American citizen. [volume] (Canton, Miss.) 1864-1890, 1869-08-28
THE 96'rpJN SUPPLY,
Views of the London Times on the
Situation.

ClJudJlOh'
The London Times, of the 14th in
slant, contains an article on the qucs
ton of the cotton supply, wherein it
says:
\ curious aspect has Just been
given to the question of the cotton
supply. just as the association for
promoting this object is holding its
usual meeting, Il merchant writes us
asserting that Manchester alone is
responsible for the scarcity it suffers.
With all its wealth, enterprise and
confidence, it has never invested a
penny in cotton field. The conclu-
sion of the outside world obviously
is that those who know tho most
about cotton are convinced that cot
ton planting can never pay. Their
cautionactS on others, and cotton cul-
ture is discouraged. If the Manches-
( ter cotton spinners would establish
cotton company with 4 large capt.
| tai. employed in the heart of India,
| things would be different; but they
stand alOof, refuse to risk their mon
ey in the adventure, and when cotton
comes to them drive it down 10 a
losing point.
The association urges the establish
ment of vast cotton field in Ethio-
pia; but the recommendation though
interesting TO growers, has little
effect to cause more cotton to be
grown. Mr.. Golden and his friends
maintained that it was not the duty
of the manufacturer to concern him.
self with the growth, bat merely to
offer sure and steady market for
the product. If India undersold
America by far thing a pound on
equal quality she would command
the Lancashire market. The true
policy of the manufacturers was to
keep the market open and give the
preference to the best comers.. How
these doctrines ended we need not
say; but it is singular that complaint
of our correspondent lends illustra-
ton to the argument. He resents
the practice of the manufacturers in
driving down the price. Is it not
natural for the buyer to cheaper
the article 2 Does not the remark
strengthen the argument that the
same people ought not to be buyers
and sellers His figures state that
the average Indian cotton formerly
bringing four pence, per pound now
brings ten pence, and it may be many
years before it Is lower than seven
pence. Ifthis means that seven pence
would remunerate the planter and
satisfy Lancashire mighty question
may be near its solution. Remem-
boring the cardinal question is the
price, cotton stugs can be sold to the
markets ofthe world, and the money
to recompense the grower and spin
ner comes from the pocket of the
wearer. 1t is useless to grow and
spin if it cannot be sold in quantity
and at price to remunerate all con-
cerned. Up to the time of the Amer.
lean war the conditions were fulfilled.
The South produced and Lancashire
manufactured so cheaply that the
article commanded the markets of
the world. The native spinner al
waysundersold. The price of Indian
cotton is now two and half times
greater than formerly. which is
enough to demolish the whole trade.
No wonder the looms are idle. Cheap
goods and dear cotton are incompat-
IDLE. Until cheap goods are produc-
ed trade cannot revive. If the aver
age seven pence pays the grower
there is no reason why industry
should not revive. Protective tariffs
will not always prevail.
If the price spoken of will satisfy
the consumers and remunerate the
producers, there is nothing to pre-
vent speedy revival of production
and consumption. But between the
spinner and the grower must neces-
sarily exist the ordinary commercial
antagOnism. Cotton is now ten
pence in stead of four pence, because
American competition is reduced
The price can only be abated by the
return to larger and more regular
supplies. If India be our feeder, il
can only be on terms of free and open
trade. Cotton growers must be pre-
pared for revival OF American in
dustry and the competition of the
whole world In such a race India
would have great advantages, which
if increased by the judicious action
of the government, it is probable
that Indian agriculture and British
industry might be established il
broad and permanent prosperity.