The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-08-15
RODNEY, (Misso THURSDAY, AUGUST - 1899

medium Of the mercantile establishments OF
this country and in Europe, without the di-
rect cooperation Of our banking institutions
If we have become satisfied of this fact ought |
we not organize system, which shall give
perfect security to this great interest, in the
commerce and finances of our country?-l
The unwise and rumous system of sending
the crop forward to houses Of circumscribed
means on the other side Of the water, who
are incapable Of holding their consignments
an hour beyond the maturity of the bills
drawn against such shipments, subjects in
fact, nearly the whole amount of American
interests to foreign combinations, which
might act, not only with entire concert, but
with aperfect knowledge of the period when
from the maturity Of the acceptance in ques-
ton property to stupendous amount be-
longing to this country, may be ready for
sacrifice.
The great and vital change which must
be operated, is to sustain American interests
BY American credit. To realize at home
the resources necessary for the protection of
our property abroad, without the necessity
of large and inconvenient drafts on the cap
ital and means of our great customer. In
other words the commercial reform we de-
sire, is to send our great staple to market,
without the period being determined by the
date of a bill of exchange, when it is to be
brought forward for absolute and unneces-
sary sacrifice. We believe that the steadi-
ness in price which would result from por-
ton, at least, of the cotton crop being ex-
empt from the disastrous fluctuations arising
from compulsory sales, would in the end be
scarcely less valuable to the spinner and
consumer in England, than to the Grower
and Shipper here. A fact, which we think
demonstl able from the following postulates,
which We consider altogether selfevident.
l. The natural price of Cotton is the eff
feet OF the fair and natural influence of sup
ply and demand.
| z. The price cannot be steady, and the
article cannot be current, so as to admit safe
calculations on the part of the planters, the
manufacturer and the merchant, unless the
price be natural. It is consequently the in
terest of these three classes, that article
should be protected on the one hand from
any great and undue speculative action,
which might initiate prices above the natural
rate-and on the other, from any derange-
ment in the money market, or any other
accidental cause, which might depress it be-
low that rate. The effect Of great and un-
due speculation being to derange the mon
ey market and produce reaction, with an
undue depression of prices.
3. The state of the currency mainly de
ponds on the means which the country pos
esses to pay its foreign debt, by shipments
of its produce. To the extent its produce
or manufacture falls short OF that object, ex-
ports of specie may be induced, the effect of
which must be reduction of the circulation
with great depreciation of property and gen.
eral distress.
4 Cotton, in this country, being by far the
most important produce, and affarding the
lgreatest means of paying its foreign debt, it
is the interest of the community, and partic.
ularly the monied Institutions that the price
| of it in England, (the great market) should
be steady, and that the article should be of
Ieurrent sale, so as to be the means of large
and effective remittance. Itfollows that the
interest Ct the banking institutions here; are
the same as those of the three classes first
mentioned, namely, that the price should be
natural that it may be steady, and of easy
! realization.
D. That the interest of the British Gov
ernment, ofthe Bank of England, and oflhe
banks ofsthat country in respect to this arti-
Gle, are the same as the interests of the
banks here. The Importation there being
immense, and the employment Of most nu-
merous body of the laboring classes, depend
ing on the steadiness of prices. When they
are moi steady-the foreign demand for
Il ma nufactured coffon ia reduced GREATLY tho
operatives are thrown out of employment,
and the great means Of settling the balance
Of trade, without the expectation Of the pre-.
cious metals are Withdrawn, manufactured
cottons affording by far, the most important
branch oftheir export trade.
i 6. Consequently any arrangement that
could be formed, by which the article would
be protected from the effects of undue spec
ulation, and from depression in the money
{ market, and by which steadiness Of price,
with currency of sale, would be promoted
| would save some of the greatest and best
interests in both countries.
i 7. It is therefore proposed to form a sys-
tenn by which, with the Commensurate Of the
new crop, advances on cotton shall be made
with the capital or credit Of banks here,
thereby relieving the consignee in Europe
from all care or consideration, except the
advantageous sale Of his stock, which would
promote all those interests, and afford gen.
/ eral satisfaction on both sides Of the water
: provided it were not made the meaps direct.
u