The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-08-15

hooos tufs &lihough ~ - NtN hhoNu thst
prices must in lie end Be regulated, -
they ought 10 be ~ all tines. BY The
natural operations olsupPly and demand.
Il 70 silll easy 10 see that The Interference
now practising in The Southern States oil
Ameries may EeEy probably hare The
effect Of temporarily forcing up prices
here 10 aI<sTy serious extent; and the
spihners will 10 compelled either 10 stop
their works. or 10 purchase the raw
material II rates which they know cannot
be permanent. with The certainty Of loss
from ia subsequent decline in value.
That The system Of advances from the
banks. with the view OF keeping cotton
for = tine OuI Of the market. Is now
carried 10 . very considerable extent, the
recent sdsiees from al paris olIhe COTTON
growing States sbundsnliy testify. On
Saturday last. We inserted . Circular
issued by Mr.. lngersOll. nominally as
agent 10 Humphreys and Biddle Of
Liverpool. bat really as agent 10 The Bank
OF tie United States; and we now find in
the New York Daily Express Of the 7lh
December. another Circular Of the same
kind. but emanasing from . different
quarter. II is in The following terms:
!uississippi Union Bank.
jackson, New 10Th. 1853.
Sin: The directors of This institution.
believing that the cotton crop Of this Sla'e
will fall shurl. and that planters will
postpone the sale Of their crops until the
deficiency is known. propose TO advance
60 dollars for every bale Of good cotton,
weighing 400 lbs. delivered 10 the agents
Of this bank, To be appointed At the
following shipping points, viz. at Nsiehez.
Vicksburg. Grand Gulf. Rodney, Man
chester. Technia. SatarIia, Marion, Green
wood, Grensda. Columbus. aud Mlssis-
sippi city. The owner TO deliver To this
bank The said agents receipt, with the
mark. number. and weight Of each bale.
together with q note payable twelve
months after date. with two or more good
securities, TO be submitted 10 the board lor
said advance.
1.-The cotton 10 be shipped TO Liver
pool or such other markets as may be
designated by The party delivering the
same, al his risk and expense, and sold
an account Of this bank. The proceeds.
together with the exchange. both foreign
and domestic, TO be credited on his note.
and the rate Of the d0mectic exchange -
be established by the current rate al the
time The account Of sales is received.
Respectfully,
Nv. r. GRAYSoN. Cashier.
Now. as the advance mentioned in
This Circular. sixty dollars bale. amount,
TO fifteen cents a pound, which. al the
time when the Circular vas written.
exceeded the market price al New Or
leans. and with the freight and charges
TO which IL would be liable. exceeds also
the current price in this country at the
present moment. il is not easy 10 conceive
wha, Legitimate object the Mississippi
Union Bank can have in making such
advsnces.-But il is alledged in one Of
the American papers tina. another esta-
blishmsnt in Mississippi (lhe Brandon
Bank. we believel has offered to advance
20 dollars per bale! or III cents per
pound. and this on cotton al that time
worth IA to l4i per pound, in the New
Orleans markell
This Circular Of Mr.. Ingersoll alluded
to in the preceding extract, turned out,
as our readers may recOlleei, 10 have been
wholIy unauthorized. either by the Bank
Of the u. s.. or By Humphreys a. Biddle:
but the Circulars ofihe Mississippi Union
Bank and the Brandon Bank were per.
fecily genuine; and IL became well known
in This country. that those and several
other establishments Of The same kind
were advancing largely at most extrava-
CANT rates upon cotton consigned 10 their
order; and that, consequently. very great
advance had taken place in prices in all
The ports Of the United States.
The effect OF all these proceedings
upon the trade Of Manchester and the
neighborhood nigh, have been foreseen
by any one Who had paid attention IT, the
occurrences Of the last 20 or 80 years.
The Cotton spinners had had too mich
experience oflhe results o! former specula-
TINS, and The issue Of former predictions
Of deficient crops. TO place the slightest
confidence in The views Of the American
spectators; and a. body. they refused
10 act 10 accordance with those views
| Notwithstanding the psIpsble falling of
in the receipts Of cotton at the American
ports. which appeared to couobor.te The
sccounts Of short crops, the spinner,
gave no credit TO those accounts; becaus,
IL vas impossible 10 Say how far III,
supply had been sssi6ciaiIy checked. il
order 10 favor the views of the spec
uiaios, and. after working out ihei
stocks. they gave with great reluc,anc'
the advanced prices which began Il
/ prevail on this side the Atlantic. Th,
/ buyers Of goods and yarns too. VIII
| distrusied The results Of The speculation
| quite 90 much a. the spinners. were sls,
disposed 10 clear out their stocks befor
they veniured upon fresh purchases; an,
! n =