Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-11
THE COTTON EXCHANGE

The gentlemen who originated the
Cotton Exchange scheme have, afteI
a weeks dodging, and when they
found it no longer possible to deny
what has been patent to all dispss-
sionate observers, confessed that an
object, if not the prime object of that
Organization, is the Introduction of a
system that In too many cities
already disgraces commerce, and is
known to the trade as cultures. I"
Even the too-soon delivered sec
ressTy, yesterday, entered into de-
fence OF what he denounced on
Thursday, and urged that because cot
ton men in New York choose to in.
dulgs in sn illegitimste mode Of trade,
th1se of Memphis should follow their
example. We cannot see it. Wrong
In the commercial metropolis 1t would
be equally wrong here indeed, we
think more so. a prime cause of
much Of the disaster thSt follows in
the wake Of commerce, q gross i'm
position fostered only by reckless
gamblers who are not to be controlled
by ordinary laws, it can only lead to
one result in Memphis. The planters
will not tolerate it, nor viii they con-
tinue to bsfriend a market where 1t is
likely to become a chief feature. An
intelligent and thinking class, they
kaow that every addition of imagin-
cry, as Of real bales OF cotton, tends to
the reduction OF price and that Of all
the expedients res0rted to that OF an
tlcipatlng a market, Is the surest in
the accompli ,hment Of disaster to
ahem. They know thst so long as the
gold gamblers in New York went IN
shocked, and until they were broken
doSn by the overpOwering weight
of the treasury department, they
"buliedD snd beared" " as they
pleased, ans robbed the importers
who were compelled to buy gold
ta- satisfy the demands Of the custom
house. The same spirits who were
conspicuous in-the palmy days OF the
G1ld Room now lead in the Cotton Ex-
change Of New York. They gave up
gold when they found the treasurer OF
the United States with reserve Of
UEe hundred millions in gold, ready
at any time to ''bear" them to the
earth. What they are doing in cotton
orr New York dispatches every day
tel. They make a market sometimes
four OF five months ahead, and as the
time draws near, bear with all their 4.
might, SO as to force prices within the
zimitOf their contracts, and this In total
disregard OF the hard working planter
whcse produce is made to play the
shuttIeeOek in their desperate game Of
battledOor. II gambling at a faro ta-
bic or keno board be wrong, this is |
much more 50. In the one case the |
player may loose and entail misery |
Mp0n himself aud his family, at 'iu
tzres" thousands may lose and whole |
be forced to pay the pen
atty. The chief object Of the Ex-
change OF &eW York, fast schiev-
ing as high place in other cities, the
system Of ''futures" il adopted |
here can only result in injury
to the planter and the ruin
of the cotton trade OF the
city. Thoughtful men, who are not
10 be broWbeaten by the cry OF sold
EOgy:U gentlemen who look beyond
and have regard for the
fuh,vsesf Memphis will be very care
fuI to-, sag that no vote Of theirs fas-
tens this iniquitous system OF gam
Hing unon NOs cotton trade OF Mem
ohis. They VI II not, for the sake Of
ministerlng to t5s ambitions OF
would. be secretarleSy cast upon the
good name of memphds plot that
may forever blight her pa 'osPeetss Ihsy
viii save the local spectators, Who
subserve the Interests of the planter
and sre the only coUnterpOise OF on
sett we have against the eOrmorspt
greed, Unsuitable NAV and oVershad- /
owing capital Of foreign and home
spinners. They will vote against the
Cotton Exchange. They viii vote
against II because Of the Objectionable
system OF "futures,n and because we
have a Chamber OF Commerce that
answers every purpose Of the cotton
trade and that anticipates, In many
Of its provisions, growth greater
than we hsve yet reached. We ask
buyers as well as sellers to vote against
the establishment OF this Cotton Ex-
change, and thus sustain the reputa-
ton Of our city for the possession ofs
spirit Is well as the practice Of fair
dealing.