The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-12-08
New Orleans and the Country.

AS we predicted some time ago, the merchants OIL
Ne" Orleans and New York who sold large stocks Of
goods on credit to country merchants and planters
have commenced bowling. The cry is little sooner
than We anticipated but not the less sharp and shr
The New Orleans Times claims to be in receipt of what
1t terms extraordinary letters from the interior of this
State in which the existence offraudulent cotton rings
is referred TO as ndisputabe fact As an Offset, or
antdote it notices the receipt of letters from mer.
chants OF that city, charging the cotton producers with
violation of good faith by keeping back their cotton
on the most unjusfabe pretexts the result of which
is, that their debts to the merchants of New Orleans
are not paid, and general scarcity of money is the
consequence Our contemporary in behalf of the mer-
chants OF New Orleans, argues as follows as to the i'm.
practcability of ring:
The formation of ring for the purpose of CONTROL.
ing the price of cotton is utterly impossible in view of
the many conflicting interests which would have to be
haTnonlsed before such result could be attained
when II Is remembered that India, Egypt and other
countries have something to say on the cotton ques.
ton, and when proper degree of faith is accorded
10 the powers OF demand and supply in regulating
prices 1t will hardly be contended that anv local "rng
can hx the price OF staple which is an object of such
universal desire. Our American cotton raisers must
remember hat the cotton supply Is not now, it
was, almost entirely in their hands Of the 272 600
bales consumed in 1860, our cotton fields produced
5,4UiOUo bales, or more than three fourths of the
whole amount; whereas, in 1869, of the 4, sos 600
naIes raised and sold, America furnished but 900
bales or but little more than ouefourth of the total
pfoouct Such facts attest the nsuhiciency of local
rings to accomplish that which has been alleged against
them without taking into consideration the constant
pressure OF competition among purchasers in the yari
Gus countries where cotton is consumed If any proof
can be furnished by country correspondents of the
actual existence OF such rings those of which they
complain, We would take great pleasure in assisting
them TO make the necessary exposure. Moreover we
eel inclined to think that the good weather we have
mad Tor picking cotton has had more to do with the
keeping back of the staple from our market than any
esre on the part of planters evade the payment of
heir obligations.
Without entering into the controversy as to who is
aut Tor the scarcity Of money this time we must
Jay that the planter merchant who owes his factor
New Orleans, or anywhere else for goods or sup
'es furnished, and has the means at hand az MANY of
mem have, 10 pay and will not do it, no matter what
nay be the excuse is disgrace to humanity and fit
u9Ject Tor the pencn'iary. 1t was certainly cute
dea on the part of the country people to accuse the
merchants OF New Orleans of dirty trick in order to
Green themselves from similar charge We hardly
blink the Times article has little if any reference to
his immediate community, but should the coat it, we
oppose our contemporary would not object to their
plugging in it.