Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1867-12-07
Commissioner Wells RepOr. Oh
COttGN,

WASHINGTON, Nov. 23.-Commis-.
sioner Wells report shows that
when cotton was taxed three cents
per pound the price was forty cents,
and when taxed two and II half cents
the price was twenty five cents
The cotton tax was called for and
only defended on the ground of ne
ccssity, and was to be repealed when
it's continuance should prove q Sc
riops impeachment to home produc-
ton or an undesirable stimulus to
foreign cultivators. These contin-
gencjes arc now imminent. The val
ue Of competing cotton has been in
creased by improved machinery for
working it--more care is observed
i'll handling ii, and by improved seed
is yielding II better staple, What
ever may be the causes, India cot
ton, which formerly bore the rcla-
tion Of half to wo-thirds, now
bears the relation Of two thirds, to
three quarters the value of Ameri-
can, while a portion Of the crop is
fully equal to middling uplands for
heavy fabrics. Evidence exis S
showing that the present tax is equal
to a premium Of at least 80 per cent
on India cotton; by some authori-
ties it is alleged to be even greater.
After quoting statistics Of former
years, the report proceeds: In con-
sdering the subject Of cotton pro.
duction in the United States, with
reference to the influence Of the TAX,
it is desirable to take a large ra,hca
than Il small estimate Of the present
crop, and we assume, therefore, the
produ.t Of the yeal to be 2,770,000
bales. of 450 pounds each If from
this we deduct one million Of bales
for home consumption, and for an
addition to the small domestic stock
to be held over, we have one million
seven hundred and seventy thous-
and bales available for export, or
two millions one hundred and TWEEN
ty-fvc thousand bales, estimated at
four hundred pounds each. 1T, now,
other countries shall prodl,e IS
much cotton as in lS66-aLd there
is no evidence as yet Of apprcciablo
decrease-the quantity from other
countries than the United States;
estimated in bales of 400 pounds
each, will be 2,47j,000 balcs--mak-
ing total available cotton supply
to Europe of 100000 bales. Such
a supply will be equal to that OF the
year 1860, when there was undoubt-
cdly surplus, but of this quantity
the United States will furnish less
than forty seven per cent. instead
of eighty five per cent. as in the
year referred to. In short. under
the stimulus Of high prices the
world has produced more cotton
than it can consume at the prices Of
the day. To cheaper prices may
greatly extend the consumption. af.
ter recovery from the first shocl; of
so great a change, but in this fall of
prices the profits of the producer,
resting upon the higher prices which
invited his outlay, has TO a very
great extent and for the time, been
lost. When the American crop was
in its supremacy, the average prices
Of Surat cotton in Liverpool for the
twenty years from 1871 TO 1860
ranged from Sd. to 81 d. r ID; when
il was Sd. in 1915, the import TO
Great Britain was only l55 poo bales
when it was 81 d. in 1857, the i'm
port was $50, 600 bales. Thus tap
pears that price regulated the guam
tity imported, and neither the i'm
port to Europe nor the export from
lBdia was any measure OF the pro
duction Of that mysterious country,
though ia animal average had been
only about 500, eco bales, and much
of that to China When the Amer
lean war made its sudden call for
cotton in 1851 and 1852. India con
tribated more than one million bales
that season There IS 10 evidence
that there was any larger or more
Successful planting that year than
previously, only that prices called
il cut, and the stock LETT for home
use was by 50 much the less. Doubt
less in the Succeeding years cotton
planting in India sss increased. as
elsewhere, by the stimulus Of won
derfuliy remuneratirc prices 20 the
producers and ferwarders. 1t Is,
however. sac to say that there has