The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-08-15

and increase her rate Of interest.
This event can never occur without its hav-
ing blighting influence on any surplus Of
our geat staple which might be unsold in
England. Surely, il the Bank of England
can exercise (unavoidably) an interest thus
prejudicial, we may resort to our own Amer
lean banks as means Of security and pro-
lection withou: the invidous clamor Of COM
bination and monopoly. 1t is time that the
absurd and senseless cry On the subject Of
banks making advances on cotton should be
understood, and finally put down. The
truth is. that by the mere purchase Of for
eign exchanges of the country, they adj
vance on nearly every bale Of cotton subject
to foreign export-and this without the Sc
curity Of the bill Of lading and policy of in
surance-on the mere personal responsible |
ty Of the drawers and ;ndorsers of the bill. |
Hence, these losses are most comprehen-
sive and disastrous after every commercial
crisis and revulsion.
Now we propose giving to the banks in all
cases the higher protection of these securi-
ties. and that early next autumn, one or
more banks in each of the great commercial
cotton markets of the South should COM
mence making advances on the crop.-Ac-
cording to a scale to be graduated by what
will be a safe calculation of its probable a
mount, assuming twelve and a half cents at
home to be about fair and natural average
and remunerating price of this staple on a
product of sixteen hundred thousand bales,
which is about as large return as the ac-
tual labor Of the country now engaged in
this branch of industry is capable of har-
vesting. The embarrassments Of the south
western states having prevented the plant
ers ofthese states from making any purchas-
es Of slaves in the Atlantic states during the
last two years, whilst no less than ten per
cent of the slave labor in the South has been
distracted in the same period froaasthe Gull
iiyation Of cotton, and applied 4thc raising
ofprovisions, aud to the construction of these
extensive rail roads now in progress through
out that portion of the union.
For these advances, we propose that the
banks should issue to the planters, factors
and merchants Of the country, on the pro-
duction of the bill oflading and the assign
ment of the policy of insurance. Post notes
of such description and payable at such Pc
RODS as convention hereafter contempla-
ted may suggest; notes which may be made
| answer both the purposes Of currency and
exchange, the details OF which we refer to
that body. BY this arrangement, however
We feel satisfied that the credits can be so
distributed, that from the day Of the ship
ment OF our cotton, it may be held at least
six months in Europe without the foreign
consignee being under an advance of one
farthing; and we think it quite easy to con-
fer on the houses to which the shipments
| are confided. sufficient strength to enable
them to hold over for even longer period
should safe, remunerating prices not be OBJ
| tanned on the maturity Of the bills.
With the view Of securing this strength,
it is indispensably necessary that the con-
| signments should not be too much dilfused
but confined to limited number Of houses
in Liverpool and Havre, who acting as the
agents of all those who will come into this
conservative system, will fell common in
terest, will naturally aid and assist each 9TH
er under every contingency.
| This, Fellow Citizens, is but the brief
outline Of great scheme for the protection
Of our c, mmerce, finance and exchanges,
| the details of which must be left for profound
deliheration and concerted action. To ac-
complish this object, we hereby invite the
planters, merchants and cotton factors of
each district or county in the southern states
and territory of Florida, together with the
banks of each of the said states and terrific
| ry, to send delegates to meet us in conven-
tion at Macen Georgia, on the fourth Tues.
day Of October next, which will be on the
22d day of that month that we may careful
ly consider the important matters disclosed
| in this circular.
! We invite q candid examination Of this
whole scheme, for the protection, not alone
of Southern interests-but for the security
Of the commerce Of the whole country.
Let it at least be tested by patient delib-
GRAFTON and enlightened research; if by this
plan one third of the entire cotton crop of
the country can be placed beyond the possi-
bility of sacrifice, it will give security to the
residue, not by entrenching It behind a
speculative monopoly, but By holding it in
thpt state Of security which the just relations
Of supply and demand will always in the
long run, establish and sustain Ia the trade
Of great and civilized country.
That no time may be lost, we beg leave
to apprise you that an agent having our con-
6dence will shortly leave this for Europe,
clothed with ample instructions to make
such preliminary arrangements with the hous-
es in Liverpool and Havre, which may by
the sanction Of the convention, have the
proposed consignments.