Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-08
A Confession.


A 'iCotton Factor" who flies to the
columns Of our morning cotemporary
to find vent for his pent-up feelings
on the question Of the cotton ex'
change, makes the following confes'
sion, to which we invite the particu'
lar and special attention Of those who
may be shaky In their opposition to
the establishment Of such an organi-
zation in Memphis-iOr We hold that
il does not yet exist. Oar "cotton
factor" says:
The impression seems to be that the
proposed cotton exchange is p~ojected Tor
The purpose of GAMBLING IN FUTURES. T"
IT Is TRUE THAT WE PROPOSE TO HAVE
THIS FEATURE IN tbs ELcHANGE, As II
WILL EEEP THIS CLAss or BUSINESS
HKRE IHsTEAD OF SENDING IT NEW
YORK As HERErOFoRE. But we look tor
light transactions Of this character in the
Memphis cotton exchange, for the reason
that both factors and buyers are generally
''bulls" snd think cotton Is "going up
lnos s'the spout") and also that bolh the
New Orleans and Mobile exchanges do
but little in this way.
"Cotton Factor" evidently knows
what he is writing about. He admits
that sat is true that we propose to
have this feature (futures) in the Ex-
change" Here Is the cat let out Of
the bag. Futures" are to be a fea-
ture. That admission is enough, or
ought to be, to satisfy the least weak.
kneed Of the opponents Of this EK-
change, no one object Of which but
can be carried out to the fullest extent
by the existing influential Merchants
Exchange. Buyers as well as sellers
are agreed as to the deleterious effects
upon the cotton trade at large OF the
system Of futures" as well they may.
Who would not be who understands
that, at the present rates per day, the
ssfutures" Of New York alone will
amount before the close of the year to
4,Oo0, 900 bales-at least 750,00 bales
more than the.crop Of1s71-2? ANY one
at all familiar with trade transactions
viii realize at a glance the effect Of this
system of futures" when they con-
slider that il the cotton crop was re-
neved OF the opposition and oppres-
sive weight of futures" in amount
greater than its whole sum total, it
would be taken at price regulated
by the just and equitable law Of sup
ply and demand. II would not have
TO contend with prices made by
body Of gamblers assoeiating them
selves in an Exchange for the purpose
Of making prices that suit the views
of "rings," /" who ''bulI'' or "bear" as
their needs or interests suggest; it
von.d be left TO itself and would be
taken at such rates as the demands OF
spinners and local spectators would
create. Against q system so deleterious
70 the planter we Lift our voice In pro-
test, and because, as ''COtton Factor"
admits, ssfutures" viii become a Gus
tom Of the Cotton Exchange Of Mem
phis (if established), we lift our voice
against it. We warn sellers to be
careful how they give assent to it. 1t
is not yet an organization. Its con-
stitution has not yet been adopted,
and the farce OF electing officers before
that is done is too transparent for
We warn all our
cotton men against this assOeia-
tIon. no one function of which
but is anticipated by the Chamber OF
Commerce and Merchants Exchange.
And we warn them against it, not
only because Of this, which we con-
slider q very pertinent objection, bat
Of that which 81 Cotton Factor"
admits when he says that ''futures"
viii be feature of it, perhaps like /
that Of New York where five bales Of
'sfutures" to one Of ''sposs" are sold
every day.