Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-09-13
ESTABLISHED 1910.


The Bankers and the Cotton Trade.
The rules promulgated on Saturday
lsst by the Banks, and adopted by
them after mature deliberation, ex-
tending through several hours Of two
days, has occasioned, as was expected,
a great deal Of discussion; but, we are
happy egain to assure the readers of
the APPEAL, with invariable commen-
dation by those who are oldest in the
trade, best known, and among the
most reliable. Before the late civil
war came upon US, bringing with it,
as q consequence, as perhaps 8 pen
atty, change In the mode Of doing
business and large addition to the
trade, the cotton dealers Of Mem
phis we're distinguished for obedience
to an unwritten code which found its
expression in what is termed "fsir,
honorable dealing" They were all
known to the Banks,-their capital,
and energy, the number and charac-
ter of their customers, their Eastern
correspondents-in a word, all that
was in, of and about them that
made up the character Of upright,
strsish shtforwsrd merchants. Such
men as Thomas Hunt, o. A.
Harris, F. Titus and others who
have been called hence, and Messrs.
Nelson. Allen, GaIbreath, Webb, Ma
lone, Townsend, Babb, Stratton, Par
ker, Goodwin, Partee, Trader, Steele,
Stanton, Moore, Phillips, Bayliss,
AppersOu and others who remain
to US. These were the men who dealt
in cotton "On the square," whose
word was as good as their bond, and
whose credit was only cireumseribed
by the limit Of extension permitted
our then admirably managed banking
institutions. We remember the cot
ton trade of Memphis as far back as
'5S, when everything was buOysnt
and all were hopeful. The sound Of
the brieklayer's trowel and the
hammer of the carpenter were
then to be heard in all parts
Of the city. Every interest was
prosperous, everybody was max
ing money, and the future was with
out a cloud. Our receipts were heavier
in proportion to population than they
have ever been since, and cotton was
sold In a way that gave satisfsc-
ton to the producer as well as to
the spinner. Complaints were few
and soon adjusted. Irregularities
entaiIing loss to the banks were
never heard Of; indeed we remember
thst in the appointment Of commit
tees by the Chamber of Commerce it
was doubted that there would ever be
occasion for the Arbitration Commit
tee TO come tOgether-snd to the hon
or and credit of the fraternity it should
be known, the doubt has been fully
realized-but little arbitration and less
law has ever grown out of the malti-
form and multitudinous transactions
in our marts Of trade. During the war
the cotton trade was completely upset.
The old dealers, factors and brokers
were either in the "tented field" OF
were forced out of business by Federal
orders and their places occupied by
spectators, many Of them utterly
wanting in principle and pos
sessed Of more brains of the "baser
sort" than capital. These it
has taken time to weed out.
But the legitimate cotton men
and brokers, working together, have
accomplished the task. None of that
description remain. The cotton trade
thus restored TO its old basis 1t was
proper that the banks should "re-
solve" their determination to keep it
so. 1t was proper that they
should demand to know the
authority for drawing bills;
that they should have bills or drafts
in hand before paying checks and
that the proper name Of the drawer
should appear, together with salts
factory evidence Of Insurance. These
demands are plain, easily understood,
and, we have reason to believe, will
be cheerfuly complied with. They
are such as no honest man can object
70, since they are designed only to
protect the banks against loss by
maud, by accident or by litigation.
They have already met the approval
of many of the older dealers, and,
when properly adjusted to them, the
younger viii no doubt give them
their earnest support. In any
case the banks are unaltersbly
committed to them. They cannot in
honor reeede from them. They can
not under any circumstances ''go
baekD upon what they have given to
the world as their deliberate determi-
nation, based upon principles every
where recognised as correct and fully
justified by their own sore, sad ex-
perience. Whenever they are tempt
ed so TO do, they have but to turn to
the profit and loss side of their ledgers
and their duty viii be plain. Times
are not as they once were-they have
changed, and men with them.