The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-05-09

BY Me mort high minded, honorable men. {, 40 hum
bug and deceive those they deal with Talk s1our
merchant princes" why the Confidence Man ofsh,
Tombs was u king compared with many Of Thea mara
chant Tness Mercantile morality has always n.
eur opinion. been vastly overrated and We know or
hundreds Of scts committed by many Of cur wealth.
iett merchants, any one Of which would dissrsce
the commonsst fellow on the Points eomp,...
purging required among the cotton dealers in Liver
pool and Is necessary for the character the crs
that those who have been engaged In the frauds al
luded to should b. exposed tits unfortunate for tho
trade cf that port that these movements should have
been detected at time when the contest between thu
speculaors OF the two countries raging furiousy
will to turn the current towards this port
and be If great service in concentrating trade here
For the purpose of showing what kind Of stories are
man ufactured and circulated to operate spou the
minds of email dealers and depress the market We
give extract from letter of the Liverpool cores
pondcp Of the Manchester Guardian Of the 18th Of pr
The general ettimaiion Of crop now ranges from
100 600 to 200 600 The subject is STILL howevor
involved in doubt. Whatever may be the result We
must bear in mind that one-third Of the year nov
passed that in few months, the growing crop will,
be the main subject Of interest; and that imu-
lus will be given 10 production by present hga rates
Also, extract from the circular Of an agent OF
English house, in this market -
New YoRK. MONDAY, April lst-since our circular Of
10th u the receipts mt the ports as compared with
year. fallen off nearly the full extent gen
orally predicted but Ms they have continued to gain
upon tn ore of is47 without as far as can be known
any corresponding falling of in the interior stocks,
the chances OF this crop falling below 100000 have
been diminished.
To understand this the people Of the South know
that have letters from high inte-
gritty there is in Liverpool dated April GOTH stating
the writer's informed by leading selling
brokers that the the market had advanced
than a farthing that certain leading houses
there thundrstruck at the being different
from what they had been led to expect, by letters
from their agents and branch houses in New York,
and had ordered out the tables, Wednesday Of
that week, all the samples OF cotton they could con-
troll and desgnedly broke the MARKET for several
most important and particular reasons. First, they
fearful of the effect of any Liverpool
upon the New York market apprehensve that 1t would
stop shipments and raise the price exchange before
they could hll their portfolios with the latter pront
Of or per cent. Another motive, with Others was
the fact that they had ratified off, hammer and tongs
every bale Of fair bowed they could control short
tune previous at comparatively low prices, during
panic communicated to the market by the operations
Of the leading bear specuators and the of repeated
assertion, that the crop would turn full 100000
bales and the remark 80 frequently made change
by the managing partners of the most prominent
cotton houses in Liverpool and Manchester, that
these Southern Yankees . parcel of lying
kpaves, and always cried short crop when there
was full one" To produce this panic, and In
duce tmall houses to sell and depress the market,
| the regulators" resorted to all kinds Of trick
cry. All sorts Of engines were set TO work to
smother any buoyancy in prices, and TO break them
down. All, however. failed Holders here mprsgna-
bic in their position, and before the closes they
will teach certain houses In Liverpool and Manchester
that they have rHed with great southern interest
little too long that the period Of their power has
terminated. Capital is powerful, but not absolute
without judgment in the proper application of II,
where 1t IL depended upon entirely to create arn
eia tae Of prices, It often proves povcress and fre-
quenty innicts heavy losses upon Its possessor. We
have to shy this subject, and before leave
It, believe shall convince the cotton growers that
they their business parties who have
never relaxed In their efforts feather their own
nests st the expense Of the planting Interest.