The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-07-04

relation to the Gotten market. These adyi
ces, II IS apprchended. do not disclose even
TO the full extent, the dangerous situation 81
: which our great staple is placed.
!. The diminished demand for warns ,rd
cotton goods on the continent; the short har
vest of the last year; the shipment &c hul.
hon from the Bank of England; must all in.
cyifabiy tend TO greater and more acceler.
a'ed decline IN prices, if some steps are.nn,
promptly taken to prevent the remaining
stock OF cotton now in the country from heinz
offered for immediate use in the European
markets.
IT the consumption of raw cotton ia Emo.
land had only diminished some 10 or Is per
CT, still, in consequence of the now clear
asee'talned deficiency in the last wears cr,,,.
(Which has fallen nearly as low as the loves.
esiimate) past prices would not only have
oeeh SAFE 10 the shippers, bat profitable, and
hence they are not obnoxious to the charre
OF unwarrantable speculation, which so often
ldeprives the spirit of rash commercial ad-
venture OF all just claim to sympathy.
This extraordinary falling off IN the con-
sumption Oft the raw material is. perh4ne No.
little aided by determination, on the -, =
OF the English spinner to have The residue Of
me crop at his own price, undera beliefthat
as the great and tenacious hol3er of the last
year Is out OF the market, there exists no Sc
Iious dIiiculiy in his way, by working short
hours for few weeks, toaccomplish this de-
sisable end. 1t becomes necessary. there
tore, to supply the atsencl afthis great nro-
tecfoT by some COO Grafton among indiv;d.
ual interests.
Now ltisquite obvions that but two modes |
would be likely TO counteract the resul, TIN,
must otherwise inevitably flow from tho
causes just indicated.
Inc .Hrst would be 90 organize throurhI
the aid OF the Bunk of the United States and
the banks OF the principal empor;ums of the
oiierent States, G combination sufficiently
powerful to advance a sum on each bno IF
cotton on this side Of the water which would
ensure its being kept in this country far
three months.
Inc other scheme would be TO concen-
lrate In one house in Liverpool, fhe whole or
'he greater part OF the cotton now to 90 for
"aid, by en- arrangement for unfaiinG. ade-
luate and collateral aids, sufficiently po,rcr-
'ut 10 enable the house in question to hold
over until greater part of the present stock ,
u cotton in England is worked off at an adj !
'ahced price; result which The successful
xecut'on OF this plan would inevitably Sc
'ure. Ihe hrst scheme, however, is liable
It's direct aid immediate
ower to produce the resuIi) to the conclu-
I've objection of arres,iny all our fore;on
xchange operations, which might hazardI
ne ABILITY OF our Banks, even in the Allan
e 1a.es' TO continue specie payments,
must the. last project would be entirely W
zee from this objection, as it would at once e
ugment the current of exchanges and ena- a
ie us 10. weather the crisis, which the first IL
ian would be too apt to produce. "
Ihese views are the result ola conference lie
'hich yesterday was held with one Of the III
lost influential and intelligent merchants of W
hiiadelphla, IN conjunction with commer- in
lal gentlemen of equally high standing from u
her portions Of the Union. to
II IS therefore announced to YOU on the til
est authority that an arrangement has beer til
'ade, by which an advance of three fourths y,
IN what may be estimated as the present e
afket price OF cotton, say Ii cents) will be b,
aae on erery bale IN this country at all our OF
rlncipal shipping ports, to all holders, If W
icy desire TO avail themselves Of the adyan- W
&c. Inc consignments are to 90 forward
humphreys d Biddle, who, sustained by as
1equate means on both sides of the water. la
Ill be able TO hold on until prices rigorous W
rally. 70
1t the usual casualties of the season rem II
sr short, or anything under an average &C
'op, probable. this plan must result in great III
-oiit to shippers and benefit to our country. IN
, on Lie other hand, the autumn should dis en-
ose the promises Of an abundant harvest. vi
e large stock of cotton which Messrs do
humphreys & Biddle, in case the shipments co
ads to them would hold, would probably 20
duce the great and powerjal Interest which tn
Istalns them, to enter the market in the u mi
ases early in the autumn, by advancing on mi
e nfst quarter of the new crop in order to gr
tain it on this side of the water for a rea- W.
nnbe period, SO ms to make the final result pls
the short crop of 1888 entirely safe to all tlls
zericdn shippers and holders. &C
A copy of this Circular enclosed to the lis
inclpal cotton factors and shippers, and wi
esidents of the banks in southern cities. wi
whom with all proper Difference it is sug- col
sted, in case the advance on the shipment
Messrs. Humphrey & Biddle should not ito
YER the full convenience of the shippers. Dlf
at the institutions over which they preside ro
offer, on good personal security, the resi- &c
9 OF the accommodation which may be re- poi
ired. ~,
Your hearty cooperation in this plan is sec
icited q saving the Interests Of our great ele