The New York herald., 1864-10-02

some t,,ne after beng prcset murder
the body br ueh INTO tos house. Iheviiaess called
.r0ges that you doubt at The house. but the
wholly accounted tor and. 40 must hsve
that cleared up, sn ~ rensrd you but for as
shnri a time rs pcsslo'c-inroe Gays.
the prisoner much ngitatce, and dis
played oi tts cnnaence and brvadc ne had befre
ano~G, tunbiy said, s'lhark yos. sir; VIA you take
ba" but sIr Ellis decllnd 10 so, ana tss prisoner
was remov ed much discnncor,ed.
The Cotson Question.
WILL PEACE IMMEDIATELY BRING DOWN THE PRICE
or SHG STAPLE!
from the London index suecai organ OF the rebels IN
Enropel, sept. TO-.
paragraph appeared ,he London TINS city article
TUESDAY hich is calculated u excite uneasnes5 IN
Live and Manchester. We cannot believe that tho
prospect Of peace in America causes the present uRht
in the money market; II certainly will not cost
buy American cotton than IL does substitutes for
American cotton The Tims however, sufficiently quail
fes its evil orebodings by eferring the difficulties
the way OF bringing Amer,cn cotton to MARKET and TO
the ueand for cotton goods will sprag up the
announcement Of peace 1t 10 certainly that peace
will heavy fall In the price of cotton but the
that should be sudden parse OF the features
OF panic. The subjoned article was already In type
when the Tmes comments on hecotton trade appeared
and these comments render IL more than ever necessary
that the case should be fully and fairly set forth.
The American war sas not as ses eased pan.e IN ne
prizes. Not only the original owners but ha@ dozen
sets OF consecutive operators. have made for:
in 1861. II was rot at a single bound. but
by OF Jumps that cotton reached its present
sion accomplished fact 1t was regarded as an ids
threat, and until tne actually commenced few per-
temp. 10 restore The Union by foroe OF arms Nor
this increduty unreasonable. II is plain enough that
the south ,sa' SO fvny peraded sr ne co" .sa"ce of
for certainly the long interval between the elcc-
ton Of Mr. Lincoln ,sS and the FIRST s bSmSara%eps
transferring southern TO neutral ports, that
the would have escaped any Of the hnan
cal difficulties which they have bad 20 encounter Even
when the broke out there two reasons which
tended to keep down the price OF cotton It was not
supposed that the maritime Powers, IN the fIc or he
treaty Pari soo,d recognize The validity Of hockaoe
wh,ch could only be tnerfea blockade Two years ago
there impression that solemn treaties entered
into by great Powers were worth something; but we
know that whether treaties old or new they arc
only be observed when Observance s deemed exped
ent Lastly it was thought the would be short,
that before the stocks OF raw cotton and
COTTON sprcs were s inc n
famine and therefore BY equally slow deg ces that
coston reached 70 what are con- dered prcss YET
and what slight events frequently induce panic, il 10
remarkable that the American war has not caused great
Q couvusous In the cotton trade
Now that there s let US hore prospect Of she scrmi
Of hostiIties, Il may be we'll to consider the pro-
from the agitation in Liverpool and Manchester mani
Tested each succeeding mail announces the rapid do
would produce such o sudden fall in the
that the holders woald be utterly ruined II pan; en-
sues, this will be the but we think II - easy TO
show that such panic would be groundlsss and that
the holders OF cotton need not tear heavy and sudden
depreciation OF the value or tneir property
Ii Is thai there lao. stock of cottc1 in the South
II would be ridiculous TO attempt to give ON estimate OF
the stock Tor nothing more dangerous thar ossng
calculation merely predetermined data. stl knowing
vast eunn,us cotton held by the Confederate gov
eTnment and tnat the government hoding represents
but portion OF the entire stock, the whole quantity
must be considerable But it must be remembered thN
whole OF this stock cannot be forthwith thrown pon
the European market IN, means o' transit hatc been
destroyed The railroads have bcenLut up no, much
by tie enemy by the Confedraies for the purpose OF
reparne The main lines used for military transport.
railways be repaired and cet OF river steam
bu before the bulk Of the cotton can be brought @ sea-
ports these works clnnot be compet More
must note carefully that The supply Of American
cotton has not altogether cesseo We nud BY re erence
the Liverpool shipping lst that many thousands OF
bales o Southern cotton have boen rceved at Lverpooi
in the last lew weeks and very few Sims come from
ports contiguous to the concderacy without being rarity
freighed with cotou abe entsrrr of British mer-
chants has IN this respect rendered bcksde ineAec
tive but supply " American cotton addition TO the
large supplies from India and eIsewiere, Las noi sent
down the price OF cotton.
II may be asked we mean assert that, when peaca
restored the quantity Of cotton sh ed rom the sonth
will not be much larger than IS at preent Assuediy
this no, opinion. What we say g, that, no matter
how greet the demand many wsonbe S'f slapn dfter
n, cencit9ion Of peace before great pdd Of the stock
II coton IN ne Sowh can NJ IN U.e hd.d' Of hr IL.
rrpool irot,,S aud further. cay tia. the effect
OF peace the price OF cotton viii be considerably
modified, since already In tine ot war We are 10 receipt
ofsouthsrp cotton. still making these allowances II s
not be denied that so soon the war over cotton
I In Comparatively large Quantities will. from the
tsderacy bu, those VINO inter fst there must be
sudden drop In price do sufficiently weigh ali the cir,
curns,arces since The commencement, OF tue ,oticsn
has required perpetual cort TO fosse. tre
OF cotton India and other piacot Coon supy asso
catiops have done what they sonla 10 induce be IL.
that The American war w. Is 10 "a Tor maby years and
,ls ,Ia sss,sr srs south was 10 We len 50 esoaass:
and osoIfahIzed that many more years mnt pass away
before she again became the great cotton field of tn
world No other Kind q argument vas ienabie for l
I the American war hss proved anything, Il certani,
bss proved that 20 cotton country can compete VIII
l Americe
Nsw, peace 10 America will produce q genuine anc
Il nan mi ppr Anf nns
I the supplies from India and The Mediterranean wiz b
instantly checked for those countries slured by
high prices, are sending every tale 10 Liverpool that
they can make ready for export. We shail get more
s.r piscss viii s OH ISd stpps 6a peace Vs sso1is
ernl .pQq panic, and that the price OF cotton should
coEe down. 70 what viii probably be It's normal price
three years after the Is over-thst ts, shilling pei
pound-the eject would not only he check but abso
teiy 10 stop. any large supplies VI American cotton
that s we should receive from udia very litte n spy
| more, cotton than we did in former times
Besides the foregoing there is snoiher reason. and .
| very important one. why We may expect that peace
prices viii not rule for time after termination
" boatilies when peace if prccls there will be
large and esoossiye demand lor cotton fsbriCsa
| demand which will show that tscss Who have erected
| new mills oi foresight. and that those who
have looked with indifference the emigration Of Ian
csshire operatives have been lamentsby shortsighted
Eyerywbsre the stocks OF fabrics NJ very low ebb
the prevalent idea that the 10 nearly over, and that
peace viii catse sudden aud DISASTROUS fell In the price
OF cotton Should there DO monetary fall the demand
viii restore high prices high prices eremsntaned
seeing no prospect OF immediate cheappcss will
have 70 purchase rates. Besdcs there win
an enormous demand for cotton goods the
When consider how competey The south 10 denuded
os cotton fabrics 10 not, think, exaegeration "a
say that her orders will amount 70 from ten to fifteen
millions sterling, and that twothirds OF the cotton ex
ported from the Confedsrss states during the at year