The people's journal. (Pickens, S.C.) 1891-1903, 1895-06-20

prevailed here. Lowell, Fall River,
Cohoes, Manchester, and Paterson
owe their development to the facilities
which thoy afford for the gathering
together of machines on d large scale
and OF population accustomed to
laboring In spcciatics.
The earliest successful -manufactur-
or OF cotton in the United States was
Samuel Slatcrin Providence. He was
an Englishman who had learned the
proper methods in that country. Tho
general use OF the power loom in
Great Britain gave it u decided ad-
vantage over this country in many
respects, labor also being cheaper.
This loom was not much used hcrc
until about 1922, when the city of
Lowell was founded. At the present
day Fall River is the centre OF
American COTTON manufacture.
EXPORTS or COTTON.
1t is evident therefore that the cot
ton trade in New York must have had
u late beginning. Until 1870 or 1890
tho commodity was sent abroad chiefly
from the ports Of Charleston, Savan-
nah and New Orleans. Tho plant
does not grow well except in three
States on the Atlantic coast, and four
on the Gulf. At that timo. too, Texas
WAS not in the Union, and produced no
cotton. In the thrcc cities mentioned,
and in Mobile. were the cotton factors,
lordly men, who advanced money to
the planters before their crops were
ready, and made great profits out of
their trade. New York acquired its
present distinction in cotton handling
after the introduction of railroads
AS the principal seat of exports and
imports of this country, it always sold
u considerable portion, brought TO-
gcthcr by coasting vessels. But this
involved loading and unloading, with
u necessarily increased cost. Rail
roads brought the product Of the |
planter directly here, and were Il
great convenience. New York, also.
Is near the manufacturing centric Of
the country. What is spun and woven
in the United States is uOnc in New
has also many mills. Thus there was
o very great demand close at hand.
The sales of New York in actual cot
ton amounts to six or seven hundred
Thousand bales u year. An immense
quantity is exported, the two other
chief cities in this connection being
Now Orleans and Galveston.
The centre OF sulcs in New York
has always boen in the neighborhood
in which it now is. Dealings arc to
day in cash, but they wore in former
years on time. Any amount Of money
can now be raised on warehouse re
coipts, but forty or fifty years ago
these evidences OF possession were not
us negotiable rs now, and there wore
lower railroads. a planter might be Il
hundred miles away from one. Then the
planter or Southern commission hou SC
sent forward the product, drafts bcing
drawn against IT., which after accept
ancc were sent back and discounted by
the local banks. There wore al
ways some local lenders who had Il
claim upon the product, and who must
be satisfied before the transaction was
complete.
EFFECT or TIE WAR UPON COTTON
PRODUCTION.
a great change happened during
the civil war. If there was anything
that was certain in the minds of South
crn statesmen, it was that the war
could not last long, on account Of the.
pressure which would be applied to the
United States by England and France,
where great injury would be wrought
to the manufacturers as we'll rs to the
wOrkmcn, it being impossible to get
enough cotton to keep the mills going.
But their expectations were disnp-
pointed. The blockade Of tho United
States was a tolcrably ctrcctual ono,
and the South could not get the money
which it desired to have for its crop;
meanwhile, great injury bcing in
lllcted upon innocent persons in Great
Britain. Germany, France and Bel
gium. The price in New York in 1860
was II cents IL pound in 1861 % cents :;
in 1862 GS cents in 1863 SO cents in
1864 $l.90; in 1868 $l.22, and in 1866 50
cents. The llimsiost calicocs were at
one time % cents yard. So little
success had tho South in selling its
cotton that after the first two years Of
the conflict many ceased to plant.
When the war ended all labor was
to raising food. There we're
no food supplies then, and nothing to
buy them with. OF course, during the
done in New York in selling cotton.
IL was oven difficult to get the supply
necessary for domestic consumption,
and some was imported.
ESTABLISHMENT or AN EXCHANGE.
Soon after the struggle ended it was
thought that the interests of the trade
would be better conserved by the
foundation Of an exchange. The reali-
"HIloH VI IlC pcOJcCI fingered, now
'cvor, and 1T was not till the 10th Of
July, 1870, that the dealers came to-
gether. Committees for various pur-
poses were named at that and subse-
quent meetings, and business began
on the 10Th of September. Soon after
tho Cotton Exchange purchased the
building in Hanover Square, bounded
by that open space and Pearl and
Stone streets, for which it paid 81 49,
600, the last payment being made In
1873. A few years after it found that
its quarters were too small, and that
it would be desirable to have 81 newer,
large and more convenient building.
The land Immediately opposite.
bounded by William street, Hanover
square and Beaver street, was pur-
chased, and Il great commercial build
ing erected. Tho land covers nearly
q quarter Of an acre. The structure is
scven sTorios high, and is divided
chiefly into Offices, the great room Of
tho Exchanges being on the second
floor. The cdiIicc is Of yellow brick
with stone facings.
I'he Exchange comprises nearly all
the leading operators and dealers in
cotton in this vicinity. There are