Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-04-29

vas no better than counterfeit money. 1t /
was {. curI ency issued by the authority of /
al existing de fttct" government, which !
had adopted constitutional form Of gov
ornment ana WAS fully organized under it,
which had in the field large armies, had |
won many battles. had invaded the States |
of the North, bal besieged the national |
capital. was recognized belligefent |
power soon after by the British Govern |
nIent, and which had from the outset been |
treated az belligerent by tie Govern |
ment OF the United STA es. md which WAS |
itself confident OF Innlntninlng its eXls- |
teucr. 1t is true that these uotes ara now |
valuable only relic Of past existence. |
1t was, however, nearly four years after |
the occurrences we are considering before |
| this reSuIt became certain, and we cannot
transport our kuowleUge back ward aud by
its use condemn as base and worthless
currency which was then in general use
| and might become permanently valuable.
1t is uul nt cessary for us To 60 So far as
! the Supreme Court Of United States have
| gone in the recant case OF 'fh0rington vs.
| Smith nI.d Hartiy The present is the
J case Of executed Contract, III which the
parties acted upon the state OF things as
| they existed They were compelled so to
| act not to act at all The action lz past
/
! were fixed and settled years ago, and we
are called apon by this defense to unsettle
! and destroy them. In case of q debt paid
| or property suld and paid for in Confeder-
! ate money, it wOud be unrFA SOnable to
! call upon the courts TO rip up the transac-
ton AID compel the repayment Of the
money. The requests to chHFSr, which
were refused by The Judge, we've based
upon tue theories which have discussed
aud if I am right in my views the refuaals
Wer. Properly made. Judgement siond
! be affirmed
[That is for the plaintiff
From the n. y. Shipping and ommeroial List,
April.
The Cotton Outlook.
The receipts at the ports, though grad
| uallv falling off, are still quite high for
the season. and from the commencement
Of the cotton year, stand about thirty two
per cent. above tie corresponding period
in 1868 60 The highest price OF the
season in this market was thirty-fVe cents
for MiddIing Upland, in the early part OF
/ September, from which it gradually de-
clined TO twenty zone and quarter cents,
under the heavy fall in the gold premium.
From that point, there has been O recOv-
, ery of about two cents, the current quota
ton being twenty y-three and half cents.
The popular estimates OF the current crop
are two and three quarters TO three million
Of bales bnt should the receipts during
: the next three or four weeks fall off as
i heavily as anticipated by many. some mod
i iticaEion from the top estimate is not I'M
: probable. The market during the last
fortnight has derived considerable firm
ness from the unexpected strong tone at
2 Liverpool which appears to have resulted
I from tardy arrivals q the Indian staple.
I ard moderate stocks. AS to the course OF
:, IupYC. tla nnYt few months there
! | is as usual, a diversity OF views, though
= the popular opinion seems to be that, un-
2 ill there shall bo full years supply, and
/ a considerable augmentation of reserve to
carry over to the beginning Of another
. year. for all the manufacturing world, a
material permanent decline is not probable.
q Much, however, will depend upon the con
: dition of industries, now at rather a low
Il ebb on both sides of the Atlantic.
- The planting season at the South is now
q at hand, and there is every indication that
/ an increased breadth of land will be plant
e ed under the stimulus of good prices -
s The cost of producing cotton under the
i present system, in the hands of good
q managing planters, it is said, does not ex
n cced fifteen cents per pound; many o.
It them, ia successful crop like this cne
4 make it for twelve cents, including inter
J. est On Their investment, at current value
g AS "a price equal to twenty cents leaves f
4 profit beyond that afforded by any othe
Ii branch Of agricultural industry, the south
q ern planters viii be very apt to exer
= themselves to The utmost To get in IL larg'
te area.
If Mennmh the gish cotton manufac
turers are making the most persistent et
10 forts To increase the supply Ill british IL
IS dia in order to successfully compete Wlti
- the United States. The maximum export
ing power Of India with high prices l
stated by leading English authority E
1900 OOO bales but now that the 1mpedl
n ments which have for seven or eight year
CT stood between the foreign spinner and h1
n normal source of supply are gradually be
ing removed. n point has probably beel
reached from which the Indian culture VII
Z retrograde, for it is a conceded fact tina
Ie under a moderate scale Of prices the
e country cannot compete. AS to quality IL
VI simply a ply sica! lmpossibility for the IL
= dian cnitlvatOr TO grow cotton at ali con
t" parable with ours The Indian staple
invariably short, harsh and troublesome
10 i the processes Of machinery. THIS IS IN
" Indigenous sort. Attempts nave bee
Us made to obviate the stubborn difficulty b
~ the importation and naturalization Q
,to American seed. Even then the produce
ne though superior to the native one, is large
eo eo lv behind that in our Southern States.
'o' the second year this degeneracy Increases
1-' and soon the growth is as unacceptable
- the Surat. In fact, foreign manufacturer
III have no reliable sources but this country
re- The dependence may be Calling, but 1t
oy unavoidable Our climate and soil are ii
I1' 'l1' ted by nature to produce the peculiar Vi
IN IN rety of yAw material which cannot be di
d ar pensed with in textile fabrics used Il
he wearing apparel All this has long bee
eu known, aud if now ailnde to facts Z
l"' Datent. il is because Of the renewed ehor
re- In comparative hopeless rivalry.
IL IL shall not only reach the dnfe teAum pr
~ duction Of cotton within n very few year
In0 ~ but the Engii-h spinners will not unlke
arD | fF I,.;.;.h ,,,.b;narv md oncr
the ,,r;,, I,iI ,cl, re the conC
hAt ti0us for manufacturing are superior
ma any other part of The world. Mr.. CobdeI
significant utterance that British In