Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-05
THE CorTos AssoCIArIox.


A meeting was held at the Chamber
Of Commerce yesterday, for the pur'
pose of initiating a Cotton Association
similar to those of New Orleans and
New York. Without reaching any
result, and after a spirited debate Oi
the pros and cons of and for the ques-
tion, the meeting adjourned until next
Monday. There is much to be said
why such an association should be es
tablished here, but more why it should
not. II we had no Chamber Of Com
merce and Merchants Exchange
around which to rally the whole mer-
camille interest Of our young city, 8
Cotton Exchange would be in order
but, with such an organization, hsv-
ing charter, constitution and bylaws
thst provides for any and all eOntin-
gencies Of trade, we do not see thst
there is anything to gain but much
to lose. Among the members Of the
chamber of commerce we find per-
haps one hundred and fifty grocery
merchants, all of whom, to greater
or less extent, buy or sell cotton.
These pay from fifteen TO twenty-five
dollars per year to support and sustain
the chamber, which affords all the IA
cilities for, and answers all the pur-
poses OF, every branch Of trade. Why
should these merchants be forced to
psy fifty dollars per year additional to
support a cotton exchange which will
only answer the purposes of one
branch of trade that has already, or
may secure through the chamber of
commerce, all that such exchange can
promise it. Memphis is too small a
place for the division Of her mercan-
tile interests such as this would bring
about. It might result in killing
the chamber altogether. II "buyer5"
or "seIlers" want dispatches they do
not now receive, or If the locality of
Gheir Chamber Of Commerce is Office
tionsble, they can have both the dis
patches and a better locality for less
amount than a tenth part the outlay
the Cotton association will call for in
the shape Of initiation fees and yearly
dues. But above and beyond these
reasons, which we think strong enough
to defeat the establishment Of this
Cotton Exchange, there is the fear
that this Cotton association, If estsb-
lished separately from and independ-
emily Of the Chamber of Commerce,
may lead to a total change in the
1lOdLs Operd1di Of our cotton busiu ess,
and introduce the gambling system
which, as prsctised in New York, has an
effect upon the staple and op-
crates against the producer by ficti-
tious increase Of the crop far beyond
the receipts or the producing capacity
Of the country. No one will pretend
to claim that all ''iutures" are deliver
ed. "Buyers" and ''sellers" in New
York who deal in them are content
with the difference either way, and
do not exact the actual number Of
bales they buy or sell. 1t is simply a
gambling operation, the result Of
which at the end OF the year is as dis
astrous to the cotton trade as the |
of the bank Of regular gam
bling hell when those who have the |
i'ehips" h6Sd what represents the fc-
iItiOus capital Of the banker. The
iiehips" Of the he'll are on a par
with the " futures" of the New |
York cotton exchange. But, again.
suppose this reckless spirit Of
gambling introduced in Memphis,
as It will be If this exchange is estab- |
ished, who will be the victims Of
he rapacity of such spirit9 The
planter Commission merchants, i'm
Dued with the prevalent notions, will
anticipate the arrival of the "erops"
1f their customers, and thus, right /
here in Memphis-where, above all
1ther places, the planter feels most at
home, where he feels he is certain 10
get the highest prices for his cotton,
lpon smaller commissions, less tare
md fewer samplings-here the planter
will be confronted with the first batch
1f gamblers, and will read in the
commercial reports that, in
Itead OF working in his interest-as
We all do noW-We are planning
through "futures" to make a market
md force q price that is more likely
o be two cents under than over the
ictual value OF his hsrd-earned crop.
How long, under such circumstances,
would it be before our streets would
1e deserted and the planters leave
Memphis to find at other and rival
points a class of men who would, as
Memphis merchants have, and We
rope will continue to do, make by 10
al speculation a market for him
,qual to that of New York. There is
LANCER in this Cotton Exchange. II,
8 we said before, it be established as
n auxiliary to the Chamber Of Com
nerce, to be sustained by only slight
upon the present dues Of that
ody, and 10 be controlled in the in
crest of the producer, we can see no
to it. But woe to US, ifit shall
g organized separately and be con-
rolled altogetherin the interests of the
buyers" who, (admitting as we do
nth pleasure that they are all wor-
~ men, viii work in their own
lterests, chief among which is to
heapen cotton as much 9s they pos
bly, can. We advise our merchants i
, weigh this question well. Aud we I
lvite their careful and candid cOn-
deration Of the points we have pre- !
snted. We will recur to the subject
gain.
PERSONAL TELEGRAMss
SENATOR MORTON arrived at Indisnspo-