Year: 1869

7 the bitter hardships of the winters of
1865 81 to bring them to their senses. The
planters, too needed a certain kind of ex
perience They had seen cotton at high
price for a long time, and concluded it was
to remain so Consequently they bid high
for labor and put into tile ground nothing
but cotton. When, however, they began to


market the staple, as prices had fallen ta q,


decidedly low level it was found that it did
/ notreturn them the cost Of raising it, Corn


and wheat they had neglected, and it was


the bitter experience they then passed
4 through as a consequence of this neglect


which showed them its folly and led them to


a wiser course the past season. This suffer
ing and an identity of interests brought all
classes together as they never before had
been, showing the freedman if he would eat
he must work, and the planter that he could


not now depend upon exhorbitant figures,


but must hire his labor so that he could raise


his crop at reasonable figures, and must


give up a portion of his time and land to


food products If this crop of cotton had


cost as much as the previous ones, or if the


South had raised no food, they would have


been compelled to force the staple upon the


market to get et-themselves outsof debt, or to


provide the necessities of life and verv lit


tie benefit would have resulted to them from


the improved rates. On the contrary, the


planter is now clearing over ten cents per


pound, and the South is making millions of
dollars, placing them, as we have before
stated in a position of great strength for
the new year.


We have, then, in the experience of the


past an unmistakable indication of the
course that should be pursued by the South
in order that the advantages she now pos
sesses may be maintained. First, then, it is
of the highest Importance that the planter
No ha laH hv-V
tract with the freedmen at exhorbitant
rates. The crop must be raised economi-
cai!y and cheaply, for there is no wisdom in
supposing that it can be marketed except at
a figure very much below present quota
tions. 1t must be remembered that the
prices now obtained act as premium for
the cultivation Of cotton throughout the
whole world Largely increased supplies
are likely, under this stimulus, to be raised
in India, Egypt, Brazil and other places,
and although the consumption is steadily
increasing, a decided reduction in the rates
must be the result of this eager competition
In production. We notice that there is some
indispOsition among the freedmen to con-
tract Tor last years wages. This is right
where he is worth more; but for the planter
to agree now to pay an exhOrbitant rate, just
because cotton at the moment Is high
would be only to insure for both parties dis
appointment and loss-in fact, to check the
prosperity which the past year has begun to
develop throughout the South. Then, again,
it is of the greatest Importance that as much
wheat and corn and provisions be planted as
was planted the past year. 1t is desirable
that cotton should ba the loadiass bat not
the only production A disregard of this
idea was the error of the first year after the /
war, and short breadstuffs crops in Europe |
put the prices of corn and wheat to figures |
which resulted in the fearful distress of the |
winter Of l867-6S.


We think little caution now on these |
points would be of inestimable value to the |
South for years to come. Not that we desire
a small crop Of cotton to be raised-for we |
believe the. true interests of the cotton |
States demand large crop and low prices, /
which will drive out ompetition-but I
simply that the greatest economy in produc-
ton be used, no contract for labor based on
present rates for cotton be made, and a
sufficient supply of food products be put in
to make that section independent of others |
for their daily bread The observance of
these precautions will insure prosperous
year for the South, and do much toward |
imparting activity to the industries of the |
whole cOuntry-Ne,c York Commercial and |
Financial Chronicle.