Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-09
rHE PnOPOsED COTrOS ExOHAHG

THE PROPOSED COTTON EXCHAhSE
Our morning contemporary, WHIT
has always indicated a decided biai
towards " buyers" in preference tC
"seIlers," and who sees In the posi-
BILE overthrow Of this its pet scheme,
and the loss of a secretsryship that
indicates not so much the value Of Its
commercial reports as the industry OF
its reporter In lsboring In the interest
o. the Cotton Exchange, in its issue
of Tuesday, commenting upon the
meeting to organize its pet scheme
for gambling, admitted:
The work OF organization was begun,
All the proper officers and committees
vers elected. Some blundering in the
routine OF business occurred, but, 81
though an adjournment was taken for =
week, while the matter Of 9 constitution
vas under consideration, the organic alton
Is nevertheless an accomplished fact, I"
and the institution may be looked upon
as one that viii give increased Importance
70 cur market.
Mark the weak points in the above.
"The organization is begun" and
"the organization is nevertheless, F"
and Notwithstanding its constitution
has not yet been adopted, and its Of
Reers, in violation of all precedent, were
elected before its constitution was
adopted, is 'an accomplished fact" On
Thursday, our contemporary who on
Tuesday INDUCED in so much Of
cheeky and brassy self-lsudation, in
the style Of the famous "Poo-keep-
sea- letter, closes a long and sopho-
noric article with this sentences:
The "gsmbliDg'' argument, If such
pslpsbIe msn of straw msy be called an
argument, We must consider on another
day.
And cur cotemporary, who claims
q patent-right on cotton, cotton men,
and this very promising cotton ex-
change. does consider this gambling
argument. Yesterday he said:
Another snow monster set up in con-
nsetion with the cotton exchange so spi-
Tftsdly founded q few days since is that
IL would introduce into the cotton busi-
ness Of our city reckless spirit OF gam
bling. This is 8 formidable monster, GER
tsinly, and its eager constructors hEYe
not bsen spsring Of snow nor industrious
shaping to render IL as revolving an aspect
and hstefully hideous IS the celebrated
image QuiIp so perseveringly belabored,
in the well-knoWn story Of Dickens. That
the uasrchsnt who sbsndOns the legiti-
yuste walks Of commerce for the rash
ventures OF gambling speculation, loses
his high standing, the respect OF business
man. aud lowers his credit in the market,
ForEz chat oFl1r Daed stating 70 be a.
kno9ledged,
And how does this adroitly-worded
denunciation Of gambling in ''futures"
Tom the journal which furnishes a
secretary to this cotton association
tally with the admission made In Its
own columns, on Thursday, by "COt-
ton Factor" that "futures" would be
a feature of this proposed exchange? |
Out Of their own mouths they stand |
condemned. Futures" will be q
feature of the Cotton ExchaDge-a |
wild, reckless system OF gambling, |
s'COttOn Factor" says he would mo-
nop 1lizs it in Memphis through the |
Exchange, bat our morning eOntem-
porary, proud Of its secretaryship, |
says "no," and very properly /
az above characterizes the ''rssh ven
turers OF gambling speculation"
a'Who viii decide when doctors dis.
asree?'' We turn to another article
OF cur morning contemporary. He
says:
Tdsrs being no vslid argument against
a e9ston exchange. terrorism has been in
voksd % stsy the efforts OF It's projectors.
An APPRAL correspondent, who signs
himself "Plsnter," and whose style SO
closely resembles that Of the editorial fol-
loving IL that 1t is difficult TO decide
where the correspondent left on and the
Editor bs4uu, Waass the movers in the
cotton exchange held up 20 public seosn.
In this fling at the APPEAL we have
only to say that the inuendo it con-
tains Is as baseless as the assumptions
of the Pocghkeepsie letter, the w-iter
of which. "knowing how it is HIM
SELF suspects every body else Of fol-
lowing that example.
Bat seriously; every days tele-
ztaph brings US strong arguments
against tbs establishment Of an ex-
chsags for "futures." For instance,
to day we publish that 'spOt" sales in
New York yesterday were only one
nine hundred bales, while
those OF cultures" figured up thirteen
five hundred bales. This
systen, so ruinously subversive OF the
interests OF the planters, is, as "Cot-
ton Factor" admits, to be feature OF
the proposed Cotton Exchange, there
fore it should be suppressed during
the period OF its CESSATION, and never
be suffered TO be brought forth by its
aecoueheur with all its
hidsous features TO irighten and dis
gust mankind.