Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1867-10-04
THE COTTON MARKET.

Tho recent very great decline In the price OF
cotton. seems to have been entirely unexpected,
and we have ds yet seen no Very satisfactory
reason assigned in explanation of the fact. /,
10 supposed. however, to be in great measure
% 20 the exaggerated statements of the
amount of the present crop. which have
been industriously circulated in the interest OF
spinners and speculators. The present prices
seemed to be based upon the antic,patiops of q
full crop in the United Suites this fali-tbat
is upon four millions of bales But owing to
the late heavy rains the depredations Of in
secs, and a combination OF causes, it seems
now to be reduced to certainty that the pres,
ent crop will not exceed two millions Of bales.
In this view. rise in the price may ably
DO anticipated, as coon as the yield of the
present DISASTROUS year can be aecertained.
Our most formidable competitor at present, is
the foreign prsducer, and it is estimated tina,
whilst the cost of production fsre is seventy
hvs or eighty per cent more than it was before
the war, it is from improved modes of cultva-
ton less in India, Egypt aud other countries
Except with very large crop here, cotton ca,
not be profitably raised at the present cost o.
f'oNS~e'oHS
from present prospects, it is not probable thai
tho present crop will exceed that of the pas
year. With this view of the situation tn.
Augusta Chronic1e& d Sentinel advises the plante,
to hold on for the present. Hear him:
Under the present circumstances, there seeml
TO us to DO but one course for the planters &c
purnne to force the price up to a remunero-
ting figure. They should hold their cotton
mt Iot Ia - Ia lnA4>
males OF the growing crop can reach the Eu-
roPean markets and produce the proper efreo
there. By holding the crop now they will
give additional torce to the gloomy accounts
which have gone forward within the last two
or three weeks. The price cannot 60 lower
unless the planters choose to cooperate with
spipners and spectators by rushing their
crops rapidly iuto the markets.
we earnestly implore our planting friends
to send NO more cotton to market now than
will pay for the udvancements with their fac
tors and merchants have made them. These
sdsancements should be paid promptly for two
reasons: Nrst, because the planters homo,
such early payment. Second, because If they
ere not promptly paid it will be difficult, il
not quite impossible, to obtain such advances
in future if they should be required. Hon
esty, honor and interest alike require that a
sutieiapt amount of the present crop should
oo seul ioITdTu 10 pay OH Inc utmost farthlnQ
all advances which have been made for its pro-
duetiop.
Having acquitted themselves of these oblipa
tions, duty and interest <require that the bal
ancs of the crop should be withheld from the
mar ket until a ieastion takes place in the
price. This. il tho planters .oiH it, will take
place by or before the first of November-ip
ample time for them to cell at least a ouau
Gty sufficient to pay off their laborers before
tho end of tie year.
We again urge our planting friends to de-
insnd ~ every instance gold for their crops
Let each planter make it a rule to carry home
after selling their cotton, nothing but coin
This will not depreciata There is no discoun,
bsa Of cotton for "eurreney" eols ei is 'G,e the
only currency ther. We should learn from
their example. No fluctuations of the rfiarke,
-po European complications-no WalI-stree
panics--no robbery of the treasury vaults car
lessen the value of gold. It is good nop will
be good next month, and will be better mex
yedy.
In conclusion, then We repeat-pay up b,
sale vt sufficient quantity of your crop the ad.
vapces which you have received-devo vot
your whole time and energies in picking on
and neatly cleaning and preparing for marke
the crops now in tieldsr-hold on to your orop
until an advance in prico takes place, ant
whsn Sou sell put gold in yoar pockets,