Lexington union. (Lexington, Miss.) 1838-18??, 1839-07-06
-CdkTON circular.

CdSTON CIRCULAR. y
The circular generally asscrted io
Bevan s. Humphreys, Of Philadelphia,
acting for the linked States Bank, has
been received by several houses engaged
in the cotton business, but very little at
tention hasbeen given TO it. On the con-
trary, II has been received with great mis-.
trust by the merchants of New Orleans
and any thing suspected Of proceeding
from or being allied to the United States
Bank, must be regarded as pregnant with
evil to the SOUTH To the Vaccinations
which were carried on last summer and
autumn by these same agents of that insti-
tuition, may be mainly ascribed the present
difficulties of the cotton market. A gi- |,
gantic scheme OF monopoly was then car
ried into effect, which reused the Englshd
consumers TO theadoption Of counteractingf
measures, the consequences Of which are
now beginning to be felt by the planters
and merchants Of The country. A revul-
sion has been brought about--and the
whole cotton trade is in state of stagna.
ton, the termination ofwhicbit is not easy
I to foresee.
The present circular is not calculated
10 deceive any one. The drift and object
are SO evident to every man who remem-
'bers the proceedings Of the United States
Bank and its agents during the last two
years, that they cannot be mrstaken--and
| in fact the circular is hooted and laughed
at whereve. it is exhibited. 1t is in fact
an Insult upon the good sense andprudcnce
of the holders Of cotton, to suppose for a
moment that they could attach the slight
est Importance 10 it. The agents Of the
bank bought up large portion Of the crops
Of 1887 and 1888, and they have still large
quantities remaing on hand, which they
failed to sellat the prices they anticipated.
i Not only so-ihey induced otherholders Of
4 the article 10 adhere to high prices, by the
assurance, now proved to be falIacious, that
the demand must necessarily be augmented
in proportion as the crop Of 1889 was less
1 than that Of 1887. The fact was admitted
that the crop Of 1888 would fall SHORTCUT
!. did it follow as an inevitable consequence
/. that the demand would be increased and
the prices enhanced? Look at the present
condition Of the market Prices were
Il kept up by the operations Of spectators
i as long as their capital held out, while the
manufacturers were working on half their
E usual quantity ofthe raw material How
1 is it now, with idle operatives, a glut Of
: cotton goods, thespeculators obliged TO lei
d 60 their hold, and all this in the middle OIL
III June, only three months before the new
r crop will make its appearance in the mar.
y ket? Ask the banks who have made ad.
d vances upon shipments ofcotton, and are
now receiving the proceeds ia protested
!. bills!
,el In The midst oflhe panic occasioned BY
j. these circumstances, we find an article il
e the New York Journal Of Commerce
ofI commencing Relief to Cotton! informing
us that circulars have been sent out By
IL Bevan & Humphreys, Of Philadelphia
ID offering to advance Ii cents per ID. on al
le cotton forwarded to the house Of Biddle s
N Humphreys, Of Liverpool, with agreement
n. that the cotton shall be held until the dc
re preston Is over. They recommend tia
the banks in the cotton country should as
sist the holders to make up the difIerenc,
between their advances and the cost
Agents have been sent to the south. to car
- rv into effect the objects Of the circular
4. It's said the United States Bank ID IN,
Ii. backbone ofthis proposition
as1 There Is something 90 shallow ia al
: those devices to deceive, that we are Iotl
to believe that men Of experience and un
g Outstanding like Bevan & Humphrey,
i'll were at ali privy to them. Ii Is certain
ve that the circulars which have reached Til
~ city are not signed. And yet that house
and Biddle y Humphreys, Of Liyeroool
being closely connected with The Unitet
States Bank and its agents in commercial
< operations, il may not be improbable that 5,
cd means like this they have endeavored 4
Ie keep y? high prices, in order that Biddl,
\. e. Humphreys may be enabled to tlispos,
rs Of their large stock. yet on hand, withou
i. loss To do this more effectuaIly, thew
Of would rejoice to receive all the cotton now
in this country, Ia cents (5ad) per H.. 4
in be held by them till the depression Is over