mittee believe, may be found the source of These, your committee believe, are the natural results of irregular production; and were it possible to obtain such concert of action among planters as would reduce the annual crop one-half, the same principles would govern, and the same results be obtained ultimately. If it be true, as your committee have supposed, and as a careful examination of the production, consumption and stock remaining on hand for 25 years past, they think will abundantly show, that our difficulties have not been attributable to over-production, but to irregular production, then is it not important that we should apply the remedy, if there is one? Irregular production, it is conceded, cannot be prevented, but your committee think that organized concert of action will control its effects. By way of illustration, suppose that the year 1851 yields 3,000,000 bales, and that it is definitely ascertained that the capital employed is only sufficient to manufacture 2,500,000 of these; now, in the ordinary course of trade, the effects of irregular production would be shown by great depression in price. But suppose the planters refuse to send the crop forward to any greater extent than is actually sufficient to supply the demand for consumption, and retain under their own sheds the other 500,000 bales; such a course would secure them fair prices for the amount sold, and control the natural effects of irregular production for that year. Then suppose the year 1752 furnishes only 2,000,000 bales; the ordinary effect of this, as has been shown, would be to drive capital out of the manufacturing business, and lay the foundation for subsequent low prices. This would be controlled, by adding the 500,000 bales retained from the crop of 1851, supplying the manufacturers' demand, securing good prices for both crops, and preventing the derangement which would have resulted from a withdrawal of manufacturing capital. Thus the principle might be run through any number of years, and admitting that there is no aggregate over-production, every crop would bring a fair price, because offered only in quantities sufficient to supply the demand. Such a system as this would protect us against the consequences of irregular production, but it can never be carried into effect by individual action. There are no means of procuring the necessary concert, to say nothing of other insuperable obstacles. Under such circumstances, speculators seeing no prospect of improvement withdraw from the market-the manufacturer is left without competition, and fixes the prices to suit himself the planter becomes discouraged, and forces his cotton off at anything that is offered-unites in the general cry, that the production is immeasurably in advance of the consumption-vies with the manufacturer in fixing the impression and making it universal, that large supplies and low prices are inevitable for all time to come. This impression being fixed, capital flows in rapidly, new factories go up in all directions, old ones are enlarged and improved, trade in Manchester becomes healthy, new and extensive markets are found for the consumption of cotton goods, and in a few years, to If we would do anything certainly and efthe utter astonishment of all the world, it is fectively, we must organize a Cotton Plantfound that the picture has been reversed-er's Association. This should be chartered that an unprecedented increase in the consumption has taken place--the surplus is all gone-prices move upward a short crop is made, and capital is again driven out, to be invited back, by the same process, after another long period of depression in prices. by the states of South Carolina, Georgia, Alabama, Louisiana, and Florida, with a capital of least $20,000,000, to be increased in the amount, as the wants of the business might require. The Association should erect or purchase extensive warehouses in Charles ton, Savannah, Mobile, New-Orleans, Apala- | ahead-the manufacturing business would be chicola, and St. Marks, and establish at each characterized by greater regularity, and conof these points a regular commission busi- ducted with greater confidence the supplies ness, with a view to the storage and sale of of goods would be better, and the consumpthe entire crop of the United States. tion larger. Another inducement for such an organization is the great saving of expense in getting our cotton into the hands of the manufacturers. The Liverpool market governs the American market; and it matters not where the planter sells his cotton, he sells in reference to what is the supposed net value in Liverpool; and the difference between the price in our own sea-ports and the price in Liverpool, is the measure of charges aud expenses paid by deductions from the price of the crop when sold. Taking the period of ten years, from 1840 to 1850, it is found that the average price in Liverpool was 2 95-100 cents per pound higher than the average during the same time in the sea-ports of the United States. Taking this as a measure of charges and expenses, and estimating our production for the next ten years at 2,500,000 bales, of 500 lbs. each, and the expenses may be stated thus: For the purpose of securing to themselves the whole cotton commission business, they should establish a minimum price, which, for the purposes of this argument we will fix at 10 to 12 1-2 cents, according to quality and location, and averaging, say 11 cents per pound. This should be guaranteed to all their regular customers, and to all parties holding cotton purchased of them, so long as the said cotton remained in their warehouses. The world should have notice that, whenever the cotton offering was not wanted by others, at or above the minimum fixed, it would be wanted by the Association; that, when once purchased, it would never be re-sold, until taken at cost, adding storage, insurance, interest on the investment, with a commission for purchasing, and another for selling. This accumulation of charges would induce the manufacturers to take their supplies before the company would be required to take any; nor is it, indeed, likely that they would ever be purchasers to any large extent. Under such a system the planter would not crowd the market with cotton, as is now the case, and speculators at the minimum price would purchase freely, and hold with confi-Drayage on do. at 10. dence. Another inducement for such an organization may be found in its capacity for increasing the consumption, provided the raw material is furnished. The bagging and rope necessary for packing a crop of 2,500,000 bales, would require about 56,000,000 pounds, or about 100,000 bales, of the most inferior part of the crop. This would be 4 per cent. of the entire yield. To insure this large increase in the consumption of the United States, it would only be necessary to erect the machinery for manufacturing these articles -sell them at a trifle above the cost of production, and discriminate in the minimum price fixed, to such extent as might be found necessary, against cotton packed in any other material. This would insure the packing of the entire crop in our own staple, and provide for the employment of a considerable amount of labor in manufacturing the bagging and rope necessary. But this is not the only increase to be effected in the consumption; the guarantee which the manufacturer everywhere would have, incidentally, that his goods, when made, could never be brought into competition with goods made from cotton at lower prices than his own, would induce the production of a larger proportion of coarse numbers-feeling that there could be no risk in stocking himself heavily, spindles would not be stopped or short-time resorted to, because orders were not in hand for work 1,250,000,000 lbs. at 2 95-100 cents per lb Add storage in American sea- Mending do. at 5. $1,250,000 125,000 365,000 Commission on sales at $55 $36,875,000 5,437,500 $42,312,500 Thus it is shown that, exclusive of charges in interior towns, the expenses paid by the planter on a crop of the size supposed would be over $42,000,000, or nearly $17 per bale, and this, too, so far as the larger item is concerned, on a range of prices of only 7 cents and 7 mills in the American ports. How far these expenses may be reduced by concentrating our business in our own ports, and bringing the manufacturer to our own warehouses for his supplies, and thus dispensing with intermediate markets, and intermediate agents, may be seen by refer ence to the following table: Total charges now paid on 1,250,000 lbs.... .$42,312,500 Deduct for necessary charges, as follows: ports, as per above table...$5,437,500 9,375,000 ports to manufacturer's re- 1,000,000 17,312,500 $25,000,000 Leaving a balance of $25,000,000, which, | matters, would hardly fail to pay the exif these estimates are correct, must constitute penses of conducting the business, leaving an unnecessary charge on the cotton planter, the interest and cotton commission business and might be saved by transacting our as a dividend of nearly thirty-three per cent. business with the manufacturer at our own per annum to the stockholders. warehouses. That the organization of such an association as your committee have suggested, would effect such a revolution in the cotton trade, they think may be shown. So long as the cotton remains in their warehouses, it would be under a guarantee that it should bring a certain and fair price; the benefit of this would be lost as soon as it was removed. Under such circumstances, who would ship it? Would the planter or speculator remove a bale? What would be the inducement? Such removal would not only forfeit the guarantee, but render it certain that the cotton must reach the manufacturer with an accumulation of unnecessary charges, by which the net price would be reduced. With strong inducements, therefore, for its remaining, and a certainty of loss on its removal, scarcely a bale would go except to the manufacturer's order. Effect such a revolution, and Liverpool would no longer be the great cotton market of the world, and govern prices for us-our own Southern ports would become the manufacturer's market-our own merchants would be their purchasing agents-we should learn to do our own business, keep our means at home, and this would bring the commerce of all nations to our ports-the gold and produce of all would be brought to our cities to exchange for our cotton. We should become the great importing as well as exporting section of the country. Business would invite capital and population our property would be greatly enhanced in value-we should be independent of all sections and countries, while all would be tributary to us. In conclusion, your committee will ask, can the necessary capital be raised? Why not? Eight dollars per bale on the production of a single year would be sufficient, while they have attempted to show that ten dollars per bale, Resolved. That the Secretary of this meetper annum, would be saved in expenses, and there can be no doubt that a similar sum and Resolutions, and ask publication of the ing prepare copies of the foregoing Report would be received by increased price. If so, Your committee have thus considered, as far as their means of investigation have allowed them, the questions of over-production; and our capacity for over-production, the influence of irregular production, and the possibility of controlling its effects, our ability to increase the consumption, improve the price, and save a large portion of the annual charges and expenses now paid. They have confined themselves to the discussion of a single plan or system of production, not doubting that there are others, aud perhaps, better ones, which will be presented, should a convention of cotton planters be assembled. Accompanying this report they present the following resolutions for the consideration of the meeting: Resolved, That the great irregularity, and continued tendency to reduction of the price of our great Southern staple, are evils which require investigation, and the application of a remedy, if one can be found. Resolved, That in the opinion of this meeting, nothing is likely to be accomplished for the benefit of interest, without a reasonable amount of concert of action among cotton planters. Resolved, That with a view to obtaining such concert of action, we respectfully call on the cotton planters of the Southern states to assemble in Convention at Macon, Georgia, on Monday, 27th day of October next, or at such other time and place as may be most convenient to a majority of those who may desire to be represented, and that this meeting appoint delegates to the same. On motion of Judge Brevard, the Report was received, and the resolutions taken up seriatim, and unanimously adopted. General Whitfield then offered the follow ing resolution, which was unanimously adopted: fifty millions dollars a year would be added same in De Bow's REVIEW, the Agricultural to the cotton planters' income. This benefit Papers of the South, and the papers of the would be common to all, and is deemed sufficity of Tallahassee. cient to justify the subscription of $20,000,000, even if so much would be necessarily sunk in the operation. But your committee can see no reason why the capital should be lost. On the other hand, the cotton commissions, &c., have been estimated to be worth in the sea-ports $5,437,500-the interest on the capital would be equal to at least $1,000,000 more, making $6,437,500, while the back storage, receiving and forwarding, commissions on consignments of other produce, and on vessels, with a great variety of smaller On motion of Mr. Houstoun, it was then unanimously Resolved. That we form ourselves into a Cotton Planters' Association, to be called the Central Association of the Cotton Planters of Florida. The following gentlemen were then appointed Delegates to attend the Planters' Convention, to be held in the city of Macon, Georgia, on Monday, the 27th Oct. next; John S. Shepherd, James E. Broome, Benj. Chaires, George Whitfield, George Galphin, T. W. Brevard, Edward Hous toun, W. D. Moseley, R. K. Call, W. M. Maxwell, F. Chairs, T. K. Leonard, Elijah Johnson, N. L. Thompson, G. W. Holland, John J. Maxwell, W. H. Burroughs, G. A. Croome, Alex. Cromartie, Richard H. Bradford, Edward Bradford, John Branch, Charles Bannerman, R. W. Williams, J. S. Maxwell, Green Chaires, Henry B. Ware, W. L. Thompson, James L. Hart, Thomas Laversage, George T. Ward, Jo. Chaires, Jesse Everett, John Cason, Kenneth Bembry, Wm. Lester. Richard Whitaker, E. M. Garnett, R. H. Hall, Richard Van Brunt. The officers of the meeting were, on motion, added to the number of delegates above designated. A committee of three, consisting of Edward Houstoun, James E. Broome and Theodore Brevard, were then appointed, to prepare a constitution and by-laws, for the government of said association, to be reported to their next meeting. On motion, the meeting adjourned, to meet again on Saturday, at 10 o'clock. ROBERT BUTLER, President. JOHN PARKHILL, Vice-Presidents. B. B. ALLEN, Secretary. and at last dates amounting to 646,000 bales. No one will say that the Manchester or American manufacturers have at any time stopped their spindles, "worked short time," or " spun fine," because of short supplies of the raw material. When those measures were resorted to, it was because of limited demand for their goods; or, as the means of depressing the price of cotton. Where, then, are the evidences that "the consumption of cotton up to this time, has been limited by its production?" The quotation from a paper, read in 1850 before the British Association at Edinburgh, is entitled to the same credit, and no more, that would be given to the opinion of any gentleman not concerned in the manufacture of cotton. The paper gives no facts in support of its assertions; and in the pamphlet under review, we have sufficient evidence, that after laborious investigations of the same subject, a gentleman of considerable talent may fall into great mistakes. It is to be remarked, too, that the writer whose opinion is quoted, was urging upon the Association the favored policy of the British Government and British manufacturers, of stimulating the production of cotton elsewhere, so as to render that country independent of this for its supplies of this all-important article. None but one infatuated with some favorite theory, and heedless of facts, can say, that, "up to this time, the manufacture and consumption of cotton have been lim COTTON PLANTERS' CONVENTIONEXAMINATION OF THE ABOVE REPORT.-The Convention of Cotton Planters, recently held in Macon, Georgia, as a substitute for the re-ited by its scanty production." It may come port of its Committee of twenty-one, adopted a printed pamphlet, purporting to be a report made to a meeting previously held in Tallahassee, Florida, and containing what has been denominated "The Florida Scheme." More than two hundred names were registered, as members of the Macon Convention; but the question of adopting the substitute was forced upon the meeting, when there were not forty members present. The substitute, therefore, is not a fair expression of the views of the Convention; and deeming it calculated to do injury, I ask permission to state some of my objections; and I do it in the hope that some practical plan will be presented by the next Convention of Cotton Planters. In reviewing the pamphlet, I will suppose its figures to be correct; although on this head I have no certain information. The first thing which presents itself, is the Irish Bull, "That the consumption of cotton has exceeded its production:" but let this pass. The next of its bold assertions is, that the extent of consumption up to this time, has been controlled by the extent of production." And this is asserted in the face of the admitted fact, that at the close of every year, a large surplus of cotton has remained in the hands of the sellers, which was not wanted by the manufacturers-a surplus amounting, at one time, to 1,221,000 bales; to pass at some future day, that we cannot produce as much cotton as the manufacturers may want; but it will be well to await the event, or its near approach, before under taking to provide for it. Meanwhile, our danger is from the opposite quarter; and the object for which the Convention was called, was to devise correctives for the low prices apprehended from an expected large crop. The In each of his speeches, the author of the pamphlet told the Convention, that after supplying the wants of Great Britain, France and the United States our largest crop would not furnish the rest of the world with half a pound of cotton each, for the clothing of its nine hundred millions of inhabitants. Alas! for the poor wretches, who, under this pri vation, must be shivering with cold, or blistering under tropical suns! How can human beings live under such privation ? speaker, however, had forgotten, that other nations, than ourselves, are producers of cotton. People are clothed with it in China, Hindoostan, Japan, Persia, Africa, and other parts of the world; and long before the first bale of cotton was grown in the United States, our slaves were clothed with coarse cotton cloth, imported from the East Indies. We know, too, that cottons are annually imported into Europe from other countries than the United States; and may reasonably infer, that their exports consist of the surplus of their crops, above the wants of their own people. array It is unnecessary to waste words upon the of figures employed in page 4 of the pamphlet, to show the effects of irregular production on prices and consumption. The figures employed are assumed to prove a theory; but are in no way furnished by the history of cotton, either in its production or its manufacture. Any other figures might as well have been assumed. And until some evidence be adduced to prove, that there has at any time been less cotton produced than the manufacturers wanted, all such pretended demonstrations of cause and effect, are, of course, vox et præterea nihil. those who want them will come and purchase at the usual consuming prices, less the necessary expense of freight, insurance, &c. But if, as asserted, the present mode of forwarding our cotton to Liverpool involves a cost of seventeen dollars per bale, why not ship it direct to that market, and, at a cost of only seven dollars per bale, obtain the Liverpool prices? I will now proceed to the examination of the grand scheme of the pamphlet: that which is to work wonders in curing the evil of irregular and unremunerating prices for cotton. We have the scheme detailed in page 5, in the following words: If we would do any thing certainly and In page 5, we find the only valuable para-effectively, we must organize a Cotton Plantgraph contained in the pamplet. It is the ers' Association. This should be chartered admission, that the evil of over-production by the states of South Carolina, Georgia, Alamay be remedied by the planters withhold- bama, Louisiana and Florida, with a capital ing a portion of their crops from market. of at least twenty millions of dollars, to be But this simple and common sense remedy increased in amount as the wants of the busi is unceremoniously repudiated as impracti- ness might require. The Association should cable, because it cannot be carried into erect, or purchase, extensive warehouses in effect by individual action; there being no Charleston, Savannah, Mobile, New-Orleans, means of procuring the necessary concert," Apalachicola and St. Marks, and establish at &c. each of those points a regular commission business, with a view to the storage and sale of the entire crop of the United States. "For the purpose of securing to them The next two paragraphs contain the grand scheme of the author, the panacea for all our evils. I will quote, and comment upon it, when I shall have noticed two of the subse-selves the whole cotton commission busiquent paragraphs. The author says, (page 6,)" Another inducement for such an organis zation, (meaning his mammoth company,) may be found in its capacity for increasing the consumption, provided the raw material is furnished." This increased consumption is to be effected by packing the crop in cot ton bagging and cotton rope; but it does not very clearly appear how much increased consumption is dependent upon the organization of such a company, unless the company is to become the manufacturer of the rope and bagging, as well as the salesman of the crop. If the planters will agree to use cotton rope and cotton bagging, manufactories of those articles will be erected by individuals. On same page, we are told that," the difference between the price in our seaports, and the price in Liverpool is the measure of charges and expenses paid upon the cotton crop when sold ! ! !" This is a novel discovery, and, if true, the British manufacturer may, with equal justice, say that the difference between the price of his goods at his manufactory, and that for which they are sold to the planters of the South, "is the measure of the charges and expenses paid, by deductions from the price of his manufactured articles when sold"!!! And, according to the doctrine of the pamphlet, the manufacturers ought to form a great joint stock company, with warehouses for storage of their goods, until *Does any one doubt of a sufficiency of the raw material? ness, they should establish a minimum price, which, for the purposes of this argument, we will fix at 10 to 12 cents, according to quality and location, and averaging say 11 cents per pound. This should be guaranteed to all their regular customers, and to all parties holding cotton purchased of them, so long as the said cotton remained in their warehouses. The world should have notice, that, whenever the cotton offering was not wanted by others, at or above the minimum fixed, it would be wanted by the Association-that, when once purchased, it would never be re-sold, until taken at cost, adding storage, insurance, interest on the investment, with a commis sion for purchasing, and another for selling. This accumulation of charges would induce the manufacturers to take their supplies, before the company would be required to take any; nor is it, indeed, likely, that they would ever be purchasers to any large extent. Under such a system, the planter would not crowd the market with cotton, as is now the case, and speculators, at the minimum price, would purchase freely, and hold with confidence." Let me examine this scheme, and inquire: 1st. Whether such an Association can be organized? and, 2d. Whether, if organized, it would, or could, remedy the evils of short prices ? 1st. The company is to be chartered by the several cotton producing states. And the object in obtaining a charter, was avowed by the author of the scheme to be, "the exemp tion of the stockholders from losses as indi |