Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-05

or larger stock than we have had at close Of
any year since lslS.
If we have only a million bales from
America sent 10 England, ! grant that for
some time prices may rule a5 high az now
Manufactures in England are, however,
resorting extensively to short time, and ]
think / over-estimate in allowing $4,000
weekly for the year Export / put at
$1,000, as / think France and the conti-
nent will take 10000 direct of America
during 1867, as against 296, 600 from Sep
tember, 1865 to September ], 1866. They
will, therefore, take less from Liverpool
than this year Let me call your attention,
also. 10 the fact that our English export of
cotton is IN great part East India cotton.
At the end of forty-siE weeks when ] left,
exports from Liverpool and outports were
S47 ,2lO for fOrty-siI weeks, of which only
lg9T2l were American and 5l2,79j were
East Indian, in addition 10 100000 East
Indian sent from London and no Ameri-
can so that, in fact, East Indian exports
we're zoe, 600 10 100000 American. Some
| enthusiasts may point me 10 the old days,
and tell me America will consume milliCa
| bales this year, and 40 will the continent.
] csn only say that 1 do not believe IT, In
/ times Of dear prices, those with small in
comes must DO with half quantities. A
man. for instance, buys three shirts instead
| Of six and, although we may feel disposed
/ 10 smile at this infnitesimal calculation as
affecting the cotton question, il is in reality
an aggregate of such small transactions
| that decide the question. Allow me to
suggest TO holders on this side that between
now and the middle Of February is the
best time 20 realize BY the latter date
the telegram will report 70 India that the
crop Is likely to be 1000 OOO (instead Of
| ] 200 coo, az enthusiasts out there now
belieye.) March, April and May are our
| largest India cotton shipping months. Oar
Egyptian supply will be TO hand, and as
| they are keeping back cotton now in India,
owing 10 the want Of bank facilities due to
recent bank failures, We will then likely
have heavy supplies at sea, a dull market
in Liverpool, big stocks, and by May de-
cline of six cents per pound. These views
may seem heretical on this side, but think
they are true, aud l am not one of those
| who like 10 say, " warned you when the
deed is DER" Second, 20 show how high
prices affect the market, l point to the
figures of English consumption Of cotton
IN ls60-Gl and lS62-63:
1850 1861. 1852 1863
Weekly consumption q, ,l54 45 t4s 220gI 25,59y
| Weekly cXpoTta.--...-ll,7A l3OSo loSI5 l2,ilt
Total ..............5al l45 s.. .5T3 2,g72 81, ,2lC
| Years average of mid
ding Orleans ........... l3c. lsa 363ac. 4Sc.
The consumption and exportof 1862 was
so very small that it naturally increased in
! 1868. as there was a vacuum created; hut
still 1868 fell very far short Of lSGO-6l.
am aware that opponents Of my views will
point 10 the large trade demand Of this
wear, which, for the forty six weeks, aver
aged weekly about 4G, 800 and export about
10000, in all, say $4,000 weekly; but this
Is an entirely exceptional year, and the
cause of this large demand at a price about
3Oc in gold, is explainable in divers ways
. First, they had early in the year Unlimited
powers of holding cotton, and Of getting
advances on manufactures. These, viii
the failure OF Overend, Quincy, and of nu
mcrous Limited companies, who's
discretion seemed 10 be the only thing lin
tied in theml are now swept away, and on
manufacturers, who Consign 20 foreign mar
kets because the merchants would not buy
have found their ventures result in hcay,
losses. and they therefore 20 short time
, ! and will ship none ON their own accoun
this year. The best proof of this is ths
! with business in Liverpool of 1000
bales. in week q rise Of only ors cent wa
established ycsr ago a rise Of four cent
s would have been got.
O. Il ia. perhaps, not generally known /
- Americs how much India cotton is no'
% used in England and the continent Civ
s. the figures from the English circulars, it
4 q Il
the average t. for fortv-siN weeks for lS6
10 1868 for the iAy-two weeks:
1881 lsfZ 1855. 1904 ls5z. ls5
Weekly con-
SUMPTION
oGE, Indial4-g Gjss} G-J42 9r,2 sE15 E6
.i ] Weekly COu-
r suWpt
@ oral kinds 55G, U5l aDl la5- $3.50 co
!. Thus, in 1861, East India was less tha
one-iourth; in Is66 il is one-halE Uupal,
table as the doctrine may appear, l uuhesi
tstnE.y assert that the greatest boon 20 th
planting interest Of the United States woul
be a fall in cotton 10 l6c. in gold, or les
for middling Orleans, and a crop at thl
price Of 5. 100000. Then, and not till thel
will the outside cotton growers be drive
% from the field. and the South will again n
gain the reputation of the cotton garden
10 the world 1t needs no logic TO show th,
IA cotton taxed ! &C., and crop Of 100000
bales, would yield more than 1000. 600
Sc, and that the planter would have MOI
"a out of his 500 bales al l6c than from y
al 32c, gold.
Thirdly, ! come 90 toe point. Should GO
tor be taxed Sc all think not. Look
the figures given above, and see the form