Washington telegraph., 1855-03-21

We fnd the subioined ciIcmiar letters on the
subject of the Cotton Trade in the Augusta ;Gal
Chronicle and we lay them before our readers for
what they are worth The writers. as will be
seem incline Ia The opinion that cotton Will fur
ther decIise:
1fANcHEs-KR. Feb. ., 1855.
Tie Liverpool Cotton Market has been rather
quiet this week The sales have been only 35.
$50 bales. Of which 33-00G was TO ne trade. The
wind has been still against arrivals and there are
now 100000 bales al sea Holders continue 10
offer their stocks and spinners only buy for their
present wants The expectation prevails in I.iy-
erpool that the large quantity at sea Will bring
buyers IN with a rush when they arrive and that
prices viii advance. Several oi the circulars and
papers hold out this idea and refer to the expert
ence OF many similar periods in past years when
such q rise took place IN consequence Mark my
words they will be disappointed. The stock of
American Cotton IN Liverpool is say iSOG00
bales and 100000 at ses-tOtal 10000 bales
Last year same tine 3I6-CCO stock and sea TO-
GO0-tOtal 3S6.000. I see no reason To expect
that supplies from Amerira will not during Feb
ruary exceed those of last year when they were
shipment 10 Engand) Ill 600 bales for + weeks
During the ensuing four weeks in March. they
We're 264-cOO baleS-an average for eight weeks
of $4,000 bales per week, and don't see why we
should not have as free shipments this year. des-
pIte OF the low stock IN America If receipts are
free at the ports Our supplies of Cotton them
for the coming three months, are equal to orr in
creased consumption without trenching on our
stocks to an Inconvenient degree. And in the
case that the supplies should be insufficient and
prices advance mnch short time Is inevitable.
Manchester Market is in very depressed con-
dItiOn, and | wish | could ia ke the view that we
are at the turning point There has been some
aggravatIOn of the distress through the political
changes OF the past week. nut it has real and
sound eTOunfis. Lock at our great markets and
one unaleviatcd gloom pervades them all India
which takes one-niuth OF our manufacturers. is
hopeleSsly giutted for months to come Manu-
iacurers have been largely consigning goods there
and cargOes which had been sent TO China have
been resent 10 India, China being entirely closed
! What hope IS there in that quarter? America
fear will not De increasing her purchases for some
/ time It takes s1ine time 10 get round after so
complete an exhaustion of mercantile resources
and cresiIt as she has undergone. and the fear
which our merchants have OF that market now is
very great. Many houses largely in the trade
here have been severely crippled by the many
failures Australia Is worst o. aiand no hope au-
parent Brazils and South American Markets
are quite full and our great Home Trade. which
takes more than one-hIrd OF all our NJ manufactures
IS growing daily worse and worse. a trades
are bad, and distress among the working classes
is rapidly extending Pauperism is increasing
Emp!OYment less plentiful. Complaint is nearly
universal and we can have no revival till the
Z
/ it Will take time TO work round TO healthy con-
diticn- These facts leave only one inference
With all this. is creeping general distruzt in
| the souGdDess of houses in trade; the abundance
I OF money Is keeping them Up now, but how long
Will it Iastz
Why do not the Mills vvorL@.-Short tir1el'; Be-
cause Cotton is cheap and they rely on the power
of cheap goods TO force extended markets for
themselves; besides ii is very heavy loss 10 the
Mill owners 10 stop or work short tme'' noth-
ing bat necessity VIII suffice 10 make them
Their operatives become dispersed. their ma
chinery deteriOrated- the interest and rent rn on
their expenses are great to keep things in order
so long as they work to less loss than they
would incur by stopping, they will work They
can 30 DOW. but when the idss Is little great
er they must and will stop The state of trade
have described prevents any advance in their
goods no matter what Cotton goes TO. Ii Cotton
advances while goods are s.ationaTy-their loss
by working soon exceeds the loss by Stopping
and they wiil stop his Is the point think you
overlook in your circulars The price of Cotton
is the solution of the question whether short time
Will be worked.
Signed, J. L. OLLERENSHAW.