--Cotton took a terrible fright in the Macon, Ga.
, market on Saturday week.
The speculators had been footballing it back and forth till they had kicked it up to forty odd cents a pound; but Saturday morning telegrams were received from Augusta
to buy no more over a maximum of twenty cents. The Macon Telegraph
This left a somewhat broad margin between buyers and holders and the result was — nothing done; nor was there any effort to accommodate the difference.
Nobody wanted to buy. From an object of too fond and eager pursuit, cotton suddenly sunk into universal disfavor.
The causes of the sudden change were numerous, but the principal ones were, no doubt, 1st.
The Confederate tax on cotton and other produce in the hands of speculative holders.
The tax is ten per cent., or pay twenty dollars per bale.
Another cause was the failure of the one acre bill in the Legislature.
The crop of this year, under the three acre law now in force, liberally construed as it will be in practice, will largely swell the volume of this idle product, now lying useless and cumbersome in all the market towns of the State
Thus it will be seen that at the moment the paper makers took fright at the price of cotton, a concatenation of events has come to their relief, and the old staple will probably again subside into sober habits and safer prices.
Indeed, we shall not be surprised to see it go very low. Planters will be indisposed to hold it at an annual tax of five per cent., and speculators will not like it much better at ten.