, 1861-10-11
The Great Cotton CKtAEk Commenced
In Ensland.-. Eyul III End In ReTo.


l.
The reports from Lancashire apprise us that
the first mntteriuga Of the long expected
etorm are already heard. Mills are working
short time, manufacturers are reducing wages,
and operatives are assembling in trouble aud
alarm to discuss the prospects before them.
While once more discussing this momentous
quest cn We cannot omit to observe that since
our last notice Ct the subject the continuance
Of The American supply has become less
probable than ever. Every successive mail
from America makes 1t more and more diff
cult to believe that either section Of the Union
can remain as before. The North will make
acquaintance With those Ou1the1B Of e5tab.
ls5meIts and taxation which hare 60 long
tried tie Governments Of the Old World, and
the South, even If it refains With its indepen-
dence all its territorial privileges, wil find
that its monopoly Of the European market
has been rude]y disturbed.
With all these contingencies looming darby
around us, it is al leaet satisfaction to OBJ
strive, both that the condition Of the cotton
manufacture is favorable to ourpreseut efforts,
ind that the operatives Of Lancashire are look
ing at the subject Ike sensible men. The
first resource in such straits IS the present Is
evidently 10 limit the lete Of production, and
tlis, II nle told, caE oe done not o21y with
cut much disadvantage to the trade, but with
positive gain. It is sid that production has
recently heen carried too far, end that the
stocks ct manufactured goods arc everywhere
LII tACeHh C1 LGE QGEGu01- IL LIB El33- " Etu
certainly do no harm to slacken our pace aud
allow our products to recover their value.
Short time, in fact, would be rather desirable
eveu II our supplies Of material were in no
ltopaiGy at all.
Ii he meantime the operatives have recog-
nizcd The e1igeHc1es OF the crisis By mani
NOUS Resolutions. They denur, indeed, to
tic allei ed necessity fr tho reduction OF wsa-
ges, bu5 al 6 large mee;ing Of delegates at
Manthsater, 1t WuE freely admitted tnat the
PRESENT seaIeity Of cotton "afforded q well
grounded reasoa'' for rXeu:ng the mills on
consumption. Such Eie~"of the case speaks
yell fur the good Hense md the Easac;ty Of
the mtn. We 1.Bst face the impending tria!
ad ars7 as are cdn. The long expected aearth has
stoW eueatdiea US. Il is d sefloas matter, but
Eot quits so bad ag feared. We have two
The other in The discovery Of new supplies.
Boti, "e trust, W11l stand us in good stead
While We feel cur way to such q position as
viii exempt Us flom any future return Of the
The unnatural check that has been given to
Gur cotton eupply, in consequence of political
tyerts which Lave rendered the bountlful bar
vast me EatoEJ, Las placed US III imminent dan
ger Of crest national calamity. This may be
ayertcd ~. lie tt1mlnaticn Of the American
civil var, snd consequent reneTsl of.2pm-
! n9ercisl relations With the Continent; bntf the
obstacle to this arrangement Is the determine
| ton CT the Northern States to impose their
;ule On an unwilE1g population. Regarding
recent events in the calmeEt spirit, it is impos-
sible to 8yoid the conclusion that this deter
! nirstion must prove disastrous; and it IS a
question whether the Federal Government is
not follow ing mistaken course in eontcnding
against that leT political organization, the ne.
ceEsity OF which ID shown BY the ex; ;raordinary
difficulty OF preventing its accomplishment.