M.'''^^V,-\?*'''V; New York State College of Agriculture At Cornell University Ithaca, N. Y. Library Cornell University Library HD 9075.D68 Chronological and statistical history of 3 1924 013 914 621 The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013914621 NEW YORK COTTON EXCHANGE. Cheonological and statistical HISTORY OF COTTON, E. J. DONNELL. "How strange it is that so few attempts have been made to trace the rise and progress of this great branch of industry, the cotton manufacture; to mark the successive steps of its advancement, the solidity of the foundations on which it rests, and the influence which it has already had, and must continue to have, on the number and condition of the people." —McCcTLLooH, in the Edinburgh Review. PUBLISHED BY THE AUTHOR ISW^ YORK: JAMES SUTTON & CO., PRINTERS, 23 LIBERTY STREET. 1872. Entered according to Act of Congress, In tne year 18V2, by E. J. DONNELL, in tie Office of the Librarian of Congress, at Waslilngton, D. 0. PREFACE This work has been prepared for the purpose of supplying the cotton trade, and all who are brought into business relations with it, with needed information in a convenient and compact form. No attempt has been made to present anything strikingly novel or altogether new. The facts, which are spread over the succeed- ing pages, have existed in crude and detached form, but accessible to only a few. In collecting them together, reducing them to shape, and presenting them in a manner admitting of easy reference and comparison, much severe labor has been performed, and there has been no lack of patience and research in its prosecution. Every effort has been made to guard against errors, but among such a mass of figures, perfect accuracy could hardly be expected. In the leading statements, however, confidence may be felt that they are substantially correct. Important as cotton is, as a staple of commerce, its importance is not more wonderful than the briefness of the period in which it has, with us, reached its pre- eminence. In the course of my researches into the statistics of cotton movements,- I find that in only three ports in the United States have figures approximately full been preserved for any considerable period, namely : New York, Charleston, and New Orleans. And yet, in Liverpool, nearly fifty years ago, cotton was regarded by an eminent authority as having then reached the highest pinnacle of its com- mercial importance. It must now be apparent to the least reflecting mind, that a new era of devel- opment has been opened to the growth and manufacture of cotton ; and, to judge what course this development is likely to take, and what progress it will probably make, there can be no better help than in studying closely the history of the growth and manufacture of cotton during the past half century. Fifty years carry us back to the period when Europe began to recover from the effects of the war of the comparisons French Revolution ; and there investigations and may properly begin. In thirty-nine years, before the war of secession, the growth of cotton in the United States increased about one million bales in every decade. Beginning' with 500 000 bales in 1822-3, it was eight years before the crop reached a million million bales ; then twelve years to three million bales ; then nine years to two to four million bales, 1859-60. We are now back to bales ; then eight years three million bales, or, where we were twenty years ago. Therefore, when shall Ave return to four milhons ? and when shall we reach five millions ? or six millions ? are questions of great moment. Not less so are the probabilities respecting the in- crease in the manufacture and consumption of cotton goods, in the near and remote future. In the solution of all these problems so important, not only to the cotton IV PREFACE. trade but to the commerce and finances of the whole civilized world, this work will furnish effective aid. If I shall be regarded as liaving been reasonably successful in the difficult task which I have undertaken, my highest ambition will be gratified. In conclusion, I desire to express my obligations and return my thanks to many gentlemen connected with the commercial journals of this and other cities, for the valuable assistance whicii they have afforded me in the preparation of this work. E. J. D. New York, September, 1872. ; INTEODUOTIOI^. The history of cotton in its three departments, agricultural, commer- cial and manufacturing, is, in some of its aspects, the history of civilization. Its progress seems to have been controlled by the same laws that have governed the progress of the human race. It is a very good illustration of the laws which govern all natural growth, or evolution. In the remotest records of history we see it just above the surface in India, its roots spreading in every direction. All that dexterity, with such tools as nature furnished, could accomplish, was brought to complete perfection thousands of years ago. Through long ages we see noth- ing but a naked trunk—^no improvement, no change. At last we see branches in every direction. All growth in the individual, in society, in the human race, is by the process of branching. It is. sometimes termed differentiation;! a term which describes the mere phenomena very well, but has the grave fault of being wholly devoid of eteological significance. It does not require very profound study of the subject to discover that the evolution of the individual is the analogue of the evolution of the race. That is an important fact to know ; but the analogy extends much farther. It will be found in the passions and faculties of the human mind. Take the affections, for instance. All the loves grow out of the one root, self-love. The first necessity is self-preservation—to exist. The first branch from this root is, love for those who first minister to our wants—love of parents, perhaps. The next branch is toward the family with which our name and interests are identified ; the next is towards the nation of which we form a part, and is called patriotism ; the next is to- wards the whole race, and is called philanthropy ; the next, and last, is love. I give the natural order universal or Divine of succession ; each has its proper function in which its action is wholly beneficent ; but, when out of place, it is equally pernicious. The history of the Jews is a well-defined illustration of the action of this law on a large scale. The entire religion and policy of that people, was founded upon the exclusive love of their tribe or race. They believed themselves to be the special favorites of Heaven. This worked admirably in the infancy of the race. It raised them out of the sands of the desert — VI INTRODUCTION. and, not only constituted, but fitted them to be the religious teachers of liuinanity. In the unfoldment of the race, the time arrived when a new branch a larger humanity, was demanded. It was the natural outgrowth and de- mand of the times. The Jews resisted the spirit of the times. Their into har- utter ruin, as a nation, was the result ; nor can they ever come monious and happy relations with the times and with humanity, until they recognize, practically, the brotherhood and equality of the whole human family. There are indications that that day is not far distant. The commercial spirit of the race is sure to lift them above all narrowness or littleness. The growth of the commercial spirit is governed by the same laws as all other growth. In its crude state, it is intensely selfish, but it grows con- tinually toward universal ends. The human family is one, and all its tribes and races are its members, its faculties. The good of each is the good of all. That which we would hoard will corrode and curse us. There are few things more striking, in the history of human industry, than the fact that the cotton manufacture of India, so perfect in its kind, remained so long stationary. Not only did the Indians themselves remain without any new or improved methods or machinery, but they failed to teach any other people. It has been said, by a highly philosophical writer, that civilization originated where the paths of two tribes first crossed each other. When & tribe or nation becomes separated from the rest, growth ceases. In the vast extent of Asia, there was room for each tribe or nation to dwell by itself, developing each its own specialty. When the fullness of time came, tribe after tribe migrated into the peninsula of Europe. Mi- gration with the sun, from east to west, seems always to improve the race. In Europe, isolation was impossible. Owing to this cause alone, it is probable that permanent stagnation could not exist. The same wisdom that directs man's progress, prepared the continents for his use. Europe is so connected with Asia as to render migration easy. The accidental migration of a single tribe was not sufficient for the purpose. Shut in by the comparatively narrow confines of Europe, these tribes and peoples have been, for more than two thousand years, fighting with and learning from each other. Europe was destined to evolve a new humanity. As be- tween Europe and Asia the centre of activity in the reciprocal action of one upon the other was the shores of the Mediterranean, so in the same action between exclusively European forces, the greatest development is toward central Europe.