Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-03-24
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CAUSES T. 2EIa: DECnsgR - v&.C&s
Interesting Views and SpecuIations--Thr
Prospect OF Productions HI. os EsEyan
cIpati"n-- :. al rrIcss Advance - +"n"t
she English splnners ThInia t@"t 1t
The True Policy fog the I'!amIrTt.
The New York journal II Commerce
publishes the following Interesting and
carefully Prep1fei comnHnication. preface
ing it, however, witba distinct editorial
canton to the pnbli0/ aGainst piDniug its
faith too closely tofhe writer's theory, or
auv other tbeoryin regard to future prices:
To the Ediio,. q The journal Of Commerce.:
May ASH tie privilege of small place
in vour Columns to express somo views
uD0n = sobjeoo or importance, directly TO
y 10. &c number Of people ia this country
and indirectly 70 the civilized world This
request has not been sooner preferred
/ because the writer had no wish 10 he
classed among t1oss wno avail themselves
OF press privileges for purposes of private
gain. Dut as the price of cotton has now
nea rIy reached a minimum, neither of us
can be reasonably accused Of violating
! duty-1,t'n expressing, nor you, IN allow
! Ing your journal to become the vehicle Of
| uy opinions.
The very gradual decline in cotton since
! the opening Of the present season is due
primer paljy 10 the readiness shown bv
English shippers to take ID freely ut the
prices current from day to day. It is also
partially due to q peculiar condition of
affairs among ourselves, and tho conflict
Of opinion arising therefrom. Early in
the seas0n operators here arrayed them
| az int turn oYtI q 4
these wGo. through interest or conviction,
or both, operated for u rise ia prices, or
Tor 4 steady naI ket at figures ren1nerative
/ to the planters. On the other were the
purely speculative, those who, having no
relations with planters, bought an& sold
GA their own acoUunt. And rs Il rule the
latter have believed III a GecliLiDe market,
aud operated accordingly. Wo. all know
now to whom the victory belongs, but tho
ground has been fought inch by inch. and
planters certainly have no just grounds Of
complaint against those to whom their in
tere6tS wore lntrusted. The decline has
been by sixteenths aud eighths now and
again steady market, aud 1Ome;imeg even
rally. And during this time the planters
have availcd themselves Of the oDpottu-
nifty of pushing off their crops al rcmu-
ncra i've prices-a8 the receipts to date will
abundantiy show.
Now that the result is NJ longer doubt
ful, it well beLUovcB rs t. tako u alance at
he situation, and endeavOr to mark ont a
wise course for the future.
That cheap cotton is great desidcra.
tum to the civilized world at larze. Derhal 8
no one will deny aDd that the workings
of Providence and n 4ture is IN he direc-
ton Of increasing the c)mfo1ts OF mankind.
has come To be d maxim among econo.
miss. That those who in this country.
tl,.a I
should endeaVor to impair the bounty of
Nature, by crampln8 production, is, 30 say
the leust OF It-nnOmalous. Yet we find
many VITO advise such q course
line late ciVll war crippled pro lnc-
ton, that prices had advanced o1t OF eli
reason and capital ana labor, temp ed by
the pr aspectlve reward, were largely di-
vert 10 Increasing production. Now,
thai production has reached, il not *
caeded, ali previous limits, and prices
nave gone bac> to unte-beHum figures
1t becomes us to inquire abouy th future.
Many say that production this wear will
be cont acted by aeVgcal cau-es; by tie
action Oh the planters, WEO will devo G
more attention to food raising; by he
want OF means t. buy guauO, nlnios i'm
PIGMENTS, PORK, &c, through tho uuwili-
lngne5s of capa allst- 10 make advances;
by the weather, which they say calnot
years, &c, dc. They therefore n4tter
themselves that orr crop this year will fall
below 5000, 600 bales, and that conse.
quentIy we may look for re Urn to much |
higher prices than are now prevailing
There Is much force in all this; but I |
have serious doubts about the correctness
OF some of the premises; and know that !
the conclusion, even If q correct one, III |
not desirable. The history of cotton pro- |
duction for the few years previous TO the |
war is full of valuable information on this |
point. Cotton planters did then what they |
are likely to do again, they proved that I
they possessed o trait common to all human |
natnre-when the price per pound was re-
duced they increased the number of the |
pounds.
And in this connection, permit me to re- |
mark that the real test Of the character of |
the negroes--slaves no longer-is now
about to be applied. Before the war. the |
white owner OF both negroes and planta
ton was the judge of the measure Of econ.
omy allowed by the income from his cror |
He regulated not only his own exnensna'
but those of his negroes, and their honrs I
or labor. Since the war, the negroes have /
been able, by half work, to earn full sub
slstence. The high price of cotton enabled
them 70 obtain better returns for the same
amount of labor than perhaps any other
peasantry in the world. AS a consequences
We have found them very active in poll |,
lcs; "s'cieties of all kinds were nu-
nerous in each district the half grown
boys and girls divided their time between
hn h Ill L.