Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-18
GEN. uAMILToN's LETTER.

D, s;r- Knovnp the interest which you feel in
the tae of the most important al Southern staples am
induced from the great mart OF lis final sae 10 oiopyou
few lines. 1854 . re-,
in The expor, of some five hundred thousand bales rom
the S the stock OF American cotton now on hana n,
this place, amounts 10 The enormous sum OF 2ouu
bales being the largest stock ever before known, ano
which exceeds that Of last on to-day. by "a COO
bales The consumption Of the last year having a'Ien
off SO per cent II becumes in degree useless 10
refer the deficit in The crop OF 1885 But we shono
look ahead provide the best means OF securing ai
sule Of that al lSo9
According to the consumption Of Great Britain for The
last Ave months there would be about forty week
piy Of cotton here an Depot and IN lhe rao oil nes
full consumption. about twenty week s'ocK; quite
enough 10 impair ruinousy The value OF The next
years crop, (bringng il down probably 10 some Six or
eight cents pr pound The U. II some eifrctuai
not adopted TO keep back shipments un.li
February, when The present surplus OF the crop OF leoe
will be worked of and that OF 1889 can be broueht ao-
vanareously market. If on the other hand the new
is pushed early and large quantities INTO ths POI" on
the stock hand December and January, Inc price
of cotton must inevitably as have before suo sustain
q mos, disastrous fall Reclamations 10 an enormous
amount, will be called for from the 5; which, IN
aug me nng the demand for exchange will increase haI
for specie and probably cause general SUSPENSION Of
the Banks, with extensive private failures Indeed un-
less some measures adopted for protecting and h"id
ing back for u time, great staple, fear It will take
years for il 10 recover.
Under these circumstances the question arises, can
We project ourselves defend country from ruinous
recamatiors and provide security ior the future:
think by unanmIly, frmness, and perseverance, we
cam and That the plan skechet by the Cotton Planters
and Merchants oil the South, a, their meeting on the
5h Of July in New York, vigorously carried out, will
accomplish his desirable obj ct
On comforting with those houses in this city, warmly
devoted 10 American interests they deem ihe objects
proposed be obtained by the Macon Convention valu
ebie and entirely feasible, provided the Post Notes Is
sued by the Southern Banks for advances on cotton can
be made equal the best inland exchange between the
South and The North by an arrangement with The Bank
OF the United States. and two Boe tirs rate In.
siitu,lous in New York TO discount them. To make
every thing safe however it is ndspensaby necessary
that the Convention Macon should be numerously at
tended and furnish fair representation OF The great
cotton growing interest OF The South Although since
The 9Th Angus, there has been some hltp advance in
price, and fair Of business doing, both for The
trade and export demand, yet another defective harvest
which is yet in stale OF painful uncertainty, and ano
Their crisis may ensue, the extent OF which can
fairly estimate We should therefore look steadily and
rssolu,ely the of self protection This, The
Macon Convention "ep attended VIII afford Let me
therefore urge You attend The Conve yourself and
to use your influence 10 have the meetings held in y"
State 10 e!f dct gates attend the Ii other
ga:d purpose lie answered, am sure ~ bringing The
delegates Of the Banks oi the South together, i'm
provemenl m,y b. made in our currency and nlund tx
changes and purposes Of business ard credit greatly ia
cilitaed
shall mike in Europe the most satisfactory arrange
n,eus with Houses frs, credit, TO bold sach con
signmens may be made through The intervention 81
our conservative conrdfr:cy, # may So speak, ant
will embark from this pot on The 2st Sept IN the IL
verpool steamer in order attend the Convention IL
person. and TO make my report The matters contGct
TO my agency:
remain. dear Sir,
With esteem and respect,
Your obpdien servant,
HAMILTON