Wilmington journal., 1867-10-04
The Cotton Gram

For long series of years the editors &c
the journal OF Commerce have been in tba "
habit OF presenting annually to their roaJ 1
ers, at about this season of the wear sTot
information as they have deemed reliabIo
IA "a regard TO the maturing crop of cotton
1t is source of no little satisfaction to ~
that Tor twenty years past the CORRECTNESS &C.
this estimate las not been successfnIIn -.
peached. very late frost and an ono,
winter have sometimes conspired to mr.
duce return considerably bevond tLs
! figures we regarded as the probable 80
and on the other hand O disastrous Oto~.'
or an early frost suddenly checking ali fnl
ther development, have occasionhi1v 49, %,
a portion OF the expected receints "' ouI vi
brought the result as much within orr Gu: ~4'
mate out IN no instance have we failed
after the year has expired to obtain tbo
general assent to this fact that our state
ment was 1alr and reasonable estimate of
the prospecJ at the date it was published
1he lasI year was very trying one To
those VINO sought onl y the truth. There
were large numbers OF persons who persist
emily misrepresented facts, and muItitnJas
besides who were themselves misled bu3
who cherished their convictions with oreat
pertinacity, and were very severe upon all
who refused reliance upon their ipdg-
ment. Our means of information are var2,
extensive, as our correspondence embrace
the entire cotton district, and we have aI-
ways endeavored to collate and present the
facts thus acquired with discretion and with
out prejudice Or partiality. Last veor
we fixed our estimate at two mil
lion bales. We were Immediately AS
sailed with the grossest abuse from all
quarters. Newspaper critics and anonv-
nous scribblers we could afford to disre-
gard but when gentlemen of standing and
influence appealed to us to alter our onin-
ion, pleading the cruel wrong We were do
ing those who were relying on our testi-
mOny and selling off their cotton TO their
own great loss, in case the expected adj
vance was realized, we were little staggered
We made further Investigation, and reiter
ated our first Impressions This led TO an
extended correspondence with prominent
men III every section, many of whom still
refused to admit the fairness of our repre-
sentations. AS late as December one of
them addressed us as follows
10 the Editors Of the Journal Of Commerce.:
l had proposed sooner answering Your very
complimentary notice of my last communication
Delay, however, has lost me nothing as it has
verified my statements. Some of them, evtn bv
yourselves, in article on the poverty of the
South, and even the Messrs. Neil, whom YOU cs
sayed to endorse, have crawed down az gracefully
as they could from their high and false estimates.
cotton crop has lost to the South at least filtv
millions OF dollars, which would have enabled
them to pay their recently contracted debts and
left he means to raise crop next year. AS it is
they vii! not have the means to do eithel and
consequently the crop of 1S67-68 will be short
one, and the debt, owing mainly to your own citr
will be procrastinated so much longer, if not TO-
tally lost. Had cotton attained 40 cents per H.
which it ought and would have, but for such false
estimators as yourselves and the Messrs. Neil il
would have returned the South $50 bale more
and Off 1oIo
dollars. The planter has lost it, even if it should
hereafter advance, his necessities have com
PEELED him to realize, and any further advance
will go into the pockets of spectators and rich
manufacturers; but the trade and commerce OF
New York suffers the loss to the planter, as ho
cannot pay and cannot buy. 1 hope you are pre-
pared to come down at least as gracefully as
the Messrs. Neil from your bold assertion of Il
crop of two million of bales, there is now no.
thing left for you to stand upon; come down to a
million or one and quarter million, and you will
be safe. Ny communications are not intended for
publication, but to encourage an honest investi-
CATION. If you had done my last you wouli
not have tumbled into the ridiculous assertion OF
two millions.
Ii there is any truth in the representa-
tons here made that large numbers sold
their cotton in consequence of our publ
cation, at what we can see was a very high
price, we ought to have the benefit of the
now that oul figures are verified
The year closed with the first of Septem-
Der. The receipts are given by those who
are regarded as authority, at different to-
tails, ranging from 1,950,OOO to 100000
bales. We have taken the compilation of
the New York Shipping and ConamerciaL
List, because this has been for quarter of
1 century the most generally accepted au-
5hority in this city on this subject Their
5otal is 1,951,9SS bales. Our estimate of
TWO million bales is, therefore, fully vindi-
nT1r in
that we were forty per cent in error, reck-
oned the loss to the South through our in
iuence at fifty million dollars. AS it is
now proved that we were right We should
like to ask how much we snred to the cot
by our honest faithfulness III
,linging to the truth even against tor
rent of reproaches ? The following state
ments of movements are complied from
.he Shippinq List: