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ptelegraph.
^^ayTjanua ry
i^^neMO* OF miKSVfKKME
f pS sTlll, COVUT.
10 designate, of the parricidal
■ y * t . t T 0 now aimed at tho life of the
, t he one that is the most dead-
unhesitatingly P« nt to tho 1,511
' 0 t ] lfl Supreme Court. The Ro-
"f \ ct 3 arc all revolutionary, and
f : ' v f n ir pressure to-day ; but we con-
\lj oaly temporary. The masses of
l ■ jre r uiDg to sweep them away.—
chine 1 '' 8 upon tho ftinctions of the
nothing l«s than the monstrous
; ''r’ ttW twin*; but Johnson may
his prerogative. Fierce as Esau
•,, at nut his hand upon bis heel.—
1 ‘ l'v,.cWi l ,laune d by the organic
: ‘" c sails of the Constitution, to
'°l' or ‘ J^jses of theotlier two branches
r rinicnt, and thus to guard the
| t:: ‘ * • :tc people, if it is vitally stabbed
/ ^’jhat is aimed at it, it will leave
r".. | iU j the disjointed fragments of a
r ‘, .overement now fallen in rcrac-
Eicn who framed tho Constitn-
f i t a they laid the foundations of the
nt clearly foresaw the dangers
[L a rjic in times of excitement, from
'la, dominant parties and oppressive
0 ( local majorities, and esUblialind
fLjjj as a permanent barrier against
' 0 1 S gch parties and majorities,
tht 1* in conflict with the terms of
[•rument. The authority with which
,’t ed them was made to extend to
L« law and equity, arising under
r.stitution,and the laws of the United
i t The powers thus conferred arc
Ltjy unlimited, except ns to the class of
Srt, upon which it U to act. As to
. nodes of proceeding, and tho rules of
decision, from the very nature of tho
it must decide for itself. Con-
• is left lo establish tho Court, and they
flattie or reduce the number of tho
T Vt . p, a t to give a rulo of decision of
I Court, to prescribe, for example, wliat
;w oi Judges shall decide a case, cannot
, gutter of legislation. That was a mut
ual the Constitution might hove deter-
j ^ jt has wisely left it to the tribu-
i:st!f, acting as it must upon common
ricciples, or else upon its own discre-
p or Congress thus to interfere with
"mbi»»l|giving a judgment upon its own
jit were not too grave a subject, might
U the ridicule of a culprit taking the
: to inflict on bimscifwith bis own band
stance of the law. If Congress can de
nial six Judges, and no fewer, shall de-
, s to be unconstitutional, it may
Lt seven. It may require that tho deci-
Mbe unanimous; nay, that no such
3 shall be made at all, or thnt the de-
: shall be withheld until the appoint-
i Pj toother Judge is made.
|t asy be well to refresh our minds with
p!(! received doctrines, pronounced and
(nxh«ehe!d,at the day when there were
jntf’ in the land. We will not clmracter-
hief Justice Marshall, except to say that,
: tern! ORACLE OF AMERICAN LAW Can
TtnioscjoDc, it must be applied to
li e will reproduce hero a portion of
i'this decisions on the constitution of
me Court, (Marbury vk Madison,
re And it copied in the columns of
&eiry, the New York World:
fie peers of the Legislature are defined
tailed; ami that those limits may not
-tffta, or forgotten, the Constitution is
- To what purposoare powers limited,
| : *bst pnqiosc is that limitation corn-
writing, if these limits may, at any
passed by those intended to be re-
N' The distinction between a gov
't with limited and unlimited powers
shed, if those limits do not confine
pons on whom they are imposed, and
s prohibited and acts allowed are of
obligation. It is a proposition too
to U> contested, that tho Constitution
N “v legislative act repugnant-to it;
' t the Legislature may alter tho Coasti-
J j w ordinary act.
'ten these alternatives there is no mid
sad. Tho Constitution is either «
f paramount law, unchangeable by
R; means, or it is on a level with ordi-
•rslativc acts, and, like other acts, is
r*the Legislature shall please to
Thnt ii thus reduces to nothing what we
have deemed the greatest improvement on
political institutions, a wVitten constitution
would of itself be sufficient, in America,
where written constitutions have been viewed
with so much reverence, for rejecting the
construction. But the peculiar expressions
of the Constitution of the United States
furnish additional arguments in favor of its
rejection.
The judicial power of the United States
is extended to all cases arising under the
Constitution.
Could it be the intention of those who
gave this power, to say that in using it the
Constitution should not be looked into ?—
That a case arising under tho Constitution
should be decided without examining the
instrument under which it arises ?
This is too extravagant to be maintained.
In some cases, then, tho Constitution must
bo looked into by tho judges. And if they
can open it at all, what part of it arc they
forbidden to read or to obey t
There are many other parts of the Consti
tution which servo to illustrate this subject
It is declared that “no tax or duty shall be
laid on articles exported from any State.”—
Suppose a duty on the export of cotton, of
tobacco, or of flour ; and a suit instituted to
recover it. ■ Ought judgment to be rendered
in such & cose < ougbt the judges to close
their eyes on tho Constitution, and only see
tho law' ?
The Constitution declares “that no bill of
attainder qj ex post facto law shall be
passed.”
If, however, such a bill should be passed
and a person should bo prosecuted under it
must the Court condemn to death those vie
tims whom the Constitution endeavors to
preserve t
‘•No pfTaou,” Bays tho Constitution, “choll
be convicted of treason unless on the test!
mony of two witnesses to the same overt act,
or on confession in open Court.”
Here the language of the Cons.titution
addressed especially to the Courts. It pre
scribes directly for them a rule ot evidence
not to be departed from. If the Legislature
should change that rule, nnd declare one
witness, or a confession out of Court, suffi
cient for conviction, must tlio constitutional
principlo yield to the legislative act ?
From these, and mauy other selections that
might be made, it is apparent that the
framers of tho Constitution contemplated
that instrument as a rule for the government
of Courts, as well as of the Legislature.
Such arc the principles of the government,
affecting the rightful functions of Congress
and the authority of the Supreme Court
relation to its acts, as set forth by that mas
ter inind while in the maturity of its strength
If, however, reckless of the teachings of
wisdom and of patriotism, and actuated by
the intoxication of unrestrained power, Con
gress should pass this law, the Supreme Court
will still have the same power to decide this
law to bo unconstitutional as an$ other. We
trust that in vindication of their own just
authority, and for the safety of the Consti
tution, they will so decide, and disregard it.
• N. B.—Since the preparation of this article
tho Reconstruction Committee h&ve agreed
to bring in a bill to the House, which man
fully throws away the scabbard. It takes
away from the Supreme Court all jurisdiction
over the questions arising upon the Recon
struction Acts. This is perfectly consistent
with the bill on which we have made the
foregoing comments. It assumes the entire
control of that Court. It abolishes the Court,
as to that department of its functions. It
annuls, in express terms, the leading provis
ion of the Constitution. That instrument
gives jurisdiction in all cases arising under
it; the act is to provide, that it shall not ex
ercise such Jurisdiction. Wo are not sup
prised at this. It is a mere corollary from
the first act. It will be the fulfillment of the
beading of this article, “Tho Abolition of the
Supreme Court"
Washington News and Gossip.
-e former part of the alternative be
r** a legislative act contrary to the
r 8 “°® *• not law; if tho latter part be
r° wr jtten constitutions are absurd
s,.on tuo part of the people, to limit
“ hs own nature illimitable.
■sly all those who have framed writ-
--iututions contemplate them as form-
Mimduaenul and paramount law of
■-w«,and, consequently, the theory of
government must be that an act of
"ore repugnant to the Constitution
l tbw 7 is essentially attached to a
" ; l!2i k on ’.attd is consequently to
by this Court a9 one of tho
“ - 7~‘ Principles of our society. It is
-fedore, to be lost sight of in tho fur-
^eiation of this subject
• v, .• *“ e legislature repugnant to
station is void, docs it, notwith-
? 1(8 invalidity, bind the Courts and
10 give it effect? Or, in other
'^••oaga ^ „ 0 i a tv. dnoo it oontii -
I «p*r»Utc as if it was a law ?—
L^be tn overthrow in fact what
in theory; and would seem,
absurdity too gross to be in
fer, “shall however, receive a more
reflation.
fqphatically the province and duty
[■y.-tol department to say what the
I. ,' )se apply the rulo topartic-
C".? US i to1 nec eastty expound and in-
® two laws conflict with
.^courts must decide on the op-
'ifWi i U °PP 0S ition to the Consti-
P-Hiu*! , law "nd the Constitution
[.r/'riicjdar case, so that the Court
U ,. <leci( le that caso conformably to
,,.j ! S"jrdiug the Constitution, or
Jfeljj'.j° *0# Constitution, disregard-
h^H e0Urt mus b determine which
hit)!,. 8 1,1168 governs the case.—
Kn 1 ®? essence of judicial duty.
Bud «F° aro *° regard tho Con-
-irt f Con *ritution is superior to
nut llle Legislature, tho Con-
> fT 8 °f such ordinary act, must
^ fSa j, wll ich they both apply.
*h° controvert tho principle
.^iiTj u,1u d is to bo considered, in
^ Paramount law, are reduced to
KiaL °* maintaining that Courts
' 0n Constitution, and
»lt» 0u3<1 su bvert tho very foun-
constitutions, it would
^ lad which, according to the
'ti4 j. . u *°Ty °f our government, is
h ln practice, completely
declare that if the
PrU i« is expressly forbid-
(^Withstanding the express
RJ to jv. roulity liVectual. It would
^S'riature a practical and
U?to jj.jd * "a the same breath which
IIt ^ 1 ^beirpowers within nar-
L'-tt tijp.^iwtrlblng limits, and de-
I -- .lrr.its may be passed at
Lamentable Affair.—From a reliable
gentleman we have leaded the particulars of
a horrible and lamentable occurrence that
happened near Fort Valley yesterday, in
which a father was shot and killed by hia
own son. The unfortunate man was Dr.
Jackson, a brother of tho Jackson who killed
Col. Ellsworth for hauling down a Confede
rate flag from over his hotel at Alexandria,
Va.,during tho first year of tho war.
Dr. Jackson removed to Georgia during
the revolution, and has been residing here
ever since. Tho circumstances of the killing,
as wo havo them from our informant, were
these:
There had been an angry family alterca
tion, during which tho doctor is said to have
forcibly ejected his son from his premises,
who thereupon turned and fired upon his
father twice—killing him. Wo have not
learned whether the young parricide had
been arrested or not, but presume so.
Gov. Jenkins and Gen. Meade.—The
New York’ Times comments thus on the let
ter of Governor Jenkins.to General Meade,
which led to tho former’s removal:
Tho letter is clear and not without co
gency. Gen. Meade, without entering upon
Uic consideration of its argument, says he
must insist on obedience to the Reconstruc
tion Acte of Congress, while the Governor
“plainly denies them as having any binding
force” on his action. This docs not strike us
as quite warranted by the Governor’s letter.
Ono of his strongest points against payment
of the expenses of tho Convention from tho
State Treasury is, that the Reconstruction
Acts expressly provide for payment of those 9
expenses by levying a specific tax. But the
General had tho best of the argumontin this,
that ho Loti the power to enforce it, which he
did.
Field Hands Wanted.—Planters from
St. Mary’s parish now attending the Fair
state that two thousand field hands aro
wanted in that parish. The best plow and
field hands arc paid fifteen dollars a month
and rations—five pounds of pork and a peck
of meal weekly, besides good quarters, fuel
and an aero of land to work on their own
account.—New Orleans Crescent.
Here is a fine opening for the idle negroes
to bo seen daily on our streets. They should
go at onco by nil means.
———
The New U. S. District Attorney for
South Alabama.—We congratulate the peo
ple of the Southern District of Alabama upon
the appointment of the Hon. Egbert S. C.
Graudiu as Attorney for said District, in
place of 3Ir. L. V. B. Martin.
Judge Graudin is a native of New Jersey,
nnd was in full practice as an attorney in that
State on the breaking out of the war. Hav-
inr married a Southern lady, the second
daughter of the late Jno. A. 31. Battle, of3Io-
bilefand a niece of our townsman, Judge
Clitlierall, Judge Grandin was a warm sym
pathiser with the South in the late struggle.
At the commencement of the war he removed
with his family to Europe, where he remained
until after the surrender of the. Southern
armies. Upon his return to the United States
he settled in 3Iobilc, and became a partner in
the Commission House of Battle & Co.
Judge Grandin is a thorough gentleman by
birth, education and instincts, an able lawyer
and a forcible speaker. From him the people
of bis District nave nothing to fear of perse
cution, black mail, or official oppression.—
Again wo congratulate the public on his ap-
piTintment.—Munt<jon*ry Mail.
iHST* In a recent invention of steam car
riages for common roads the tires of the
wheels aro made of India rubber, which is
said to work very nicely.
Special lo the Baltimore .i’u ».]
THE PRESIDENT'S P.ECErTION—GRANT, SHER
MAN AND STANTON.
Washington, January 20.—The Prcsi
dent’s reception to-night was the most bril
liant of the season, and notwithstanding tho
inclement weather, was numerously attended.
A number of Congressmen, Gen' Sherman
and other distinguished military officers,
members of tho cabinet and diplomatic
coips, were present. The ladies’ costumes
were said to be tho most costly and elegant
that have ever been seen at any reception in
this city.
It is said 3Ir. Stanton has authorized the
statement in the papers that he has not been
advised by Gens. Grant and Sherman to re
ign. Your correspondent’s assertion that
these distinguished officers had advised Mr.
Stanton to resign was based upon what they
themselves have said upon the subject, and
whether they did in fact go to Mr. Stanton
and say to liim that be should give up the
,office or not, your correspondent now states
unqualifiedly that both Generals Grant and
Sherman told the President that they would
go to Mr. Stanton and give him their opin
ion that bo ought to resign the office of Sec
retary of War.
Gen. Grant had an interview with the Pres
ident yesterday, and left with tho avowed
purpose of going immediately to Mr. Stanton
and giving him the advice above indicated.
These are facts about which there will be no
dispute between the President and Generals
Grant and Sherman.
Special to tie Bottom Post.]
GEN. GRANT.
Washington, January 19.—Several lead
ing business men of New York, who arrived
hero last evening, report that “Grant stock”
bos materially declined in that market since
tho General’s course towards the President
has become known. The venerable Frank
Blair told a friend yesterday that he once bad
great confidence in Gen. Grant, but that he
had been mistaken in tho man, as lie re
garded Grant now to bo fully committed to
tho fortunes of the Radical party.
WHAT THE PRESIDENT WILL DO.
The impression in this city is that the Presi-
Tlie Crisis—The Pres
r.eade
and the Party
For well nigh a century republican insti
tutions have been the pride of the United
States and the envy of all the other nations
of the earth. Never before did any nation,
in the same space of time, make such an ad
vancement in all that constitutes genuine
prosperity. Oqr recent success in crushing
out a gigantic rebellion inspired doubters in
all lands with the hope that our republican
institutions were destined to be as enduring
as they bad been successful. The forces,
however, which triumphed over the rebellion
and gave the nation back to itself in all its
entirety are now being frittered away in
paltry and undignified strife, and peace
threatens to be more ruinous than war.—
Tho reconstruction of the late rebel States,
which, in the hands of intelligent, liigli-
mindcd and honorable statesmen, would have
been so easily affected, if it has not already
brought the country to the verge of ruin,
is at least shaking faith in the permanency of
our institutions and exposing us to the rid
icule of the nations. Reconstruction, in fact,
in the hands of our present rulers, has so far
proved itself a more formidable enemy than
■did the rebellion. Three years have well
nigh rolled past since the flames of civil war
were extinguished, yet tho restoration of the
Southern States to their full privileges under
the Constitution seems as distant and os-
doubtful as ever.
This, hotvever, is not all. Not only bos no
progress3 been made in healing the divisions
of tho nation, but, what is worse, obstacles to
speedy and satisfactory reconstruction are
hourly multiplying. The interests of party
ore blinding our rulers to the interests of tho
nation, and party strife rages with a grow
ing anA almost, unprecedented violence.—
Within tho last few weeks acts have been
committed by our leading officeholders and
measures have been adopted in Congress
which in tliejr revolutionary tendency recall
the worst features of the great French and
English revolutions. Neither in theNational
Assembly nor in the Long Parliament were
more arbitrary courses followed than those
which within the last few weeks we have
witnessed in the Congress of the United
States; and tho neglect of constitutional forms
on the part of our Grants and our Stanton3
An Euglish Review of the Coltoa Trade.
dent will allow things to drift along just as ,
they arc now, avoiding any personal commu-1 s ^ s us I )osslble - ev6n her6 - ls the role
nication with Mr. Stanton, but recognizing) of . a f Cro “'T Ll1 a Napoleon. It was party
»c r,^ oo maw Ho noooaaaww Tim strife which led to Cfe3ansm both in England
and in France; and in both cases Ctesarism
was a relict Caesarism, however, is at best
but a necessary evil, an evil to bo accepted
only in some dire extremity, when all hope
of deliverance and all powers of resistance
are gone. If this extremity would be avoid
ed it is for .the people of the United States to
come to the rescue of the Constitution. • If we
are not, as a people, already at the mercy of
traitors, we are at least at tho mercy of
selfish and unprincipled meu. It is time now
to sound the note of alarm. Silence is no
longer tho duty of those who love their
country.
We feel all the more imperatively called
upon to speak out that party spirit seems to
have taken possession of all those to whom
the people look to for guidance. In a coun
try like this the people naturally look to the
press for instruction and aid; but the press is
as much under the influence of party spirit
as are the politicians. Bound to no party,
free to express our opinions, and devoted to
the interests of the nation at large, we call
upon the people, ignoring a servile press and
ignoring party leaders, whether in or out of
Congress, to come to the rescnc of the coun
try and tho Constitution. We are swiftly
approaching the rapids. Salvation, how
ever, is still possible; but united and imme
diate action on the part of the whole people
alone can effect it.—N. Y. Eerald.
him officially as far as may be necessary. The
Secretary’s drafts, which had been suspended
in tho Treasury Department, have since been
paid— one of them to the amount of §500,000.
Should tho opportunity offer to present the
name of a good man, 3Ir. Johnson may make
a nomination, but on this point it is believed
he has come to no settled determination.
Special to tie Louisville Cburicr.]
THE RECONSTRUCTION BILL.
Washington, January 19,1808.—The out
cry of the most influential Radical press of
tlic country against the reconstruction meas
ure has served to disgust many of the Re
publican members of Congress with the bill,
but the tyranny of party will force it through
the House. These men, however, secretly
desire its defeat, and have hopes that the
Senate will either reject it qr strip it of its
worst features.
THE 8UTREME COURT BILL.
It is said that Senators Fessenden, Trum
bull, and others have been in consultation to
devise means to defeat the Supreme Court
bill in the Senate.
GUBERNATORIAL CANVASS IN NEW HAMT
SHIRE.
It was agreed in the Democratic caucus
that speakers should be provided for the
New Hampshire contest, and other arrange
mentsareto be made fora vigorous contest
in that State.
FOUR PERTINENT INQUIRIES.
Cary, of Ohio, sent a bombshell into the
Radical camp, by propounding four ques
tions to Bingham, viz:
Cary said: As time will not nllow me to
give my views on the bill, I desire to ask my
colleague, when he closes the discussion,
four questions, and as they shall be satisfac
torily answered my vote will be determined:
First. If Gen. Grant shall neglect or refuse
to execute the provisions of this law, or if in
its execution he should act in an oppressive
and cruel manner, to what tribunal would lio
be amenable for his non-feasance oremalfea-
sar.cc '<
Second. As by the terms of the bill the
President cannot interfere, can the General
be tried by court martial; and if so, who can
order and who shall constitute the court ?
Third. Not being a civil officer can be be
impeached, and if so, by whom and before
what tribunal ?
Fourth. If be cannot be arraigned by any
earthly tribunal, is he not made an absolute
despot ?
the revolutionists counsel together.
Before Cary bad concluded half the mem
bers were on their feet, and Butler, Boutwell,
Sclienck and others rushed up to Bingham
to counsel with him bow to meet these prop
ositions, but they were unanswerable, and
Bingham failed to give a satisfactory reply.
Tire States of the Union.—So many new
States have been admitted into the Union
within a few years past that the public find
it difficult to “keep the run” of them. We
frequently read in the papers and hear men
speak of tho “thirty-six States of this Union.”
Even in Congress, members sometimes speak
of this number of States ns the proper num
ber, while a majority of that body make the
number of States in the Union much less than
thirty-six. There aro thirty-seven States in
the Union, according to the Conservative
doctrine, and, in order that the public may
know and not forget their names, we furnish
full list of them below, in alphabetical
order, viz:
20 Mifsouri.
21 Nebraska,
22 Nevada,
23 Now Hampshire,
21 New Jersey.
25 Now York,
2S North Carolina,
27 Ohio.
2S CrORon.
2U Pennsylvania,
30 Rhode Island,
31 South Carolina,
32 Tennessee,
33 Texas.
31 Vermont,
S5 Virginia,
3d West Virginia,
37 Wisconsin.
Josli Billings’ Answers to Correspondents
Alabama,
2 Arkansas,
3 California.
Connecticut,
Delaware.
6 Florida,
7 (ioorgia,
Illinois,
Indiana,
Iowa,
Kan coo,
Kentucky,
Louisiana,
Maine,
Maryland,
Massachusetts,
Michigan,
Minnesota,
Mississippi.
The Washington correspondentofthe
Cincinnati Commercial takes the liberty of re
minding the Republicans that “there is a tide
in the affairs of parties, which, taken at the
flood, leads to the deviland he adds the
expression of liis own opinion that, while
they have frequently drifted toward it, they
have never “squarely struck” that tide at its
flood till now. This sentiment would not be
of any great importance if it were simply
that of an isolated correspondent; but there
is good reason for the belief that a veiy large
proportion of tlic people are thinking the
same thing—and this fact may make it for
midable. It would, doubtless, be very cour
ageous, plucky, high-toned, and all that, for
°man whose skiff wits rapidly drifting to-
, aid Niagara, to shout out his purpose to
take no step backward;” but if lie bad pas-
ngers under his care, they would scarcely
arc or admire bis heroic stupidity.
[jY! Y. Times
£dfc?”A ncgi;o member of the Virginia Re
construction Convention, named Hodges, fa
vors the abolition of the Freedmeu’s Bureau.
He “does not want negroes to stand around
the Freedmeu’s Bureau, squalling like hogs
for ti tew grains of corn, but to go to work
like men and make their living.”
“Paul”—You ask me what i think ov the
“Gift distributing business,” and i don’t hes
itate tew say that it liaz awl tho premonitory
symptoms ov a dead beat.
I hav alwus found that when enny man of
fers tew giv me ten dollars for fifty cents he
lie3. I may think be means to do it, but lio
don’t think so; but i may possibly cum with
in nine dollars and a half of it once; and if i
do, i hav dun well—a great deal better than
i will the next time.
I never put ennv munny into thes swindles,
and would as soon undertake to raise a good
sized greenback by planting a shinplaster
back of the hog pen.
If yn git desperate, and feel as tho yu must
gamble or die, go twenty cents, odd or even,
on the number of hairs on a kat’s back, and
count them; this will cool yu opb.
“Student.”—Rats originally cum from
Norway, and i wish they had originally staid
th are.
They are az uncalled for az a pain in the
small ov the back.
They can bo domestikated dredfnl eazy;
that is, az far az gifting in a cupboard, and
eating cheese, and knawing pie, is concerned.
The best way tew domestikate them that
ever i saw is tew surround them gently with
a steel trap; yn kan reazon with them then
tew great advantage.
Rats aro migratorious; they migrate whar-
ever they have a mind tew.
Pizen is also good for rats; it softens their
whole moral nature.
Kats hate rats, and rats hate kats, and—
who don’t|?
I serpoze thare iz between fifty and sixty
millions ov rats in Amerika—i quote now en
tirely from memory—and i don’t serpoze
there is a single necessary rat in the whole
lot. This shows at a glance how many waste
rats thare iz. Rats enhance faster in numbers
than sho-pegs do by machinery. Ono pair
ov bclthy rats iz awl that enny man wants
to start the rat bizziness with, and in ninety
daze, without any outlay, he will begin tew
hav rats—tew turn opb.
Rats, viewed from any platform you can
build, are unspeakably cussed, and I would
be willing to tew make enny man who would
destroy awl the rats in the United States a
valuable keepsake, say for instance either the
life and sufferings of Andy Johnson in one
volutn, calf bound, or a receipt tew cure the
blind-staggers.
Franklin College.—The Spring Term of
the State University began on Wednesday
last, as we are pleased to learn, under flatter
ing auspices. Tltere arc over 150 students in
actual attendance, and the daily arrivals war
rant the belief that the number will equal,
or perhaps exceed any actual attendance
heretofore— Smith. 11 a teh ma n.
pgr* LaGraDge wore §130,000 worth of
diamonds on her first appearance likes
Opera Uouse.
How Things in the South Look to
Stranoer.—In the N. Y. Times of tho 10th is
published, by a correspondent who .has just
returned from a tour through the Southern
States, a very fair and candid letter, which
contains the following:
The negro will not work orcannot berelied
on in the fulfillment of his contract Late in
November the cotton crops of hundreds of
fields in South Carolina and Georgia stood un
picked, because the negro was absent, attend
ing speeches and elections; and even at the end
of December much cotton was on the ground,
a great portion of which was sure to go to
waste. It is held bj* some that cotton might
be cultivated by white labor, but rice can
not. Only the negro can, without risk of life,
endure the miasmatic exhalations of the rice
field; and it is here that the most perfect or
ganization of labor, the most rigid discipline,
are indispensable. Nothing must be left to
the caprice of the laborer. Any neglect in
irrigation, hoeing, cutting or threshing, may
be fatal to the crop. But the colored man
will not, at present, submit to strict supervi
sion, and hence much of the rice crop for 1807
has been spoiled:
The negroes not only exercise themselves in
firearms, but carry arms about. At3Iacon,on
Thanksgiving day, there were hundreds shoot
ing at a target, and one of the waiters at the
hotel carried a loaded revolver in his pocket.
As an instance of their ignorance I may men
tion that one of them asked a friend of mine
to explain to him what government meant;
was it a man, or what was it? Another, when
asked whom he intended to vote for, an
swered, ‘,either for massa, or for himself.”
Zoology.—Brown had been jn love with a
young lady, and asked permission to call her
’ey the name ot some animal, which request
was granted on condition that she should have
the same privilege. On leaving, Brown said, ^
“Good night, ‘dear.’ > “Good night, ‘bore’» [ ne t
she said.
From Smith & Co/3 Aanuot Coh l Circulur.]
Tlie past year in "the Cotton trade has boon, we
believe, the gloomiest on record, and it had for
its predecessor a year (1S66) only I033 gloomy
than itself. Though the aggregate amount of
monoy lost In IS66 was greater than in 1S67, it
caused less acute distress, because it fell upon a
wealthier community; but the losses of the past
season, while prodigious in amount, befell a
community already impoverished, and caused
more cruel suffering.
The record of tho past year is ono of monoto
nous decline; our monthly circulars, with one
exception, have had to report continually lower
prices; indeed, with two or three very brief ex
ceptions, tho decline may ho said to havo gone
on unceasingly through tho entire year. IVe
question if any parallel could be found in com
mercial experience.
The year 1867 opened with a sanguine feeling
among Cotton merchants. American Cotton was
quoted lod. per lb. for middling Uplands; fair
Bholloroh wa3 at 12 l-4d.; a strong and general
opinion prevailed that a year of scarcity wa3 be
fore us, and fow persons looked for any very
material decline.
Tho American crop was believed to be very
short; it was beyond all doubt that tho season
had been very unfavorable, and the current es
timates from America were 11-2 to 1 3 4 million
bales. Even on this side it was thonght.that
two millions was an extreme estim4to (tho ulti
mate result was about 2,050,000.) A great de
ficiency in tho supply from India also seemed
likely, a3 the amount afloat for Liverpool was
only 70,000 bales, against 200,000 bales the year
beforo. Tho current estimates of import into
Great Britain for the year were 3,200,000 to
3,400,000 bales, and as the import of 1866 was
3,750,000 bales, and tho average prica maintain
ed for that year was fully lod. for middling
American, it was concluded by many that at
least an oqually high average should bo main J
tained in 1867; not a few even looked for a con
siderable advance, say to 13d. for middling Up
lands. lYo recall these opinions in order to show
how unforeseen were tho disaotors that followed.
The receipts at the American ports' during Jan
uary and February were larger than people had ex
pcctod, and were not consistent with the short es
timates of crop. This caused depression in the
Liverpool market, and trade in Manchester grew
exceedingly bad. Spinners resorted to “short
time” on a considerable scale, and prices in Liver
pool slowly declined to 13d for middling Uplands
by tho end of March. -
In April a now cause of depression appeared. An
angry controversy arose between France and Prus
sia, relative to the possession of the fortress of
Luxemburg, and for some time war seemed Im
minent. This coinciding with very heavy imports
into Liverpool and extreme depression of trade in
Manchester, produced quite a panic iu the mar
ket, and prices fell to lO^d for middling Uplands
on the 24th April.
The success of our Goverment in convening a
Congress to settle the Luxemburg question in a
great measure removed the fear of war, and a sharp
reaction followed, which carried middling Up
lands to 12d per pound for a single day; but,
when the excitement was spent, it fell to U%d,
and remained at that point without material vari
ation during May and Jane. These were the
steadiest months of the year, and the only ones
during which sustained activity was exhibited in
Manchester. The feeling at that time prevailed
very generally that a resting point for Cotton had
been found, and that it was more likely to advance
than decline in the Autumn. The failure oi the
great cotton houses of W. C. Watts & Co. and
Fraser, Trenholm & Co. occurred in May; but
their stocks of Cotton were not at fir3t pressed for
sale, and the full effect of these and ether im
portant failures (such as that of Hewitt & Co.)
which occurred afterwards, was not felt till a later
period, when all confidence was lost, and bank
rupt stock were eagerly pressed for sale.
During July the market took a turn for the
worse. American Cotton dropped to lOd for mid
dling Uplands, and a feeling ot great discourage
ment spread through Cotton circles—business in
Manchester again became very bad, and the pain-
ini effects ot past losses began to show them
selves more than in the earlier part of the year.—
Daring August a decline of Id per pound occur
red in Indian Cotton, under heavy arrivals, as
usual at that seasoh of the year, but American,
with a brief rally in the middle of the month,
about held its ground. September was a month of
excessive depression, and prices-fell Id tolled
per pound, without any assignable reason except
bad trade in Manchester ana the extreme weak
ness of Cotton holders. Middling Uplands
touched SJ^d and fair Dhollerah 5J£d. October
opened with continued weakness, aggravated by a
heavy iailure ot a broker’s firm, and middling
Uplands touched Sd per pound. At this point a
strong and apparently healthy reaction occurred.
Manchester tor a week or two became really active
and buoyant, enconraging news from the East
lead to alarge business in Indian and China fabrics,
auii heavy contracts were given out tor future de
liver}'. For two weeks Spinners bought largely,
and prices reacted Id to l^d per pound from the
bottom, bringing middling Uplands to 8%d and
iair Dhollerah to'74. The stock was now decreas
ing rapidly, and was certain to run down fast till
tho end of tho year, and there see iced a reasonable
probability that a solid foundation had at last
been reached; but this, like all other previous
ones, proved to be delusive. “Tho Italian diffi
cult}’’took the field, and for some weeks Europe
was kept on the tenter-hooks abont the solution
of the Roman question. War, for a time, seemed
imminent between France and Italy, bnt the de
feat and dispersion of the Garibaldian bands, and
the unwilling acquiescence of Italy in French in
tervention, removed for the time the chance of a
rupture. Cotton, however, declined continuous
ly till the end pf November. The picking sea
son in American wo3 fine, the accounts of the
growing crop became highly favorable, and the first
receipts were pressed for sale at tho ports, and no
sooner purchased than they were 60ld to arrive by
tbe frightened holders at}£d or more below the
prices ruling on the spot. This last feature has
characterized the market ever since, and has done
more than anything else to undermine confidence
and pull down the Liverpool market. By the end
of November middling Uplands had fallen to 7%d,
and fair Dhollerah to oJ£d.
December opened with a brief rally, but Man
chester giving no response, it was immediately
lost, and a depressed tone ha3 since prevailed, ag
gravated towards the end of the year by large re
ceipts at tho American ports. A continued press
ure to sell was shown by holders, till middling
Uplands reached 7d per lb., and some sales to
arrive were made at 6XdaC%d.
Yesterday morning iSlst December) the annual
declaration of Stock was made, and, quite con
trary to expectation, thb actual amount turned out
less than the estimate, being 447,000 bales, against
405.000 estimated and 516,000 bales at the end
of 1S6G. This indicates a large off-take of Cotton
than had been supposed, and strengthens pro Ian-
lo the statistical position of the staple for another
year. The market closes strong, at an advance of
ygdaji'd per lb., bringing middling Uplands on the
•pot to 7J^d per lb., and to arrive to 7d per lb.
Thecourso of Egyptian Colton, throughout the
yoar, has been somewhat different from that of
other kinds. Tho last crop proved a short and
poor one, and good stapled Colton was woll held
till July. Fair open ginned quality, which was
at 17d on the 1st of January, was still worth 15d
on tho 1st of July. After that period a panic
canto over tho market; the trade in fino yarns
in Manchester came to a dead lock, and.holders
ot Egyptian Cotton here kept pressing their
stocks till tho price-of fair fell to lOd in Septom
bcr. Sinco then it has further declined lo 7%d
under great pressure to sell tho new arrivals.
Brazil Cotton throughout tho year has been
hard of sale, and below tho valuo it used to hold
in relation to other kinds. The whole of tho crop
is now sawginned and tho staple much deteri
orated, as compared with tho years before tho
war, and no branch of tho Cotton trade lias been
worse to tho importer than that with Brazil.—
Fair Peruams close the year at tfd per pound,
against 15Jd por pound on tho 1st of January.
Sea Island Cotton fell enormously in tho first
half of the year, say from 30d to 20d for a supe
rior class of Cotton, and saies were almost im
possible to make; but, owing to the very poor
prospects of tho present crop, there has been
some reaction in the latter part of the year, and
more firmness than in any other kind of Cotton.
In closing the retrospect of the yoar, wo must
mention tho failure of the Royal Bank of Liver
pool—a most disastrous affair for tho sharehold
er—which occurred on the 22d of October.
The manufacturing industry of Lancashire, dur
ing the past year, has been sorely tried; perhaps it
lias been the worst year since the Cotton crisis
commenced, and from time to time old and re
spectable houses have succumbed. During the
greater part of tho year the majority of spinners
and manufacturers were working to a loss, or, at
all events, to no profit, and at no period of the
year could there be said to be a really lucrative
trade. Many spinners and manufacturers, seek
ing to escape from these hard conditions, imported
their raw material and shipped their goods abroad
on their own account, with the universal result of
greatly aggravating their losses. In most of the
lailnres that occurred the principal losses were
attributable to this cause. Very heavy consign
ments of goods in particular were made to theTn-
dian markets, and the result for two years has
been an unvarying return of loss. The poverty of
the manufacturing interest of Lancashire is a mut
ter ot Irequent comment, and a large amount of
the opulence that existed prior to the American
war is now swept away.
It is a matter of wonder and admiration that
Manchester has stood the strain upon it so well;
very few failures have occurred among the# mer
chants there, and in this respect a striking con
trast is presented to both London and Liverpool.
It is evident that business in the manufactured ar
ticle is conducted on much souneler principles
than that in the raw material.
The consumption of Cotton during the past
year has beenlasge, reaching 40,000 bales per week,
against 40,900 bales the previous year; but this
great development has been in the latter half ot the
year, and especially iu the last three months. The
vast reduction in the cost of the raw material is at
last producing the natural result of expanding the
consumption, and it is believed that it is now
nearly as large as in the year 1860. In that year
‘ the actual consumption of Great Britain was esti
mated at 48,500 bales per week, weighing on the
average 42oib; it would require a consumption of
55,000 bales per week of the lighter average we are
now accustomed to, to equal that of 1800, and we
fully believe that the present amount cannot be es
timated at less than 52,000 bales per week, with
tho probability of soon reaching 55,000 hales per
week if the raw material continues cheap, and es
pecially so if it declines further. The trade close
tills year holding scarcely any surplus stock of the
raw material, and very little of either goods or
yarns, which must be regarded ns a favorable
feature.
The export from this country to the continent
has fallen off Ibis year, as compared with 1886,
being 1,015,000 hales, against 1,137,O0J bales.—
This is principally owing to the fact
that business on the Continent has been con
stantly interfered with by political anxieties.—
For a long time war between France and Prussia
was apprehended, then war between France and
Italy, and latterly great uneasiness has been felt at
the internal situation of France. Besides, in 1S60
the Continent was glutted with Cotton, and alarge
surplus stock was held at the end of the year. This
l.- hvP.v worked up, r.-ri pr"b:i’-:y th; (’.» timm*
never ended a year barer of Cotton than it is now.
This, also, is a feature of favorable augury for the
future.
The money market and the financial state of the
country during the past year now call for com
ment. Since 1S52 there has been no year In which
tlic average rate of interest has been so low. The
bank rate opened at S>£' per cent., fell to 2 per
cent, in July, and has remained at it since then,
and during much oi that time the current rate for
prime paper was lj£d per cent. No fact coaid
speak more, strongly to tho prostration of trade.—
The country has been bleecung from tho wounds
sustained in the collapse of tlie joint stock com
panies that took place in I860; the ruin thus spread
among all classes was terrible, and has seen no
parallel sinco the railway mania which collapsed
in 1847. No denunciation can be too severe of the
unprincipled way in which many of these com
panies were concocted; the directors in not a few
cases were scarcely better than -gangs of swindlers;
and many heart broken widows arid orphans arc
now bemoaning the day they entrusted theirmoney
to these gamblere. All through the past year calls
have been made incessantly oil the shareholders in
these failed concerns; and so the distress ocj
Casionod this year has been more aente than last
one, and its effects more palpably visible. The
railway interest has also been in a dreadful state
ot confusion: one leading line after another has be
come the subject of suspicion, and as in too many
cases it has been lound that the accounts have been
cooked, an enormous depreciation in tho price of
railway property has taken place, lt seems now
almost stale to repeat that the management of
many of our railways has been both wretchedly
bad and extremely dishonest.
Indeed, the last two years have been painfully
fruitful iu sickening disclosures of all kinds; bank
ruptcies of the worst sort have abounded, and the
springs of commercial virtue seem to be relaxed.
It is a matter of notoriety that persons who have
failed repeatedly carry on business as largely as
before, and not unfrequently live in a stylo of ex
travagance, while families that they have mined
are pining in want It is universally felt that
some thorough revision of our bankruptcy laws is
Urgently called fo^.
The inference from the foregoing remarks is ob
vious. The internal trade ol the country is la
mentably dull; the poverty of the middle classes,
and the- sad want ot employment for the working
class, are felt in a diminished demand for all arti
cles of consumption, and this has been a chief rea
son of the depression of trade in Manchester. Uur
“home trade” has fallen far short ol what was ex
pected, and as this important branch used to take
off before the war probably about one-third—at
all events, fully one fourth—of the total produc
tion of Lancashire, it can easily be perceived how
a withdrawal ot a large portion ot this demand
has weakened Manchester.
In connection with this it must further bo ob
served that the last harvest was a bad one, and
the high prices ruling for breadstuff’s have a
very important effect in limiting the consump
tion of clothing by our laboring population.—
The extensive substitution of woolen and other
toxtilo fabrics during tho time of tho American
■war has also tended in a great degree to curtail
the consumption of Cotton fabrics, and it will bo
some timo yet before Cottons resume the leading
place they once held.
It must not be supposed, however, from these
remarks, that we doubt the ability of Lancashire
to dispose of Its production at moderate prices.—
Happily, the great Eastern markets have come to
the rescue, and are absorbing a prodigious amount
of Cotton goods, and seem able to take perma
nently, as far as we can judge, considerably more
than they did before tho American war. The pri>
duction for these markets at-present is enormous,'
and beyond all former precedent; nor is it appre
hended by those most conversant with the trade
that it will be easy to glut them at the present low
range of prices. This is a question, however
which the future only can solve.
Smith, Eihv»iil> &■ Cc
Anuunl Cotton
The prospects of -
for a few remarks,
of supply. The Ir-.-
Ln EBPOOL, January
our market for tho coining
The first point to oonsidt
it American crop, mado i
1, !$•>£. -
ycir call
•r is that
ir, as it
ought to be, on the
basis of receipts at the p
oris and
exports overland to the North, amounted. In ream!
numbers, to 2,030,01
•0 bale?. This includeu, 1
lowcver,
a larpe amount of c
Id ‘ ’ott^n. -w i the j>orti
n Rrovrn
mam the:
Thi3 ’
prooably not more than
iir-t crop raised under the
1- s for three
cut short 25 to 3 j per cent!
Tlie Last Duel iu Europe.
There is a mixed railway train daily going
through to Aix-la-Chapelle by the Northern line.
A few days ago some three or font gentlemen
were seated in a first-class carriage of this train.
One was the Count , a Prussian nobleman,
going to Berlin. He was conversing in a loud
voice with a gentleman next him, giving a fall ac
count ot some of the political and warlike events
of last year, and in that arrogantly offensive tone
which is very characteristic of the Prussian of the
modern Bismarck school, he swaggered overmuch
at the expense ot Austria. Another gentleman in
the opposite corner of the carriage could not help
overhearing this language, and no was naturally
much disgusted, being the Baron , an Austrian
Colonel. Indeed, at last, the Baron, to get out of
earshot, or to cool his rage, opened the window
and kept his head out.
The Prussian complained of tho cold, and at
last peremptorily requested that the window be
shut. “You fear the cold," said the Baron,
more enraged than ever. “Wo shall see by-and-
by whether you fear tho fire.” The Count un
derstood him. “Whenever you like,” said he.—
It so happens that this train stops an hour at
Lille. The Baron ran to the barracks and
introduced himself, told his slory, and found two
officers who consented to act as his seconds. The
Count found two of his countrymen travelling in
tho train, who did the honorable needful for
him. They found tho nearest retired place, but
the whole of the passengers, who somehow got
intelligence of tho matter, were present.—
Pistols had been brought from the barracks.
The combatants were arranged at twenty-five
paces from each other. One of the seconds,
standing out, clapped his hands three times. At
the third stroke—bang! bang! both fell together.
The Baron falls, his knee broken. The Prus
sian is not touehed, bnt with continued arrogance
he says, moving off, “Gentlemen, excuse me, but
I am in a hurry to get home, and I must not miss
the train.” “Not yet, not yet, if you please” said
the Austrian Colonel, lifting himself from the
ground, and pale and ghastly, standing on one
leg, “ono more round if you please.” Tne Prus
sian became livid, but took his place again. They
fired, and the Austrian shot his man through the
brain. Tho Count sprang a foot from the ground,
and fell down dead.—London Court Journal.
Logical Deduction.—The New York
Tribune says the Democratic programme of
this yeir is:
“I. To make this ‘a white man’s govern
ment’ by remanding the four millions of
blacks into political nonentity aud virtual
serfdom.
“H. To relieve tbe people from taxation,
by virtually repudiating the national debt.”
To which tho Chicago Times responds :
“The Radical programme must be directly
opposed to that reputed as the Democratic
programme. In such case, it would read as
follows:
“I. To make this a black man’s govern
ment, by remanding eight millions of whites
into political.nonentity and serfdom.
“II. To increase the burden of taxation for
tbe purpose of enriching Radical office
holders.”
The Radicals Frightened.— A Washing
ton correspondent of the New York Inde
pendent conveys the following unwelcome
news to its Radical readers:
There is immense danger of defeat next
Autumn; and, if our Presidential ticket is
beaten, tlie next House will be Democratic
and all but honor will be lost.”
This correspondent need have no anxiety
about losing the “honor” of the party, for
that was lost long ago, and, from present
indications, will never bo regained. j
ales.
freo labor system i the 8
an avernftecrop oflit fourmilli :
years bet'urc the war; but the season
and probably iko crou was ca
on that account, 'i bis
h as be. 11 i.i--Hy ... : ;ke i kin* . - t •
been unusually I ng, and public opinion semis to
have fixed u >n two and n half million; as a f-.ircs-
tiruato of crop. This would show n Incren - e 1 * To 1 '
000 bales upon tho erowth of las: icason. Up to the
present time the : 1 i: :’tho 1 ....-V
ly exceeded last year : luitthis may bo ascribe I t . tho
lateness of the crop and tho prevalence of the vo!low.
fever at tho Gulf ports, risould tho current (siissato
of two and a hair millions be realised, the r-.ecipts
must show a heavy cxcc.-s over last year for some
months to come.
With regard to it- distribution wc will assume tho
United States to retain thesame.araount for home cent
suturtp-.r. :• -' }. tr, uf b.rio.-, f
Virginia, which would leave 1,800,000 bales to bo ex
ported to Europe, against L557.000 bales tho last sea
son. It is probable that tho larger part of this sur
plus will go direct to the confine t of Europe, at tho
expense ofthoexrorts from Liverpool.
Wo next turn to India. Ouracjountsfrom Bombay
represent-the crops as promising in most districts of
Western India, .’.r.d tho acreaeo under culture as
nearly e<iual to the previous year; but wo do not ex
pect the same quantity will be shipped to thiscountry.
Tho growers wul bo very reluctant to sell their crops
atl20rs(— 4Wdc. Af„) which last year fetched lifts
toSOOrs.. anu wo expect tho crops will bo delivered
slowly, and a lartrer portion than usual bo kept over
the monsoon, and thus withheld from England daring
186S. A largor amount will also, in all probability, bo
shipped to China. From Calcutta we .anticipate tho
greatest falling off, as tho current prices of-Bengal
Cotton aro too tow to draw largo quantities to Europe.
It is probable that the -rent bulk of it will goto China.
Wo incline, upon the whole, to think that wo shall re
ceive fifomjndia, this year, 200,000 to 300,000 bales lesi
than in IS67. or about sufficient to counterbalance tho
increase from America. A good deal, however, will
depend upon ho w prices rule in tho first throe months
of the year. 11 he dcpies-fon c ue-. ss> 1 ; ri ••
go materially io-ver, wo may lose an alarming pro-'
portion of cur year's supply from India; but, if a brisk
reaction soon occurs, sufficient to create an activo de
mand in Bombay, there will not bo so large a deficit-.
Tho character of tho year’s business will turn very
much upon this point, and it will need to be closely
watched.
From Egypt a moderate increase upon la-1 year Is :
anticipated, and in Turkey tho crops aro largo; but-
no accurate information can be obtained on this
point, and very little Turkish Cotton (Smyrna and
Macedonian) now comes to this market.
In Brazil, Cotton culture is fast extending in the
southern provin :es adjacent to Rio and Santos, stim
ulated, wo understand, by a large emigration ot South
ern planters, but the low prices to which we have-
fallen will check cultivation in tho districts that lie
remote from the seaboard, and we see nc reason to
look for any material change in the import from Bra
zil next year. The “Rio” Daes aro very small, and
the average weight of Brazil Cotton considerably less
than it used to be, and this makc3 the quantity from-
that country considerably less than its appearance in
tho tables indicates. Ao import of 450,Ood Brazil is
only equal to about 150.000 American.
From the minorsourccs of supply, grouped under
tho head West_ India, we expect that supplies will
steadily diminish under the chilling influence of low
prices.
Tho genera! conclusion to which wo come is that
tho aggregate supply of Cotton to all Europe in 1868
may slightly exceed that of 1807. but we ;eo no room,
for any important excess, and we think it will fall
short of tho supply received in 1S06.
We now turn to tho Consumption of Cotton in
Great Britain for 1868. The remarks we hare made
above anticipate lengthened observations here. We
believo thnt at tho present range of prices as great a
weight of Cotton willbo consumed in Great Britain
this coming year as in I860—in other words, 55,000
balc3 per week of300 to 3701b average weight. We ox-t
pect the position of the trado will gradually improve,
especially if the raw material remains cheap, for the
enormous fall that has taken place in Cotton fabrics,
which are now below tho prices ruling for some yeara
before tho American war, must draw upon them a
constantly increasing demand. Calico has resumed
its position of being tho cheapest article of clothing
produced, and this fact must give elasticity to the
trade, as in former years.
On tho ContinentofEuropcthe saraccauses will tend
to produce a large consumption, which operate on
this country-; indeed there has. been a relatively
greater increase of machine power on the Continent
oflate years than hero, and therefore wo think it
reasonable to anticipate that it will requiro 100,000
bales more in 1S63 than in 1867, either direct from
America or exported from this country. Wo think
all this surplus or more will be taken direct from the
United States, and to whatever extent it exceeds'
100,000 bales wc may perhaps look fora reduced ex
port demand.
Of course much depends upon tho political state of .
tho Continent. It could hardly bo worse than it has
been in 1867, for though thero was no great war, there
was constant dread of it, and tho peaco which pre
vailed was only an “armed peace.”
We would ram up our views on the question of Sup
ply and Consumption for 1S6S as follows: We expect'
buta slight increase of supply and alarge increaso of
consumption, especially in Great Britain, hut equally
so on the Continent if tranquillity prevails; and w"e
think that as tho year advances it will bo f un i that
low prices for Cotton—say 6).ld to 7d for middling
American,and fid to 5)4d for fair Surats—are not justi
fied. At tho same time, so great is tho poverty of the
trade, and so little confidence is there among mer
chants, that wo doubt if any important improvement
will occur in tho carl}' spriDg months ; and should the
receipts at tho American ports during January and
February con tinue large, say 100,000 bales per week on "
tho average—which they ought to do if the crop is to
reach two and a half millions—it is not improbable
that prices here may rule for a time even below pres
ent quotations.
There is but one more subject on which wc will make
somo concluding remarks—we refer to the future pro
duction of Cotton. Tho supnly for tho coming year is
drawn from tho production, based upon 12d per r-oun-1
for American and Sd for Surat Cotton. Will as much
Cotton bo grown in tho following year if prices at tho
planting time are nearly a half lower? V.'c think
not. Tho result of this year’s Cotton crop to the
American planter is ruinous. After deducting tho tax
the price in tho Southern ports 4 about 32 cents, or
4%d por pound: whereas, for some years before the war,
theaverago price was 5Hd to 6d per pound, an l it is
admitted on all hands that the cost to tho planter i
far-greater than it was beforo tho war. So far as wc
can make out, tho present price of Cotton in America
is 5 or 6 cents per pound below what is necessary td
yield even a mcdcratc return to the planter for the
present crop.
Throughout the South there is extreme roverty and
discouragement; most of tho planters are deeply in
debt, and a large proportion of the factors at the
ports are insolvent. Universal complaints are made
of tho unreliable labor of the freedmen, and it wilt
be extremely difficult for planters to obtain monev td
plant their next crops. BreadstuO, on ihc other
hand, havo been dear and have paid much bettor than
Cotton this season, andwc think that a larger area
will bo sown with them at the expense of Cotton. A
good deal will depend upon the price ruling at tho
timo of planting ; should that bo forced down to dd or
6j<dfor middling, wc fear the effect will be dangerous
in regard to theluture supplies of our raw material.
In India, we havo no doubt that the production oj
Cotton will fall off considerably. Brcadstuffs there,
a3 in America, are relatively much higher than Cot
ton, and pay the farmer far better, and we believe
that if fair Dhollerah rules nndor 6d per pound at the
timo of next sowing, say in July, there will be a large
decrease in the area put under Cotton. Prior to the
American war we were drawing from all India about
half a million of bales nnnaally, based upon 5d per
pound for fair Dhollerah. No doubt, since then Cotton
culture has taken a firmer hold of that country, and
the great development of the railway system has
given a permanent stimulus to production, but- :v,-
think it would not be safe to calculate unon an r.nnnal
supply from India of more than a million of baks,
based uponSdfor fair Dhollerah—that is to say. louble
the amount received before the American war, and
fully one-third less than the highest average reached
for any threo years during or sinco the war. (The im
port of East-India into Great Britain during It'D to
1S67 averaged 1,600,000 bales.)
In Egypt we havo no doubt that the cultivation ej
Cotton will fall off very much, with such 1 >w prices
ruling for its staple. That country is ns well n inpt-’d
for growing grain as cotton, and at current prices :ii_
former pays much better. We think in re of ctir
Cotton growing countries will production be .-0 much
checked as in Egypt: thoro is nono in which it is so
easy to substitute Brcadstuffs for Cotton.
Regarding Brazil we have less reliable information.
We understand that the plant—in many of the pro
vinces at least.—is a triennial, requiring m be wn
only onco in three years, and thus a fall in price does
not affect the production so sharply as in countries
where tho plant is sown annually, as in America,
India and Egypt; but still we havo little donbt that
cultivation will recede under the influence of such a
range of prices ns now exists.
Tho general conclusion to which we come is t! i
that the prices now current, based upon Td to 7 ! jd for
middling Upland (American) Cotton, will not draw in
adequate supply of Cotton permanently for the con
sumption of Europe—at least if that consumption is to •
go on at the rate prevalent beforo tho American waj
broke out, and wo think this view will take hob!
tbe public mind as the year advances, and be fin - . -
inent of decided strength to tho market.
IMPORT OP COTTON INTO ORE.1T RRIT.VI.Y.
American. India A China. Brazil & Egypt. Total.
S6< ...1,225,700 1,510,700 TiH.inj 3 b'l'.-Jo
866...1,163,000 1,867,000 719,000 3,749,000
Decrease of import in 1867
248300
DELIVERIES FOR CONSUMPTION IN GREAT RRI
TAIN..'
American.
India A China. Brazil A-Egypt
Total.
1S67...1,066,500
892,100
593.900 L
931,000
933,000
572,000 2
i/O"
Increase of
consumption in ISO
7.
110,-Jb.
AVERAGE VEEKLY DELIVERY FOR
GREAT BRITAIN.
CONSUMPT
ION IN
American.
India & China. Brazil & Egypt.
T-tal.
1557... 20,500
17.100
U,40u
1866... 17,950
17,950
13,OO.
45.900
Average we
skly increase in 1S6
2.100
EXPORT or COTTON FROM GUI
AT ‘Uil TAIN
The President on General Grant,
Tlie President said, in conversation, on
Saturday, that he would give £10,000 out of
his pocket if the American people could have
seen Gen. Grant at the Cabinet meeting on
Friday, while questions were being put to him
about his action iu the Stanton matter. He
said he never saw a man look meaner or more
humiliated. ‘‘He is not a big man,” said Mr.
Johnson, “either mentally, or physically, but
before he had answered the questions we put
to him, lis seemed to have shrivelled up no
bigger than my fist.”—Special to the Chicago
Times.
Whether literally true or not, we feel sure j
that the above is virtually true. Yes, Grant
is shrivelled up, in character, if no other way, j
and well does the New York Evening Post
say “he will find it hard to extricate himself
with honor.”
American. India A China. Brazil JeEgypt. Tots!
... At
160,
4, ICO
“90
123
moot
LO
1,137
322,1
Decrease of export in 3867..
ACTUAL STOCK OF COTTON Iff' LIVERPOOL PF.CF..UBS:: Gl.
American. India Jc China. Brazil & Egypt. Tot.il.
3S67... 103,400 225,400 318,700 417,50(1
167,300 272,900 76,600 616,800
Decrease in stock, 1867
STOCK OK COTTo.V IX GREAT BRITAIN DECEMBER ..i.
American. I ndia A: China. Brazil A Egypt. Total
554,800
581,001
59,300
American. Indie. & China. Brazil A Egypt. Total,
laoi... 22,000 18,000 12,000 52.000
1866... 20,<X« 20,000 3,000 48,1'CO
American and East India Cotton afloat for Great
j Britain December 31, 1*37,' 194. KX) bales; 1366,-lio,000
I bales.
QUOTATION'S FOR AMERICAN COTTON DECEMBER 31, ’67.
Ordinary. Middling. Fa
1367... 103,700
524,500 126 600
186*3... 167,400
331,100 SO'.lOO
Decrease of i
lock, li67
ESTIMATED REAL
CONSUMPTION OP GREAT BJ
this date.
Orleans
Mobile
Uplands...,
iYi