The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-11-28

| friends or free LABOR, IHc crop III queoIIoi
was in reality failure, it having been cut
short by season more untavoraDle than
almost any heretofore experienced.
The season of 1867 has, however, proved
most propitious, and the amount to come
forward is estimated by few commercial au-
thorities at less than 100000 bales OF 46O
pounds each, and may even reach an agSfe
gate of 100000 bales.
In considering the subject of the produc-
ton of cotton in the United States, with re-
ference to the influence of the tax, it is de-
sirablc to take q large, rather than small
estimate of the pre sent crop; and we assume,
therefore, the product of the year to be
| 2,75O,OO0 bales, of AGO pounds each. Ii from
| this we deduct 1000, 600 bales for home con-
| sumption, and for an addition to the small
| domestic stock to be held over, we have
1.75O.OOO bales available for export, or
| 3,125,OOO bales, estimated at 400 pounds
each. If now other countries shall produce
as much cotton as in 1866 (and there is no
evidence as yet of appreciable decrease,} the
quantity from other countries than the Uni
ted States, estimated in bales of 400 pounds
each, will be 2,4S5,000; making "a total
available cotton supply to Europe of 4,61O,-
900 bales. Such supply will be equal to
that of the year 1860, when there was, un-
doubtedly, a surplus but of this quality
the United States will now furnish less than
At per cent instead of So per cent in the
year referred to.
In short, under the stimulus of high prices
the world has produced more cotton than it
can consume at tile prices Of the day. 10
cheaper prices may greatly extend the con-
sumption after recovery from the first shock
prices. the profit of the producer, resting
upon the higher which invited his outlay,
has, to IA very great extent, and for the time,
been lost.
When the American crop was in its su-
premacy, the average prices of Surat cotton
in Liverpool for the 20 years, 1S41 to 1860,
ranged Sd. to sid. per pound. When it was
I'd, in 1916, the import to Great Britain was
only 155, 900 bales; when it was old, in
1857, the import was GS0,000 bales. Thus,
it appears, that price regulated the Quantity
imported and neither the import to Europe,
nor the export from India, was any measure
of the production of that mysterious coun-
try Though its export in annual average
had been only about 100000 bales. and much
of that to China when the American war
made its sudden call for cotton, in 1862,
India contributed more than 100000 bales
that season. There is no evidence that there
was any larger or more successful planting
that year than previously; only that price
called it out, and the stock lett for home use
was by so much the less. Doubtless, in the
succeeding years, cotton planting in India
was increased, as elsewhere, but the stimulus
was wonderfully remuncrative to the produc-
ers and forwartlers.
1t is, however, safe to assume that there
has always Cat least in modern days. been
latent capacity i'll that country to throw
upon the market an extra, and, perhaps, I'M
expected, half million of bales OF cotton in
any year. when the price should offer suffi-
cicnt inducement; and an equal capacity at
home the whole production, when at so low
prices that it could not he exported to
Europe or China. Since the completion of
many hundred miles of railways in India,
that power of adding promptly to the
worlds supply Of cotton has been greatly
increased
1t therefore becomes evident that low prices
for cotton must be anticipated for consid-
cradle period, during which the domestic
production should not be discouraged by the
continued imposition of direct tax But,
with the relief that will be afforded by the
prompt removal of the existing tax, the Com
missioner fully believes that the United
States will speedily regain control of the
cotton market, again supply by far the larger
portion of the total demand of Europe for
finds himself sustained by what may be regar-
ded as the best authorities on cotton in this
country. and particularly by the late Com
missioner of the United States to the Paris
Exposition the Hon. E. R. Nudge of Mas
sachusets, to whom, as chairman of COM
mittee, the subject of the future supply of
cotton was especially referred for irivestiga-
ton by his colleagues on the Commission
The conclusion of the report of this Com
mittee, not heretofore made public, is as fol-
lows:
Having carefully observed what has been
done and is doing by other nations, the Com
mittee present the following conscluslons
First. That cotton-growing in the South
ern States, if untaxed, can be conducted
profitably and successfully, as against all
competition elsewhere.
Second That if burdened by tax suffi-
clent to be worth to the Treasury the cost of
its collection, it cannot at present, if ever, be
successfully prosecuted.
THIRD: That, already familiar to our peo-
pie, in all its details, it is the only industry
Immediately available and practicable to
the great body of the laboring population
of the South for the profitable employment
OF surplus labor, that is, beyond the necessi-
ties of crops for subsistence, in the produc-
ton of something salabe and exchangeable.
whereby wealth can be regained; and,
Fourth: That the Importance of large
production of cotton, as the chief export of
the country, in adjusting balances of trade
and exchanges, and especially IN its bearing
upon the future position of the public debt,
so largely held and to be held abroad, can
not well be overstated, and so far transcends
the value OF the present tax that to preserve
the latter at the cost of losing the former
would be I" ha'penny'orth of wisdom to a
pound of folly"
The whole amount of Internal Revenue
derived from the tax on raw cotton for the
fiscal year ending June 80, 1867, was $685.
769,O7S 80; and although this sum COM
prises nearly all the revenue derived from
the southern section of the country, and con-
stltutes an amount that can ill be spared
from the Treasury, yet, under all the circum-
stances, the Commissioner has no hesitation
in recommending the immediate passage by
Congress of an act repeating the entire tax
upon raw cotton, and the corresponding
existing duty on imported cotton, the same
to take effect on its passage.
AS yet but small quantity of the new
crop of cotton has been marketed, but if the
4 ~.