Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-17
nw-wwnw- heads, and taken
eids, and the worm has
Afychlef to the crops.

mischief to the crOps.
We do not profess to know much ofthe
mysteries Of gambling in produce; butt I
is easy enough to understand hat the
men who wish to buy cotton low in order
by and by to sell higher, knowing the
condition Of the planter, and that his
needs and obligations and the needs and
liabilities OF the factors compel the cot
ton 10 be forwarded TO market and sold
as rapidly as il can be baled, will resort
70 any means that are available 10
depress the price. Fortunes are made
so; and men gamble 10 on the prices
~ rroduce as commonly as on the prices
Of stocks.
We eannot but believe, therefore, that
the present depression is artificial and
/ unfair, and only another illustration Of
the fact that the cotton-plsnteris always
st the mercy and used for the profit OF
the rag-baroDs and Kings Of Credit OF
the great gambling centres Of this coun-
try and England.
Inc new OtACoA5 Leitcot III ~ SOA4
mercisl article OF October Il, says:
We are not aware that the markets
to-day were either better or worse. The
Liverpool advices al a further decline in
cotton Of one fsrthing per pound seem to
Supply some holders Of cotton. The
movements this week have been much
restricted from the scarcity Of money. II
is believed all the cotton which has been
Tered has been taken; but this "slV'
may be considerably light, and made
luate to create any general Improvement
10 business. In fact, any great increase
in sales, transactions, cannot be expected
turing the continuance Of sickness. Cot
ton comes in very slowly.
As regards the money market, it is IN
a dubious position. With declining de-
p1sits from day 20 day, in the heavy
falling of in the value Of cotton, with
he political future involved in doubt
aud uncertainty, with the moDgrel atti-
.ude Of the national currency question,
there appears to se an Ominous future.
Nevertheless the banks OF our city are
aiding commercial interests to the extent
Of their resources. The income of the
banks is exceedingly light. They are
compelled 10 renew almost every obli-
EaAlsh oA NAE-E " AAtGl my AeAA
lue. Advances made sixty and ninety
days ago by factors have not been real
zed, and may not be before the month
Of January.
Free intercourse with Red river and
tributaries is debarred by low water, and
the receipts Of cotton from Northwest
Louisiana cannot he availed Of for some
weeks to come. II is useless to comment
on the extent Of yield, for iguratively
speaking, the crop is not likely 70 return
the grower OF planter Q dollar. The
price may rally before the close OF De
cember. 10 is msnifest, however, that
the influence OF American cotton rs lost
10 foreign markets.
To be explicit, there is not a shadow Of
encouragement for any relief TO the
American cotton trade.
A system of retTenchment In eXpendi-
lures will have 10 be i~naugurated st once
bv all who depend on cotton as q living
in all its ramihcatiOns as connected with
our city.
Ifthis is true, the prospect is gloomy
enough. and business is not likely TO re-
vive. here or anywhere else where the
prosperity Of a city depends upon that Of
the planters. II these cannot pay what
they owe, all classes must suffer. But
we cannot believe that the present low
prices will continue; and it may be for
tunate for many planters that the low
stage Of water in the tributaries OF the
Mississippi is likely for many weeks to
prevent the shipment Of their cotton.
We DO not venture to give advice; but
we do not see how sny u a lose by
delaying to send bis crops to market. II
is quite certain, at any rate, that if cot
ton is hereafter to bear no better price
than at present, its cultivation in the
south will have 10 be abandoned.