The Sun.
London, England, 1861-10-14 00:00:00

THE AMERICAN COTTON TRADE.

(From the Money Market Review.)
We have to call the attention of our readers to a
subject of the utmost importance to all interested
in the cotton trade, and in the thousand branches
of enterprise which are more or less affected by the
condition of that trade. It is confidently though
privately reported in ministerial circles in Paris
that the Emperor of the French has taken the
momentous resolution shortly to recognise the inde-
pendence of the Confederate States of America, with
a view to put an end to the present artificial dearth.
of cotton. The grounds upon which it is believed
the Emperor will take this important step are un-
derstood to be briefly these—Regarding himself as
the elect of the nation by popular will, he consider.%
himself bound to respect the deliberate determina-
tion of the people of the South (comprising a popu-
lation of upwards of 8,000,000, exclusive of slaves)
to secede from a nation which they consider
antagonistic to their interests and policy. Coupled
with this is the consideration'of the great distress
which is likely to be caused in France by the with-
holding of an important material of manufacture at
the p-esent period, when the harvest is disastrous, and
when the loss of forage has caused the prices of meat
and other articles of food to rise to an alarming extent.
These considerations reflect at least (as we have
the best possible opportunity of knowing), the
tone adopted in Government circles in the French
metropolis. It must never be forgotten that the
Emperor of the French, owing to the despotic
nature of his Government, is held, and feels him-
self to be held, responsible by his people for any
misfortune or trial which may occur, even from
causes beyond his control. He thinks it the more
important, therefore, at a time of peculiar diffi-
culty like the present, to make a bold stroke in the
interest of the mass of the people, and (which is
never overlooked by him) in the interest of his dy-
nasty. The Emperor Napoleon considers that
France, unlike England, is wholly unhampered by
past legislation in connection with the slavery ques-
tion. The position which he will probably take up
is that the block ade of the Southern States by the
North is little more than nominal, and it there-
fore cannot clai m to be permanently recognised.
It is, indeed, difficult to see how the North will con-
trive to keep up au efficient blockade over such a
long extent of seaboard during the approaching
winter. The fact that the Chambers of Commerce
of Lyons, Rouele, Mulhouse, and other manufac-
turing places in France, the trade of which with
the United State s has been prostrated by the civil
war, have addressed memorials to the Imperial Go-
vernment, urgin g an immediate recognition of the.
Confederate States and the raising of the blockade,
may be regarditd as very significant, for movements
of this kind aro not usually made in France unless
known to actor d with the views of the constituted
authorities. It is shrewdly suspected that, upon the
present occasiot t an official finger is at the back of this
commercial agitation. We will only add further that
the settlement of the Mexican question will, in all
probability, not form the only occupation of the
French squadron about to start. Should nothing
further be heterd for a short period respecting this
contemplated re cognition of the independence of the
South by Franc e, we will still advise our readers to
watch warily tb,e movements to which we have re-
ferred.
The English Government, as is notorious, cannot
take the initiative which is proposed to be taken by
the French Emperor, even though most impartial
persons have arrived at the conviction that the sub-
jugation of the South by the North- is impossible.
But if France asslumes the responsibility of acting,
on the
l of
is it not extremely likely that the recognition of
the South by England would follow ? The pros-
the probablyF e
Federal
afar tosinduce
ofmoderationthese contingencies
o
Go-
vernment. ':here is a strong impression in many
quarters that, could the vanity of the North be
satisfied by a. success over its antagonist, a compro-
mise would become very possible. The South, on
its part, as is well known, holds its cotton Na ith the
express objet t of enforcing the recognition of its
independence by Europe. When France enters on
the policy to which we have referred, there might,
therefore, be k uch a degree of movement of the cot-
ton crop as, w hilst carrying hope to English manu-
facturers, op eratives, shipowners, and railway
shareholders, would carry panic amongst specula-
tive holders o f cotton at excessive prices, and
amongst speculative sellers of the stocks of railways
in our manule xturing districts. What, we ask,
would be the prostration of the Liverpool cotton
market, now iii an extraordinary state of speculative
tension, were the contingencies which we have
mentioned to be realised ? We say advisedly,, let
them not be overlooked.

COLLEGE or PRECEPTORS.—At a meeting of the
council of this corporation, on Saturday last, the Very Rev.
elite.cted an
Dawes,
Dean of Hereford, was unanimously
honol my member of the college. It was an-
nounced that Mr. Dawes, whose zeal in the cause of edu-
cation is so honourably known, has offered four prizes for
Pearnadeidieantec); at the theceociloolmleg ice
science,to
examinations of teachers and pupils
at Midsummer, 1862. This liberal offer the council has
thankfully accepted. The following gentlemen were elected
members of the college :—Mr. C. W. Hayes, of Brampton,
near Rotherham ; Mr. Henry Smith, of Browood ; and
Mr. John Tyrer, of Wolverhampton.

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