The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-03-24

II there be any true thermometer OF tue oom-
mercial temperature of the State IL ls eeneiai'
" to be found on Broad-street ana the Day
when Won see the wharves lined with cotton
bales and knots of workmen busy sewing up
the rents. and getting them ready for ship
mont. when YOU see drays loaded with the
o+an,e going to, and loaded with merchandise
coming from the ships; when you see the clerks
hnrryine into the banks and brokers offices IN
indefatigable pursuit of ''that note;" when you
see factors with cotton on their coats, cotton
on their whiskers, and cotton in their eyes,
Won may be pretty sure that everybody has
cotton on the brain, and the mercury in the
thermometer is up. Such spectacles are COM
paratively rare ia these latter days. Old
Charleston, however, holds her own in compe-
tition with her sister cities, and any one pass
ing through the business portion of the town
yesterday would have felt that there was much
of 'sIife in the Old Lsnd yet"
Conversations here and there reveal the fact
that everybody is hopeful for the future, and
toleratly well satisfied that the things Of the
present are no worse, Merchants and factors
have suffered heavily from bad debts, and their
faith in human nst,ire grows smaller by de-
grees and beautifully less with every days pub
lication of some new name added to the list Of
bankrupts. But somehow they manage TO
thrive themselves, and the stocks on hand are
in most cases large and inviting.
Money, as we are informed, is more abun-
dant than it was thirty days ago, and is offered
at nine and ten per cent. on long investment
It is undoubtedly being boarded for the pur-
chase of such securities as may be offered at
the Savings Institution sale next month.
What will be done this year in cotton? This
Is question which all men are anxious to hear
answered. Two facts may be definitely stated;
first, that there is disposition among most
planters to put in large crops; secondly, that
there is not disposition among factors to
make such large advances as were made Last
year. Unfortunately for both parties the sea-
son was bad, and both suffered. The sudden
rise in cotton benefited neither as class,
SINCE the material could not be held sufficient
ly long to reap the harvest, and both are there
fore now in the slough Of despond. This con-
dition of things is well attested by the slow
sale of guanos, phosphates and other fertlh-
zers. The planters absolutely have no money
with which to buy, and will necessarily be COM
PEELED to resort to the use Of ordinary stable
manure, and domestic composts, for the en-
richment of their soil
Doubtless the planter is animated by the
same hopes that stir the hearts Of the factor
and merchant. From more than one person,
whose judgment is deemed valuable, we yes
terday heard the prediction that in sixty days
from now, and perhaps in less time. the price
of cotton will advance to thirty cents pound.
Ask the reason Of this statement, and you will
be told that tbs stock on hand has suddenly
and rapidly diminished. The receipts which
three weeks ago al one port were twelve thou
sand bales, the next week dropped to six thou
sand, and last week to five thousand bales.
You Will also be informed, by the best judges,
that the highest amount yet to come from
South Carolina is only about twenty-five thou
sand bales, fifteen Thousand Of which are in
that section of the State west Of the Congaree
and Broad Rivers. Again, cotton on the Mis-
sisaippi has been hurried to market, while the
prices ruled high, and before the annually e1-
pected drought in that region; so that the de-
mand in Liverpool for American cottons will
be 30 greatly in excess of the supply thata
slight advance there viii naturally renew the
speculative tendency on this side of the Allan
tic. Within q comparatively short period the
stock on hand in our Southern ports has
dropped from one hundred thousand bales, in
round numbers, to less than half that amount.
This condition Of things, in the language OF q
Liverpool correspondent, ''has alarmed the
trade, who have been trying to protect them
selves by purchases both on the spot and to
arrive"
Again, we are told that if there is any policy
calculated to increase the tendency to high
prices, it is that now being carried out by the
Freedman's Bureau in issuing rations to the
negroes, thus supporting them in idleness, to
the great detriment of both the Upland and
Sea Island crop. Probably this letter view Of
the case is that which leads men to predict
that the next crop will not largely exceed
100000 bales.
In rice the feeling is frmer. But little will
be raised in South Carolina. Governor Aiken
thinks that his crop this year will not exceed
eight thousand or ten thousand bushels,
scarcely one-tenth of the crop Of former years.
The great competitor Of South Carolina rice is
the Rangoon rice, which, according to the de-
probation in gold enables the importer to put
it on the market at rates greatly below those
at which we can afford to sell.
With reference to general trade We find mer-
chants along the Bay, engaged in furnishing
plantation supplies, materially effected by the
Bureau distribution above referred to. Collec-
tions are backward, and quite number Of par
ties who were considered good in January, have
since become seriously embarrassed. There is,
therefore, general disposition on the part Of
responsible houses to confine their business to
cash transactions, and it is matter of fire.
quent occurrence that orders from the coun;
try, when unaccompanied by cash, are, in mill
tary parlance, respectfully returned, disap-
proved" ~ s,.zs--s.s5... - s,
Our wharves present goodly array Of
foreign and coastwise shipping, but the un-
precedented condition Of our cotton market
factors holding firmly at prices equal to one
and half pence sterling above Liverpool
put stop to nearly all shipments; and freights
are drug in the market.