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 "2, uuutuuere,
nimseu uouna to respect the deliberate determiaa-
tion of the people of the &nth (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 present 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
misfortnne 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 blockade of the Southern States by the
North is little more than nominal, and it there-
fore cannot claim to be permanently recognised.
It is, indeed, difficult to see how the North will con-
trive to keep up an efficient blockade over such a
long extent of seaboard during the approaching
winter. The fact that the Chambers of Commerce
of Lyons, Rouen, Mulhouse, and other manufac-
turing places in France, the trade of which with.
the United States has been prostrated by the civil
war, have addressed memorials to the Imperial Go-
vernment, urging an immediate recognition of the
Confederate States and the raising of the blockade,
may be regarded as very significant, for movements
of this kind are not usually made in France unlesss
known to accord with the views of the constituted.
authorities. It is shrewdly suspected that, upon the
present occasion 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. Shou.id nothing
further be heard for a short period reF;pecting this
contemplated recognition of the independence of the
South by France, we will still advise our readers to
watch warily the movementP, 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 convictionisthjamotrtehasecetisihnulgb-e:
jßuegta ti if on
France of th
assumese Sou t h
theby the Northresponsibility
is it not extremely likely that the recognition of
the South by England would follow . The pros-
spect of these contingencies will probably go far to
induce moderation on the part of the
Federal Go-
vernment. There 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. Th South, on
its part, as is
enforcingknown,
the its
recognition cot t n t
ofh the
its
Europe.
When France enters on
therefore, be such a degree of movement of the cot--
h we have referred, there might,,
isflclt
carrying hope to English mann-
sfttilhonhxcnadeptreuerpeperrhoeeos
shareholders
independence
seddoyaeebsnrj:
see:Wec
vbhwy: of
$ operatives, shipownfars, and railway
tive holders of cotton at excessive prices, and
would carry panic amongst specula-
amongst speculative sellers of the stocks of i.ailways,
in our manufacturing districts. What, we ask,
would be the prostration of the Liverpool cotton
market, now in an extraordinary state of speculative
tension, were the contingencies which we have
mentioned to be realised ? We say advisedly, hit
them not be overlooked.

COLLEGE OF PRECEPTORS.—At a meeting of the
R. Dawes, M.A., Dean of Hereford, was unanimously
the Very Rev.
council of this corporation, on Saturday last,
elected an honorary member of the college. It was an-
nonnced that Mr. Dawes, whose zeal in the cause of edu-
cation is so honourably known, has offered four prizes for
proficiency in economic science, to be competed for by the
candidates at the college examinations of teachers and pupils
at Midsummer, 1832. 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 Brewood ; and
Mr. John Tyrer, of Wolverhampton,