Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-06
TEE CorroN ExcHANsE.

conducted. It only happens that thl
dealing In "shorts" and buying anC
selling that which ore has not will LEAD
necessarily to fraudulent prsc Ices. Mem
phis has won and deserves, simply because
OF its honest modes of dealing with thi
producers, the fsme of being the bes
market in America for farmers. You
should be content with system OF trans
actions and with modes Of conducting th'
business which have won for You thi'
fsms and given you the control OF SO lsrgt
g share Of the cotton crop OF the South.
It will 6e result of tie organization o.
your Pharaoh bank that you viii have in
dnite fun. but while YOU dance, some
body must pay the fiddler. The gamblers
wont If they can hslpit. They never do,
Therefore the necessity, you know, fol
ropsrs-in 70 inveigle he innocent and IN
wary, and thsy are plucked to make good
the losses at the gaming tables Of your
Wall street brokers' exchange. I hope
therefore, Messrs. Editors, that you will
publish the nsmes Of factors who become
msmbers Of the Cotton BrOkers' Ex-
change. Ifs factor sell cotton 20 be de-
nvered g month ahead, I am afraid he
might uss my little crop TO meet his gam
bling liability. snd that prices reported to
me NAV be affected by his precedent gam
bling contracts, Planters do not propose
70 deal with Epeculstors. Even now
when we find that factor is q speculator
we drop him. Your new organisation
viii cultivate and promote the gambling
spirit, snd your whole body of merchants,
who now cOnfne themselves to legitimate,
STRAIGHTFORWARD sales, each doing the best
possible for tbs farmer he represents, will
g. slowly and surely corrupted, and Mem
phis as a market will become as untrust-
worthy IS the ring that viii control that
market. Therefore the request, MeEsrs.
Editors, that you publish the list OF fac
tors who become members Of the big cot
ton gRminghouse-to be called in derision
the ''O0tton Exchange" Respectfully,
PLANTER.
Our correspondent may feel assured
that mis- suggestions will be complied
with. Like him, the more we reflect
upon this new movement, this new
tangled notion, the more we are op-
posed to it. 1t will end, it can only
end, in the disinte2ration Of the Cham
ber of Commerce and Merchants
Exchange, which, since 1850. has been
of untold service, not only to the
mercantile but the general trade in
terests OF Memphis. It will end, if
persevered in, in the breaking up OF q
body that invites all the commercial
enterprises of our city; body through
which, so far, We have accomplished
much of prosperity, through the CO.
operation of which we have secured
recognition in all the great COM
mercial and trade gatherings Of
the United States, general and specific
1t will, except as to cotton, put us
back to the point whence we started
In 1880; il will divorce the elements
that now meet as a chamber OF COM
uerce and merchants exchange, and
leave Us without an equivalent. The
declared purpose Of this cotton asso-
citation, as we gather from its fourth
article, is:
The purposes of this association shall
be to provide and msintsin suitable rooms
for 81 cotton exchange" In the city Of
Memphis; 70 adjust controversies be-
tween members; 70 establish just and
equitable principle5; uniform usage rates,
and regulations and standards for CLASH
zicssion, and all Transactions contested
With the cotton trade; to acquire, pre-
ssrvs HEd disseminate information con-
necssd theKswsth; TO decrease the risks
incident therStO; and generally 70 pro
mote the Interests OF the trade, and in
crease the facilities and the amount Of
the ectton business In the city Of Mem
phiE.
Compare the above with this, which
we copy from the "RUles and By
Laws OF the Memphis Chamber of
and Merchants Exchange" !"
sno 1t will be seen that the advantage
Is with the Chamber, that its objects
are as specifically set forth and are
broader and more generous in scope:
To collect and record such local and
general statistical i0sormstion reissh8 70
Sommerce and msnpfActures as may pro-
Eaotefthe Interests Of Mem Ihis, and 10 pro-
1sct and advance tbs welfare II the COM
msFoisl and manufacturing clsSsesi 20
promote iust and equitable principsea 10
trade; TO establish uniformity in me
commercial ussgss Of the cityi 20
settle, In proper and just method dis
putss IS 70 Contracts ussgesI sc.
counts. ETC., and the N any differences OF
opinion which honestly exist touching
our business relations; which differences
often lesd 10 expensive and useless hti-
CATION.
Bat, beside this, we find, on reference
20 the tariff Of charges that "cOtton"
Ss folly and amply provided for by
the a Memphis Chamber Of COM
merce sGd Merchants Exchange"
Commissions on sales, charges fer re-
eefvipg and forwarding, for storage,
etc, sre fully provided for, the Cham
Der pledging itesli that such
tariff Of ehargesshall be regarded as
the maximum rate beyond which
members shall not charge. Going
farther, we find the existence Of conf
nittees on arbitrations and appeals,
and looking at the mode Of conduct
al the Chamber itself we find that
most of the work accomplished
by It. and that appears in its ''sn-
uual statements" is for and on ac-
count Of the cotton trade. For
the cotton trade the receipts and
shipments statistics are compiled
every day, and Otherwise, the staple
nonopoIizes the work Of our " Mer'
chants Exchange" II the work is
not done well enough, If 1t Ia not SUI
dlcient. members In the cotton trade
havs only to say so. The remedy lies
with them, and is quite within the
province of the Chamber to grant.
There is no necessity for a "new
departure" There is no necessity for
a Cotton Exchange, the Merchants
Exchange being in every respect
equal TO the demands Of the cotton
trade. That is, there is no necessity
that 10 the trade generally can be
n-sde apparent. To neither ''sellers"
nor buyers" can ii be necessity, be-
csuse ttsy have all they want in
the wav Of organization In the
Chamber. additional telegraph
dispatches are .~eedsd they MAY
be ordered; or If additional
statistics, they can be compiled by
the present secretary. LooS 81 1t IN
any light, turn itover or upside down,
and this cotton association sqEtnts
only in one direction. 1t begins and
ends In the interest Of "buyers," who
have purposes opposed to those Of the
HselIer,n and who, however much
they may now think otherwise, viii
In the long run do what those Of other
cities have done, and to the injury OF
the planter and the detriment OF
the trade generally, introduce the
buvlng and selling of cultures"
we shall then have in Men,
nhis such disparity in sales