Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-08-01
TIE. COTTON TRADE

DuGie OF South Carolina. Gamble of Floria.
Branch Of North Carolina, &c. nc. proposing IN.
adoption of a system TO secure a fair and un,for,h
p.ice for our great staple, by means OF American
credits TO save ii from those runous fluctuations and
sacrifices which attend the present system of com.
pulsory sales 10 meet European acceptances The
plan suggested lsays the Charleston Courierl "is
TO obtain advances safe rates, from Banks. on
the bill Of Iadng, with sterling exchange on thu
shpment-thus taking away all lnducemen: from
the European consignee make forced sales to
meet liabilities and leaving him interested only IN
make consignments yield lair market price, unds
turbed by the combinations OF English capitalists o
manufacturers. This system it is only proposed n
put in operation 10 the extent of one third of tho
Cotton crop. leaving the other iwo-thirds 10 the
control Of individual capital" To ensure co. opera
ton among sufficient number of The planters IN.
authors of the Circular propose that Convention.
to be delegated by those interested, be held a,
Macon, Geo. on the 22d of Oclobernext ap \tb,,
no time may be lost, the gentlemen signing Cir
cusr have already sent an agent to Europe clothed
with ample instructions 10 make such preliminary
| arrangements with the houses in Liverpool and Ba.
vre, which may by the sanction OF the Convention
have the proposed consignmenls
1t is remarkable, that, while the Cotton planters
and Dealers on this side OF the water, are compqip
ing of the combinations of English manufacturers
and capitalists backed by the Bank of England to
derress the value of our great staple, the English
dealers charging US with combinations to raise
the pice Of the article beyond its fair marketable
value. 1t is easy, think, foresee, that, if tho
arrangement contemplated by he signers of this
] ba, do - 4,
tons in England, if none such already exist and il,
ultimate loss and perhaps ruin. both parties
! The commerce in Cotton, as in other commodities
should be unshackledby these artificial restraints
and slimulants, whc h not less absurd and mis-
chevous Than governmental interference, and its
price left to be seated, triH ultimately, 10 les-
pite of combinations here raise, in England 10
depress its value, by the great law Of demand and
supply. 1t strikes that Messrs. McDunie and
Hamilton propose TO violate their favorite theo.
ry, of - free trade" with which. not long ago they
made such powerful assaults upon the Tariff system
And it is fortunate, by the way, that that system is no
longer bone of contention as. if were. we should
probably have Aat Monster agan in the field, in or
der to account for British hostility this great A.
merican staple.
The proposition Of the Circular has been fiyora.
bly, received by a town meeting in Macon, by which
delegates to The proposed Convention were appoint
eds but the Charleston papers certainly do not give
IT a very cordial reception. The Courier contents
itself with observing that +" the subjec, is of vast and
growing importance, and tshoull receive the can.
did and careful consideration of Southern minds"
in which we concur, seeing that ii does commit
us either way-as do also, in the more specific
md ,oJ 81, L.
by gentleman celebrated for bis proficiency in
political economy. That paper says:
a" THE CorroN CIRcuLAR.-Tlre document
which we copy this evening from Macon paper
will give rise 10 diversity of views in relation TO the
character and effects ofthe plan it recommends 1t
processes to do permanently and on system that which,
II done occasionally and in particular conjuncture
would, no doubt, be great protection TO American
interests We are not prepared 10 say, whether the
conservative power sought to be established would
be best produced by league of the State Banks
although we mink some moneyed powers necessary
| to sustain our staple under circumstances which
would unnaturally lower ls value abroad. On every
new occurrence OF a short harvest in England-on
every large operation in foreign loans by Brush
| Capitalists, by which the Bank OF England is
threatened with drain of her treasure, The price of
our staple product is depressed below that reduc-
ton which would be produced on the natural prn-
ciples OF supply and demand II Great Britain re-
part payment of her manufactures or if her capital
ISIS choose 10 lend their money abroad, why should
we pay any part OF the penalty by sacrifice of our
interests For these considerations, should like
to see SONS moneyed power organized in this
try. which would be prepared to act on the exigeu-
cy OF an unnatural depression of prices. We are not
ready to say, that such power should be established
as part of system, by which the Cotton Crop was
TO be purchased and the Foreign Exchanges regu-
lated, and the control placed in a combination
/ league of the State Bauks."
! In adverng to the necessity OF some moneyed
power" in order to sustain staple product in Get
lain circumstances, the Southern Patriot hints
broadly at National Bank (as il has done more than
posed, but the utility of which, for the protection Of
Southern interests, is fast winning Southern con-
verts 1t is such an organization of the monev
power" only, so far as see, which can e-
feet the desired object, in those "partic ular
Junctures, when,we agree with the Southern Patriot
It should alone be exered. As permanent system,
we have doubt that the proposed combination
would result dangerously not only to the Cotton
growers but TO every other department of trade
more especially when Texas, relieved from the ap-
prehension of foreign INVASION, and filled up by an
industrious population. shall enter the field as
most formidable rival in the production othis great
staple When her products up to or 100000
bales per aanum, whatwiil Great Britain care for
our combinations The question then will be. not