Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-05-01
REVIEW

hated, and there was a cold change.
with Ice III some localities, no doubt
seriously lniuring early and fender
vegetation. The continued rains have
retarded farm work, and planting will
be thrown back in consequence The
general reports from the interior up to
this time Indicate the planting of a
much larger surface in grain aud the
dlmlnution of the cotton area. This
pol1cy Will no doubt be largely carried
out III the planting..of the coming crop
The following extracts from late news
papers will show the policy to be pur-
sued:
The Macon (Ga.) Journal and Mes
sengcr says: 'Un1oubtedly there will
be heavy diminution in the cotton
area planted this spring. One OF the
correspondents Of the Agricultural
bureau tells us that he shall report for
lWigSS county dimlnutIon OF IRON ii
QUARTER to IL third. Nearly all the
planters III that county report one
third III cotton and two-thirds in gran:
instead OF vice versa. which was the
ALMOST universal condition there last
year Few planters, out OF d1bt or
otherwise able to hold any portion Of
the cotton crop, wl!i be wiling to
sell unuor existing conditions, the be-
OF farming operations resulting from
pecuilary embarrassment, the action
oi the Gfungers for universal diminti-
. ton OF the cotton area, and the compa-
t:siINoiy small investment III fertilizers,
! mist result III a light crop neXt year,
and corresponding Increase III prIce."
The Columbus. Ga, Inquirer says:
IT : now settled pretty de1Initely that
TINS section has oewed abont 100, 900
bushels OF oats, ALMOST double last
vars amount. Inc average III wheat
- mitch more than that OF 1873. Far
mers are preparing to plant ut least
! thfiy per lit. more corn, aud use |
htty [, seventy i've per cet.;. .ess OF
CON. ca t..itt.~.'
! mr j. 'tl.,t"Gi,4 Cotton Boil, OF Tie |
-ith, oaTs: 'Gutto.l viii te planted in /
this aiIu adjoining parishes pretty ex-
! tbs. v,-,N, ttiE VIII DE made the sur /
! pIua cog, n-seitd OF the principal one |
Us hlTciu.,.. Inc cotton lands are now
/ being prepared, and the work Of plant
ing VIII coEImence about the last OF |
! tins month. Corn Will be the crop of |
Attakapas this season, and the result
! VIII be that our planters will find them
! selves IN a better condition next year
/ They, as a general thing, have learned,
+ and from sad experience, too, that it is
/ folly to sell cotton and buy corn
COMMERCIAL EPIrOME-iie,l-
crai trade las been unusually GIiet
during the past week biG5 the markets
EXHIBIT 10 important changes, prices,
| rs Il rule, remaining steady at previous
figures, though in some OF tie l..pdIug
staples there IS an improved feeling
Ile interest IL monetary circle, has
conferred during the week III tie 1luan-
ciai bill which las lately been vetoed
by President Grant. For some time
past it has been the general belief OF
tie Southern people that President
Grant would sign tie bill and the pub
lie mind lad settled down to that be
lief Int rs the course which he
pursued Was SO entirely different
from the voice Of the people in the
South and West they were not pr. par
ed f3r tie veto. Some of the leading
jOui uaIs o SO far as to say "that III
tire future history Ct tins country
Grant viii be more commended for
tbs act than any other Of his president
tai term" Perhaps it is well for
~: tbern Journals to So write, but
" lat is said i'll their columns do not
represent the entire people OF this
country. The South and the West /
II - known desired tie passage Of this
bid ana to-day they must suffer the
consequences, because the Northern
capitalists who hold the large portion
oil the Government bonds have so far
bought or Influenced Grant as to have
his veto Of the bill. We Of the South
must feel the weight OF the capitalists.
On the general financial situation the
New York Commercial List says:
Trade has been even slower this
week than last, owing to the stormy
weather and backwardness of the sea-
SOC. t IS estimated by careful OBJ
server i'll the mercantile ranks that
the Gregate Of business this Spring
falls from % to 30 per cent below the
average Of prosperous seasons, and
there IS reason to believe that a si1nI-
lar percentage of decrease holds good
throughout the country. 1t is hardly
necessary TO say that this hating con
,I.t.on OF trade IS mainly IL consequence
OF the impairment of confidence aud
credit by the reyulsion of last Autumn,
and the subsequent suspense III regard
to the final issue OF the currency Gues-
ton, though the depressed condition
OF commerce in the leading countries
OF Europe has not been without infiu-
| eEce. Contrary to the belief that had
! become current i'll the press, and,
! therefore, III business circles, the
! President has vetoed the currency bill
| recently passed by both Houses of
! Congress. His reasons for disapprov-
ing the bill are briefly but distinctly
stated. Initiation, in his opinion, would
be departure from the true princi-
pies OF finance, national interest,
national obligations to Gre ditOrs, Con-
gressional promises and party pledges
on the part of both political parties"
| and contrary to the promises he has
made in his messages to Congress, and
to the views he has heretofore express
ed and still entertains. Congress has
pledged the faith of the nation that
| the currency shall be redeemed in
| coin, and he believes that this may
soon be DONE He is in favor of free
banking, and the placing of the Gov
| eminent in q Condition to redeem it's
notes in coin; bnt preliminary to this
...,., .4...-, -, al Increase Of the reve- |
nues to provide for current expenses |
! and create sinking fund as required |
by law. He calls attention to the fact |
| that the Southern and Western States |
are already entitled to more banking |
capital than they take advantage of, |
and suggests that when they avail |
| themselves of this, and specie pay
ments are in process of restoration. if |
will be early enough to consider the |
question OF more currency. In view !
of this turn of affairs, it is not unrea-
sonable to look for gradual restora-
ton of confidence and a revival OF
commerce and industry, which have
been so long in languishing condi-
ton, for, though further fnanci Il leg
islation will follow, initiation may be
regarded as out CT the question.
The naval store business of the week
shows very material increase in the
export movement. The exports for the
week, foreign and dolHc,t.c we're d.
2S1 bbls rosln, 2, 131 casks spirits tur
pentine and 578 bales cotton, against
is, 90 bbls rosin, 1,6S9 casks spirits
turpentine and 1857 bales of cotton for
last week. Of the above the larger