Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-10-22

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stated with a ciesrness and force which carry
sonviefIOa to The mind, and they serve the eni.
neatly practical purpose Of clearing the ME
from the public Mud relative TO the AZ absorb
ing question Of moving TO market the produci
Of the eodntFy. 1t is clear hat ultimate relic
must come Of it come at au) from The pureas.
ssrs OF cur produce in England AMI on the con
sinent Of Europe, and to the ef.ct upon ths
market Of the financial emSarrsssments In tn
United States, we must all look with the deep
est interest, as to The point from which th'
whole riddle must seek solution.
CONSEQUENCES 4 Suspension.
gor The Memphis Appeal
A current opinion with superficial thinkers
here has been, thar suspension By the Tennes.
see banks vas necessary in order " to move tn
eroP"-lhat as things stood, the banks could
lend no money, and the merchants could con.
s-q1ently, buy no Gotten, and Of course, tie
flrner and planter sell none-.hat suspensioI
would enable the banks to loan, and thus 80 se
the bali in motion" which would roll on the
crop from The hands # the growers 70 the ulti.
mate market Of sale. This was plausible
enough to those who are unable to see beyond
their own Rossj who discover no infaences OF
the movement and price Of cotton outside Of
our o~sR.h-sl market. Aud the notion o.
these superficial takers would have some little
grain of sense in it, if the difficulties which
have brought the sails Of cotton here to 4 dead
lock, were local in their origin and extent.
Bat the movement and price of cotton are
governed BY influences extending through q
long line of agencies, beginning at the point OF
production Of the raw cotton and ending at The
points Of consumption Of the fabrics into which
The cotton is wrought II for any cause
such as the high prices OF provisions or Other
unusual demand for mOnsy-ths salss OF con-
suDptions Of the cotton fabrics be diminished
ths influence Of that cause speedily produces
is effect on be price Of the raw cotton, at ths
other end Of the line, the point OF production.
Ant neither the paying of specie or the sus-
pension OF specie payments By the banks, is
g1ing 10 excite any great or continued influence
on the movement OF price Of cotton at the
point or market where it is produced. Costa
elss or difficulties at any poiat along the line,
Ger ainiy # c. the novemen. AMI prices, mur-
or less according to the magnitude Of the OBJ
ssaele aud the Importance OF the point a.
which it occurs. Now, the central point at
which exis 5 The obstacle that arres,s and sub
dues the movement and price OF cotton at The
present time, is New York, considering that
ei J as the central point on which has fallen
the effect of the fiscal disasters peryading the
North. In Consequence OF tie excessive scar
city Of money at New York and The general
arrest Of trade Of all kinds there, together
with the panic prevailing there, which Of itself
alone is enough to bring business to a dead
halt, 80 il is that those concerned there direct
By and indirectly in the cotton trade, are una
be to furnish e the dealers in New Orleans
tie means with which to purchase the
e1ttOn at the latter place. And as the
trade in eotol at Nsw OIelns is thus
stopped, % those who deal in cotton there
are unable to furnish to Memphis operators in
the article, the means Of buying it here. And
90 we reach the dead lock here.
Our banks, therefore, can do very little to-
y a EAasAA- * NAGE IA 1EaA4 A1m4A ~
ultimate purchaser, whether they suspend or
maintain specie payments. Suspended OF &C
tive, the banks at Memphis cannot loan their
currency to the cotton purchaser, but for good
bills or seesptaHcss on Mes Orleans-aad ths
NV Orleans operators esnrot allow such bills
or aeesPtsnees to be drawn On them, unless
thew In turn or those with whom they deal Ctbe
HJrthern AMI E roPsa1 purehassrs) can fur
nish good bills or aecepsanczs on New York
AMI Europe and other lesser cities at The
North. A. the present tine, il Consequence Of
the financial distress at the North, thers are
10 funds in New York to be bad for the New
Orleans cotton trade, no gold bills or acceP-
taness on New York are of red or obtainabIe
a. New Orleans. and hence 70 means at New
Orleans TO be had for the cotton trais with
Memphis.
And ihs prospect is certainly rather dan as
to any very speedy chinges. When New York
can move, 80 can NsE Ocleans aud 90 tan Mem
phis. Bot New York, and Liverpool, and Lon
don are liksly to feel ths indasnee severely, aud
set in motion an injurious reflex action upon
New York The largest customer and deb.cr
Of England, is the United States. A the Stop
rage Of the payment Of the debts owing BY the
West and South, to New York and the North,
is one OF TIE chief and subsidiary causes Of the
f1aneial d stress there 50 the { allure Of New
York and the North 10 pay the debts owing to
England, must produce q great financial dis
tross there and Of consequences a oOrrespond-
ing duilnsss in trade, panic Of all persons en-
in trade, inability and fear to bay or
cotton, and o. course a great fail in price. The
there turns, and the financial currsnt runs
back upon us, and with the fsl there, d,Wa
prices in New York, New Orleans, Mem
phis, an4 in the reuo,est SPOT where cotton is
made ana fold. Thus far, the British market
does not appear to have felt the influence Of
he monetary crisis in NsW York upon The price
Of cotton. And It is barely possible, the pfies
nav not be seasibly sfsrted IN he European
By our American troubles. Ia such
event, the price will soon nain-sin itseif here
p to the standard Of prices in Liverpool; and
whether or banks remain in or take them
s.lyes OFT Of suspension.
Il is very clear, then, that the suspension Of
,ur banks, isgoingto exert littiei-hlescs uP5a
be puee and movement OF the cotton crop.
Liverpool and Manchester, aRd Nsw YORK
cd Boston, and New Orleans, were able or
seoms able to engage actively in tas c0stoa
rzds; in ten days, nay in one DAY, the trale
viii become active hence, sssss=sion or DO
suspension. And you might clean every bank
,H from The surface Ct Tennessee, ard IN
wsnty days after the cotton trade az Men
his woull Be as brisk as ever, il the trade be
,etivs and brisk at New Orleans sa3 New
FORK and Liverpool, snd the prices wouid not
e varied the bread b Of a bzir, b the absence
{ the banks. Certainly the mod Of conduct
ng this trsds wOald be changed. Now, the
at Memphis pays for the Gotten in the
,ank notes y hieh be gets from he banks Tor
lills OF scefptances on Nrw 0rlsshs, aud toe
Orleans buyer pays for the cotton there in
be bank notes (1r cheeks) which be gs's Tor
iilIs or acesptaaess on New York, Boston End
-u1op. Abste our banks, and the funds
as certainly come from New Orleans,
nd The North AID Europe, in some other
bspe, to buy our cotton, az the waters OF the
to sssk their level or a. tie wants or
,en to seek TO be satisfied. 10 Texas, Arkan-
as, end SON portions Of Mississippi whore
saks furnish little or 10 aid IN ihs selling Of
o.ton. the grower gets he market prize Of
o. leans, as certainly as be does in Aem
bis, and be gets it largely IN gold.
By this course Of reasoning, il is not meant
/, maintain that it Is desirable to abolish our
anks Very far from it. The present sys-
~ q .onddeting the trade in cotton BY The
gsney Of the banks, is very convenient. full
Is ibt purpose well, probably has been much
,.-srunsntsl in establishing and msiEtsiing
Or. an excellent gotten ID aTket Cor he growsr.
is wise to let well enough alone. But Il is
to sboE, that the trade is quite Prae-
eable without banks. aud it is very CERTAIN