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

present year: but there can be no doubt.
that By the speculation The depression wss
greatly aggravated. The evil - we hate
already explained. did not consist in The
high price Of cotton. 50 much ~ in The
general dislEusi Of the stability Of thai
price. which vas prodneed BY know
ledge Of the speculative dealings in The
United States. The buyers Of goods.
without paving any particular silsnlion
10 the relative prices Of raw COTTON and
manufactured goods. very naturally srgu-
cd. that. il prices had been raised 10 .
certain level by the speculative advances
Of the American bankers. they would be
likely 10 fall considerably whenever those
advances were Withdrawn. and Ihespecula-
lion wholly broken down. The dis
inelinllion 10 purchase might have been
pretty much the same sIsn il the prices
had been lower Than they mere. provided
there had been The same want Of conf.
dence in their stability.
How different would have been the
situation Of al parties concerned. IL the
cotton crop had been. from The first. fair
" put upon tie market. and the price
left 10 be determined BY the nsIural ope'
rstlons OF supply and demand! II The
quantity VAS so deficient as the planters
allege land that there was . eonsidera-
bic deficiency seems now probable g
nnugh.) the fact would very soon have
been manifested by the deficient supplies,
which. in the absence Of speculative
combinations. would have been taken IS
correct indications of the amount Of the
crop. Prices would, consequently, have
risen. without malerially checking the
consumption: they would, probably. have
been decidedly higher al the present
moment Than they now are. and with a
tendency upwards. instead Of being in
state Of rapid derline, which. IL We
may Judge from the following facts. 10
likely 10 be carried considerably further.
II appears from tie Liverpool United
Brokers Circular, that the stock OF
American cotton in Liverpool. On Friday
last. was no less than 45s.920 bales.
which without any further impor,aIiOns.
will afford q supply Of 1850 bags per
week. for the remaining 20 weeks Of
the year. But the purchases for con.
sumption OF American cotton in Liver.
pool, during The first % weeks Of the
year, have been only 27s, II bales. or an
average Of l0.70O bales per week. And
if We assume that there were in the
hands Of dealers and spinners al the CON-
mencement Of the wear, about $4,000
bales more than at the present time. the
consumption, during the first half Of the
year. has not amounted 10 more than q,
$4,000 bags per week. And what are the
prospects Of consumption for the latter half
Of the year! Unless there should be very
speedy break down OF the SPECTATORS.
giving confidence 90 dealers in, and con.
sumer. OF cotton goods. as well as TO
spinners and manufacturers. the coRsump-
lion Of American cotton for The second
half of The year cannot materially exceed
that Of the first. Al the present time,
far from increasing. the consumption is
rapidly declining, The present week hav-
ing witnessed the commencement Of
short time amongst the spInners at Boil
tan (who having entered into an engage.
ment TO work not more Than four days
per week;) al Wigan, where ten mills
are now Standing entirely, and the re.
mainder with ono exception, working
half time on an average; and in different
parts OF the country. where the eonsump-
ton is diminishing every week. fthen
the consumption for the second sir
months OF The year should not exceed
tina, for The first six month";, there will
be. on the 3lst December next. l0O.-
900 bags remaining out Of the present
stock in Liverpool. together with the
whole Of what may be imported from
this ZINE 10 the end Of The year, which
canno, be estimated ., less than 250. ZOO
to 900. 900 bales. With such stock al
the conclusion Of the year. and with a
coming crop Of extraordinary magnitude,
we leave our readers 10 Judge what are
likely to be the prices Of cotton al thai
lime, and what IS likely 10 be the condi
tim Of the parties who have engaged
in one Of the most rash aud insane spec
ulstions OF moIern times. That they will
be crushed by the weight Of their IN
der,sking is already perfectly clear; ant
the longer they persist in their presen
course-lhe more OF temporary aid they
may receive from speculative bankers
the more will consumption be dimin
ished,--,he more signal and exemplary
will be their punishmeni.-and the NOR.
extensive will be the consequent derange
ment of,he currency Of the United States
Such are the consequences Of exces
sive speculaiion-such are the evils in
esitably resulting from attempts tn mon
opolize a commodity in extensive use
to bolster up It's price by artificial means
This is far from being the first attempt o
the kind that has been made wilh respec
to cotton. which appears to have invites
more speculation than almost any olhei
commodity Of equal magnitude; and vi
believe no instance has vet occurre,
where the speculation has not involved
|, - d,..x..m 81 -