Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-31
yEITPHIS APPEAL


COTTON. FtH
We thought, some days ago, thai. tn
} price Of cotton would advance; and
has done so. On q question Of 20 mucl
interest to our planters, 1t is proper tina
we should lay before them the opinion
Of others, that do not sgree with our own
that upon all they may make up thei
own judgment, " and set accordingly.
We therefore append the views of tha
prudent and well informed journal, th'
National Intelliga1cer. WedO not Agre'
with it in regard to the price Of the pres
ent crop because we think that the de
cline few days since was the result o
= combination of sharpers, after the wei
known mode Of stock-gAmbliDg. But W
do agree with 1t, thst the era Of cottor
planting in our country Is oyer--for th'
present:
THE DECLINE IN COTTON.
The great fall in cotton seriously affects
business prospects Ia the south. The
planters will not make their expenses
and those who have rented land SglIl
lose money. A large amount OF North
ern capital invested IN cotton planting
will be lost. Cotton of the new crop now
coming into market is selling IN the
nrincinaI cotton depots Of the South at
fourteen or fifteen cents, tax included.
The buyer generally pays the tax, 50 the
PLANTER obtains about twelve and hall
cents, currency, pound.
An the expenses attending the cotton
culture are double what they were before
the war. The twelve and 3 half cents a
poupd which the cotton grower receives
! will be worth 70 him bat six and quar-
| ter cents compared with the specie price
I Of 1850. il is impossible that cotton can
be made another season at this price.
But the price Is still further to decline,
a. We hear from the state Of the cotton
trade abroad. East India and Egyptian
cotton will supply the Liverpool market
at less rates even than the present.
Fast India cotton Is now quoted at
IjyerpOol at sevenpence, and 1t can be
afforded with fair profit at fourpence
halfpenny. This will close the Liverpool
market against United States cotton for
the future. Cotton will cease TO be an
American staple.
With what extraordinary wisdom then
did Mr.. Morrill,, in his defense Of the cot
ton uax, urge that the cotton culture was
the most productive Of all products in
this county, and the most able Of all to
bear taxation. Because cotton was at
thirty cents at one time, be supposed,
perhaps, that it would never decline,
even in competition with the product Of
India. Any we'll informed cotton trader
could have told him better. Besides, be
II fha Ha--
morsljzation and destruction of black
labor in the South.
It is reported that at Memphis, great
cotton mart, the decline of cotton causes
much EN- barrassment, and that many
perROus there attribute it to eOmbina-
tioDs in Liverpool and New York against
the Southern States.
But it so happens that the Liverpool
and New York cotton trade severely suf-
fsrs by the decline, and that many Of the
dealers in the staple are brought by it to
the verge of bankruptcy. Large amounts
have been lost in New York, as well as
in Liverpool, in vain efforts to sustain
the price. 4.
The dry- goods market in New York
and elsewhere feels the cotton decline.
The domestic and imported goods sre
selling below cost. Some eOttOns bring
less prices than they did before the war,
and still the tendency iS downward.
Cotton factors in the South advise
planters not to hold back their crops in
the hope OF q rise Of cent or two q
poupd, as there is more likelihood of
further decline than Of advance.
It ought to be the very first business Of
Congress at the ensuing session to repeal
the cotton tax, and provide for refUndiDg
what has been collected upon the crop of
this season.
In this connection we copy the follow
from the New York Tribune:
Extract from q letter TO McKillOp,
SpraRue & Co, dated Choctsw Corner,
Ala, October I, 1861:
The cotton crop is short, owing TO the
drouth and worms. l think, though, !
that the crop may safely be put down at
? OOO. 900 bales. I have in the last month !
had a good opportunity 10 see South !
West Georgia, and q good portion OF
Alabama and East Mississippi. Planters, |
As a general thing, will not be able TO /
nav Tor advances made to produce the /
crop. Our prospects for collecting old /
debts is over. 1 have attended TO this /
matter strictly for two months, and out |
of about S5T, coo may be able to realize /
$1,000. 1t is not the intention OF plan |
ters to pay any cid claims, and think |
that most Of the debts contracted since |
the war are in like condition. The old |
would be glad to pay II they |
could, but the thing is out Of the question |
unless they realize something on old |
claims.
We held of from submitting PROPOSE /
tioUs to those whom wee owed, with the 4
hope Of being able to collect some money, /
bur our hopes sre all gone We brought 1
some suits and the result is we have the |
costs to pay and get no money. 1t is = 4
sad state Of affairs here, / could pay /
about eight cents on the dollar on the |
Of what we owe, but no one IS
yet has been willing to accept the offer.
On the river Arkansas, planters are
now paying one dollar hundred in the \
seed for picking cotton, which is about
three and 3 half cents per pound for t
Ia the lint. This, added to the duty Of
two and q half cents a pound, is
,ix cents, which, with freight, insurance
and other charges, takes about half the
value Of the cotton, and leaves the
planter to pay the expenses Of cultiva-
lou besides. It is quite certain that
few planters will raise
cotton next year. Immense numbers Of
negroes will be thrown out of employ
nent, and labour will be cheap. The
Iooner we dispense with the spoiled and
worthless vsgsbonds, the better. 1t is
lseless for the planter to toll and be
larassed to feed them and support them
md that is about all be. as worked for,