Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-02-19
The Cotton Panic In EnsIand-VIew Of tho
London Times.
The London Times of the 29th ult has the

following:
Manchester has at last awakened TO the
fact that she has a special interest in India
In the midst of her great manufacture, while
gathering together colossal fortunes, while
extending her smoky empire and raising
more chimneys to put forth their black de.
fance to the pure skies of Derbyshire and
Cheshire, Manchester still has the prudence
to remember that she is not guaranteed a
perpetual prosperity. All these ill.fayored
evidences Of bustling trade and enormous
wealth would pass away like dream if there
were cessation of the continuous arrivals
which Liverpool pours in to feed the facto-
ries 1t all depends upon cetton.
The golden heaps of the frugal millionaire,
the comfortable gains of the crowds which
pass in and out to the sound of the factory
bell, the profits Of the thriving tradesmen
who minister TO the creature comforts of the
multitudes, all depend upon cotton. How
many months supply has Manchester at this
moment Let us not inquire too curiously.
Let 1t suffice us to notice how the price has
risen, and let this fact alone explain to ug
why Manchester is troubled in spirit, and is
calling together the Chambers of Commerce,
and is resolving to "give special attention
during the coming year to the financial and
commercial affairs Of India" - y
But even if Manchester should be so happy
as to produce this result, she will be yet far
from having gained her principal end. EIo-
quence will not SOW the Sunderbounds with
cotton. The rafters of the Chamber of Com
merce may quiver to cloud cheers but the
excited audience will not pay halfpenuy a
pound more for cotton from India than t6ey
Will for cotton of the same quality from
America. Let the guests at this conference
declaim ever 50 forcibly upon the too terri
BILE evils of a failure in our cotton supplv.
none of the rich men present will 90 away
and invest money in planting cotton unless
he is assured of market. -
at present prices Indian cotton NAV be
cultivated at huge profits; maintain those
prices for ten years and you would have
cotton enough from India, and. indeed. from
China and other parts of the world, to keen
double your present number of mills going
night and day. The rules of supply and de-
mand are true to cotton as we'll as to other
things. They do not apply to spasmodic
action, but they are faithful when tested
upon period of reasonable duration.
A steady market will produce a steady
supply, even from India, and the lighter the
burdens, and the better the government of
the people who produce the cotton, che
cheaper that supply will be. But, If the
present cloud should pass away without
bursting, can Manchester promise market
then2 Or would any Manchester man give
a fraction of farthing a pound more for
Indian cotton upon the ground that the
planter had gone into the venture upon the
strength of the speeches at the Manchester
Conference2
This is the real difficulty, and it is because
we feel the tremendous Importance of at
tanning the end for which Manchester now
seems to be about earnestly to strive. that
we state that difficulty. HIGH prices, and a
reasonable expectation of the continuance of
high prices, sOiN produce cotton from IadiG I;
but all the eloquence of the pslnoe of West
minister will not plant an acre of cotton.
Manchester, we fear, fancies that even this
may be obtained by agitation, and her sue
cess in that way hitherto makes such q fancy
Ineligible; but she must be prepared, not
only to agitate, but to act.
What the Indian cultivator wants is a
remunerative market, and that Manchester
must be prepared TO offer, If she ,OOuId meet the
present and the future difficulties, euen at the
cost at first Of small difference bettsesn his
price and that Of America. If this be upon
the ''sgenda" Of the coming conference il
has all our sympathy, and excites our hope ;
but if the meeting is to end with fine words
and barren resolutions, it does not tend to
reassure us as to the future destiny of Ian
cashire.