The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-03-31
4 corroN SENSATION.

opSClifeiy.
4 COTTON SENSATION
A New Kind of Cash Transaction
Twelve Thousand Dollars Worth Of
Cotton Gone Where the Woodbtne
Twineth.
The usually placid precincts OF The Bay,
the Cotton Exchange and the other haunts
where men oil commerce most do congregate,
was 10 remarkable state OF commouon last
Saturday. In various Offices and warehouses
in which the busy monotony of buying and
selling Is usually disturbed by no olher noises
than the rattle OF the drays bringing their
loads OF feecy cotton to the water side, and the
songs of the stevedores as they transfer the
baled-up staple to the holds OF The swift
steamers waiting 10 convey 1t all over the
world, were heard on Saturday unWonted ex-
camations of surprise and Indignation, mut-
tered lmprecallons and emphatic ex-
pletIves, both loud and deep, which
testified that some unprecedented cir
cumstance had occurred to shock the sensl-
bllllies Of The commercial mlcrocosm known
as The cotton trade oi Charleston. The re-
porters OF TIE News were of course promptly
on the qui viue TO ascertain The cause OF The
commo'iou and while specu!ations as 10 the
cause of tho blank looks OF the merchants
filled through their minds they wondered
whether the Roihschllds had gone bankrupt,
the tidal wave had made ts appearance 10 The
harbor, or the bulls had learned that cotton
had tumbled cent or Two lower. They were
relieved, however, to find that none OF theee
casualties had occurred, and finding q steady
stream OF solid looking merchants mounting
the Steps of The Philadelphia steamship office,
reconnaissance was made In that direction,
AMI on Inquiry into the cause of the trouble
evoked the answer that The cotton merchants
had been ''oitLen." Tuis was vague ex.
planation for the symptoms Of mild rabies
that had been observed, and subsequent liz
qniry revealed the following details:
1t appears that during the latter part OF the
week Mr.. William Meade. who A.- .e"- -
h.,.. anu snipper ef cotton In this city ior
some lime, and who s consequently well
known 10 the cotton merchants, purchased
from different parties various lois OF cotton,
amounting 10 the aggregate to one hundred
and thlrty.six bales, OF which the value Is
about sl2 900. The merchants from whom
the cotton was purchased were Messrs. L. D..
Mowrz & Son. Messrs. Thomas P. Smith q
Co., Messrs. G. H. Walter Co., Mr.. A. J.
Salinas, Messrs. f. q. Frost & Co., and
Mpsss. W. B. Williams & Son. The cotton
was bought "for cash." but "cash" In the
Charleston cotton trade does not mean exact
IL c. O. D., but cash in day or two, the pur.
chaser being generally allowed 20 ship his
cotton. get his bills OF lading, eat his dinner
and sleep on the bargain before he ls expect
ed 10 call and settle. In The case OF MT.
Meade. who had always ''p0nIed up" before
with satisfactory promplitnde, no exception
was made to this general rule, and his COLON
was sent 10 the Philadelphia steamship
wharves. holsted into the hold oil the Equator,
consIpned "lo order" Of the consignor, and
went speeding to Philadelphia Without any
uneaslness On the p,rt of The sellers. "On
the contrary" as Clplaln Cutie would have
said. .oujte the reverse" They had made
good sale, and were happy, and they hoped
that Mr.. Meade was likewise, If they Included
him In their hopes at all. On Saturday, how
ever. they each had the pleasure OF Cal!
from MIR. Meade, who Informed them 10 effect
TINT he couldn't pay them Tor the cotton he
had purchased. Exactly what transpired al
| these half dozen Interviews we are not In
| formed, and, as we scorn 10 resort 10 our
| Im,oInaiIon for even the most trfilng details,
we are not prepared TO state whether he said
he wouldn't pay or not 1t appears, how
ever, that he didn't pay, which. IN tne esllma'
linn of the cotton sellers, was much the same
In effect as though he had exhausted The
whole range of the negative MOODS OF
the v-1b to pay, and hence the In
dignant pprtuberatlons OF The merchants.
A solemn council OF war was held, and
IL was resolved 10 appeal 10 The law
bolh civil and criminal. Accordingly war
rant was obtained from Trial JusLica Artson
for the arrest OF Mr.. Meade, on the charge OF
| breach of trust with iutent 10 drfraud, under
The statute of 1865. Mr.. Meade. on being
| summoned before the trial justice, was not
disposed 10 be communicative, and declined
to reply to the pressing Questions propounded
to him In regard 10 his last speculation In
cotton. The trial Justice thereupon commit
ted him in default of bail for trial al the ap-
preaching term OF the IaIerior Court 1t Is
understood that civil suits have also been in
stituted against him, and the merchants who
are interested in the matter have given
notice to the city banks and others warning
all persons against negotiating the bills Of
ladIpe obtained by Mr.. Meade for the cotton
shipped on The Equator.
Further developments 10 this interesting
cass may be expected soop, and 10 the meal
time Mr.. Meade is enjoying the limited hospi.
ta)ilies of Sheriff Bowen's hotel on Magazine
street.
/