Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-31

now the South is going to drain Europe BY
its cotton at high price. Stock specula-
tore in Wall street may grumble at this
scarce or "dear money" owing to increased
activity in commerce, but thoughtful men
will be gladdened thereby, as evidence that
our matchmaking machines are once more
in active motion. This years Southern
crops will add to the national wealth, not
$500, 100000 more of gree2back dollars
worth 10 cents from the government print
iug-presses at Washington, but $500, 000,-
600 more in dollars worth 100 cents, In
cotton, tobacco, sugar, and other products
for which Europe contends with America
az buyer on Southern soil.
"The details, therefore, or toe wonderful
strides with which this creation of new
wealth progresses in the South are not only
of practical or cash interest to every
banker and merchant, but to every thought
full friend to progress. Take, for example,
only one weeks trade in cotton this sea-
son, and compare the same with that of the
corresponding period Of last year, and the
whimperings Of the currency-mongers for
more printing-press dollars will be silenced
by the natural growth of the real article,
or sub-stratum of all currency. This year,
one weeks cotton receipts, say SO, 900 bales,
at % cents, produce about S., 625, 500 whilst
the same quantity last year, when
the price was only fourteen cent?, realized
SIS, SIS, 900, showing gain TO the South
this year of over 60 per cent. above the
price realized last year. TIE civilized
world Is thus pouring into the South about
| 81, 5000 week more this year than last
for the production of cotton alone. Fur
| thermore, the cotton crop Of last season was
| 2,43I 900 bales. This season the most
careful estimates range from 100000 to
| 5000, 900 bales. The average price Of last
year, cay eighteen cents per pound, made
the aggregate amount Of the whole crop
about $I95,000,000. This year, assuming
| the lowest estimate 2,7000O0 bales, at %
| cents, will realize about $3.50, 100000 In
| other words, the South will realize Tor its
cotton crop this year $S5 100000 more in
Every hard cash" than it did last year.
Moreover, last year the planters were in
debt to factors and other capitalists, who
cleaned them out of every surplus dollar OF
profit. On the contrary, this year the
| planters are free from debt and are indie
pendent of factors and money lenders.
They have been forced into managing
their affairs judiciously and with the
strictest economy, 30 that they will now
enjoy the full amount of their enormous
profits this year, free from deduction for
advances made 10 them at high rates OF
interest which brought them to the verge
Of destitution last year.
"Cotton is not alone the great source Of
wealth in the South. The sugar crop of
Louisiana is fast growing into another
great Southern interest. This year the
crop is estimated at 125,O00 hogsheads of
sugar and 100000 barrels of molasses,
worth at current prices over $40 600, 600,
against $4,000 hogsheads of sugar last year
and the same proportion of molasses, or,
in round figures, total of not one-third Of
the production this season. Next year it
is within bounds to say that 100000 hogs
heads Of sugar will be produced, because
the planters generally in Louisiana are re-
tanning large portion of their cane for
seed. In some instances the entire crop OF
plantations has been reserved for this pur-
pose.
an view Of this wonderful rebound to-
wards prosperity in the South, it is not
therefore surprising that Southern securi-
1 ties arc COAluS lutO sAoob OCUohN WIN
| our shrewd capitalists here. Every secnri-
ty south of Mason and Dixon's line is at
the present time at the lowest point they
will be for year,, perhaps forever. The
South has seen its worst days. Southern
capital will naturally seek first their own
securities for investment, even at high
prices; bit when we consider that al
present they average only about sixty
cents on the dollar, the inducements tC
buy are greatly enhanced. With govern
ment bonds selling at ten per cent. above
par, and Southern State and municipal
bonds at about forty per cent. below par, i
is not question where the Southern sur
plus capital this year will flow. Wher
this surplus finds its way into the bonds o
States like Louisiana and Alabama tina
have never defaulted, then par will b'
their minimum price"