The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-02-26
COLUMBIA.
26
Tuesday Morning, Feb. q, 1867.
Cotton-capital for tho South.


gence1. that Mr. Morrill,, in his speech
on the tax bill, said that the DISPOSE
ton to under-rate the crop of cotton
is chronic and universal. Last year,
he said, Mi. McCulloch was led into
an error on this subject, and estimated
the cotton remaining in the country
at 1,300, 900 bales; but it proved to be
nearly twice as much. NTill-owners
at the East had laid in large stocks of
cotton at sixty cents, and, of course,
lost by the operation, inasmuch as
they might have purchased at nearly
half that price afterwards.
Mr.. Morrill, estimates the crop at
nearly 100000 bales, though this is
doubtful; but if it were but ], 500, 900,
1t is estimated it will bring three
fourths as much in gold as the crop
of 1859, the largest ever produced in
the United States. It is encouraging
for our planters to know that the
price is tending upwards in foreign
markets-the prospect for supplies
from India and Egypt not improving.
We agree with the bateNigencer in not
concurring with Mr.. Morrill, in his
opinion that the crop for 1867 will be
much larger than that of 1866,
though the season, it is to be hoped,
will be much more favorable And
it gives the following good reasons
for disputing the estimates of Mr.
Morrill,:
"Neither the political, nor social,
nor financial condition of affairs in
the South, will favor large increase
in the culture of cotton, or rice, or
sugar. What Northern capital and
enterprise we're employed in the last
year will be much diminished this
year. The negroes, as a general rule,
worked better, under Il spasmodic ef-
fort, last year than they will ever do
again. That is the testimony from
planters, Northern men as we'll as
Southern. Besides, the legislation
of Congress places them on political
equality with the whites, and this will
tend to dissatisfy them with their in
dustrial position. They will expect,
as another step in advance, division
OF the land and other property among
them. They have already, in COM
mon with the whites, the right, under
the homestead laws, to take up Go
vernment lands, but do not avail
themselves of it,
There is truth in this argument. If
cotton were really to become again a
great staple product of the South,
then cotton lands would be in de-
mand. But, on the contrary, owners
are really anxious to sell ut low prices,
but find 70 purchasers. It is stated
that plantations on the Savannah
River, with ali improvements, capa-
BILE OF producing, without fertilizers.
bale Of cotton to the acre, are fre-
quently offered at s. per acre less
than the original Government price
for public lands. The truth is there
is no money in the South, and the
New York fuuuciM CA:'0uic1e en-
dorses this assertion, Nhon, on giving
reasons for the staenation of business
at the North it states, as one cause,
that the South is not able to purchase
goods, nor even to pay for supplies
already obtained
But there is balm in Gilead. 1t is
stated that Mr.. Jay Cooke, the
banker famed for negotiating success
fully United States bonds, has pro
missed that $3.50, 100000 of Northern
capital will be thrown into the South
ern States, provided they will adopt
the constitutional amendment OF
course, this proffer must have been
made before the adoption of the Ste
ns-Sherman-B Blaine bill, which
places these States under military
rule, and gives us, to boot, the con
stitutional amendment, as the price
of admission to Congress. We must
accept the latter, or stay out in the
cold, as we have been situated for
some years past; but the military