The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-01-31
EDITORIAL CORRESPONDENCE,
Extract of letter to the editor, dated
PHILADELPHIA, Dec. %, 1889

Extract of letter to the editor, dated
PHILADELPHIA, Dec. %, 1884,
The arrival of the packet ship South America
from Liverpool, brings dates six days later than
the steam ship British Queen. Cotton had de-
clined one-fourth of penny, which in Mssis-
sipp is about one half cent, and still further
tendency to go down was manifest. Commercial
affairs are a little better throughout England,
though the increase of bullion in the vaults of the
Bank of England is very small-from the list to
the ed of November amounting to only 10000
pounds sterling. You will bear in mind that her
bullion has been on the decrease for months, and
this is the first statement we have had for long
time of any increase on account of the shortness
of the grain crops. Bullion to the amount of 49,
100000 has been sent to the continent (Holland
etc., to purchase grain. Grain has declined and
such heavy drains of bullion in a measure has
ceased so that the bank is gradually replenishing
her vaults Since the British Queen left, which
took out, believe, near one and half millions of
dollars in specie, only one hundred thousand have
been exported from New York. This can be ac-
counted for by the liberal supply of sterling bills
in the market drawn against shipments of cotton
Was it not for the crops of the south the northern
and middle states could no more pay their debt
to England, which at this moment swells to one
hundred and sixty millions, than England can
purchase grain of Holland without an immediate
shipment of all the specie in the country, and then
not pay half they owe. Then in the general
wreck and ruin which speedily awaits almost
every portion of the union, cotton will maintain
nearer its proper value than any other product or
species of property :-First, because England
must have it to support her millions engaged in
manufacturing it, and the northern cities must
purchase it as the only medium of exchange to
pay what they owe her. Could England induce
flow of specie to the aid of her banks and COM
merce from other sections of the globe than the
United States, and thereby increase the value of
cotton, I for one would not advocate a speedy re-
sumption of specie payments by the banks, but
the value of cotton in the United States is estima
ted by the specie standard of England, and the
sooner the money market is made easy in that
country the better for the south. Therefore urge
that the banks here and in the west resume spe-
Gle payments and pay their debts to England by
a shipment of specie, whilst the south will come
to their aid by shipments of cotton and liquidate
the debt speedily as possible. But, say they, if
our banks resume specie payments all the specie
will flow to England from the north and west, and
we will have none left after paying the debt to
bank upon, and it is better for US to cuntinue sus-
pended, and not import any more goods until the
products of the south, in sufficient quantities.
have gone forward to pay what we owe, and if
England wants her pay sooner than it can be paid
by this process, we cannot pay it. But during
this state of things cotton has to be valued at
specie rates, or what 1t will bring in England
whilst every thing they sell to the South will be
sold for this deprecated or inflated currency and
higher price of course charged. The northern
cities know under this state of things they can
not compute with England in the manufature of
certain goods, and therefore. they are getting up
meetings and pettioning to impose high tariff
on goods, so as to lessen competition, that their
manufactures may inrich themselves with exor-
bitant profits upon goods Manufactured by them,
But say they, if our banks resume specie pay
ment we shall be forced to coerce the payment of
| every dollar due, US by the south and west, and
bring upon the states one broad deep and univer-
sal ruin. Now, ask, if they do not exact every
dollar, have not those states been trayersed liter
ally crowded by persons pressing collections in
the most urgent and imperative manner? and if
they do not collect their money, institute suit
without delay. What is it but an uncompromis-
ing desire to collect their debts that has crowded
courts with SUITS and filled our public prints
with advertisements of property by the sherifs.
Can they bring upon US greater amount of dis
tress and ruin than they have? Then it is alone to
protect their selfish interests that they do not
pay specie, whilst there is settled determination
not to pay England until it is dug out of the
southern earth,,