The Cotton Resources of the South, Present and Future [pp. 132-144]

THE COTTON RESOURCES OF THE SOUTH.
England, but our anger should not be against the English. The
people of England, the great masses are our friends.
They need our cotton and our grain; we need many of their
manufactures. With peace between us the wages of the two coun tries will become equal by the rise in England.
If we war with them, we aid the class who are our enemies, and
give them a new lease of power, and we injure our firiends.
Instead of chlerishing, our anger, would it not be far more magna nimous to take England at her word, revise the laws of neutrals,
the maritime law, and let it now be declared that private property
is exempt from seizure upon the sea? Would not this be a vast
step in the path of civilization; a real progress of ideas? To return
from this digression.
Thus, although it may be asserted that cotton may be raised all
over the world, yet with the exception of the region on the Paraguay and Parana rivers, we possess the only region in which there
is the exact combination of soil and climate with a sufficient population necessary to mature a crop sufficient to meet the need of the
world.
I am rejoiced that the large estimates of old cotton remaining at
the end of' the rebellion were erroneous, and that, with the smrnall
crop of this year, there many not be enough to cause any great
reduction in price. The reorganization of industry and the protection of the colored laborers is a herculean task....... The
planters and the land-holders are eager to invite Northern settlers;
as yet such settlers are unsafe, and must continue so until the men
of property and influence, and the ex-confederate officers, who are
the most reasonable of all, shall combine for the protection and
advancement of the negro. This their interest must lead them to;
for until peace and good order and habits of industry shall be renewed, their lands must be without permanent value, and they have
nought beside.
But while I have proved that we have the control of the best
cotton land in the world, I regret to see a proposition from the
comptroller of the currency to tax cotton ten cents per pound. I
do not regard the natural price of cotbon to be over eight cents. I feel
confident that when labor shall be completely reorganized its actual
cost on good land will not exceed five cents, and that eight cents at the
ports will pay a fair profit. A tax of 200 per cent. on the natural
cost would be inexpedient, and would seriously check the renewal of
cultivation. I think the country will get more revenue in the long
run from a tax not exceeding three cents per pound; but in this I
am, probably, a little below the average opinion of spinners.
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