the whole produc-
ton when at 80 low prices that it could not be ex-
ported to Europe or China. Since the recent COM
peton of many hundre! miles Of railways in
| fndia. that power OF adding promptly to the
| worlds supply OF COTTON mas been greatly in
| creased.
II therefore becomes evident that low prices for
cotton must be anticipated for considerable pc
rod during which the domestic production should
not be discouraged by the continued imposition OF
direct tax. But with the relief that will be al
forded by the prompt removal Of the existing tax,
| the Commissioner fully believes that the United
States will speedily regain the control of tho cot
| ton market and again supply by far the larger
portion OF the total demand OF Europe for con-
sumption, In this opinion, moreover, no finds
himself sustained by what may be regarded as the
best authorities on cotton in this country and par
| ticulary by the late Commissioner Of the United
States to the Paris Exposition, Hon. E. R. Nudge.
| of Massachusetts, to whom, as chairman of com
mittee the Subject Of the future supply of cotton
was especially referred for investigation, by his
COLLEAGUES on the Commission. The conclusion of
the report of this Committee, not heretofore made
| public, are as follows;
Having carefully observed what has been done
and ia doing by other nations, the Committee pre-
| sent the following conclusions:
1st That cotton growing in the Southern States.
iY nnta.ed. can be conducted proftably and snc,
oessfilljy. as against ell competition elsewhere.
9d THAT IL burdened by o tax sufficient to be
/ worth TO the treasury the cost of its collection,
it cannot at present. if ever, be successfully prose,
ccGated, ... -
it's details. it is the only industry Immediately
available and practicable to the great body of the
isborinx population Of the South for the profitable
emnIovment of surplus labor, that is, beyond the
necessities of crops for subsistence in the produc-
t;on Of something saleable and exchangeable,
vherebv wealth can be regained; and
4tb That the Importance OF largeJ production
of cotton. as the chief export of the country, in
adjusting balances of trade and exchanges and
esDecialIy in its bearing upon the future position
of the public debt 30 largely held and to be held
abroad cannot we'll be overstated; and so far
transcends the value Of the present tax that to
nreserye the latter at the cost Of losing the former
would be ''ha'penny 'orth Of wisdom to pound