| Author(s) | Karl Marx |
|---|---|
| Written | 22 April 1852 |
MARX TO ADOLF CLUSS[1]
IN WASHINGTON
London, 22 April 1852
... The chief industry, the cotton industry, is doing more splendidly than ever.[2] Despite the fact that the present cotton crop exceeds that of 1848/49 by 300,000 bales, cotton prices are rising both here and in America, so that American manufacturers have already bought 250,000 more bales than last year and manufacturers here are already beginning to maintain that even a crop of 3 million bales would be insufficient for their needs. Up till now America has exported 174,000 bales more to England, 56,000 more to France and 27,000 more to the rest of the Continent than she did last year (each season runs from 1 Sept. to 7 Apr.). On the
one hand this prosperity explains how Louis Bonaparte can prepare at leisure for his bas-empire. The surplus of direct cotton imports into France between 1850 and 1852 now amounts to 110,000 bales—302,000 against 192,000, i.e. more than 33%. On the other hand, it explains the flaccid condition of politics in this country. Given such prosperity, the Tories cannot, for their part, compete with the 'blessings of FREE TRADE', even though they are at the helm, while the FREE TRADERS for their part refrain from provoking political agitation because, so long as business is flourishing, the manufacturers do not want political upheavals and disturbances. The thriving state of the cotton industry is due chiefly to the Indian market, whence there has been good news for some time past—despite continuing colossal imports from England. This may be explained by the fact that in the territories most lately conquered by the English, Sind, the Punjab, etc., where native handicrafts have hitherto almost exclusively predominated, these are now finally being crushed by English competition. The last Indian crisis of 1847 and the concomitant sharp DEPRECIATION of English products in India may have contributed to this. This unexpected resilience of the Indian market, California, Australia, as well as the cheapness of most raw materials in the absence of any heavy speculation, give reason to suppose that the period of prosperity will be of exceptionally long duration. It may well be that the thing will last until the spring, etc., etc., etc....