Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-08-30

she has the capital to handle. Manufac-
lures likewise drag for the same reason.
The plain truth is that the whole coun-
try now suffers in all the active enter
prises beca-se Of the want OF modified
capital. That Memphis really suffers
more than ether places Is by no means
apparent. IN fact there Is room to
believe rat her industries and
com meroe rest on q mere solvent
basis than those of many other cities
boasting o. greater progress. If other
cities have greater facilities for loans
with the exception OF New York, made
by common consent the money center
OF the Unlcn-it is not because Of out
side capital being brought there by any
superior attractions or advantages. But
those cities, By reason of age, had q
large accumulated domestic capital, just
as Nashville has ever had more accu-
mulated capital than Memphis, though
not beginning to do the business of the
| latter. Eor can this condition of things
in the whole country change until there
shall be a mobilIZed capital for the uses
| of commerce, manufactures and agri-
| culture equal tc that now withdrawn
and resting "a railroads and United
States bonds. How this mobilization is
to be effeosed IS a question for the pOliti-
cal economist. Whether 1t shall be
done at once by legislation safely, an
ticipating the recreation of the capital
now withdrawn, as before stated, by the
puOdaeEve energies of agriculture and
manufactures, or whether we shall wait
until toiling hands shall slowly bring
up again to the sunlight the Arathusan
stream of sctive mObiliZed capital, is
the present problem in finances. In my /
next 1 will notice some other positions /
of "WhitWorth." COLBERT.
Cooperation of Merchants.
EDITORS APPEAL-I have read with |
much pleasure many Of your articles |
devoted to Memphis and the Interests Of /
Memphis, and only regret that our peo-
pie lack the money and the enterprise
to embark in these greatly needed i'm
provements railroads and manufac-
tures) so essential to her even maintain
ing her present position, to say nothing
of what she is entitled to become by her
advantageous location and the opening
up of those facilities. Whilst all that
you have said is true, yet there is one
thing by no means unimpOrtant which
you have overlooked, and that is the
necessary cooperation Of all our mer-
chants, manufacturers and artisans as in
factors of other cotton ports recognizing
that the interest Of one Is the interest of
all-in short, thatthe interests of all are
identical-Unite and cooperate in their
business operations, and besides dividing
the risk and responsibility Of business,
adopt such terms and extend such facili-
ties as tend to draw business to their
cities, whilst here every merchant un-
dertakes to 90 ais business his own way
hse Hess and Indifferent as to its results.
A country merchant comes to our city
either to purchase his entire stock or to
replenish, calls upon our dry goods,
hard ware, grocery, indeed all our whole
sale merchants: is satisfied withstheir
stock, their prices and their terms, but
they will only sell him upon his giving
an acceptance of his cotton factor. So
also with the planters, only with them
they are much more rigid, and properly,
too, in NEST cases. Then, too, very
Ofteu a planter purchases a bill of goods
Of them, directing them to charge it to
his cotton factor, and he will o K the
bill, but "NO," they say give us sight
draft on your factOr,n and scarcely has
the ink dried before the draft is pre- {
5ented fOr payment TO the factor. The
factor may have the planters cotton in
hand though net sold, and some dull S
lays may intervene when he does not '
.hink proper Or prudent 70 sell, but in
comes the planters drafts, so it must he
paid or protested regardless of how much '
/ Inconvenience the factor. Now if I
)ur merchants would adopt liberal co c
operative plan they would draw large G
md valuable trade here thst goes to st. v
Louis, Louisville, Cincinnati aud New 1
orleans, and i would be equally sound '
md secure as the presentTestricted trade t
S. Come, friends, don't, by your narrow 6
illiberality make the factor {
he exclusive d-aft-hOrse, whilst he takes O
VI the risks and cnly gets the little COM .
mission ct two and half per cen. for
accepting the drafts, you make profit a
4 fEDm fiTe to twenty-five per cent upon r
our goods. st. Louis, Louisville and r
,incinnati merchants require no accept "
nee where the buyer is of known solv- y
ncy. VS.. S.