Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-25

being Il the most absolute and character
and ss earnestly 70 s.s.rss. whether any,
md what System Be applied the trade that shall
.Part to greater seadess and certainty and to the
properly called it, due to
price based the proportion Of tho annual demand Of con-
violent rsno.s aueao:s which Of ssch
frequent occurrence and which instances the
0'ree. offspring Of artificial causes and combination.
Jwrthev, That hi, meeting concur IN the views SET
forth in the circular which the meeting iron
me Chsr and that believe the therein recon-
are sanatve in their character and IL carried oo
contemplated will be conducive the Interests OF the cotton
growing States and therefore should commend themselves to
the OF every citizen Of the South whatever may
DC his calling or profession.
Received That fully approaching the compliment bestowed
upon our city in selecting the place OF 10. .ne
our Fellow Citizens of the South Western States and the
rtory Of Florida to meet at this place on the Joun
dsy IN Osts neaf to deliberate on the important matters as
| closed in the before mentioned Circular
Rssoped That Committee to be composed Of twenty one,
be appointed by the Chair effect the embraced IN the
last Resolutions and that said Committee have full power to
adopt such them proper to obtain
full meeting Of all interested in the subject set forth IN TINS CIR
whepon the Chair appointed the following gentlemen that
A. H. Chappel Everard Hamilton, }. Cowles, Jas God.
dard Richard H Randolph EugeAiu, A. Nisbs D. Camp
bell Elias Bea L. L. Griihn Chas Cotton Geo Jewets Ls-
roy Napier N c. Moaroe, Ambrose Baber. A. Coptos Rich
Wm B. Parker, and Isaac Scott.
Resolved That the Chairman be added to the Committee.
On motion Of Henry G. Lamar Esq., it Resoiped That
the Edor Of newspapers this and all the states interested
the SUBJECT be requested to publish the said Circular and
On motto, the meeting adjourned -
ISAAC q. SEYMOUR, Chairman.
wAsHISoros rsE, Secretary.
July IA, 1889.
To tho Cotton Planters, Merchants. Factors.
and Presidents and Directors Of the several
Banks Of the Southern states:
CIRCULAR.
FELLOW CTizENs:-lneresed like yourselves, in the cu
and accidentally met in tins city, in the
midst sf crsi. which disclose, some strikngIy MON. sou
features in the history of this most important branch If the
trade Of our country.
When the Gotten crop the United item
IN its trade and did not reach production exceeding FIVE hun
drsd thousand bales it perhaps consider
articles Of barter and exchange which, ef
rey to the ortuous circumstances of would find
M level under the influence Of the ordinary Of trade
without the necessity Of resortng to Of
airy protection
Times however, have changed Cotton passed the
condition Of article Of commerce. TO the performance
Of the mighty function Of being great degree the regulator
OF the exchanges the standard of value OF
II the nature Of this material frbd its entering into cir
cuation il scarcely less the basis OF currency than the
precious metas for the fluctuations in its price felt with
sensibity equally acute and searching those
ra"ns which belong the demand and supply of these
sitve and mysterious tokens OF national value.
The prodscon Of this staple has become immense
that II behooves those who produce by large
capital high rate Of cost and n climate per
Gus 10 human health consider we'll whether
some material circumstances reference mode which
this product Of their labor shipped from tins country and
which demand the application Of prompt and effective remedy
In one word lot the important fact disclosed that such the
uaweidy amount Of this staple Of Southern industry that
II cannot be sent forward and disposed Of fair
prices Through the ordinary medium Of the mercantile
o'hmens Of this country and Earope without the direct
cooperation Of banking institutional II have become
satisfied OF this fact ought to organize system which
merce and finances Of countr1 The uuwise
system Of sending the crop forward houses Of
means on the other side Of the water who incapable Of
holding their gnsen hour beyoud the Of the
bills drawn against such Shipment subjects fact nearly the
whole amount Of American interests foreign combination,
which might act not only with entire but with per-
iect knowledge OF tie PERIOD when from the maturity Of the
acceptance. IN question: prsPsy to stupendou' amounts be
longing 10 TINS country, may he ready Tor sacrifice.
he great and vital change which be operated to
sustain American Interests by American credit To realise
home the necessary protection OF oar pro-
perry abroad without the necessity sry.
drafts the capital and OF In eth.
words the reform we desire IA 10 .,pd our treat
staple to market. without the period being determined by the
date OF bill OF Exchange wrs IL to be brought forward for
absolute aud sacrifice We believe that the .tead
ness IA price, which would result from portion least Of
the Cotton Crop bling exempt from the disastrous uctuton.
arising FROM compulsory sales would in end be scarcely
to the d shipper here. fact which think de-
monstrase from the following osIuaies which consider
altogether self evideat:
l. The natural price of Cotton the effect Of the fair
natural influence Of supply and demand.
:. The price cannot be steady and the article b.
admit Of ae calculations the part OF the
ter the manufacturer and the merchant unless the price
natural Il IS consequently the inere. Of these classes
taat the article should be protected the hand from
great and undue speculative action which might initiate prices
above the natural raeand the other any derange-
nent Of the money market other accidental cause
which might cypress below that The effect of great
aud undue speculation being to derangc the and
10 produce reaction, with undue depression o prices
The state Of the currency mainly depend, the
which the country to pay its foreign debt by ship
Of is produce. To the produce or m nufsc
ture falls short Of that object exports Of specie may induced
the effect Of winch must be reduction Of the circulation
with depreciation Of property and general distress
Cotton, IN this country being by Ear the important
produce and sordng the great Of paving foreign
debt it's the interest Of the community ard of III
moni,d institutions that the price oft in England he great
make should be steady that the article shosd be Of
surrcat sale TO lie the Of large and effective remit
here, the those % the three first menoped
namely that the price should be material that may be ead,
and Of easy fcalixst alton.
Q. The interest Of the British Government OF the Bank Of
Englsnd aud Of the banks Of that country respect this
cle, the the interests of the banks here;
Iortson there being immense. aud the empo, n
body II the aborug classes depending the es
ness 81 prices When they steady the foreign demand
for manufactured cotton . reduced greatly the operatives
balance Of trade without the erporson o the precious
tails cottons aordng by FAR the
most important branch of their export trade.
Consequently any arrangement That could be formed BY
which the article would be protected from the eff Il
speculation aud from depression ia the osey market ~
which seadness Of price, with o. sale would pro-
moted-woud Of the greatest and b,t interests
both countries.
II Is therefore proposed form system BY which with
the Of the CROP advance.
Dc made with the capital credit &c Banks here thereby
esng the oonsignee in Europe from all
eyccp, the Advantageous sale Of stock which would
all these interests. and afford