The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-08

the price OF cotton within the last year from
25 to Is cents. But 10 cents is considerably
higher than the ante-war prices. The real
question for the planters is whether they can
do better by raising other crops.
1t is not probable that they can; and even
if they could, it would be q short-sighted
policy to curtail the production of cotton. 1t
is important for the South to break down the
rivalry in India, Egypt and other quarters
of the globe which was created by the long
blockade of the Southern ports, and sus-
tanned after the close of the war by the
poverty, prostration. political troubles, and
industrial derangement of the South. This
competition can be destroyed only by lower
prices than have prevailed for several
years. One or two years of low prices will
not drive the foreign competitors out of the
field, but three or four years would do it in
fallibly. That great result would be worth
almost any temporary sacrifice, as it would
give the South a supremacy, and almost a
monopoly, in all the cotton markets of
the world. Our natural advantages of
soil and climate will enable the South easily
to maintain this supremacy when once it Is
re-established The South should consider
that the same motives which make it hesitate
and doubt whether it would not be better to
partially substitute other crops for cotton,
must operate with double force in India,
Egypt, and Brazil 1t is better that the
tries than in the United States. If the Anne
rican cotton-growers curtail their production
and thus keep up the price, the effect will be
the same as bounty to their rivals in other
countries. If production must be arrested,
let it be in other parts of the world.
The foreign competition would have been
extiDguished long ago had it not been for the
absurd policy of the Federal Government.
Congress, which protects some branches of
Amarican industrv bv hiob tariff ravaruad
the protective policy in relation to this great
interest by an excise of three cents pound
on cotton, equivalent to bounty of three
cents pound to the foreign growers Of that
staple; thus fostering and prolonging CON-
| petition which the interest of this country
required to be broken down as speedily as
possible. The South, exhausted by long
war, needed great influx of capital
| to set the wheels of industry in motion
and revive its prosperity; but the insane
radicals, by their confscation and re-
| construction laws, kept that section so
disturbed and unsettled that capital
could not flow in with any guarantee of Sc
curity The consequence is that it has taken
six years to regain what might easily have
been recovered in two. But the cotton cul-
ture having at length revived in its old pro-
portions, in spite of Federal oppression, it is
desirable that the falling off in production
should not be in the South, but in rival
countries. The South has a capacity to sup
ply the whole world with this important
staple, 3of better quality and at lower prices
than any other part of the world Commits
sioner Wells, competent authority, stated
in a recent letter that not more than three
per cent. of the Southern lands adapted to
cotton had ever been at any one time under
cultivation. We can therefore expand this
great industry thirty-fold and supply all the
markets of the world for centuries, when the
South has crushed its rivals.
The importance of this great branch oi
American industry cannot be overrated. Cot
ton is our chief article of export, and the mar
foundation Of our foreign commerce. We
must export something to pay for our imports
Our absurd tariff, which increases the cost OF
production, is fatal bar to the expectation
of manufactures. The expectation of grain
is limited and uncertain, depending on the
uncertain seasons and varying harvests oi
Europe. But cotton is an article of vast con
sumption and permanent demand, being tht
cheapest material for clothing the human
race. Russia and Poland can raise grain q,
cheaply as we can; but no country of Europe
can produce cotton at all, and no part of the
world can produce it of so good quality OF
at so cheap price as our Southern States
For this one commodity We are certain of
steady, vast, and remunerstive market which
can hardly be said of anything else which we
produce in large quantities. If our cottor
lands were given up to cereals, we shoulC
have a surplus of grain for which we coult
not find q market, and our whole agriculture
would languish. The extension of cottor
culture in the South is the most importan
requisite for the full prosperity of the West
as it would open large and stable market fo
Western grain of far greater value than tn,
fuctuating and uncertain markets of Europe
Western grain and pork are converted, 80 t.
speak, into cotton on the Southern planta
tlons; and in this new form they can Away
be exported with certainty of finding pur
chasers, whether European grain harvests ar
scant or abundant.
We are under q necessity of making expor
tations of some kind, not only to pay TO
the foreign goods we consume, but to NEE
our heavy Indebtedness to Europe. 1t i
estimated that the aggregate of our Euro
} pean debt, including Federal bonds, Stat
| bonds, railroad bonds and dues from mer
chants, amounts to not less than 81, SOC, 900,
600, on which the annual interest at six pc
3 cent. would be $50, 000, 900. The part of las
years cotton crop available for sxpol
3 tation is sufficient to meet this interest
and leave a surplus of nearly 800, 900, 90
3 towards paying fer our imports. There is n
8 way in which We could replace this grea
: resource, SO important to our foreign trade
3 1t is true that we made large importation
a during the suspension of cotton exports; bu
Q 1t was only by heavy expectation of bonds, @
Q In other words, by running deeply In debt
a 1t Is because we have exported SO little cotto
y within the last ten years that our indebted
:. ness to Europe has swelled to such colossi
n proportions. The expectation of cotton
l. our main reliance for extinguishing this va!
J., European debt.
e e. 4 III r