Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-06-22

ncn: peace with the Indians is quite iavOra.
bic, and indeed may be considered as fairly
settled. Within the last few cavs, i, is said
that many hundred Indians hive come in at
Fort King, friendly TO peace, and OIL their
way South, III fulflment of their treaty en-.
gagements'
The following euc: from Mr.. Wilder,
the agent Of IIotingeur & co. large Euro,
pean, holders Of cotton, with tho accom-.
panyius explanation, shews tlla, the u. S.
Bank had nothing TO DO with the cotton cir.
GUAR.
To the Editor Of the New York Express.
Ipcrceve that scvaral Of the papers Of
this city have connected my name and the
Bank ofthe United States with the Cotton
Circular recently issue in ihs city, you with
therefore permit me to state explicitly
Tha! the Bank Of The United STATES has
nothing whatever to DO with it, So far as |
know or believe.
That this measure did not emanate from
Messrs. Humphreys g. Biddlc.
That with the view offaciltating the ex.
por. Of the Cotton now in this port, otfe:
to make the advance named in the circular
referred 10.
That The reasons assigned for making
shipments to Messrs. Humphreys and Bid
die. are those of some Of the other holders
ofCo,!on in this country, who seek to protect
their own interests bya concert OF action.
S. VS.. WILDER.
New. York, 1llh June, 1889.
[CoMMUNlcATED
The Cotton Circular. AS this document,
announcing tha, an advance would be made
N Cotton shipped to Messrs. Humpreys d.
BddIe, at Liverpool, will probably excite
some sensation on the other side of the wa.
ter, brief explanation of lis purpose and
tendency is deemed important TO all the par
ties interested.
In the frs, place, It is conceived that all
combinations to depress or cmnence the
prices of our great American staple in op.
position to the laws of trade, founded n
supply or demand, must in the long run
be pcrniclous. Free trade implies an open
competition on both sides, which, under or.
drnary circumstances, would regulate com.
merce more equitably than any human CAL
culaiion. But anxious in political economy
are not as absolute as truth in malhcmat-
les. An extraordinary crisis may present
an occasion for departure from The usual
laws ofradh.
When it is obviously apparent that pow.
crful combination exists one side to violate
the laws, by depressing the price Of this sta.
pie in The face Of an asccrtaned and unpre.
cedented deficiency of supply--does it not
become jus.ifabe and necessary to meet
such combination bv measures adapted to
that end? Now we believe that such as
combination exists among the manufactures
Of England--in proof Of which we refer TO
the subioined circular issued by forty five
of the spinners and Manufactures in Eng.
land. For sucI, combination, liom the
local concentration Of the manufactures,
they enjoy extraordinary facilities, while
pro Iucers. shippers and hol 'ers of our STA.
pie, from their dispersion, are almost entire.
ly deprived of the means Of protective asso.
ciation.
We come, however, to the more practical
inquiry, were the recent prices Of cotton,
which the ma. ufacturers have combined 10
depress, the result Of natural or artificial
causes
The extraordinary deficiency of the col.
ION crop is acsnclusve answer 10 this ques'
ton.
It's now ascertained that the crop cannot
possibly exceed 100000 bales. being up.
ward of 100000 bales lrss than the crop of
last year. Now let it be remembered that for
two or three years preceding the Crisis OF
1887, The prices of cotton ranged consider.
ably higher than they have been within the
last Twelve months, without producing any
check On consumption, which on the con-
trary, kept place with the unceas'ng pro-
ducton. In fact the consumption of 1885
is believed to have :ceeded the entire pro.
due ion OF 1888. What great adverse
change has tken place in the means and
wants of Europe TO cause smaller consump.
ton ia 1859, than that which took place 10
1886 at higher average prices +?
The high price Of gram in England, and
the expectation Of gold, to pay for the i'm.
portations from the Continent, undoub' ed'y
tend to increase the cost Of producing Brit.
ish manufactures. But what England loses
lhe Con.inen: gains by this operation. and
as certain as the fux and reAux Of the tides,
in shor, time this bullion will flow back to
England, for the purchase oftwist and man.
ufac,ured goods.
The proposed advance on. and conse.
quent retention for, time from the market,
of the residue of the crop in this country is
designed to meet this tarorobts return Of