Southern telegraph. (Rodney, Miss.) 1834-1838, 1837-12-12

mana gers are entitled 10, ana VIII Io|o
the thanks OF the community. New Or
leans believed that there was not infeiiect
to conceive, nor wealth to execute rcs"-
L.r and profitable system Of purchase ano
of cotton by Mississippi hcssc''.
Now are most lachrymose arguments
set fort!, to prove Gan unnatural state o.
trade in the passage Of our product ny new
Orleans without stopping" tor me gerry
a.,va ntageous purpose of paying commits
sion. wharfage, storage, NC.
I, has been, and IS objected, that the Cot
ton trade is an ilegismate branch OF ous'-
ness for the hanks; and that continuance
in i. would but transfer the vassalaso oil
he State from port out of her borders, 20
her own banks within. There is doubtless
much truth in the latter objection; but no
ono can denv that this ssillegi,imaie" course
of the Banks has produced the happicst ell
fccts. In the very nature Of things, howe
yer. this course cannot be continued. The
B,nks canrot divert their capital from reg
ular b,nking operations To this investment
and the safety Of all parties would require
that the planters should not engage tue
Banks as their ordinary and permanent cot
ton traders. We, will at some future day.
examine this point further.
VIII the restoration Of a sound currency,
and the consequent flow of commercial en-
,erprize into, lis own proper channel, VIII
and sho.,ld pass away the monopoly OF cot
ton purchases by the hanss-but that chan
mel flows not through New Orleans. The
capitalists ofMississippi yield not to those OF
that CITY in activity or intelligence. Compc-
ti,ion in BUYERS will, in the different marfs
of the STATE, elevate the price to proper
standard. and our planters will be too well
aware of their own best interests to suffer
any nominal advance of a quarter, or hall,
or a cent Il pound. TO lure them "ga'n to
New Orleans. The business of buying Will
thus 90, where it should bel ing, to factors
living in the State, owning ships and press
es, and all apparatus necessary to ac'ive
and profitable engagement in that business.
When it is found that Mississippi nil be
her own mistress-that her cotton is To be
bought only within the State, or exported
direct to England-fofeign capital vii! come
hi kor to be exchanged for the staple. Her
adherence to this plan will secure her the
double advantage Of an internal instead of
a foreign debt, and of the influx of cxoic
capital.
To return 20 our original purpose offs spec
ulating upon the good that may be extracted
from the effects OF present purchases by our
Banks.
1t is manifest that the different Banks O.
upon cotton will have, subject to their con-
troll, a large amount Of foreign and northern
funds. Some 0. the Banks in the State
will require all such money to meet bills
heretofore drawn. BIT there are others.
and among them the B.nk Of Rodney, per-
haps, that VIII have snpernuity OF money
over their delts there. This may he APP
piled with great advantage, we would sup
pose, TO the liquidation, rs far as possible,
of the mercantile debt due from this State
to the North We are decidedly in favor of
the concentration Of our whole debt within
the State. We hive been plucked by
strangers long enough-if there be more
to be done, let us pluck each other.
May not some such plan as this, be ad-
visable? Let our Bank having at lis Con-
troll Northern funds, supply to our mer-
chants owing money there, bills to liqnidate
such dues, upon the presentation of approx
ed security for the punctual repayment of
the debt, at some eight or twelve months
maturity. This security might be their
own end. rsed notes, or the notes Of planters
owing the merchants, for convenient a
mounts.
1t has been suggested, and by those to
whose judgment we pay great Difference,
that our Banks import, in return for cotton
shipped to England, such British and foreign
goods as may suit our markets. and sell
them to merchants who may have it in their
power to pay for them with the notes of
our State institutions. The chief obstacle,
It appears to ns, to the adoption of this plan,
IS the fat, that merchants cannot obtain
money now, noruntil commerce recovers
from its present low estate. They may
credit-they cannot obtain the