The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-06-22
THE COTTON CONUNDRUM.
A BULLIsH HIEW OF TIE SITUATION.

Il BULLISH YIEW OF TIE SITUATION.
The Supply and Demand-No Decrease
in Consumptton-Prospe Prices.
Mr.. E. 4. Donnell, of New York, In his cot
ton circular dated June II, says:
find that the views set forth In my two
last circulars are almost Identical in opinions,
and In statistical statements with those that
are now being received from Liverpool and
London, not only In circulars, but Id private
letters. Our own market has been in q very
peculiar condition during the whole week.
The condition may be described as nightmare;
people saw things wrong side up. All the
natural laws, including gravitatiOn, seemed to
be suspended, and men walked upon their
heads. The air was iull of rumors. 1t ia not
often alIude to such things, but sometimes It.
cannot be avoided. Rum0rs, even when en-
tlrey false, are sometimes, when regarded IN
The light OF their consequence, the gravest of
facts.
1t Is again reported that there Ia a gigantic
clique, most wonderful creature. 1t Is said
that 1t owns all the money In the United
States, and that nobody else can receive and
pay for any cotton but themselves. II Is even
believed that II every man In New York knew
cotton to be worth 80 or 35 cents per pound,
yet the money could not be found to receive
and store 1t without first selling 1t to this re-
price, say "a or rs cents. This gigantic shadow
has dominated the whole exchange, like the
celebrated spectre of the Harts Mountain; and
men have watched and trembled at Its move
ments, all the lime trying 10 divine it's purpose,
as the superslitlous Germans of the twelfth
century watched for that shadowy offspring Of
their superslili0us feare.
know not If these rumors be fact or fiction;
l will treat them as the latter. Let US see
how the case stands In the light OF common
sense.
ALI European authorities worthy of the name
agree In stating as fact that, If the present
rate OF consumption should. continue, not only
would there be no American cotton LETT lor
stock, but there would be several weeks with
out one bale to be had at any price. They also
agree substantially In stating That nothing but
considerable advance IN price will reduce
consumption. The supply of American cotton
to Liverpool from this time forward, inclua-
Ing shipments, cleared up to the 22d Seplem-
ber, during the present and past two Seasons,
compares as follows: 1870, 700, 900 bales; 1871,
900, 900; this season, provided we ship 10 Liv-
erpuol $4,000 bales more from this crop, 47O,-
900 bales. II We ship $4,000 to Liverpool and
none to the continent,.we will have In this
country, including $4,000 10 be received, 1885,
900 bales Of all sorts, with the moral certainty
that our spinners must take every bale OF II,
and an almost equal certainty that Liverpool
will, during the season, reach parity with 27
cents lOr our low mlddlng In this market.
To say that our best merchants, our ''solld
men," Of The most mature judgment and ex-
perience, would fing from them, In view OF
all these facts, Ten, or twenty, or thirty thous-
and bales Of cotton, at, say 26 cents, for the
mere chance Of getting 1t back again at rs
cents, is to suppose them babies, or to suppose
that they considered all other people babies.
To talk about thirty cents as high for cotton
under the circumstances have stated Is non
sense. The trade will soon discover that 1t
will require the best kind of crop accounts to
keep the market down In the neigbborhOod Of
thirty cents. II, unfortunately, the public
should arrive at the conclusion That the grow.
Ing crop cannot exceed four millions and
might fall as low as three aud hGlf millions,
and general trade remain as good as now, the
new cotton would be worth thirty cents, and
the present crop probably great deal more.
Let It never be forgotten that in the past three
years the active cotton manufacturing machin-
cry of the world has Increased one-third;
while the cotton production Of the world has
not Increased more than one-sixLh. Most I'm
portant OF all: up to the latest dates tle traoe
demand for goods Is fully equal to the produc-
ton. feel fully justified in stating that IYs He
astaip- a-naur- -prp-ofiha -cottan- -lEada-2ntfi7Se
as low as in 1867 and 10 1871. 1t Is utterly i'm.
possible for tnls country alone to Increase It's
production fast enough, while there is no
aggregate increase elsewhere. The crops OF
India have been decreasing steadily since
1866; and even the present price is not suff'
Client to stimulate production there.
1.-THE mysterious is always the feared" That
Is the reason people fear what they call q
.'clique." Ii people could only see and under
stand all the doings In such concerns they
would find among them as much distraction,
doubt and self.distrust as elsewhere. A multi
tude OF counsellors does not always bring
saf.ty-unless It be that sort OF cowatdly safety
that is found In shifting responsibility.
The gentlemen who are generally supposed
to belong to this so.called ''clique" are not the
kind OF men 10 be 80 spoiled by one seasons
success as to imagine they can turn back the
currents of natural law. They are not the
men we would expect to see deposit their gun
powder between the rails on railroad track
in order TO find the pile Increased by the fallen
cinders alter the train has passed
The Crop Prospect.
The Macon Telegraph says: "While 1t is
too early to form any calculations upon data
az to the result of the next cotton crop, IL is
evident that the outside world are gradua-
ting anticipatlons at least fully up to the crop
of ls70-'7I, say 1885,, ,3l7 bales. An equal area
OF land planted IN cotton Is claimed; but on
the 9th er hand the crop Is two or three weeks
behInd-the stand ia not 80 good-the amount
of fertilizers used is much reduced from 1870,
and It Is q sanguine man who will count upon
such a season for growing and gathering as
the cotton States had universally In the fall
of 1870. It will be great good luck which
will bring ls crop Of four million bales, as
the product of ls72-not safe 10 anticipate by
any means. But we shall sse what we snail
see."