The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-01-24
| From, the liverpool Mercury
EFFECT OF TaE PANIC OF 1857 on THE PRO
! DUCTION AND MANUFACTURE OF COT

The ample statistical returns with regard to the
import, consumption, and manufacture of cotton
during the last year which are now appearing
throw much light on the influence which the COM
merclal CONFUSION of 1857 has had that article
The Importance of the subject will be a sufficient
excuse for pointing it out.
The most marked effect of the sudden and vio-
lent fall in the price of cotton and cotton goods
which followed that CONFUSION has been to concen-
trate the production of both those articles in the
hands OF the richest and most skfu producers
and to drive weaker competitors out of the field
As lar as the raw material is concerned, the cotton
growers OF the United States have taken more
decided lead than ever; and far as the manufac-
turers are concerned, similar lead has been taken
by the manufacturers of this country.
On comparing the quantities of cotton imported
into the United Kingdom in the two wears it ap-
pears that the aggregate quantities did not differ
much, but that the sources of supply very diff
ferent. From the United States there was last
year an increase of 3Sl, 800 bales, whilst from Brit
ish India there decrease of not less than
1890 bales, and from Brazil 62 700 bales. In
Egyptian there is a small increase, which does not
affect the result. Therefore, as relates to the sup
ply OF cotton the effect has been to increase the
import from the United States from ,4S2, 900 to
1853 25S bales; but relates to the East Indies to
diminish the import from 6s0,50S to 800 9S7, and
as relates TO the Brazs from les, 914 to log 227.
we are thus more dependent than ever on the
United States for our supply of cotton-the East
Indian cotton grower having been almost driven
ont OF the field at the time when he had begun to
produce really important addition to the Ameri-
can supply.
Another curious effect of the CONFUSION or re-
vulson of 1851 has been to give to the British
ufacturer the supply of cotton which his rivals in
the manufacturing districts of the United States
would have had in the natural course of things.
In 1857 the American manufacturer consumed
7O2, l3S bales of cotton, whilst in 1858 he consumed
only 452 zoo, thus leaving extra supply of $780,
900 for the British manufacturers How much he
will consume this year is quite uncertain; but there
has only been one year since 1851 with the excep-
ton of the last) in which he did not consume up
wards of 600, 900 bales. That was ls54-5, when
he consumed 500, 500
The effect of this temporary expulsion of the
American manufacturer from the field of competi-
ton, and of the weakening of continental produ-
GERS, has been to give to the British manufacturer
almost undisputed possession of the markets of the
world, but more especially of the markets of the
East According to a valuable table published in
the Manchester Guardian it appears the number of
packages sent to Bombay, which amounted in 1857
to 81 900 bales, had increased in 1858 to Ill O0O
whilst to Calcutta the number of bales which
amounted to $4,000 in 1857, had increased to
200 In 1885, the increase in price in the former
case being from and half ons sterling to
two and a third millions, and in the second case
from less than three millions to upw ards of four
ana malt millions Altogether, the increase in
the value ofthe goods sent to India in 1858 is up-
wards OF eight millions sterling whilst in 1857 it
was little more than five millions; and the value of
all the cotton goods exported in the first eleven
I
sterling, whilst that ofthe corresponding eleven
months of 1857 was less than twenty-seven millions
DEEDS FROM PRE-EMPToRs.-The Supreme Court
OF minnesota has decided that deed made by a
preemptor, at any time before the entry and re-
celpt OF his duplicate certificate from the District
Land Office is a valid deed and CONVEYS the fec
simple to the purchaser. The case before the Cour,
was this
Arson Northrup in 1855 pre-empted forty acres
and fraction in Minneapolis, embracing the st.
Anthony Falls water-power on the West side of the
river, now OF immense value. He sold and con
veyed this property by warrantee deed to Isaac
Atwater, who reconveyed the property again to
Hon. Robert Smith, of Illinois, and others, compo
sing the Minneapolis Water Power Company.
After the issuance of the patent Northrup again
MADE deed OF conveyance to George A. Camp
who accordingly entered into possession of certain
lots in Minneapolis, laid out on a portion of the
property pre-empted. Smith brought suit in the
District Court to eject him, and gained the cause
IN that Court. The case appealed to the Su
preme Court with the result above stated. 1t wa!
contended by the defence that the conveyance BY
Northrup to Atwater void under the act of Con
| gress OF 1851, which declares that any assignment
or transfer of pre-empted land before the actual is
suance OF the patent shall be absolutely void. The
Courts held otherwise, and the Minneapolis Water
Power Company was put into full possession of it,
| valuable property.
A letter from the city of Mexico says: 'Tht
number of political prisoners set at liberty by Ro
|
eral Traconis, who has been in prison for about two
years. The number of generals who signed the
| plan OF Robes on the day it proclaimed i:
forty-two-a legion of themselves. You NAV
therefore understand the character of the military
cheftains of Mexico when you hear, in few days
OF those generals signing another plan in opposition
to Robes. Y ou may be able to form some notion
of the quantity of generals in the country, when
forty-two are found in this place, that has garr
SON at present of not more than l,50O strong"
DR.. B. F. Hatch publishes the first of his pro
missed series of letters against spirtuasm, in the
New York Herald of Friday. He gives it as hi.
opinion, after nine years acquaintance with spirit
uasm and its leading advocates, that many of Their
theories are founded in wild delusion, and produc
tive of the most direfu results; that he is determn
| ed to 'fee from his errors" and that though he
once threw Christianity overheard he thanks God
that he has again been made its recipient For his
wife Cora he processes the profoundest respect and
tenderest regard, but asserts that spritualism (o
which she was medum) is FIFTY per cent. self-de.
lusion twenty-five per cent psychology fifteen per
cent. intentional IMPOSITION, and the remaining
ten per cent, yet matter of uncertainty"
Herr ]. E. Goldsmith, of Holland, son of the Rev.
Z. Goldsmith, Hebrew clergyman, has been ap-
pointed Professor of Ancient Laws at the Leyden
University This is the first time that a Jew has
attained that position in Holland, the appointment
being for life, and made by the King. 1t is the
| highest position that literary man can have in
Holland, and the appointment is considered high
] honor.