Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-22
THERE'S MILLIONS IN 1T.
A Letter Of More Than Usual Interest,
in View of the Present sfatus
of the
Subject Treated-SOme Facts and Fig
ures for the Confederation of
Cotton Men.

To the Editors of the Appeal:
Allow me to draw picture which at this
critical moment may interest some OF your
numerous readers. 1t is an historical fact,
learned then, as we'll as now, from daily OBJ
servance of events. 1t relates to cotton, and
cotton alone-the disastrous crop OF 1867,
which well-nigh bankrupted the whole South,
especially cotton planters and merchants.
The crop of that year was estimated at ,25O,-
900 to $500, 900 bales. About the last OF
January, 1868, light dawned upon the whole
country, and estimates began to drop. and
middliug cotton advanced from IA &c in Men,
phis the last week in January, 1868, to &c IN
New Orleans, Mobile, Charleston, Savannah,
etc. before the end of May and 32c in New
York in June. That crop, in round num-
bers, was 100000 bales, or $4,000 ID $780,
600 less than the popular estimate up TO the
close of the year This crop, 1872, has
been variousIy estimated since last July at
5, SOC, 900 to 6, 500 900, and even late
November l, 1881 at 5,7500 900 to 6,250,0OO
in the great commercial cities of the South
as well as Of the East. The interior esti-
mators, who knew better, placed their
figures chiefly from 4, 100000 to $500, 900.
The popular interior estimate, later In
the season, has been $4,000 to 5,25O,OOO,
which is the popular estimate; very few in
cline to $500 900 mot one in ten OF the best
informed). In 1867 and 1868, the loss or
less production was about 700 900 bales. In
ISSI-S2, the short or less production
than July estimates will surely be 100000
bales OF five per cent. lighter than last year,
thus making the crop of lSSl-S2 equal
in bales of last years weight, or about ,500,
900 bales short. Fourteen years ago, or in
1868, crop of 100000 bales was
quite as adequate to supply the worlds
wants at that date as a crop of 400,
900, as in 1882 Then, if cotton doubled its
value between the 10th of January, 1868,
and 1st OF June that wear, why should not
cotton advance now and on through the sea-
son? All the conditions governing trade and
commerce are infinitely better now than
then During the year 1868, following the
short crop and low prices of 1867, universal
bankruptcy was the order throughout
the entire South. Either that or
very cheap compromises settled the
Indebtedness of the country in a much larger
degree than ever before or since under any
national bankrupt law that has ever been
enacted since the foundation Of this govern
ment, as / well remember, having been
close observer Of such events during my fifty
six years OF mercantile life, as far back as
1886. / have distinct recollection of all
the commercial panics, and the causes which
led to them. In conclusion, | may
safely add that if cotton is not moved
upward and higher from its present altogether
too low and unremunerative a price-all
the elements necessary to its production
much higher than for many years past-that
inevitable ruin and bankruptcy must and
will follow, and that before the middle of
the year 1882. 1t has already set in and can
only b. averted by higher prices for cotton.
Provisions will continue high until the crop
of 1882 is made, and why not advance cotton
ard thus equalize the labor of the whole
country? W. L. DoGAN.
RIPLEY. TENN January 90 1882