New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-10

purchasers OF COMMODITIES 8nQ 10Dr1C6
which we should grow and manufacture,
the whole suggestion of immediate resumP-
ton is utOpian, and all the measures look
ing to it have been destructive to the bust
ness interests of the country. and Gull
minated in the crisis of last fall. Before
we can return to specie payments it is nee
essary to do something else than contract
the paper circulation of the country. We
have to accumulate gold and silver in the
country by increasing our exports and
diminishing our imports. This is the key
to financial health and specie resumption.
From 1916 to 1866 Great Britain added to
her then already large accumulation of
specie currency an average of SIS, OOO,O 600 a
year. From 1898 to 1866 France increased
her supply of the precious metals at year
ly average of very little less than the same
amount. The United States, unlike these
old countries, beginning with but little, be-
gan to increase her scanty store of metallic
currency in 1892, and has averaged tor the
same period about $ll 100000 annually.
And it is noteworthy fact that after the
Napoleonic war England returned to specie
payments with great caution; and notwith.
standing she increased her great hoard, the
accumulation continuing at the rate of
$4,000 900 annually, she did not resume the
specie standard of value until her exports
equaled her imports; meanwhile funding
her vast debt at home, in which she set us
an example we could have followed with
profit. The coin used for circulation is es-
timated at about $4O0, DOC, 900; that Of France
at about $3.50, 900, 900; our own accumulation
in sight does not equal quite 100000, 900.
From 1861 to 1869, inclusive, the Califor-
MIA production of gold is estimated at
ssh, 100000. Adopting the calculation
fixed by high commercial authority, of
$50, 100000 as the product from all other
sources, we have the aggregate production
of gold and silver for this period OF nine
years at $574, 100000. The imports of trea-
sure for this time is set down at Sl48, 600
900; making an aggregate of S723, 400, 900.
During this period our exports of treasure
amounted to $500. 900. This difference
between our production and imports of
treasure and our exports of it amounts to
$2O3, 100000. The official statements of the
deposits of this gold and silver account for
not quite $l6O,O0O,0O0 remaining in the
country. The impression ia the discrepancy
of treasure, amounting to over $i3, 900 900,
has taken some other shape than coin.
have given these statistics to show the
scarcity OF the precious metals with us in
comparison with the older countries of the
world, and to show the vast Importance, in
a financial point of view, of increasing our
supply of metallic treasure; which is only
to be done, repeat, by lessening our i'm
ports and increasing our exports. General
Humphreys, in his able report on the Mis-
sissippi levees, shows that an efficient sys-
tenn of protection would bring into safe
cultivation 9, SOC, 900 acres of sugar land and
900, 900 acres of cotton land. This sugar
belt in 1860 made 449, 900 hogsheads, or
225, 900 tons of sugar. In 1865 the sugar
consumed in this country is thus given:
Foreign sugar, 345, 809 tons: the ONE crops
Of cane sugar, 5000 tons; maple sugar at 5000
tons; and sugar from molasses at reineries,
% 800 tons. We may safely assume that
the sugar imported amounts to $50, 900 tons.
This, including duty, would sell at present
prices for nearly $60,00O,00O gold value;
while the molasses imported would amount
to about $ll 100000 gold.
The State of Louisiana before the war
produced, repeat, nearly 100000 hogs
heads, or 225 900 tons. Estimating the total
annual consumption of the United States as
stated, it would appear that the sugar re-
gion Of Louisiana is capable of producing
about forty per cent of the sugars consum-
ed in the country on the basis Of its produc-
ton in 1860, thus saving annually to the
nation at least $24, 100000 Of gold year.
Of the 2.5O0,000 acres Of sugar lands not
more than twenty per cent have ever been
put in cultivation, leaving an undevel-
Oped territory capable when brought into
cultivation of producing all the sugar
needed for the consumption of the country,
saving over 10000 900 of gold annually.
In regard to cotton the case is still
stronger. General Humphreys estimates
that 100000 acres of the best cotton soil
IN the world would be brought into safe
cultivation by an efficient system of pro-
1uction. This land without manure is ca.
Dable of producing from one to two bales |
IF cotton to the acre. To give some idea |
If the productive capacity of this rich al
uvion, would give few statistics from |
The census of 1861 In that year in the |
fazoo delta there were in cultivation about |
l28, 900 acres of the 100000 that compose |
t, which produced 3l3 900 bales of cotton |
md 100000 bushels of corn, besides a |
,reat variety of other products and stock |
louisiana, Carroll, COncordia, Madison,
md Tensas, situated opposite the Yazoo
'asin. made the same year over $4,000 |
,ales of cotton : and corn for the extrava-
rant consumption of their people.
These two facts from the census will give |
'ou, Mr.. Speaker some idea of the bound |
ess productive capacity and possibilities Of
his splendid region which it is proposed to
eclaim and make useful for other pur-
'oses than the sport of the reptile and the
lligator.
Ever since the war, and the famine prices
7hich the failure of the American supply
erprise have been directed to opening new
elds of cotton production. As early as
662 we find the Cotton Supply Association,
f Manchester, sending deputation to the
'Orld's fair to meet the commissioners of
hirty different localities in the world who
ad brought with them specimens of raw
otton to the exhibition. In 1861 Lord
|alhOusie inaugurated the railway system
India, costing over $i50,0OO 900, the OBJ
'ct being to reach new climates and cotton
elds in India. In every way in their
over the nations of the Old World are
,imulating cotton production with a view
relieving their dependence on the
merican grown staple.
Shall we do nothing to preserve what
ley are striving to wrest from us, namely, |
tactical monopoly of the cotton plant!
We quote from the speech of Senator
lcorn, of Mississippi, delivered in the
Orty second Congress in 1879: Il
A great combination has been operating
II ten years against our supremacy in raw
)ttOn. The governments of Europe are all
arties to that combination, and, under the |
of the Manchester Cotton Sup
~ Association, have made the diffusion of
,ttOn industry subject of diplomatic &C
on and of domestic policy. France has
'ught to stimulate the culture of cotton in |
lgeria by bonuses; Austria has made the {
tempt in her Adriatic provinces by sys-
N of premiums; Turkey has stimulated
lie production by offers of liberal land ,
'nures to European planters; Italy has
lrveyed, mapped, intersected with roads,
veral millions Of acres of her southern
rritOry, with the view Of bringing back
,r culture of the staple, under Ithe encour-
cement of liberal grants Of land; and
ngiand, in order to stimulate the produc-
on in Central India, has, in addition to the
stribution to the Hindoo farmers of seed,
ols, and information on the subject, given
le cotton fields of India access to the sea
,ard by railroad, at cost of $3.50, 100000.
"Thirty-six States were represented at a