Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-21

Thi. is very rema table, aud evinses strongly the II.
dusnce which the price o Hour has upon power Of the
pAntcr either purchase articles 40 nav all
.b,s The prices OF cotton here given the averages for
the yer, the prices for 1870 may be estimated a. .vre oyo
portion Of the has forward The vain. If
sus found by taking the average price Of and al
lovius barrels the annual IN.
Growing states IL this estimate of pt;ov IA mn, ,
right will clearly show the proportion Of fluctuations Tb
other great staples THE South cotton, and sugar w.
not estimated. their value does not howe,.r.re-, ,,
m the supplies when they draw from western state. In ,t
lard BACON Ia the table them end that IN.
power the planters increased from lsss about lao p~r
CO MT while the ,aus Of the
stationary This released $40 ooo applied 20 other Dur
poses In the period stock issued BY Tenn--s. Mis-
saspp and Louisiana 10 the Of or banking
purposes This stock realised abroad brought home. and
loaned planters This made addition
purchasing in the hands % ibe southern states spp
cable the prchss, goods and specua
than existed previous The relative position
II flour and cotton remained the throughout during
which SO oos again added 10 the banking espzl
the credit of the southern siar This data would sufficiently
for &c Wild speculation, independent of other
operation In other sections &c IN. country In 1881,
value of the cotton production m on cent while the
value o bresdstuh Increased than yer mailing
difference OF distracted power
manufactured articles ofpaynx debts In that year sasoco
assa sddrd 10 the banking capital south by
issue stocks making sss Il banking capital ce-
BY issue state stochs since iss The
ssd the fore part 1852 DISASTROUS 10 the planting
interests owing the absorption o espit. caused BY
high prices of produce which had their origin deprecated
curr~ncy The heavy balance this created against tho south
.bsh~d Who'll active capital &C the banks including
rnoney raised abroad the credit cf the States The
mosey the public and held unavailable paper
assets The institutions al largely isdebt-dto the o.
Bank and the securities they hold for money which has been
p-ned BY the cotton the basis OF the whole.
nsmbr ~ ~ active sales q cotton abroad and low
prices p~odsc. ho the only elcmcn, Of recovery This
10 bs reached only BY king the A. low stan
dsrd rc~s,bcs a. which The banks thus FAR da
materially opposed. Now, tskr the currency II the
southern asd Southwestern seciis for four years 1881
we shall observe ~ changes IA connection with The above
fluctuations.
cuRnsSct, ssrsrasssrs rt Dsro-irs avn cthcrL,rtoS
"FInt sot rHgRS sNb soV rIl-wEsrnRy rsNNs
isos rcssSes $50 elcoool
In this table the currency q the south and west remains
rssry The same The currency 81 the north and
applied rrinealy to bol,ens the prices Of producos
THIS hept % The prices Of ourhe value Of in
the south vas actually than that otae n
secnor By this optration they continued 10 20 debt
AVID were unable TO pay the N any thing The a. 3 Bank
which had been Tue great instrument u supper, 20 the oh
icle down under M accommodating debt and the Of