The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1878-08-22

We copy the following timely re-
marks from Day K Proud6t's circular
of Angus 18th. Their firm is one
of the best in Memphis, and their
ideas on the situation are well worth
considering. Their card win be found
in this paper.
In our circular of the 18th ult., we
stated that the commercial and finan
cial outlook was satisfactory; we meant
this In q comparative sense; it is. GER
tainly better than it has been within
at least FIVE years, for with legal ten-
der silver dollars coined at the rate of
SO, 600, 900 to $4,000, 900 monthly,
resumption is impossible, az no one
with the deservedly high credit of the
Government is expected TO hoard sill
yer, or possibly gold coin, and with
production of our mines the Secretary
Of the Treasury can keep his COIN
possibly augment it-(doubtful "a
healthy sign of the times being the
large natienal trade balance in our
favor. Hence the necessity of the
full and universal reconciliation of
silver, very possibly the repeal Of the
resumption act, to work as a needed
stimulus to our just convaleseing in
dLstrial interests, for which no thanks
arc due to the money power.
THE COTTON CROP PROSPECT
AS a whole is good; still in this con-
necticn we wouid state, that agreea-
bic to our circular Of the 18th ult.,
were the conditions. climate, labor,
etc.. as good as they ever had been in
the past from the beginning to the
end of a crop, assu ming our acreage
estimate (the largest of three) to be
correct, the South could not have pro-
duced over s,GSi 900 bales of $50 lbs.
each, theaverage being 46S lbs. From
this calculation, however, should be
deducted all tire well grounded COM
plants throughout the South. These
complaints, 50 far, are only applica-
BE to portions Of Mississippi, Loaisi-
ara, Arkansas and fringe on eastern
aml northern Texas, estimated at
l50, 900 to zoe, zoe bales, 450 lbs.
each, or reduced to 46S 10. bales, a
crop of 4,7l0,e0o. This calculation
is based on the presumption that the
season and labor will be as good here
after lis it has beea since March, and
also that ouracreage tables are correct.
FUTURE PRICES.
This is the leading question, and Il
most difficult and intricate one, upon
which we hesitate to give an opinion.
Still we have one, and will frankly
say that we think well # cotton, and
entertain hope, grounded as we
think on sufficient reasons, that prices
will he we'll Sustained throughout the
season. Still we hesitate to advise
any one to operate on our Judgment,
for the reason that we possibly might
he wrong; our patse,is and friends
might lose money by speculation, and
while possibly not blaming us, would
not feel kindly to us or themselves.
No sensible man likes TO lose his mons
ey. The experience of the last five
years has taught us caution.
The tone of all ti,e markets for spot
cotton is steady. Prices arc we'll sl,s-
tanned, particularly in Memphis, This
acccrds with the statistical position.
Low Middling and upward may pos
sibly decline somewhat from present
rates. Good ordinary and below, al
so stains, in our Judgment will not,
The tone of the N-:H York and Liv-
erpool future delivery markets shows
some decline this week, due to the ex-
pectation of free receipts of new at an
early date, the crop being two weeks
early, which would obviate any great
This is ,he "Bear" side;
time will tell. We look far raven
Dus demand for cotton for some
months to come. In Memphis we
shall not be able to supply the demand,
in line wita; ether markets.
The best spinning cotton produced in
the South is raised around Memphis.
DAY IL PRoUDFIT.
Cotton sellers.