The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-11-20
COLUMBIA, : s. G.,
Friday Morning. November 90, 1874.
Ths Cotton Prospsct-Bettsr Mako Logs
OF Ee.

Messrs. Norton, Slaughter & Co.,
Of Al Broad street. New York, have
issued circular letter upon the cotton
prospect in which they say that the
market has touched point 30 low that
> reaction towards stronger tone and
higher prices is daily looked for. Cot.
ion which rules now at l4k ssosnts. is
really cheaper than it was at this time
last year at 1914 cents. owing to the
difference in the financial situation
and its concomitants. At this date
last year. gold was 1.06H and sterling
exchange 1.03, while ocean freights
were Sd. and money worth from 1s
80 1 per cent. per day on call. To-day
gold is 1.l05s. sterling 1.O9, freights
dull at Ad., and money abundant at
2 to 8 per cent. per annum on call.
Then the prospect was of crop OF
over 1000, 600, and now many place it
at a considerably lower figure. This
asm, basing its opinion upon the sta
tistios OF the Agricultural Bureau, all
the cotton exchanges of the South and
private letters and kilograms. estimates
the crop at the highest at $3.50. 600
bales. They conclude from these data,
and from decrease in probable
supplies from other countries,
and deficit of l5O. 900 or 200, 900
bales for waste by reason of the short
and defective staple. that prices will
advance in ratio equally as large as
That of last spring and summer. The
ability OF consumers to take cotton
goods, who are getting as much for
their labor now as then, and with de-
creased expense Of living. is even
greater now than year ago. All the
sIgns OF the times indicate renewed
activity in business by spring, and
capital, which hos been so long idle,
will then be eager for investment. All
shese things considered, they can con-
eeive OF no ventures which promise
such profitable results as cotton at
preeent prices, for future delivery.
The earlier maturity of this crop and
the fne weather for gathering it, has
forced the cotton into the ports where
planters can hold under advances, sell
or ship abroad. as they please or as
aheir necessities dictate. This ac-
eounts for the large and excessive re-
eeipts this year at 30 early day. and
betokens corresponding early falling
off. They add, that they observe al
ready symptoms of improvement in
trade, as evidenced by the freer move
nent of goods in the manufacturing
districts. Their conclusion is, and
they advise their correspondents ac-
cordingly, that purchases made for the
spring months at about present prices
will pay handsome profit.
II they will pay tho speoulators in
cotton. they will also pay the pro.
ducers. IT. dealer can buy. hold and
realize profit. so will there be profit
to the farmer, who, either at home or
in warehouses;, stores and insares his
crop. We shall be glad to see the day
arrive when the cotton raiser shall get
the full value OF his labor, when he
shali contFc! the crop instead G: being
hmself, with. it, controlled by the
moneyed man and the speoulator. In
our climate. 80 we'll adapted for
great variety OF products, including
every kind OF fruit. cereal and vegeta-
Bile, the cotton planter or farmer ought
to become independent, go to speak. of
his cotton crop. he should address him
self to raise everything he leeds, orc
sell at profit, in the line of food for
man and beast, and consider his cotton
sYeserve crop. to be held or parted
with according to circumstances. As
things are he cannot hold. The cotton
has to go to purchase supplies and
clothing which he can raise at small
cost, aud which. il raised, would con-
tribute largely to mis- comfort and in.
dependence. In consequence of this
suicidal policy, he is compelled to cell
cotton as now at. say, 18 or IA cents,