Savannah morning news. [volume] (Savannah) 1868-1887, 1881-03-17
The Double standard and Cotton.

The last Monthly Circular of Smith.
Edwards & Co, Liverpool, has the fol-
lowing remarks on the cotton trade and
its dependence on the adoption of the dou.
bic standard:
The prospects of cur market are largely
bound up with the above considerations,
and cannot be treated apart from the sill
yer question. Should the conference in
Paris succeed in whole or part, we think
the improved prospects of trade would
go far TO countervail the extra supply of
the raw material; but if it fails, we
should say that it will be difficult to rally
our market in face of the ample supply
that seems to be in store for US. Crop
estimates have risen during the past
month at least $50, 600 bales, and the ia
vorite idea in America is now six to six
and Quarter millions. This will appa-
rently give a maximum stock of one
million bales in Liverpool, and carry US
through the autumn with much larger
supply than last year. Indeed, we seem
at last to have got fairly into the region
of plenty, and, unless some very unfore-
seen thing occurs, we shall hear no more
of cotton famines for many a year to
come.
America has surpassed all expectations
of her producing power, and it is evil
dent that If the last season had been fa-
vorahle throughout. the yield would
have been overwhelming. We were in
terestad and rather surprised to learn by
the recent census in America that the
black population of the Southern States
had increased from 4, 900, 600 in 1860 to
5000, 900 in 1880, say 40 per cent. In
the years before the war it was consider
ed that the increase of the cotton crop
about kept pace with the increase of ne
groes. The largest crop made before the
war was that of 1659-60, viz, 1900, 900
bales, and 40 per cent upon that figure
would bring the present crop to
6,720,O00 bales, and had the past sea
son been as fine as 1859-60, we believe
it would have reached this gigantic fig
ure. But not merely have the colored
population of the South increased so
much, but the white people have also
greatly increased, and are working much
harder, and far more cotton Is now raised
by white labor than in the old days of
slavery, when manual work was thought
almost degrading to white man. 1t is
quite clear that the productive power of
these rich and fertile regions has in
creased more than we were aware of in
this country, and it seems not unlikely
that, if seasons are favorable, we are ap-
preaching time of low prices and su-
perabundant supplies of the raw mate
rial
1t must not be forgotten, however,
that much of this crop is of very poor
quality, and will hardly be consumed
till late in the season, and only when ex-
ceedingly cheap. The standard of quail
itY for goods and yarns was never higher
than it is now in Manchester, and spin
ners will continue to use the better
grades until they are comparatively
scarce and dear. 1t is therefore not i'm
possible that the middling grades may be
pretty well supported under our contract
system, which gives wonderful power to
large operators at certain seasons of the
year, and if our hopes of a sue:
cessful issue of the silver confer
ence be justified, we may have
such prospects in Lancashire as TO make
present prices for cotton seem reasona-
bic. Though the visible supply of Eng
land is now 100000 bales above last
year, we must not forget that spinners
hold much less, and under sufficient in
ducements might become large buyers
for time. Perhaps we should not omit
to say that the state of matters as be-
tween Greece and Turkey is threatening,
and at any time rupture of the peace
may take place. No one can say what
the result would be if war broke out.
Former experience shows that it is much
easier to open than close the Eastern
question, but our hope lies in the fact
that sll Europe longs for peace, and that
Russia is in pacific mood and not likely
to intervene