Canton herald. (Canton, Miss.) 1837-1839, 1837-12-01

OF debts QHe iuH lh,lituilJhf dul az or
binary prices. The high price given
for cotton, upon which you predicate
your fears, OF hopes, Of the ultimate
Insolvency Of the bank, have not been
given, except in one or two instances,
for small lots Of a very choice quality.
The institution has, By an arrange
ment, which it is believed will be mu-
.tuaiIy beneficial to the planters and
the bank, engaged to ship and sell
from 60 to 10000 bales OF cotton, on
which an advance Of forty dollars per
bale on delivery, is made to the plan
ter.
This arrangement was made during
the past summer, at a time, WI en- by
sudden and unforeseen disasters in the
finances and commerce of the couu-
TRY. Credit had been prostated, the
circulation Of our banks mcasurabIy
withdrawn. and all our planters, with
all their rich resources were unable to
obtain either money or credit, with
which to supply their plantations with
the means Of raIslng the present crop,
and IN many instances were unable
to procure provisions to keep their
slaves and plough horses from starry.
mg-to have withheld from them the
means OF raising a crop and supp ying
themsely = with the necessarieS If
I Ilte at such time, would have been
criminal in an institution chartered bv
their own legislature for their benefit:
I it would likewise have been a serious
injury TO the state to have lost even
IA portion Of her coming cotton crop,
/ at a time WhCl her embarrassed con.
dltlon most required it. To have ex-
tended our issues at that time, which
was few weeks after the suspension
OF specie payments, upon the ordinary
securities no matter how good it was
feared would nave a tendency to de-
Preclate our paper. Believing the
coming crop of cotton the best secu-
nty the world could afford, the direc.
tory resolved to make limited adyan.
ccs to such of our planters as were in.
want, on condition of their plcduinrI
their crops for its payment, and the
bank agreed to make the advance e.
quail to forty dollars per bale, upon itsI
delivery. Cur circulation since fine
suspension Of specie payments, have.
not been increased more Nlan two
hundred cad fifty thousand dollars.
and our total circulation is now less
than seven hundred thousand dollars.
We are now IN possession Of cotton
enough at $50 per bale to redeme our
entire circulation. The prediction
you make, that when our bills are pre-
Sented Tor payment at our counter.
the poor planters will find that thew
have driven a hard bargain may stand
for what it is worth. The scheme of
direct shipments Of the cotton croD off
Miss. or that portion Of it committed
to oar control, was undertaken by al
JOINT understanding between the PLAN
ters and the bank. The planters have
SO far nobly fulfilled their part of the
engagement, with a zeal and yunctn.
alIty worthy Of themselves. ndwhich
ShoweS that they are resolved to relv
upon their own resources. Our in.
Sttutlon having led the way in shin. /.
ments OF cotton, is charged with feel. |
lngs hostile to the interest Of New Or.
leans and her commission merchants
am satisfied no such feelings exist on
the part Of the directory, as far as r
ana concerned myself, can with
pleasure say that am personally nc.
qu2lh'ed with many of the merchants
OF N. o.. for whom have the highest
esteem, and in my individual capacity
would sooner do them favor than
an lnJury-as president of an insti.
tNlIon' however, it is my duty to pur.
sue and protect It's interest. If in do.
ing this | may chance 10 interfere
with the interest of others, 10 whom
the banks is certainly under no obisa.
tons rs. lcannot help it. The planters
OF Miss. are enterprising and intelIi.
gent, they claim the control of their
own crops, and are capable as any 0.
'hers can be, to determine what dis.
position oilt wlllmost rebound to their
interest, and whether it is in contra.
ventlon of the arrangements of na.
tllre Tor ships to ascend the Mississ;n.
nl river higher than New Orleans
They understand the whole of our q.
perationS, and have the utmost conf
dence IN our ability and willingness
70 protect their interest; it is not on
their account ! am disposed to notice
NOur remark g huf bo,,,. Al