Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-03-30
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS. March %, 1871.

COTTON CULTURE N TIE SOUTH.
The New York DemocrGt ssysths owe
msnts Of cotton since the commencement
of the current year present some unlocked
for results. During the FIRST six n
Of the cotton year commencing heptem-
Der 1. 1870, the receipts are almost up 20
the entire WELD Of last years crop. On
the l7th Of March, 1871, the receipts st all
the ports amounted to 3,153,5l7 bales,
sesinst 2.3l3.S72 bales for the correspond
Ing period last year. This shows an eN-
cess OF s59.6i5 bales In the receipts, and
points cOuclusively TO a cotton yield that
Is even larger than the highest estimates
st the commencement Of the cotton year.
There is now very little doubt that the
cotton crop OF 1869 90 viii amount 70 az
least 4.2l0 OGO bales. The crop OF the pre-
csding year was3 ll4 coo, and was regarded
a. The msNimum of production OF Whlch
the South w88 Csptble under me present
system of lzb1r. Yet here we nnd an M
crease OF 1000 900 bales, or 80 per cent.
over last wears products. In effect, the
cotton crop OF last year was only 4OO,OoJ
bales less tuan tho largest crop ever pro-
ducsE in tho south. The crop OF lo5S-O0,
Ia wear preceding the war, was dnprece-
denied. It amounted % 1927 bales.
In effect. last years crop WIS IN excess OF
the average visld-3,300,Oo 900 bales a year
during the ten years preceding the war,
and fails very little short Of the highest
crop ever known ia the South.
This result is all the more surprising in
view OF the difficulties attending South
eru industry. six or eight months ago IL
was doubted whether last years crop
would come up % the crop OF lS5o-69, and
E.fE la5er it was considered that we might
have q crop OF s .500, 900 bsles. But the
economist last fall commended that the
crop would eNcsed 100000 bsles, and the
facts now prove the correctness OF this
view. We based % opinions on facts
r4r-fuIy cleaned from all parts of the
south. We showed that fertilizers and
fmur1ved machinery we're coming into
operation 20 an extent never before
known. We also showed that the enc
isnev OF the labor market was less than
WAS supposed, IN consequence or The
steady movement OF the negroes from
Virginia. the Csroliuas, tennessee Ken
rurEv. and other border states, 10 she
rieb cotton districts in the Gulf States.
Fr.m these and other obvious facts we
da3ura1 the conclusion that the cotton
crop would fall very little, If sny, below
the products OF the most prosperous
Yea and would be largely in excess OF
the preceding year. Inc result cohnfHs
che accuracy OF our estimates.
Tne reduction OF price operates as a
rart-us drawback 20 the profits OF the
S1utEern planters, A year ago cotton
Was selling at p cents per pound. IL o
hardly commands % cents per pound
and the planters can scarcely realize more
than II OF j. cents per pound lor Lnelr
IarCr. This Is s reduction OF 40 per cent
I- very nearly Cue-half, as compared with
1ssr wear. Tie planters are naturally dis
aDn5iutrf. Those who had drawn largely
81 condemnation of high prices for the
etspLe. now ind that their shipments VIII
rsfI 90 cover their obligations. But
rba commission merchants in The
n-nhah1U the heaviest
s-a.rzrz. They anticipated higher prices
arT Looked for an sCtive trade In the eX-
..sargs of commodities to supply the
wants Of rhe planters snd their lsbOrers.
Now Gil parties are forced 10 ec0nOmlzsi
and Id the planters do not realize B loss
they may b6 regarded as IN
THE point, however. the indications are
favorable. There is no reason TO believe
tina. the cost OF production, including
Ginning and shipment exceeded IL cents
ner pound. But there is no margin for
n-1fr. and there can hardly be any prohJ
realized on the capital invested.
The trouble appears 20 be that the
D7errz-g are Obliged TO sell their crops at
Greatly reduced rates, although they paid
ne Old prices for labor and al the necss-
a.-faz gf production This points TO the
-arazzftv OF "a re-E0justmeut Of wages and
rTrrs The south, like the West, now
demands specie payments Is g CONNER
E"L. ann. .L.M.NHHa al AAAaaaAAN Az 1880
atoms of the currency are d serious injury
10 am classes. and TO none more than the
me- fact that the cotton crop is now the
third largest ever known ulspels va
rious ~prfiudiCss respecting the produc-
ton of this staple. IL not only proves
that cotton can he produced more cReaply
bv tree than by slave labor, but Is ais)
Doints 10 q development Of this lnduJrys
that was almost Impossible under the Old
system. To was regarded that no advance
on the crop OF 1915, 20 bales In ls5s-ol
was possible without an increase OF the
area OF slave or cotton territory. But we
now find tina the cotton sr5a has been re-
dcleu nearly Oue-thlrd-th6 bulk OF pro-
fueti1u being now confined to the Gull
-tata9-wlil6 the production Is very
nearly uD 60 the highest point ever
Known. Indeed, Che fact is apparent that
Inc present reduced grsa Of territory q
equal la she production OF crop three or
even four times larger than that or last
wear. and without eXhausting the soil,
Ferv large area of the cotton lands
# the south still remain 20 be brought
1er cultivation. So far, cultivation
'zUsGded 20 q considerable extent
--- re facilities OF transportation
sion Of the railroad system
r -.l fwDrovemant Of river navigation
l T.r54Iv inc, 'sass the area OF cotton
lands. Internal improvements could %
-T..zH i'm Texas which would lncfeas'
th- PRODUCTION OF cotton IourIoIu IN Z
few wears. and soon enable 1t 70 equa
me product OF last years crop IN Jn'
entire South. Indeed, there Is reason .
believe tlar the South will cultivate COT
t8a b. an extent never before known ano
rbetI last wears crOp,the third largest eve
Gathered. viii ID be doubled or treoled
THE supply or cotton has neVe.
Vet been equal to the ordinary
demgud. IL Is estimated that IN
natural increase Of consumption amOunL
10 IUII.uu0 bales a year. or course, tn
steady production OF the staplBuo TINS sA
TENT would bring down the price. But 81
economic production under free LABOR an
improved cultivation would admit OF
large reduction, sud still afford a prem
lTrs production OF cotton in the South .
even fJur OF five cents a pound-and
may come 20 this at last-would probaDl
be more profitable than the cultivation {
wheat m tI6 Northwest az eighty cents
lusna..
The Immediate effect Of the large e1
u8rfs begins 20 excite attention In Ems
land. Is past effect has been an increas
OF consumption 90 the maElmuHi. BIT
the absence OF continental demand leave
"a large surplus on tho Market and d
some time 10 come holders viii be CON
PEELED 90 carry heavy stocks.