Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-07
FINANCIAL.
OFFICE MEMPHIS DAILY APPEALl
December 2, 1855.

OFFICE MEMPHIS DAILY APPEALl
December z, ls55.
On Change.
The gradual reversion of the main currento o.
Cotton flowing from Memphis from its recent.
back 10 ITS familiar channel, suggests Itself as
worthy Of q few reflections.
That the great bulk Of the Cotton amassed IN
the Nemphis market should seek the ocean by
the way Of New York instead Of New Orleans.
is, indeed, n matter fer curious speculation.
Had such a proposition been propOunded to "a
merchant Of this city, six years ago, he would
have treated 10 as a grave joke, or regarded 30 as
"a token Of lunaey. That such should have been
the case during the recent war, seems reason
able enough, but that it should hold, as a fact.
Tor months after all official restrictions had
been removed passes beyond the explanation
Of obvious causes Pu5aa y0cie, 90 was an insult
20 political economy, for political economy am
nounceS, as a first principle, that trade seeks
the cheapest channels. Holding this principle
iu mind, 60 f. curious 90 remark how grossly the
late New York monopoly Inpeaches its
wisdom.
To remove a bale Of Cotton from Memphis 10
New York, costs, frst, ln the item Of freight
two dollars and seventy-nv cents per hundred
which, with a bale weighing four hundred
pounds, would amount 70 eleven dollars The
insurance on Cotton shipped 20 New York Is
one per cent net, which, on a bale worth two
hundred dollars, amounts i0two dollars This
added % the charge Of freight, makes The t0ta
expenses, on a bale 70 New York, goseca
d0UqrE
The freight charge upon a bale Of cotton ship
ped by steamer 70 New Orleans, is two doIars
and my cents, Irrespective Of weight The I'M
surance upon cotton sent thus 20 New Orleans
b. 5000 Of one per cent net, which, on a bale
worth tao hundred dollars, W0uld amount TO
one dollar and sky cents The total charges
upon cotton 10 New Orleans, then, are four dol
lars and ten cents per bale. The balance Ia Ia
yor Of New Orleans over New York IN the mat
ter OF exuensea is thus shown 10 be eight doiar'
asd nuieg eaas pei taL Tbs tms 81 dFayage
and The tw0 cents tax is omitted nom lbe spec
locations, because they appertain TO each route
and would not, Therefore, disturb the relation
Ofths respective costs.
IN addition 20 this, q credit entry Of tHae- is 10
he made In favor Of New Orleans Il requires
about Ten qays o. transport cGtt7n from Mem
phis 20 New York, whereas four days will place
a bale from this place Oh the market at Ne"
Orleans In the operations Of Commerce, time
rs always an ingredient Of value, and ia the
present aepeaFel mpTals Of cotton it becomes
an element % 0minous magnitude.
IN uhe teeth ofthese hostile facts, the tide Of
COTTON has SET obstinatcly In the direction Of
Rer York Several causes co-opeEated IN This
uARalural detection. One was the action Of
me h'NenHe officials a. Ficksburg, which
amounted % a practical blockade. Another
was pure uH utetio, which obtains IN Com
merce as IN physles, and tends 10 preserve any
particular channel which trade may have adop-
ted. stiu another was, that New York had been
The war market Of Cotton. For nearly four
years II had been tbs only Amesoan mari 10
which 9 foreign demand Tor cotton eoul5 come
This created commercial relations which are
generally tenacious, and which cannot be safelv
dissolved 40 an abrupt manner. But he apal
and most ooercive cause Of an was that New
York possessed the capital, and the admins
trative ability 70 WELD &c sagaciousy. and she
had only 70 contend against a beggared COM
munity. and an enterprise which years Of
srightfuI disaster had prosiraled- Ihe result
vas f~oregons,
The tide at last, however, begins 10 show re-
fluent movement New Orleans Is palniuny'
but steadily, qualifying herself for the seepTe'
which circumstances wrenehed from her grasp
New lines Of ocean steamers are emerging nom
her wharf fresh schools Of sailing vessels nock
10 her call, and the ~gold-ladened buyers rom