Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-05
Richmond. Tuesday, Nov. s.
THE Macon Cotton ConeeRiion.

ss.t,v the oath ut In the Course of that day, Mr..
~ "a Bu,ler King. Chairman of the Committee of
q presented o"s 'f eo0"s "''' '"e ''''o"'
,cJ r., solutions:
u" s,rsd That the gentlemen who issued the Circu
;, a,st $ h July in New York, which has caused the
ia 49,, II this Convention, entitled 10 the thanks Of
" s,y.n who ia interested in the cultivation or ex.
80, ~ ,h- great staple OF the South
P..p,yrfd That this Convention entirely concurs in
mon ex ressed in said Circular. that, owing the
'" under which the Cotton crop is usually
~ market The price Of the article is not left to be
STATED by the fair and natural influences Of the law of
Sq9pIy and Dema"u.
s.y Tor the evil, effective of its object, as il is SIM
J :, - character will be found in the recommendation
t,,,cular That the Cotton of country shall not
w. sot TO market, accompanied by bill Of Exchange,
r,b must cosrce its sale al fixed dale, whatever may
h, The state OF the market
sb.ers 10 the Southern Ports, be earnestly request
"a 10 concur IN the measures recommended by this
t.,,eu,ion by which they may be certain of having
,ss Gotten held and not forced on the market at ri.
nous sacr nee
R.sO,red That the Banks in the Southern States be
r,,sd 10 concur in general system Of advancing
IN. crop as the only certain Of enishng their
stock Of specie, and OF placing their circulation on
sound basis
.R,sat.ed, Tina, the Committees at Mobile and New
Orleans be requested 10 call meeting Of the Directors
n the Banks, Planters, Factors, and American Cotton
Shippers IN their respective cities, al an early day in
Nssnber next that the proceedings OF this Convention
usr hs LAID before them
"pesorfd Tina, the following gentlemen do constitute
N. sanding Committees. &c, &c.
Here inluw The names OF the Committees in the
towps ot New Orleans, Mobile, Savannah, Charleston
Columbia Hamburger, Augusta, Medgeville. Macon;
Columbus. Ga. Montgomery, Tuscaloosa, Columbus
Miss Na'chsz, Vicksburg Tallahassee ST Josephs,
apaI7ch'cnla
"eeSolred That the foregoing Committees be specially
requested carry into effect the duties conhded 10 them
Ro,n tk. fh,, ata tn
Central Committee a, Mobile wha, they have done in The
premises that The may be announced in the public
journals of the respective States
issoIoea That the said Committees be requested 10
supy oil vacancies which may occur in their respective
bees.
Resoleed. That the Banks and several Counties and
Districts in the Cotton States be requested to send De.
,pra,es to the Commercial Convention" TO meet in
hIacon Georgia, in May next TO unite with that body
m the purpose of taking into consideration the currency
o The Country and the interests of The Cotton Trade,
By shch the Direct Trade with Europe is to be essen
,mly promoted"
These Resolutions were adopted without dissenting
Voice We cordially agree with The Charleston Patriot
in The respect it expresses for the parties connected with
tie proceedings Of Macon-and also concur with Il
IN The objections which il takes TO 'ihe false views OF
com and principles Of finance, on which
those proceedings are founded-We must conhne ouf-
selves To the general propositions taken by the Patriot
saou, going into all the which 1t urges IN sup
port "f them:
DIST, To chnnge the risks connected with the Cotton
trade of the U We speak Of The risks attendant upon
falling markets The risks are borne now In great de
gee by the foreign houses We estimate that IN ordinary
years ds Of the Cotton crop shipped on foreign ac-
count n those where the risks divided not more
than one third is ever borne by American houses The
purpose of the Macon 10 shift the bur.
then Of this hazard exclusively 10 the shoulders OF Amer
Merchants or Planters The hostility manifested,
therefore 10 letters cred by The members OF the Macon
Convention. and By which large portion OF the Cotton
crop is shipped Foreign account. if effectual would
result in shifting all losses whatever ho fallen mo rke's
abroad on The American shipper or producer
I'D Another consequence would be, that all that por
ton Of the advance made TO the Planter or The Factor
eoud be necessarily of the character Of locked up funds
ccordng the longer or shorter time that either chose
10 hold the Cotton which the advance should be
msdp." &C.. DC
Sd A third result would be. that If the banks paid
ou specie the drain their vaults, from advance in
the of exchange. would be IN proportion 10 the
quantity Of cotton unshipped ond held under these cd
vancss 70 planters factors But IN present circum
s,ances, the Southern banks generally not redeemins
their bills the rates Of exchange would nevertheless rise,
which would operate as Tax on consumption what
the producer therefore would gain by this enhancement
exchange in the price Of his produce, he would lose
increased price Of all foreign productions that he
Consumed, &c.
"4h fourth consequence would be- that the scheme,
f,cted, would the competition for our staple
product and take more out OF The pockets OF Inc
producer than il would put into them by any possible or
probable enhancement of prices The facility OF selling
their exchange our banks under the guarantee OF
leuer Of credit, invites shipping ports larger
numbr Of bUyers than wnuld appear IN them under any
other arrangement This Of course, by widening the
circle o compeon enables the Planter TO obtain larger
prces lsan a purchases were limited to The parties VINO
bnugh; solely domestic account The Foreign agent
loses interest under The present arrangement, TOR ne
never draws and sells until he is prepared TO purchase.
And if suppose: that the domestic buyer couia 30
atsan:= with Foreign houses or branches OF Amer'cah
houses abroad as 10 be enabled to draw with the same
facility and security as Foreign agents there u.s. os we
have said an unnecessary risk which would be incurred
Independent OF the hazard Of insolvency from the oecne
of foreign markets. This risk would, IN Inc long 'un'
far more than coun,erbaGnce any possible Ct proosbe
gsn in the foreign markets, as the state OF
prices for say number of past years will chow
The Charleston Patriot thinks, that The only really
practical snd useful hints which these proceedings sug
pes, is The establishment Of branches OF American
Houses abroad by which an identity of interest would
be created both sides Of The Atlantic as Iegaros the
purchase here and sale Of our great sla mere can
be no doubt tina, the same accommodations couio DC
obtained by a respectable American House IN HaVse or
Liverpool as is now obtained by Foreign House, from
Bankers abroad until the market was IN that slate 70
make ii advantageous, not very injurious to sell
appears that all these attempts TO interfere with Inc
natural law of supply and Demand are calculated 10 do
harm than good Let things alone Let the Planter
AMI Mercha: sock the best market, which ne can 90
TAM and above ALL d" MOI tempt The bAnss "n' OF ine
legitimate business of lending their credit Tor snort e
those who deserve and desire it, tor the purpose OF
ing and selling themselves The Banks ought 10 nave mo-
thing do mselyes with buyng articles OF commerce.
or making advances on them We have seen enough OF
The mscbefs of this in,erposon, in the Bank OF ,he
L. States to warn US against its operation IN The
which is now recommendedby The Macon ConVehuon'
THE sT3TES.
GEoRGI..-The Medgeville Federal Union OF 'ne
Doth uit states Mr.. hlcDonald's majority at. 955
prys,y1y.slA-The Harrisburg Keystone sums up
Tho returns of the recent Election and states the Demo
cratic majority at 80 72l-n 1888. the maturity was only
496-Demncraic Gain since last year IN ennsyiVama'
upwards Of % 900
TrsyrssEr-The Bank Of Tennessee SUSPENDED specie
payments on the 10Th ul, On that day the CommN'ee
on Banks made 10 the n of the following report:
In compliance with the resolution OF the Iiouse "e
~ Tho RanL ot Tennessee and Branches; but re
spec,iny decline expressing any opinion with regard 10
wh,, conee The House should pursue relative Ia ealo