Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-07-30

Branch Of North Casolina } A public meeting was held
al Macon, Georgia, on The 18th instant, by which lie
obIJects OF the circular were approved, and q convention
OF The cotton growing States called, TO be held at that
place on the fourth Tuesday in October next, for deli.
oerating upon and maturing a plan Of organization"
The object of this movement is to effect a combination
OF The monied Institutions, for protecting the great s,aple
OF the country agains, the financial and commercial
fluctuations on the other side of The neutrality-suspicious..
lar'y the alleged combinations Of The Bank Of ENGLAND
and the manufacturers TO keep down The price of cotton
"lhe plan of our continuation proposed is, tia, with The
commencement of the coming crop, advances on Cotton
shall De made with the capital or credit OF Banks here.
thereby relieving the %consignee in Europe from all care
or consideration, except the advanta geous sale Of his
stock, and enabling shippers TO keep it back from the
market until their own price 10 oblained.-Au agent is
about TO be sent 10 Europe TO make preliminary arrange.
ments in anticipation that this plan will be carried into
effect.
ave purpose (says the Circular) giving 10 The banks
IN all cases the higher protection Of these securities, and
that early next autumn, one or more banks in each OF the
great commercial cotton markets of the South, should
commence making advances on the crop, according TO q
scale to be graduated by what will be a safe calculation
OF lis probable amount, assuming IL | 2 cents at home,
to be about the fair natural average and remuueruting
price OF this staple. on a product Of sixteen hundred
thousand bales, which is about as large a return as the
actual labor OF the country now engaged in this branch
OF industry Is capable Of harvesting. The enbarrass.
ments Of The South western States have prevented The
planters IN these States from making any purchases of
slaves from the Atlantic States, during the last two years;
whilst not less than 10 per cen. Of the slave labor of the
South has been distracted in the same period from The cul.
tivatlon OF cotton, and applied to the raising Of provisions,
and 10 the construction Of those extensive railroads now
IN progress throughout that portion Of the Union For
these advances We propose that the Banks should issue
10 the planters, merchants, and factors, Of the country,
on The production OF the bill of ludiDg, and the assign
ment Of the policy Of Insurance, Post Notes of such
periods, as a convention hereafter conte mplaied may
suggest; notes, which may be made to answer both lhe
purposes OF currency and exchange, the details of which
we refer TO that body."-The circular proposes TO extend
the operation TO at least one third Of the crop.
The subject is certainly well worthy, from the high
character OF its advocates, and The importance of the in.
terests Involved, I the most serious consideration-bu at
the first blush, 1t seems TO Us as somewhat inconsistent
with the laws o! free trade, and as likely y to extend to other
staples besides cotton-asc calculated 10 perverl the puTpos-
es and enlarge the power OF banking institutions; as throw.
ing into circulation a large masso oil post notes. ninconver.
tible medium, which ought scarcely ever to be resorted
to-and 10 produce counlervaihng measures on the part
Of The purchasers-and If The article be held back, I'LL a
new crop is at hand, as likely 10 produce a glut in the
market, and o consequent loss to the holder. We shall
be happy, however, 10 see the subject discussed by our
correspondents.
The Baltimore Post remarks, that
"Ihere is little probability that the present condition Of
affairs in England will De Of long duration. Already,
according TO Il letter We publish in another column is the
current Of specie, for some time against thai country,
setting back again. Cotton will reach its lowest point
and rise astrade assumes a more healthy and promising
aspect. Combinations can only prolong evil. They
may indeed by holding back this staple from marke,
temporarily raise The price, TO fall again TO a lower poin.
when over production by This artificial stimulus shall
glut The market. The Globe on this subject torcibly
remarks, that " when The banks of Great Britain are
forced 10 contract their circulation 10 preserve their ere.
dit, the price of cotton will fall in Liverpool, in despite of
bank combinations in The u S. Whea The manufactu-
Ter at Manchester finds The demand for the manufactured
article declining, he will diminish The demand Tor The raw
material, though cotton circular after cotton circular he
issued by the dealers in America. The laws Of trade are
laws Of nature, which may indeed be violated by bankers
and brokers, but which cannot he violated with impunily.
The great mischief is, that The consequences of these
violations of the laws Of trade fall not with SO much
violence on the bankers and brokers: the authors OF the
evil, as. on the cotton planters and other productive
members Of the community"
There is much excitement in New York in the money
market. AL! eyes are watching with anxiety the arrival
of The British Queen The N. Y. Express Of Thursday
last says, The u. S Bank, il is understood, will furnish
Exchange upon London at ITO, enough, il is said, ~
supply The demands Tor the Great Western, which, to
some extent, will prevent The expectation of specie
Some specie, however, will go out, such amount as is
necessarily demanded by the Laws Of Trade, in the ex.
porta,lon of which there IS no calamity, inasmuch as it
tends 10 Ultimate relief Some others ask more for Elk.
change than he u. s Bank, and one House puts The rate
up 10 III, seven days after sight.
'.The Map:lestos Of the Cotton Spinners and the Cot.
ton Planters was The topic Of much talk in the street 10.
day-and the general feeling is decidedly adverse 10 the
Southern combination. It's not believed that it has The
power TO monopoiize a proportion of the crop as pro-
posed, or when monopolized 10 control it's price. Such
holders Of cotton. however, as can hold on, will hold on
10 the last, in the determination Of having better prices"