New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-07-18
Neh 0rleans 1afIp Crescent.
WEDNESDAY MORNING, JULY ls. 1860.
TALK ON CHANGE.

the dog days are approaching but whether for
good or evil, will be solved at the proper time.
There is considerable falling of in the heat Of the
weather. From the interior the accounts are more
favorable; showers Of rain have fallen here and
there, and relieved the fears and anxietes Of many
thousands. At this early period we hardly know
how to consider the many favorable accounts of
tile growing cotton. Bolls are opening rapidly,
and in some sections we learn that picking will
| commence this week and the next.
| In our issue yesterday we published the half
| weekly accounts otherwise the militia adyices,
from Europe for the hali-week ending or up to tine
| 4th inst.
The sales Of cotton for the three business days
ending the Sd inst. were q 600 bales. Low prices
seemed to be an inducement for spectators TO
| come forward. The English funds continued
steady and unchanged. Consos for money-not
| credit or account-closed at 942, ex dividend.
| Well that is nothing to boast Of, nor was the in
formation worth the cost of telegraphDg. We have
an offset. Our city funds closed steady and sound
yesterday. Our city consos not freely offered;
| they are sound and worth sg0390. Another tele-
graphic dispatch quotes Mr.. Bulls consols hav-
| ing closed for money at 934@93a Our consols are
Just as sound as British consos. Very little re-
spect is paid to the quotations Of British consos,
French rentes, or other securities of the European
rnonarchies they are all bankrupt, and England
can never pay her national debt.
| But never mind British funds let us talk about
what is going forward on our flags. There is very
little desire to operate in cotton. Most Of the cot
| ton brokers have gone fishing, hunting, prospect
| ing, travelling here and there, SO that there is
| scarcely corporal's guard to be met with the
flags. In fact there appears to be very little
doing on Garondelet street, beyond patronizng the
great weed from Which the curling smoke arises
majestically now and then.
The private correspondence by the Arabia reads
very unfavorably. The saughtering of cotton will
commence in earnest by the LIST Of August. The
| following letter we received by the Arabia. We
| have had good deal to say about the Liverpool
and Manchester Cotton Supply Association, and
| the petty subscriptions Of twenty-five dollars or
five pounds sterling each. We have not heard that
| the Lancashire spinners have hired any more
planters overseers or agriculturalists who raised
| cotton in the Territory of Mississippi, State of
| Iowa. 1t is now about twenty-five years since
some pretended residents of Mississippi emigrated
| to British India, under the auspices inducements
of British gold and the British Government to raise
the staple bn the cultivation of supply of cotton
| in that remote region has proved complete fail
4 ure, and the American overseers who sold them
selves have gone into obscurity and nsignfcance.
The following communication gives some inkling
of the Lancashire and Liverpool cotton trade
| operators:
Per arabiHi LIVERPOOL, June 30, 1860
Dear Sa'-some two or three years ago a Cotton
| Supply Association was formed in Lancashire to
increase the production of cotton all over the world
Petitions were sent to Parliament asking the aid of
| Government in building railroads and canals in
India, and in all other manners and ways to stimu-
| late the production of cotton in India. 1t was
| asked that Coolies should be sent to the West In
dies and other British non-producing dor want of
iabor) cotton regions. Cotton seed was offered to
all quarters of the globe, and every piece of in
formation as to growing and preparing cotton for
| Lancashire was offered to the union formed in all
henighted 'sspots u where it was presumed cotton
| could be grown.
SIiracuously, the Southern States of the Union in
| America have produced crop unparalleled, and
now the Lancashire people find stock of cotton
sufficient for six months supply, or until the period
to expect imports of another crop. When, 10 the
| cry arises, what business had shippers and import
ers TO get this cotton into Liverpool before it
absolutely wanted for consumption? Let them
hold it, if they can, until we want it; in the mean
| time we will get up panic-a hue and cry and
| pressure-ony taking stock for consumption from
hand to mouth, until we bring disaster and ruin
all shippers and importers, teaching them the folly
Of getting stock Of cotton in Liverpool.
You will learn that the cotton market here is in
L
lading (cotton) against bills unaceepted or unpaid
said to be ordering sales, regardless OF prices
or results; in consequence, there is no regularity
as to rates, and it is said elassifieatons are almost
obliterated. The report is the banks, either from
inability disinclination, refuse to assist those
who would be disposed to hold cotton to meet the
regular demand, aud those who try to hold are left
to the tender mercies of London discount houses
| shaVers.
What seems so surprising is that, while cotton is
and must be losing heavily, enormous amounts of
bills not dishonored or unpaid. Yet there are
few failures. 1t may be that they are coming
| for the trade seems to be carried on under the
| hush u system.
The weather continues, up to this moment, ex-
ceedingly cold, and much apprehension is enter
tanned regarding the grain crop of this country.
| The papers give you q better and fuller account
than can 1t is considered an important adjunct
to the prosperity of the cotton trade of this country
that there should be good harvest. There is yet
time, with favorable weather, for good harvest
Should your spring and summer be as unproptious
as the seasons here, the growing crop of cotton
| would be affected and cause great rebound in
prices ! believe, generally, five million bales of
cotton in the United States is considered the guam
tity now necessary for the supply, and crop of
| that amount is expected, with favorable season.
The accounts from your side show numerous and
continual showers of wind and hail in various sec
tions, indicating an interruption to the natural and
usual progress of the seasons. The season Iyo-
ducing the short crop of 1S5e5'57 was interrupted
/ by frequent storms of wind and hail. This season
drought which is reported to have prevailed in the
cotton regions may and naturally should be fol-
lowed by rains. If these rains should be of many
weeks continuation, more damage from that cause
| may be apprehended than from drought. Nous
| Uef9'Oas.
| The accounts from Manchester show an indica-
tion on the part OF spinners and manufacturers to
abate somewhat If large contracts can be made.
On the levee there is some business going for
ward as much as usual at this season of the year,
and in some respects more so. There appears to
be a large quantity of general merchandise going
forward by the several coast boats trading as high
up as yickshurg. The crops on the banks of the
river-cotton and corn-look lu2uriant. We re-
gret to remark our talk will not apply to every
section of the great Southwest.
There was some talk among the timid of case
of yellow fever being reported. We desire that no
J one becomes alarmed about solitary case Of
vomito for there has not been a summer for the
last forty.five years but there has been case Of
yellow fever. No, not one summer we verify be
lieye. We expect to observe flaming dispatches
by telegraph in every Northern paper-partieu
larly those envious of New Drleans-that the vel
low fever is in New Orleans. If it should prevail
in our good city this season, we will agree to pu
it throDpl ta Baltimorn pbiladelnbia and Nav