Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-28

erpool Mail" Of the 2lst ult-the very latest dat.
may be considered the Manifesto Of the cotton spn-
ners Of MancAester:-
CorroN TRApA, 2st Ma, The state OF the cotton trade
and the manufacturing districts generally beginning
cite considerable apprehension The Back OF England
been compelled to part with between and three mons
Of their gold (beng Of amount Of gold
IN their celars and that too in aperi only MONTHS
circumstance Of grave Importance at the present
The fact that gold has been such
quantities, and in short space time conclusive evil
dence that it not only bears higher value can like.
wise De more Frohbls employed there than in England 1t
also proves that the Bank could amount
Of paper circulation, with safety while such ansmon OF
gold to Hamburger, Anscrdam, and Paris was going On
We have an illustration Of the effects produced by this var
alton Of the exchanges the resolutions and
by the Bank viz their raising the rate Of interest upon
discounts to ive per cent Monied men, ants and bank
under AID sufficiently well how this IA, will
upon the trade and manufactures the VI bu, the Great
body iradesmen and hopkeeper who 10 feel the
PRESSURE apprhend fully with The sun
ect We shall therefore, endeavor to explain this to them
aud to those Of our readers who have
sonsider ration.
large portion of the valuable and productive trade Of
this country rests almost wholly upon credit and
by of bills at short dates ranging sixty ninety
days So long trade prosperous, and profits
how sAaal be realised, these bills easily negotiable
and form portion of the working currency the United
bankers Joint stock banks and bill brokers class
Of particularly in London being only brokers
L.
receive such bills with The endorse country bank
hosse sflopg established credit rate discount
from three and hall 10 four four half per cent
the country bankers seldom hesitate receive them
faith and honor of their respective constituents, with whose
circumstances they are well acquainted 6r because
ratvey safe trade we'll profitable ne the differ
between the above rates Of discount and by
the countr, banker with the additions Of his commission
ing the ndlcemen and the fair latter
we have made ourselves sufficiently Ineligible in the
above every must perceive that when the Bank
OF England either to correct Of its
cate some enormous speculation, promote
ure OF state policy raises the interest in five per
cent all the class OF bulls to which have alluded
great extent unnegoable for the country one hour
perhaps stripped Of his profits rced in his
We cannot zee that any blame in this upon
the country banker lie help himself He is taken
probably much unawares s disappointed angry and
onshed client Men seldom risk their property give away
their labor for nothing; and this state of things rarely
produced by unreal imaginary and pro-
duces great apprehension unreasonable hold pr
mary dcounter OF the bill responsible for The and
barrassment which he did and could prevent
Having heard much marmuring ana loud AID
rmonous complaints in Liverpool within the land
we believe these unpleasant feelings carried further Man
cbster have deemed duty to submit thse plain OBJ
scrvaon, defence of useful and much class
| Of men-the country bankers.
But having done this becomes necessary pursue what is
ssedl, grievance if calamity source II il
months told Of the
Wild spccuaon in otton which made men u to and fro in
pursuit Of wealth. buying and selling much eacernes. as
the rotaory motion OF the moon uron
their thereby distractinc all the monetary rules
ans safeguards Of the eo1nryw. told them thcr
tors ~ cotton in Liverpool and Manchester, that they would
involve the country Tremendous difficulties We spoke with
bodnss because that was
upon by deIuons false statements Fabricated returns
and eonederated fraud Wien Mr. Nielo,s Bidde,
head OF the Bank Of the United States pa, ing his
large issues OF filthy gold and silver left the Inedia
creditors of his bank t. struggle with their in
me Lst way they COULD and employed his capital and credit
moi only purchasing cson in the southern states the
shallow plea of facilitating trade by mai ing dyances in
ict 70 gam huge aud overwhelming monopoly pur
chase and sale q cottonand when encs
ragged IA Liverpool in this, say auda ou
rous me- an igiinae the affairs Of bank ing by
certain bankers here ether bankers the d
s aud by the strange of unfeahered animals who
RED pocket books stuffed full OF bills and the dark
ana darker tarerns IN the city Of London made up
our minds That crisis coming which every would la
ment aud every good man deplore Mr. Nicholas Bdae
nnrhed lie was eminenty successful. He obtsincd price
lar beyohd even his most sangu'ue expectations
lie not ony raised prices he also enabled his
produce into solid gold exuberance his profit.
ne was further enabled to If he wished pay
c Rim, np,s es and Their running interest OF ss Per
e' ' p'ad'e has since retired, shs not say with ho
nor Tor that has no value IN the United flushed
successors ow his footsteps they can or sink down to
dscredit Insolvency they please In estimation of his
tened as clever man. and fortunate what they will
say Of him when they receive the intelligence lis way
to New York by the Great Western, shall presume
| N Icipate.
Such stated the above paragraph were The sent
ments we held and advanced in these pages months ago.
Our opinions however they have been aoeime although
equally correct, treated with dsdan American paper
nctsiit standing the odum which Justly held
1897 and 1898 still avoraby received until ateiy and
the SPECTATORS who relied upon the cotton
districts from Bidaes agents, aud from corrupt and
Dis ionest calling themselves bsnker located New
Orleans ana Mobile planted the shores Of the Mississippi
and IA the state OF Alabama have found hem.eves NEST
orally deceived The crop Of 1887 and GER
by at least 10000 bales than Ri dies agents
succeeded m inducing the cotton dealers ard
OF LIVERPOOL and the acturing districts To believe The
cotton crap according the best information received
aud upon which rely because Il o variety OF
sources neither disposed capable OF madngu who have
uniformly considered TIA money question, w we confidently
believe, h. year considerably upwards Of 100000
bale. IL then take into consid ssgnan state
~ the yarn radclc decreased OF
sood-the contracted operations Of the mstle of
inoney-the large export Of the precious meashe heavy
drag upon credit by the resolution. of the Bank
"e may hen idea cf the distress tchich impending
and mast tncrifaby fall upon England auiuna
Bet LET VS. place al the difficulties in their proper light and
assign them fairly to their real authors In H. the vast
invested and unhatpily lost cotton spet u.tions by
which the banks &C the United States will be benefited and
which losses must inevitably fall upon cotton
spinn,r and cotton IN this nr, we have
also T. take into eon'd ration the failure crop last
year, aud The necessity Of importing oreiga gsan per-
themselves the trouble consider ELECTS of de-
eent crop aud fewer si the consequences any large i'm
poraton of foreign We hold them We most disa.
rous both grd the f hful los. No nation OCCASION
Cd by inadequate supply of homerased corn bn the eror
nou OF money which mus. he distracted from other pur.
suits and investments order provide Cor the deficiency
singh weeks deficiency calculated amount TO 900 Oc
quarters ~ &c all Mr.. Huskisso in
1873 gave 100000 quarters per week take he other
quantity To b, upon the nearest the truth making
due allowances for the great IN our peon MI
take only weeks deficient 400 600 onar,ers
mat AZ The lowest DO all charges luded the
freight charges being chiefly foreign from the country
dead oss caused by urt in the crop of f2a00O0 some
talking about. Tsese sgircs In millions deceive even Ene.
n slx weels def M.