The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-31

The subjoined letter no doubt, expresses
the mistaken ideas Of very many honest
people:
To THE EDITOR or THE SUs-Sir! have read the
article In THE Sun on tho Deadlock In Cotton
Tue southern people do not believe Liverpool or
foreign buyers responsible for the deadlock The
people who have held down the price of the present
crop or cotton arc the operators In Wall Street For
weeks past Liverpool has ruled higher than New
York and on every advance in Liverpool. New York
prices have declined. Is 1t not an exceedingly cold
booded and short'sighted policy for the moneyed
interests Of Wall Street to hold down the price OF this
great staple when the higher prices Justified By tn,
present short crop would not only beneat the
Southern Agroulturalists. but give greater buTins
power to the South in every line OF goods turned
out OF Northern workshops.
macon. Ca, Dec %. HUoH V. wAsHNoros"
Mr.. WASHINGTON will probably find inter
esting and surprising reading in an article
recently printed in the Liverpool Post, ono
OF the most important English newspapers
In which 1t Is maintained as the opinion of
the English cotton trade that the American
money power" SO far from putting down
the price OF cotton. has been clearly en-
gagged In gigantic conspiracy unduly to
raise 1t. The substance of the article ia "a
follows:
There can be no doubt now that this deeply
laid scheme was an accomplished fact months ago,
and stands ont unparalleled In tho history OF the
COTTON world In plain language II was conspiracy
against European spinners. The Lancashire cotton
inousuy mas had TO contend In years gone by with
many local corners in Liverpool. But these
corners. ruinoua they were to all engaged
In that important industry. were only ATTEMPTED
during the latter three four this Of the cotton
season. say from June to October whereas this cor.
nsr Ia being engineered both sides OF the Atlantic
BY certain American capitalists plan ters and bank.
srs Nths commencement Of q cotton season, and
when the crop Is an unknown quantity Csay from
100000 to IL, ooo. ooo). Therefore new danger
stares European spnners and manufacturers in tho
face In the future. and II is impossible to say what
the outcome OF IL may be. either during this season
or In the ones to follow"
The money power" has had no more TO do
with the present price OF cotton than have
the rings OF Saturn. The money stringencv
felt by spectators during the last few
weeks has undoubtedly checked operations
for higher prices in cotton, as 1t has in
grain and stocks, Many Wall Street dealers
In cotton found themselves Obliged to sell
their holdings OF that staple, like owners
OF stocks. Such stringcncy, however, af-
fected the buyers OF options Of grain and
'otlou itSs IMAM any Otntf class OF SDICu-
lators. The man who buys stocks spccu.
latively has to pay, or his broker has TO pay
Tor him, the entire market value Of the
stocks he buys, while the Spectator in
cotton merely purchases an option. bv
which he can compel the salc OF the article
To him at future period, and the only
money payment made in the transaction il
the brokerage commission and certain in.
considerable interest charges.
The fact is that tho fictitious "mop,v
power" that our friend speaks of, that is to
say the supposed combined effort of great
banks and capitalists, would find far
greater profit in rise in the price OF cot.
Ton Just now than in any other stock or
commodity produced or manufactured IN
our country. If there was such a money
power as is described, ana it had the
aol''ty to name its own prices, as orr
friend thinks 1t has, it would immediately
procure an enormous advance in tho price ~
cotton. And this Is because the one sub.
s'antial fast that has enabled England