The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1844-04-27

FACTS WORTH REMEMBERING.

FACTS WORTH REMEMBERING.
Not long siuce cur accounts from
England indicated grestand continued
rise of cotton; md the Effect on this side
of The A Asn,ic vas on impulse 10 specu'
ia,ion among many cf he dealers in that
Article. Spectators went into The banks
aud went into The mprket;and The form
er, al least in New York. if some of lis
newspapers may he credited, made heavy
sloans tui investment in cotton. The
mex, arrival Told rs that all this specula-
iion in Eugland had been the work OF
the cotton brokers, who, aided by the
banks were making large Investments
in cotton, for The purpose oi forcing II to
higher prices for their own benefit, al
me expense Of The manufacturers. j.
also told us that the manufacturers, ln-
"censed al This combination, had resolved
TO defeat il by dealing no more with the
cotton brokers, and importing their cot
ton directly from the United States, by
means OF their own agents, without the
intervention Of any third parties. 1t also
ttola US tha, The rise in the price oil
cotton, caused by these movements OF
the brokers' and the banks, had ceased,
sn that prices had, in mercantile phrase
taken downward tendency.'
Here is something for The people ol
This country to reflect upon, as il shows
the gigantic power of paper money
in doing mischief in all business, in
Guiding agriculture, commerce and man
uGaclures. / be cotton crop OF this coun-
try is The greatest Of lis exports 10 Eng
land, and pays for most of the British
manufactures CONSUMED in the United
States. And it Is the main pillar oil
British manufactures, 10 supply all
other markets, as well ss our own; for
without The American cotton crop, the
British manufactures of cotton could
proceed for a week, or even Tor day,
and without their continual support, the
whole complicated structure Of British
society would fall into rum. There
fore thiscotton crop may now bs~called
Abe handspring, the moyIug power OF
the British empire. Yet this main
spring, thus cop>roling such mighty
a operations, is~entirely controlled by
90 nA~<H These great operations, on
which depend The wealth OF hundreds oi
thousands, the daily bread Of millions.
,he stability ef an empire, The political
relations Of the civilized world, are con
,roled by board directors! A small
conere CATION of English merchants
Well may be said Of England what wai
said Of Tyre through inspiration, 'Hel
merchants are princes If this boar,
= .-of directors lends freely to small bodl
sfmercirants in liverpool, called cotton
tbrokers, these brokers can virtually mo
nopolize the cotton crop; or so far con
1rol it as 10 raise or depress its price
their own convenience. This affect:
sll the cotton manufactures; and if the
rise be great, they may be compelled tc
stop their operations, wholly or partly
and this diminishes the daily bresc
of all The laborers in cotton tactores,an
all those connected with The coItor
manufacture, from the transportation O.
a bale Of cotton from the port of entry,
10 the slowing on shipboard OF the bale
of cotton fabrics. THIS effects the price
of the whole cotton crop in our country
,ougmen,ing or diminishing The mean
OF planters, marchants, teamsters, car
ters, bosimsn, sesmen, and the whole
host employed, from putting The see'
'tu the ground, TO The stowage OF lh'
bale Of cotton for expectation. Thi
,eEecis the whole banking system of tn,
United States; for as speculation is slim
-ulaled, speculators enter the banks 70
means, and the banks furnishing mean
Tor extensive dealing in cotton, conlrac
all or most other operations, thus derang
ing other branches Of businesr. Tn,
'blnks of theclies, operating thus, pres
upon the banks in the country, and lh,
country banks upon all within their in
.nuencc Al this effects the whole i'm
>poil trade from the importing rnerchOnt
through the whole host Of distributors
to the last consumer. Then it effect
,aIl operations in the stock market, max
ing some saddeuly rich, aud others sud
denly poor.
This power is rather tro z gOntic 10 b
safely welded by board OF bank dir
ectors in London, and the whole busI
-ness Of cur own great country, thu
coatrolled,is pIared on a foundation rath
er too anO,able for either natioual pros
Il aI ,ubnauaI