The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-09-18
COMMERCIAb AFPAIRS.
MONEY MARKET.
Sunday Gentenaslerl1

Joy by holders of cotton and in fact by all engaged in
the legitimate operations Of trade Amy great specu
lative movement in breadstufs is now looked upon
with much alarm few years SINCE any extensive
demand for agricultural products and very great
imitation in prices considered the most favorable
events that could possibly transprs and short harvess
in Great Britain looked upon as godsends. Now,
different view is taken Of the matter and the uni
versal opinion among business men is, that
low prices for food in England, is as important
and as desirable to the people Of this country
as to the people Of Great Britain. In fact,
are as much benefited by the cheapness of breadstufs
in England the people Of that country themselves:
and the result Of the recent deficient harvest in Eu
rope has satisfied nearly every of the Importance
and advantage to of full crops of grain and low
prices for every article Of food Throughout Europe.
There is, however one thing connected with deficient
harvests in Europe, which should be taken into
sideraton and that is the benefits derived portion
of population from high prices of breadstufs
The great exporting staple of this country is cotton
and upon the value of that depends in great
our commercial prosperity. Whatever tends to pre-
prices for this article above profits
of advances the interest Of the planter and
gives employment to immense number of people, in
the production Of the raw material and manufacture
of it into various brcs. Our foreign export trade Is
much regulated by the state of the markets, and
prices for this staple that the balance in favor
against US depends entirely upon them While the
commercial classes striving to sustain the value
this article they directly advancing the interes
Of the planter To maintain prices abroad it is
sary that food of every description should be cheap
the cheaper the better and therefore is impossible to
SUSTAIN to equal extent, the two most important
branches Of great agricultural interest. If the
cotton growers command high prices for their pro-
ducts the producers of breadsus cannot expect any
extensive foreign demand and of course advsncein
prices for flour and grain; and they must be content
with the home market and such prices as large sup
plies and large surplus permit to rule. 1t is unfortu
nate that these staple products conflict with each
other, that one should be much more important
than the other to make for interest to sacri
fee the lesser.
1t will not be many years before revolution will
take place in these things every year brings us nearer
the desired position and as soon as we reach it, we
shall regulate the commercial and financial affairs of
the whole world All that IL. necessary to enable
to do SO, is the control of our cotton crops All we
want is that, and that must soon have. The
sumption Of cotton in the United States the year
ending September LIST, 1S48, north and east of Vir-
ginia according to the best returns have seen
53172 bales against 427 1907 bales for the year pre-
vious; showing increase Of 103,s05 bales in 1s4s
This is the greatest increase rsnzed in any
year within the history of the country 1t pretty well
known that the Of cotton is carried
to greater less extent in every State in the Union
and that the consumption of material in Of
the Southern and Western States is by small
The consumption named above is confined to thirteen
out of the thirty States in the nion leaving
teen States unsccounted for All the new States in
the confederacy included in these seventeen
without any data to base estimate upon other than
the reports which from time to time reach u.s. relative
to the progress Of the manufacturing interest in those
sections of the country should judge that the con-
sumption of the raw material during the past year
could not have been much less thap,one hundred and
twenty-five thousand bales, which, added to the con-
sumption of the Middle and Eastern States makes an
aggregate of 65672 bales for the year For the year
ending Sept 1st, 1888, the consumption of cotton in
the United States amounted to 246 O63 bales showing
increase In ten years of 41o,7O9 bales. If in
crease in the same proportion, during the next ten
years. shall long before the expiration Of that Pc
Rod, such per centum of crop to
Bile to control the movements of the surplus very
easily. The per centum increase in the consumption
Of cotton in this country has been much greater than
the increase in production during the past ten years
and have doubt but that it will continue in the
ratio for the next ten years There therefore,
very little doubt but that shall regulate prices
for this valuable staple product and be relieved from
the dependent position We now occupy. When can
do prices for cotton abroad will not depend upon
prices for breadstu or upon the internal bros and
difficulties of few petty governments the CONT
nent of Europe Then deficient harvests foreign
country will enable us to realize all the benefits OF
high prices for breadstus without any Of the draw
backs recently experienced The population, wealth,
capital and credit Of this country increasing
rapidly, and upon such sound and solid basis that
the surplus Of our agricultural products WILL in few
years. be small compared with what it is at present.
that its expectation will be matter of trifng mpor
tsnce prices current abroad of little consequence
We have heretofore depended too much upon ono
great market, and whatever affected that market af
fected our most important interests The brunt Of
any commercial disaster fall upon through
its influence upon prices and so long de-
pendent, so long will we be subject to the revul
sions. We want larger markets, within own limits
for products The prosperity of our most vital
interests depends too much upon the prosperity Of the
people of other parts Of the world and the
and stability of their governments Within the past
twelve months, we have suffered the loss Of millions
and tens of millions of dollars in consequence Of the
political revolutions in Europe without the existence
Of the first within ourselves With every thing
in healthy condition at home, are Frustrated by
the overthrow Of few corrupt and rotten governments
in the old world and in reality serious SUI
ferers, in financial and commercial point Of view than
the nations most intimately connected with the
lutions How long this state of things will last is i'm.
possible to tell but should do everything in our
power to prevent Of these disasters to do
which it is only necessary for to foster and protect
domestic industry, in every possible shape.
aThe annexed statement exhibits the quotations for
certain stocks in this market for each day Of the pas
week. and at the close of the week previous The uni
formity in prices at this Of the year. really
surprising
QuorATIoNs FOR THE PRiNcIPAL STocKs IN THE New
YoRK MARKET.
- Sat. Mon. Tues. Wed. Tbs. Fri. Sat.
Treasury Notes 6s. l03 1854 1885 l03 l03 1884 1884
Ohio 6s 100 100 100 @94 99x
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