Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1852-03-19
Cotton.-How the Market is Controlled.

Cotton.-How the Market is Controlled.
A late number of the New York National Demo-
crat contains article upon the cotton trade set.
ting forth views which strike us as sensible andtrue
The writer is evidently we'll acquainted with the
whole machinery of the trade and will endeavor
to state his positions. The system of advances on
crops,' common, in nearly similar form, in this
country, is the by which, in the end British
capitalists enabled to WELD the influence which
elevates depresses the price of the staple. The
agents of English bankers make advances bills
OF adDg for cotton sent to their houses in Liverpool
to be sold there on account Of the American ship
pers that these advances seldom exceed seventy-ve
per cent. of the American price and that the sums
to make those advances of British capital but upon
bills of exchange so drawn that the cotton will have
reached Liverpool and may be sold there before the
bills mature, that the funds to make the payment
on these bills of exchange derived from the sale
of American cotton instead of being advanced by
the British bankers
The writer has compiled table from statistics of
the cotton trade giving the amount sold in the Lv-
erpool market to the trade, the amount sold for ex-
portation. and the average price during each quar-
ter 1t will be that instead of retaining the cot.
ton crop here to be sold to the trade at American
prices, send to Liverpool that which is consumed
on the continent as well as that which is consumed
in England, and that instead of giving US the use of
British capital, these British bankers compel us to
advance our capital, and to all the risks of the
British market. And what is most extraordinary.
is that they have arranged the machinery of com
merce that we are not only compelled to lend them
our capital their bills Of exchange by the use of
winch they SEND our cotton to their market but they
obtain an exclusive control over cotton in that
market, to enable them to regulate the price
and the table shows that they have so used that con-
troll that the price almost invariably rules at lower
rate during the months of April May and June
the time at which the greater part of the bills of
change fall due.
Let the planter examine these facts Does he be-
ieve that the price of cotton would rule so low or
fuctuate much, if it to be sold in New York
or Charleston, or Savannah: Mobile, or New Or
leans, instead of Liverpool And does he not see
the British bankers, by adroit of British cred
1t, obtain the of our capital to place in Liverpool
the cotton consumed in England And does he not
that this of British credit gives large profits
to the British banker at the expense of the Boston
manufacturer well at the cost of the Southern
producer
Who that has noted the effect on our currency
does not know that it is the policy of these British
bankers so to regulate exchange. that they always
made profit by drawing upon London; and does
the planter not know that the British banker is d.
recty interested in reducing The price of cotton in
the British market When the price is low it gives
greater profit to the manufacturers and greater ac-
tiVty to British commerce, and enhances the value
of British credit by enabling these bankers to sell
their exchange at higher rates.
But why should we send our cotton to Liverpool
in search of market and place it there under the
hammer of British auctioneer, subject to the con-
tain 1t in our own markets. the manufacturer would
be compelled to come here and buy at American
prices . Why should we pay toll at Liverpool in
the shape of profits on exchange and commissions,
storage, and sundry other charges, for the cotton
consumed on the continent of Europe! Why do we
permit the British banker by the of his credit to
control capital and regulate the price of our cot
ton? Upon what does the credit of these British
bankers rest that they enabled to lend it to US
at such nsurious rates of interest 1t is made up
oh ctfv ut on do Nv
wars and in the support of armies and navies, and
privileged persons. which have accumulated in the
shape of funded debt, enables the holders of that
debt to tax the European nations to pay the interest,"
which interest is dead weight upon the productive
industry of their aboring population.
The funded debt of nine Of the principal European
powers in 1912 Belgium, Denmark, Holland France,
Portugal. Prussia, Spain, and Great Britain,) was
S5,95O,O7O, $50. By computing the interest it will
be seen that the annual accruing interest is more
than two hundred and twenty millions of dollars
the greater part of this is payable in London and ID
will be that the interest due by the continent
tai powers must be RENTED semiannually to Lon
don the control of that fund enables the bankers to
so regulate the continental exchanges as to render
money of greater value in London than elsewhere,
and every one who has noted the operations of the
Bank ct England, knows that that Bank acts as the
great regulator compelling the precious metals to
move to London or permitting it to flow out as it
may he for their interest
These startling facts and deserve the pro-
toundest investigation. 1t is the part of wisdom to
provide remedy.-NostrWe american.
From the Boston Post
New HampshIrc-Tbe First Gun.
Behold how brightly breaks the morning of this
years elections in the RESULT THE GRANITE STATE
The returns of an exceedingly favorable charac-
ter, showing that the sterling democracy of that
State have appreciated their position their duties to
their friends elsewhere their elfrespect, and
above all, what devotion to the of the Con-
stitution and Union required. 1t was most gallant
struggle. There complete coalition to fight
against. The great prize to spur on the aboli-
tionists was the reelection of John P. Hale: un-
doubleday" said the Commonwealth here, - this
would follow :; and all else to these worthless was
but leather and prunea. The great prize to spur
on the wings the State spoils-the luxury of
beating the unterrfed democracy and for this they
left the questions as to the Compromise, the Consti-
tuition, the Union to shift for themselves which, all
at once sunk down to minor issues :! 1t was lust
so" (says Harry Hubbard in his capital letter. in
1916, when OFFICES, STATE AND NATIONAL. WERE
BATTERED AND SOLD LIKE MERCHANDISE MAR
KET." This was to-day the same thing over again.
The coalition between the wings and abolitionists
was complete, and wherever there was an opening
there was regular bargain. Here the universal
wing party looked on in complacency. and they said
Noah Martin was just the man to be beaten
Well the noble boys of the Granite State have met
the piebald combination single-handed, and have
routed them bravely and we'll. Our fgures-we take
them from the Atlas-will give the result. Martin
is elected Governor by the people. The democracy
have the Legislature; they will have the U. States
Senator they will district the State for Congress
and what is better than all no Ivhoe has hoan