The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1873-11-13
Cotton and Finances.

We give the following extract from
a special circular Of Norton, Slaughter
8 Co., n. Y, for the edification of our
readers. 1t takes hopeful and we be-
lieve, a correct view of the financial
situation. Read it.
NEW YORK, Nov. 9Th, 1873.
DEAR SIR 1T seems 10 us that Cot
ton, If not at "the bottom" is so nearly
so that the purchase of future deliver
cries, say January, February and March,
can scarcely fail to pay q good profit.
The panic has now prevailed for forty
days, during which time cotton has suf-
fered the depression consequent upon
locking up of greenbaeks an over the
country, and more recently the still
more disastrous consequences of large
commercial failures and the stOppage of
at least One-half the spindles employed
In its consumption I'm this country.
That a decline should result under this
state of things is most natural, but il
does not follow that Cotton has no stop
ping point, and no price at which invest
ments may be tempted. We always be-
lieve In buying at "panic prices" and
espe cially any article when it is below
the cost of production, and we cannot
see why parties who in former years
bought cotton so freely at about 20 cents
should now hesitate to buy at little
over half that price. It is expected by
our shrewdest financiers that mOn9y
win accumulate in the banks and i'm tile
hands of private capitalists 10 such an
extent during the next sixty days us to
become a drug, and 90 begging for in
Investment. The stoppage of business
20 so large an extent will necessarily
produce this result, and our banks and
capitalists will grow tired of receiving
no incomes, and the whole machinery
of trade and manufacture be set in mo-
ton by free offerings Of money. Our
American spinners, by their temporary
stOppage, will greatly reduce the stocks
of goods, and will be able before very
long to resume work at healthy prices
for their goods. and with easy money
will seek TO secure a supply of good cot
ton for their spring and summer engage
mepts. This, with reduced planting,
VIII bring English buyers into cOmpo-
tition with American spinners, aud with
the aid of large short interest which
speculation win surely create, will no
doubt advance prices in February and
March to very remunerative figures.
Those who eXpec lower prices and want
To get i'm at BOTTOM" will doubtless fail
10 get In on as favorable terms as those
VINO commence now, and we do not
hesitate to counsel our friends to make
beginning at present prices, and if a
further decline, (Which cannot be much,
II any, then TO average down with
double the quantity. Don't forget that
IL is a law of nature for one extreme to
follow another, and as we have been
running to point Of extreme de-
preston, we may soon expect a reflex
action that will restore values to a more
reasonable basis. Our people are not
"brOke," and cannot Zee to any general
extent while every portion of our wide
domain Is teemiDg with the products of
the richest soil on earth and, as during
the war, and all other periods of de-
preston, we will recover from the pres
ent panic TO find that VIC are still the
most prosperous people on the globe.
IL is simple folly to suppose that cotton,
or anything else, win shrink to nothing,
and we will stake our reputation on the
wisdom OF our advice in commenting
speculation In Cotton at about present
prices, say for December and January
l3c., February 1855. March, 1879, and
A Dril de