The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-10
he Now Atlantic Cable Entcrprise
and the Cotton Exchange.

1t may be seen by report in another part
of the paper of the action of the Cotton Ex-
change in New York that our merchants are
alive to the necessity of breaking down the
present telegraph monopoly of the Atlantic
cable companies We, who use the cable so
much and at great expense, have felt the
grasping cupidity of this monopoly, and have
urged, therefore, measures for the protection
of the press and public. We have argued,
and still believe, that the proper remedy for
the evil is in the governments of the United
States and Great Britain taking possession of
the cables, or in laying and controlling one or
more themselves. But we gladly accept any
proposition that will create competition and
relieve us of the intolerable emctions of the
existing monopoly. We notice with pleasure,
then, the action Of the Cotton Exchange
in this city yesterday. In the call made
for this meeting it was Justly said,
1.-THE exorbitant cost of ocean tele-
graphic messages has led to a good
deal Of dissatisfaction in all commercial COM
munities, especially since rates have been ad-
vanced, and it is reasonable to expect that the
idea Of new line, to serve the interests of
business men, will receive substantial encour-
agement." More than two hundred names of
members of the Exchange were signed to q
petition for calling this meeting. The meet
ing was held, consequently, at half-past
eleven o'clock yesterday. The resolutions
passed show both the earnestness of the cot
ton merchants and their desire for the CO.
operation of the press in this movement
The first resolution embraced the argument
1t was resolved "That we, as an Exchange,
heartily welcome the proposition to lay new
cable, as it is the only means of freeing us
from the present monopoly" The members
of the Cotton Exchange then pledged them
selves to subscribe to the new enterprise and
to give it their Geographic business, and en-
gagged also to use their influence to bring
other exchanges and business meR t. its sup
por@ me Company, as Mr.. Eastman, the
President, explained, is called the Direct
United States Cable Company, and, as its
name implies, is to lay its cable direct from
the west coast Of Ireland to the soil of the
United States, that is to the shore Of New
Hampshire. The capital has been subscribed
and the contracts made. The company is pre-
cluded from associating with any other CON-
papy and promises considerable reduction in
the charges for telegraphing. So far it is
well. Competition is needed. There is CD
portunity and business enough for several
cables. But, as we said before, this important
medium of communication, in which the
whole public on both sides of the Atlantic are
interested, ought to be under government con-
troll. While we commend the enterprise of
the Direct United States Cable Company we
call upon our government to open negotia-
tons with Great Britain, and with other gov
ernments if necessary, for convention to
establish or control telegraphic communica-
ton, at the lowest paying rates, under the
Atlantic ocean. That must come, and the
sooner the movement is made the better.
The SITUATION IN MEXICO remains troubled,
particularly in consequence of the struggle
which is being carried on between the repub-
lican authorities and the monastic orders OF
the Church. The Jesuits suffer just at pres
ent The mining interests are improving,
and the parliamentary presidency has been
completed in favor of the government candi-
dates. The morale of the provincials does
not, apparently. improve IN the meantime.