Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-23
FINANCE AND TRADE
OFFToF OF TEE DAILY APPEALy
MEMPgFa- June q. 1870.


been made, there is still q strong desire
on the part of leading men in our midst
to establish on a sure basis direct trade
with Europe. The progress made by the
Baltimore and Ohio Railroad Company
has encouraged them TO believe that what
is possible in Baltimore is possible in Nor
folk: that what can be done through Bal
timore for the West, can be done through
Norfolk for the South. This is sound
logic. All that is needed TO secure this
result is TO exert what MIR. Garrett,
President of the Baltimore and Ohio
Railroad, has exerted-a little capital with
a wonderful deal of brains. Both can be
had in the South. Major Wicks and Gen.
Malone together represent corporations
whose influence and cooperation are
necessary. Ifthey are supported by the
communities which are to be benefited by
this direct trade, they can purchase and
put in a line of steamers in the trade be-
tween Norfolk and Europe, which,
freighted with cotton One way will return
by the other with emigrants, or such Eu-
ropean goods as are sslesble IN the South,
and for which we now have TO pay at ex-
orbitaut rates in consequences of the dues
and demands which go to support the
opulent importers and wholesale dealers
of New York. No project that has ever
been brought to the attention OF our peo-
nile is more feasible than this Of direct
trade with Europe. As We have shown,
Baltimore has proven il. Blu we have
the proof nearer to US, il, the success that
- ~ nUFNnTn
nv two OF our lines of r~ailroad-the Lou
isviue and Charieston-which give
+brouph bills Of lading TO the destinations
~ all shipments. Many e not most %
these shipments are made by parties who
are here resident rs the authorized ageRts
of European houses, who would gladly
avail themselves Of a complete reciprocity,
and return goods as they now do ex-
change. Besides the profits that WOnid
inure 10 us from direct trade, there are
others to follow as E result of direct COM
munieation with a people OF large surplus
capital. 10 whom the South is RoW a
sealed hook; or il known, onlys 70 through
presses and organs that are interested IN
our section being Subsidiary, as at pres
ent. to the North, and who therefore
shade the picture teey paint to suit them
selves. As we know it is not generally
as accurate as it should be to accord with
n truth. or to be in the interest OF the
people whom it would describe. We are
great believers in direct trade with Eu-
rope, and think, il established through
h port of Norfolk, il could be in a short
time made to pay as well as through Bal
timore, which now is beyond dispute a.
grand success.
As pertinent to the subject of direct
trade, we find an article in the Chicago
Republican which says that the PROPOSE
ton to extend the benefits of transpOrta-
ton Of foreign goods in bond, from the
seaboard 10 the interior ports OF the coun-
try, is gaining friends and strength wher-
ever il is investigated. AS the Republican
(which is strongly Radical in politics. re-
marks, there is no more danger of frauds
on the Revenue in forwarding a package
Of imported goods from New York to 81.
Louis, Chicago, Memphis or San Francis
co, than in Transporting the same package |
across the streets of that city; and it
would be as safely kept, until all dues
were paid, in a custOm-hOuse in any Of
these cities as on the ~seaboard. The pre-
n Of danger from this source IS simply
absurd. Extending the system Of bonded
warehouses might, indeed, reduce the
work Of the New York Cu~stOm-house, bat
it would be hard to lower its standard of
honesty. The benefits to the West and
the South from the change would be
many millions annually; while the con-
venience to the mercantile world would
be even greater than its profits. 1t is
hard to break through the rus of past
monopoly and exclusiveness in Eastern
commercial business, but the change
must come. The West and South have
grown too great to be put at a disadvan-
tsge in their business relations with the
world al large, or have their trade sifted
through the Yankee skinner. They will
insist on fair play and an even chance,
when it comes TO a question of financial
regulation, or custom-house legislation,
and Eastern politicians may a. well pre-
pare TO concede their demands.
We have had much to say touching the
condition Of the growing crop. As forth
flying our position, we select the follow
ing for publication, out Of many letters
thai have reached us:
COMO, Mss, June 20, 1870.
Editors appeal: In your last weekly
issue, she commercial editor counssls the
planter who stu holds his last years cot
ION. not 90 become panic-stricken al the
late decline in prices and sell at a sacrifice.
But we were surprised that you had so
little 70 say OF the recent disaster TO the
growing crop. Is it because YOU are not /
Informed Of the very imperfect stands
compared with that of former years?
The country and city press opened the
spring reports by heralding the finest
prospect for cotton and poorest for corn
Of any season since the WAT; and they
were Tor once correct; hut how is il thai
since these reports can truthfuliy
be reversed, we hear nothing favorable 10
the planters interest? /
You were correct ia saying that the
cotton crop on the first or June WIS the
best seen Tor many years. and you will be
doubly so if you will write that the cotton
prospect to-day is the poorest since the
war.
The series of cold nights and cold rains
within the last three weeks have pro-
duced the worm and lice TO an extent I'M
known before in North Mississippi. !
can show you large fields on which there
were bOuntltul stand two weeks ago that
today DOM contain as many live cotton
stalks on the same area as there are trees
on Court Square there are some fields,
indeed, that won't average n stalk in
the row TO the hundr yards. Other
plantations, it is true, are not so much
Injured. but ali nave suffered, and most
OF them severely. At a moderate esti-
mate, One-haif the cotton is dead. Some
large fields are plOwsd up aud planted in
corn, and some planters are planting over
in cotton to-day.
And yet in the face Of all this, hev are
harping on a four million crop, and bear
ing cotton now on market. Well, the
planter is not scared yet; he is now re-
signed 10 a snort crop, TO a very short
crop, because ia addition to the injury TO
the plant by the c0ld the lice and the worm, 4
De expects another plague that rivals
these. The indications now point 20 the
worm lust a. IL came in 1867, and this
points TO the g0al We all wish 20 regain,
that we may obtain thirty cents round for
the next crop.
The corn crop is excellent, and as we
made almost enough last year, despite
the drought, and having a larger area in
corn than last season, We may safely as
sert that about Como ali is right on the
corn question this season. W.
Editors Appeal: I notice hat you in
vite information from the various sections
Of the cOuntry As TO the prospects Of the
growing crops, and having recently
passed through a number of the counties
Of North Mississippi, to-wit; DeSoto, Pa
nols, Tallahatchie, YalObusha, Lafayette
n Marshall, with a view of obtaining
information on this subject, have no hesi-
tstion in saying that, with an experience
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