Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-05-11
THE POSITION OF COTTON.
Favorable Prospects OF the sOuth's
Only Cash CrOP-HOw Long VIII the
WOrld's Present Supply Hold Outs
United States Economist, May 8.

1913 " -
WOrIu's Present Supply Hold Outs
United States Economist, Mays.
The reports of the growing cotto1
crop as cleaned from our exchanges Il
all parts Of the South show that tn,
new crop is now In a favorable condi.
ton, and promises well. The planting
season is generally over, and IN some
| States-as in partso If Texas, Louisiana
Alabama and Mississippi-the staple
is above ground. But the bulk of The
product is still, fortunately, under
ground, a fact which explains its es.
cape from injury from the extreme and
~protracted cold weather which we re.
Gently experienced. TIE crop, how.
ever, is about a week or ten days be-
hind the usual progress at this season
of the year, owing to the cold weather.
That the crop has been planted with
out any special drawback is a matter
of congratulation. A year ago the in
undation of the Mississippi river laid
a large portion of the cotton area
under water, and compelled the re-
planting Of the staple under circum-
stances of the greatest Encouragement.
So far the country has been prOviden-
TALLY exempt from any calamity of
this kind.
We have no data as to the proportion
Of land devoted to the cultivation of
cotton this year, but the indications are
that 1t will not be less than that of last
year. Indeed, there are many reasons
why this should be 80. Cotton is still
the most profitable crop that can be
raised In the South. 1t is moreover the
only cash crop. Every bale of cotton
represents a hundred or more dollars
in somebody's pocket. Now, money is
the last thing that people like to part
with, and although the planters may
realize from experience the necessity of
more diversified crops and of raising a
larger proportion of corn, yet they will,
and indeed do, c0ntrive to keep up the
usual quantity of cotton.
But it is something that our great
crop SHOULD thus have passed through
its first and earliest stage. As yet,
however, 1t mus pass through many
yicissitudes. 1t is the most doubtful
and -precarious of all crops, and re-
quires for its development a larger
number of contingencies than any
other crop. 1t is this that renders il
desirable for planters to diversity their
products, and not venture the labor and
tie hopes of a year on a staple which
liable to so many vicissitudes. a
planter should no more venture his all
on this single crop than a merchant
should risk his whole fortune on a sin
gle ship or bank.
The South is now In a more favor
able condition than it has been in since
the close of the war for developing its
full resources. For the first time IN
many years it has achieved the right of
local and State elf-government, and
this fact alone cannot but exercise a
favorable influence in attracting out
side capital. The freedmen, too, gen.
orally work well, and are more reliable,
no complaints of them being received
from any quarter.
Most important interests depend on
4 large cotton crop In the South this
gear. The demands of the world for
consumption begin to fall short Of the
1t now begins to be question
able whether the amount of cotton in
hand viii suffice for the supply Of the
home and the usual demands of the |
market, before the new crop
becomes available. The fact is appa-
rent that the cotton usually regarded
Is a reserve is now passing into the
hands Of home consumers. Virtually
We have only a stock of half a million
1ales to supply the requirements Of the
home market, and the demands for ex-
)~OrtatiOn for the next four months.
The conditions Of the American cot
on market would be much more seri-
,us if it were not for the reduced con-
.umption IN England, owing to the re-
luction OF the hours Of labor and the
Of trade. If England were to
Ompete IN American markets for her
Usual supply Of cotton, 1t is evident
hat there would be a considerable ad-
-ance In present prices. But the
consumption in England is
ounterbalauced by a largely increased
consumption in France and on the
Continent. According to the most re.
statistics there is a deficiency of
5000 bales in the total stock of cotton
n Europe compared with the same
,eriOd last year.