Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-25
MORNING HERALD.
THURSDAY. JULY Is. 1879.


Wighly Inpersans frsm she sssth-Anssher
Cessen Circular-The Csssen Crhsas app
spronchfnx-A Cotton Convention Proposes
-necunrasion Or War against the Bank 81
Ruxl..d and shs Msschestcr sPinners.
Yesterday morning we received by the southern
-.;l IN. Macon Messenger" Of Thursday last, con-
sninine an account Of remarkable and novel Public
Meeting. held there, relative to Cotton which may
he considered the 6rst Of series of like meetings,
70 be held all the southern country for the pur-
pose of organizing great CorroN CONVENTION
in October next in order to sustain the price Of Cot.
ton in Europe and America, against the movements
of the Bank Of England and the Spinners Of Man.
chester
Annexed will be found the Circular ITSELF together
with the Arst meeting held in Macon the subject
In reference to this matter we may now state some
historical facts developing the character and purpo-
Of this singular movement in the commercial
world. 1t will be observed that the distinguished
names Of General Hamilton, Of South Carolina, and
Governor M'Dufie of the same state, appended
to this document. From the style and language
Mr.. M'Dufie is probably the author and wri.
ter Of this novel document which may be call
ed the Cotton Declaration Of Independence as OPP
posed to the interests Of the Spinners and Bankers
Of England. The late anonymous Circular, issued
after prayers from the Office of S. V. 5. Wilder,
written by General James Hamilton, who has been in
this city, during the greater portion Of the summer
managing Cotton and Texas, and is now in Newport,
waiting the denouement Of this splendid movement
in the Cotton World. That Circular, however, fell
still-bo from the press with the exception of Sc
rious difference Of opinion between s. V. S. Wilder
and David Hale in which affair Mr. Wilder certified
publicly that the Rev David was ." common liar"
No immediate duel took place, nor was there any
blood holiness lost between the begerans on the
occasion.
The great Cotton holders, finding that an anory-
NOUS war was no war at all-that war in disguise
was rank cowardce-came out openly at last, on the
southern plan and have chivalrcly put their names
TO the document ready to stand the hazard of the
die-price per pound, 14to IL cents. On the 9th of
July this document was written and numerous
pies Of il were sent cut to Liverpool, LONDON Ha-
vre and Paris by the Liverpool steamer the very
day of her sailing But the effect Of this document
in Europe will not be known here, till the Liver
pool returns which will be about the 10th of
August. At the time, copy was sent to Ma
con- Georgia. for the purpose Of forming the basis Of
this curious movement and the result, so far is seen
in the accounts which we give today from that quar-
ter. The Macon paper contains the following re-
marks on the meeting and Circular
(From the Macon Messenger, July ISL
THE which has been sent the signers for
public will doubtless much oopnion
There are so many such interests
home well abroad to the and holder Of
our great Southern staple that an opposlon and no doubt
well = other prcec, that nav be devised the OBJECT OF
which Is maintain natural and price for our
The circular listened with great deal Of interest BY
large meeting Of citizens and the vie therein disclosed
re.nondea 10 IN cries Of which were
zdoptedws that il will receive the consideration the
the matters therein discussed deserves and that
Southern paper will promptly comply with the request OF
rhsst aUtxe erxl llsxem rat
Thus far has this singular movement made pro-
gress. What is il? Ii is war between the cotton
holders and the cotton spnners-the first backed by
the American banks-the latter by the Bank Of Eng
land II isa contest about the price Of great sta
ple-whether it shall be 10 10 cents, or IL to IL
cents per pound. How will il terminated how will
it end7 Is il founded right principles in trade
Does it involve any moral, social, political
mercial resultsf
To answer these question: will require a week-a
month Of spapers. In Cotton Circulars and Cot
ton Convent oss, such men Hamilton and McDuf-
fe can beat the world. For twenty years past they
have been tho great agitators Of this country, on
every conceivable policy, and every imaginable po
litcal principle. They asitated the election Of &c.
neral Jackson-they agtated South Carolina nulli6-
cation--they agtated a southern direct trade-now
they have taken to cotton, and agitate cotton
against England. The Cotton Spnners and capital
lists them in the naked game Of agitation
but we doubt whether contest about the price Of
cotton is To- be decided by Circulars Conventions
Money is the arbiter in all things below. 1.-THE cot
ton holders command capital sufficient TO hold IL
till next year-captal equal to S2o,0o0, 0oo-they
can do so, and thus beat the Cotton Spinners Sue
cess in this great contest is easy lying cheat
ing II depends entirely the possess capital.
II they can command capital or credit, the Bank Of
England will be defeated-if not, not.
But in the mean time, this strange, novel and
precedented contest, will produce a greater dis
turbance in the commercial world than any event
that has happened in time Of peace. BY
drawing large proportion Of capital to the cotton
trade in America, every other article and interest
will be pressed TO the ground-and to sustain the
price of cotton, will help TO reduce the prices Of all
other commodities from twenty TO thirty per cent
Tni. is the natural consequence OF an unnatural
diversion Of capital from more interests TO an
other.
Its effects on social and political life viii also be
revolutionary and unprecedented. What these may
be IL j. vet difficult to predict. but there is every
prospect that this movement, viii cause a greater
disturbance in every avenue of society, In England