Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-01-19
From the Columbus Enquirer.
az UAVN,T SOLD MY COTTON

The above is become most familiar phrase
among our people, and is considered suficientre-
ply to all demands for a settlement of existing la-
bilities between the planter and those to whom he
NAV be indebted; and organized as the business Of
this country is in relation to the subject of credit
which looks to an adjustment OF the affairs of the
current year at or about Christmas, or during the
cotton selling season. the sale of Cotton is the great
lever upon which the whole matter turns and as
long as the planter crop remains in his clubhouse
or stored in the warehouse it is pot to be expected
that the owner can respond to the demands of
his creditors. Very grave questions may how
ever arise as to what extent the planter is justified
on the score of policy, or IN view of his liabi-
ties incurred the strength of the anticipated sale
Of his crop and realization of the proceeds at the
usual time-in indefinitely postponing, from month
to month, the conversion of his cotton into avai!a
bic means to discharge the debts for which it is
implicitly pledged how far he ought to or can con-
81 tently speculate upon the uncertainties of the
cotton market So far as the risk concerns him
self only, the question is without difficulty beyond
mere considerations Of policy; but when the inter-
est, the credit and the solvency of others are in
volved with them, and all the loss with none Of the
gain falls to the share ofthe latter the case in its
moral aspects becomes more complicated
We are at this time in the midst of trying
crisis The great scarcity of money is subject of
universal complaint. Collections are said ID amount
to little or nothing and pecuniary distress prevails
throughout the country. The cotton statements
from the various cities show large stocks on hand,
of which in the inland towns particularly, large
proportion is stored for account of planters-thus
lock ng up in the warehouses a vast amount of
means which would otherwise have been in circll-
lation. Much of this cotton has been stored at
8 cents, some at more and some at less; but it s
conceded on all hands that the proceeds, even at
the present prices would materially relieve the
difficulties under which we at present labor The
questions we now make are these Are not our
planters wrong in all cases in failing to sell when
their cotton will bring Tslsuqeratng price and the
proceeds are due TO their creditors2 and secondly
Having failed TO do so, are they not now called up
on by the exigences of the times to sell portion
of their crops at least even at pre- prices that
the proceeds may to some extent relieve the press
ing necessities which have in great degree been
consequent upon their failure to do SO heretofore2
Is it right thatour merchants and others who have
looked to the proceeds Of this cotton to protect
their liabilities should be forced to the necessity
of raising money for this purpose from outside
sources at ruinous rates Of interest-or in default
of this, 20 suffer in credit or end in bankruptcy
because forsooth, the planter considers or cents
or cents too little for his cotton or in his opinion
prices will be better in the spring. We are ever
disposed to forbearance and patience on the
part of creditors; but something is due rem debtors
that forbearance may not cease to be a virtue, OF
patience become fault. ave speak as unto wise
men. nudge ye"