New-York tribune., 1868-05-08

mated that the and its effects have destroyed 100000
Of slaves ana onesth Tor OO Of the productive force
OIhese southern states This has necessarily given rise 70
such change in the relations Of labor aud capital as re-
cards he culture Of cotton, 10 induce eorrespon,
ofthe product The former standards Of cost and price
are no longer applicable When labor could be procured
money was at higher rate than per cent per annu
the price OF Cotton at Liverpool being 3D. or cd per
Of production and the price Of the raw material That
PROPORTION being changed involves, as we said cor
Cotton mas advanced In England 100 per cent above It's
ordinary value with propOrtiOnate advance OF yarn
The first object Of inquiry should be the probable sup
ply iGr he present year The American portion OF the
supply may De estimated as follows
SscS TSs I'SsP' IL. Al he shipping ports @ have been 1s
10 nay " s1safS s.tsa T . the m Of May s to .ne - 10000
american 99s5s.
supply ITO" all other sources
The eonssmItSn Of Great Britain computed 2ssoSoS 600
Continent OF Il s200o0
UMee ooVVV
Total consumption $4,000
Under these circumstaces there nS he check given
to consumption to bring It within the limits OF the supply
The usual check Is the working Of short time by which
the production of yarn and goods is lessenod An inter
to consumption take eiectl When the former scale OF
prices prevailed az TO sd for Mddlng Upland checked
consumption. With the elevation of prices the check
given to consumption viii necessarily be enlarged and
SOME price must De assumed We assume l0d l2O cents
both 70 grower and manufacturer = "-7'-, ~ F
There Is % one fact which N iss Sc connection should be
raw material is checked by high prices there is also
check to production in densey populated countries such
sequence OF the diversion OF capital and labor from the
cultivation OF the cereals to the culture Of cotton re
100000 persons pershed from famine in Lower Bengal
In 1896, from this cause.
There are two circumstances of than usual inter
est exhibited by the above hgures L. Ihe extIaoTdnaEy
increase Of consumption IN Great Britain during te
present year. This is beyond parallel The highest rate
Of increase was IN 1896 In cotton statemehJ puD
shed by MS In 1881 after extended comparison OF that
with previous years the average annual rate O increase
was found TO be little more than per cent Inc ln-
crease for few months past mas Deen iar ABOVE TINS
rate. The than correspondent ratio OF increase
the Continent OF Europe. The contnental consump
tion for the period has for average Of three
These two facts show that in spite of general depres
money, the augmentation OF consumption has not only
not been interrupted but has been constantly progressive
We offer summary Of the above facts and e0nelu-
slons: a., ,..,
ton of canta the yield OF cotton being much essened
an unusual stimulus has been gwen 70 It's cultivation IN
mai these circumstances have resulted in greatly
increased costs cultivation the productive power the
south having been largely diminished IN consequence
That IL there Ia a check given 10 the consumption OF
the raw material from high prices there ~ likewise
check given production in dcnsely peoped countries
like Bfitish India, from the hazards OF starvation the
the cultivation OF the cereals. ,-.t--
That the result Of the augmented costs OF production
Is TO change the standard Of prices and mat III cohe
auence Of the increased expense OF producing cotton SO
that with double the money value OF labor ana ne hshI
Of money the value OF the products OF that aDoi
must be corresponding gly enhanced
That the final result Of these changes IN he iclat0nh
rude or manufactured. rs TO give AZ least temporary
ascendoncy 10 high prices. - -,
The ultimate conclusion is that tho south hah Tor the
present resumed the position she occupied when Cotton
was declared king.