The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-08-08

AA&A&AAN& M14ASMA
eommnnissled i.
r. RE Cosfon Pionfers. Merchants, Far.
fers. and Presidents and Directors ef
ne sfrral Banka n The S0sihern
STATES.
CIRCULAR.
Fslgese Citizens. Interested ike YOUR
selves. in The cultivation and disposal Or
The great staple Of American agriculture
and commerce. ws have seciGeniily met
in his city. in he midst n crisis which
dIselosss some slrikingly mnmenIous iss-
lures in The history VI This mnst important
branch II The trade II our country.
When The Cotton crop nf The Uniled
States wss . mere ilsm in il trade. and
did mol rsseh . production exceeding i've
hundred thousand bales. II was perhaps
safe 10 consider II - one among msny
arslelss vi barter and exchange. ahicI,
ieil entirely To The foElulious rmeumstsn
res ol rnmmeTee. wuuld end ilr level gnder
lie influence # The nTdinary Laws III trade.
without lie necessity ii Eesarting 10 any
M ans Of precautionary Pro,srilnn.
Times. h0aeEeE. have changed. Cot
ton has passed from The condition Of :
mere sEliele al commctcs. 10 the perlurm.
anee cf the mighty tunrtlon Of being in .
great drgree the regulator Of the sxrhsn.
ges, aud standard OF value al nuE country.
II The nature af This material foubids il
entering into our rireulaliun. il il srarer-
~ less lie basis Of our curreEcy. Than lie
precious melalsI Cor The fluctuations in
lls price are fslt with srnsihilily equslly
as srnaie and searching. as any VI those
variations which belong IN The demand
and supply Il ihese sensitive AMI mystic
riuus ukens Of national value.
The production oi this staple. his nov
become 90 immense. Inst IL brhoo,ss
those Who produce il By = large invest
ment Of capital al high rate Of incidental
cost. and in a climate pertlous TO human
health. To consider we'll whether there
are nal some material circumstances in
reGersnee 10 tie mode in wLleh Ills FRO.
due, Of their labor Is shipped from tbs
Country. anil i brought 10 market Al tie
point Of lis iusl sale and consumption,
i" hish demand The application Of premp,
and effective remedy. In one word. -
not lie important fact disclosed. iha. such
Is tie unwIsldy amount Of this gres, ,,a.
pie II Southern industry. hat IL CANNOT
be seat forward aud disposed Of a, lair
remnnsra'ing prices. through The urdir.
AIRY medium OF the mercannTe establish.
ments Of this country and IN Europe With
out Tie direct cooperation of our banking
institutions! lf We have become sali.f.
ed nj This fact. ncghi We not to organize /,
system. which shall give perfect security
10 this great interest in The commerce. and
finances Of our country! The unwise and
sninnus system Of sending the crop go,.
ward To houses Of ciTsumscribed mesns.
on the other eide Of the water. who are
incapable Of holding heir eapsignmen,s
an hour beyond the maturity Of tks bills
drawn against such shipments, .ubitcs in
Tact. nearly tile whole amount Of Amsri.
can Inieres 10 foreign combination. - huh
might act. not only with entire eonrerr,
but with peffscl know ledge VI The peri.
od. when from the maturity OF The sccsp-
t'nees IN question. properly 10 = s,upen.
d"us amount belonging 10 this country.
may be ready for sacrifice.
The great and vital change which mus,
he operated. il 10 sustain American inter.
esis. by American credit. To realize =,
nome, The resources necessary for The
protection Of our properly abroad, With
out The necessity OF large and iucnuven-
rent drafts on the capital and means Of
our great customer. In o,hot words, the
commercial rcIorm We desire, 10 10 send
our great staple TO market, v ithou, lie
period being determined BY the dale OF
bhi OF exchange. when /, IL 10 be brought
forward Tor absolute and unnecessary "a. |
cr'tice. We believe thai the stsasluess in |
price, which would result from . portion.
IL least. Of the Cotton crop being cxsmp,
rom pHe disastrous fluctuations arising
lfom compulsory sales. would in the end. |
be scascsly less vslneble to tie SIMMER
and consumer in England. Than 10 The /
grower and shipper here. A fact, which
&c think demonstrate from The following !,
which VIC consider altogether
self.cyiicnr;
l. The natural price oi Cotton IL the /
ELECT of the lair and natural influence Of |
supply aud demand.
2. The price cannot be steady, and
The article canno. be current. 50 Is l., al. ,
NIL Of safe calculations an the bar, Of
'hc planters. the manufacturer and the
merchant. unless tie price be natural. h
IS consequently the Interest Of these three
classes. tina. the article should be pro,ec.
led, on tic one hand from any crea, and
undue speculative action. which miph,
nflaie prices ahnse the natural rate-sud
'n tic Other from any dersnaement in lie
money market. or any other accidental
'ause. which might deptess il below thai
ate. The effect Of grea. and undue speeu.
alton being TO derauve the mnoev mar.