The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-28


A WORD TO LORD PALMERsroN.-T continued
influx of gold into New York is tho natural re-
suit Of state Of things which is destined to
cause great distress in Europe, and, unless pru-
dent steps are taken ON this side, will react
upon this city with fearful force. The states
man or merchant or banker who ignores the
cotton product of the United States and the
cotton trade of England ignores that element
through which modern commerce lives and
moves and has its being. To our old readers
we have only to refer back to the crisis of 1887
and 1889. In that first conflict between the
cotton power of America and the money power
of England, we went to the wall. England put
us to the wall because then her cotton trade
was secondary to her moneyed interest. The
Bank, by refusing all discount to those en-
gagged in the cotton trade, smashed up the cot
ton manufacturers of Great Britain, to be sure;
but this industry was then subordinate to
the money necessities of the kingdom. The cot
ton spinners were ruined, the cotton weavers
were ruined. But SO were the cotton planters
of America. Our great staple tumbled from
fabulously high prices to I'd. and 3d. for mid
ding in Liverpool And after the Bank had
thus crushed us she extended her aid to the
cotton manufacturers, who came in, and, at the
ow prices for cotton, recovered their losses,
and emerged out of the struggle with large
profits.
Since then times and circumstances have
changed. Cotton is no longer q secondary in
terest. The cotton trade is no longer subor-
dinate element in England 1t is now the i'm
perial question in the United Kingdom. The
conflict is renewed between the cotton power
of America and the money power of England.
To do without a cotton supply is simply
cotton famine, and cotton famine in Lancashire
is revolution. To obtain this cotton supply
under the present violent disruption in ex-
changes, by the means indicated in the con-
tinual arrival of specie in New York, leads
inevitably to the bankruptcy Of the Bank Of
England She cannot stand the drain if con-
tnued; especially at time when a short har-
vest requires extra disbursements; when affairs
on the Continent begin to look black when
orders for British manufactures are not going
forward rs usual from the United States, and
NHcu q uCaVy cPcStc uruul 10 tuc EhSI ud0
already depleted the Bank of France.
Lord Palmerston has been kind enough to
extend to this country his sympathy in the hour
of trial growing out of British free negroism.
Let the noble lord prepare for new cause Of
grief, and one nearer home. 1t is possible that
this struggle may end in seeing the money con-
troll transferred from London to New York.
II is just possible that, in the event of read
justment of our sectional difficulties, the free
negro policy Of England may be confronted
by tariff conflict with the United States, and
in which the Southern people may develope
radical change of policy. But under all cir
cumstances we sincerely admonish the first lord
Of the Treasury, when he is called upon by
Threadneedle street to suspend the Bank act,
to remember that the bale of cotton, and not
the woolsack, is the symbol Of British power
or weakness, as the end may show. FREQ
negro England cannot afford to pay twice for
the American cotton crop in the same year.
especially in specie.