Tri-weekly chronicle & sentinel. (Augusta, Ga.) 1838-1877, November 07, 1839, Image 1
| -*■- Cs' K*' If mr
WILLIAM E. JONES & Co. AUGUSTA, Gv. THURSDAY MORNING, NOVEMBER 7, 1839. Vol III—No 108
T3E CIIRONK L.S AND SKXTJXEL
PUBLISHED,
1 ILY, TRI-WEEKLY, AND WEEKLY,
At No. Broad-street,
t e n m s:
Daily paper, Ton Dollars per annum, in advance.
Tri Weekly paper, at Six Dollars in advance or
| S 'ven at the end of the year.
IVc nely papjr, Three Dollars in advance, or Four at i
the end of year.
\ GEORGIA HAIL ROAD.
Merchants and others forwarding goods by the
Georgia Kail-Road, are paiticnlarly requested to
have the name of tic owner and the place of deslina
iion marked in full on each package ; also the name
of the Depot; and to fill the receipts in all ernes to
cnrretpor.d r/'iVt the tmtTlts.
iho o v. ace of the above rules is desired, to
prevent di 'ieutties that have occur.rd in i’orward
. ing goods intended for different person ; , hearing
■ the fame mark. nag 5
Omen I'r\Nspcßr\T!o>i,^
An;km.July 29, 1839. _S
Ktiduedinu nf I’Toriiit on l{ai!-!!c:id,
! 'ne.fourth less than customary, on all up freight
from G.haileston to Aiken and Hamburg, when j
cqna. (a a car load, {say 5 lOOJbs. weight, or 3 '0 i
foot measure nont.) Lorn this date to first Septem
ber next. VV.M. ROUHRTSGN. Jr.
Agent Transportation.
£jr-The Constitutionalist will insert the above.
o l:oI?tai kail.road.
mm
Freight is now conveyed on the Georgia Rail-
Road, between Augusta and Greensboro, at the
following rates:
Merchandise, of all kinds, 40 cents per 100 lbs.
Cotton, $1 50 per bale.
C. 1 Baldwin, Agent for tho Company, t
Greensboro, will receive and forward freight with
out charge.
Merchandize for the way stations will he for
,,, warded from Augusta on Mondays, Wednesdays,
end Fridays.
RICHARD PETERS, Jr.
Sup. Transportation Geo. U. R.
Jane 30, 1539 July 12
GEORGIA HAIL KOAJ).
The Passenger Train, carrying the great mail
between New York and New Orleans, leaves Au
gusta every day at 0 p. m., and arrives at Greens
boro at 1 a. m. Loaves Greensboro at 9 p m., and
At arrives at Augns a at a. m., in time for the
" I liarleston ears.
Stages run in connection with this train from
Greensboro for New Or,cans, (two daily lines) via
Indian Springs,Columbus, Montgomery and .Mobile;
for New Orleans, tri-weekly, via Clinton, Macon,
and Pensacola; for West Point and Wetumpka, via
Uarnesville tri-weekly, for Rome, tri-weekly, via
Covington, Decatur and Marietta; for Nashville
and Knoxville, Tennessee, tri-weekly, via Athens,
Gainesville and Cassville; for Washington, Wi kes
county, tri-weekly, from Double Wells; for New
Orleans, daily, from Warrcntan, via Sparta, Mil
ledgeviße, Macon and Columbus ; forMiilcdgevillc,
tii-weckly, via Greensboro and Eatonton.
Connecting with these lines are branch stage
linos to Tallahassee, Columbus, Miss., Tuscaloo a,
Newnan, C oweta county, Ga , and Clarksville, Ha
bersham county, Sac.
An accommodation Day Passenger Train leaves
Augusta on Mondays, Wednesdays and Fridays, at
6 o’clock, a. m., and Greensboro on Tuesdays,
Thursdays and Saturdays, at 7, a. m.
Fare on the Kail-Road to Greensboro $4 25.
Office Georgia Rail Road & Bk’g Co
July 12 Augusta, June 30, 1839. S
NOTICE TO CAPITALISTS.
Valuable Cotton Manufactory and Slave
Operatives, for sale.
va ILL BE SOLI), on the 2d .Monday in Dc
w.Y ccmbernext, at 10 o’clock, A. M. on the
premises, the following property, belonging to the
Saluda Manufacturing Company, viz ;
Tho MILL LANDS, situate on both sides of the
Saluda River, at Beard’s Falls, 3 rni'cs from Co
lumbia, S, C'., containing 159 acres; the improve
ments, consisting of Cotton Mill,Saw Mill, Black
smith and Machine Shop, Hotel, Store and Ware
house. Boarding Houses for Whites, and Cabins for
the Negroes,Sic. icc. and the Machinery, consisting
of 3838 Spindles, and 64 Looms, and all the Appur
tenances pertaining thereto, will bo sold in one lot
6(i a credit of one, two, threa and four years, the
interest on the whole amount to bo paid annually,
the payments lo be secured by Bond, Martgage,
and personal security, the Charter of Incorporation
oto Lc transferred to the purchaser or purchaser* of
the property.
x Also,til Slaves on a ticdil of ninety days, for
Kotos with approved endorsers, bearing interest
payable at the office of the i ompany, in Columbia,
S. A property combining the advantages this
possesses,is re rely offered to the public, his lo
cate I in a healthy region, with an immense water
power, and line sites for other Mills. There .s an
inexhaustible supply of the finest Granite on the
premises, and Pitch Pine Timber in abundance; it
is at the bead of the Cotton market, where the raw
material can'be obtained without the heavy ex
penses of transportation, insurance, receiving and
forwarding commissions, wharfage. Ac. It has
hitherto mot a market for its piodu, ts, almost ex
clusively at home. The ■ ill is built on the most
approved plan, of granite, 290 feet by 45, four sto
ries high,and is now but half filled with machinery.
The Machinery is of the very best description and
finish. The Slaves are trained to the operations
of the Mill. The Louisville, Cincinnati, and
* Charleston Rail Road, is expected to he completed
to Columbia, in tho course of a year, which will
greatly facilitate the transportation and delivery
of its manufactured goods.
D. I'D ART, President
aug 30 w!st Saluda .Manufacturing Co.
INSURANCE COMPANY OF COLUM
BIA, A. C.
fSN'TE above Institution' has been successfully
R conducted for several years in tin lown of
G(dum’jia, S. C. A considerable portion of its
capital is invested in Bank stock, the rest in good
securitleu All established claims for pioperty
lost, insured by this Company, or any of its agents,
will be promptly paid as heretofore, and the same
promptness wid be adhered to in future, which
should entitle it to ashare of public patronage.
ANDREW WALLACE, President.
Columbia, June 8, 183.9.
The subscriber having been appointed Agent for
the above Company, is now prepared to take Fire
Risks on Buildings, Merchandise and Household
Furniture. He will also make Insurance on Life.
All losses will be promptly adjusted and paid. The
rates of premium will he the same as charged br
other offices. He solicits a share of public patron
age. J. G. DUNLAP.
June 24 ts
PINAL NOTICE. -
ALL persons indebted to the estate of Hugh
Nesbitt, deceased, for rents, are requested to
make payment before the first of December next
All who are in arrears at that time, will find their
notes and accounts in the hands of an attorney for
collection. Those havingclaims against the estate
will present them for payment before the first of
December, as the estate is about being finally set
tled. No claim presented afterwards will be paid
by JOHN MOORE, Executor.
October 25,1839. Gt
I
He (in 11
Os she Committee of Twenty-One if the Plan
ters' and Merchants' Cante ill ion.
The Committee to whom was referred the re
solution instructing llicm lo present the subjects
on which the Convention was called upon lo de
liberate mid act, heg leave to report:
That alter the full exposition which is con
tained in the Colton Circular adopted by the
Planters and Merchants, at their meeting in the
City of New \ ork, on the 3th of July last, they
deem it in sunc degree superfluous, minutely to
explain or lo enlarge on ihe points submitted to
the people of the Colton growing States, in that
document.
Wo have therefore convened for the purpose
of considering:
Ist. Whether there ho any inherent defect in
the mode, and manner of shipping our great sta
ple under the exuding system of advances, made
by tho agents of tho faroigu houses, through
whom it has been hitherto principally exported'!
2J. Whether, if the injurious tendency of the
system be demonstrable, there exists within our
selves any remedy]
Wo will now, as succinctly ns pnssii le, pro
ceed to the discussion of these points.
It is well known that with tiie exception of the
very inconsiderable portion of the crop purchas
ed under direct orders, for the spinners, and for
foreign account, the great hulk of our cotton is
shipped either by the planter or merchant, or
dealer, under advances made by the agents of
foreign houses. Tho mode in which this opera
tion is conducted, is as follows:
Usually, the Banks in the Southern Slates ad
vance the money that moves forward the whole
crop, (or nearly so,) on letters of credit, as se
curity. The bills founded upon these securities',
are usually at 60 days sight. They arc forward
ed at once; but the cotton being much more tardy
iu its movement, they frequently mature, before
its arrival; and the cotton has to ho forced upon
tho market; or the acceptor of the bill has to
pledge the cotton to brokers or bankers, lo raise
the money to meet Ids acceptance. This may
he done when money is plenty, without difficulty;
but the moment it becomes necessary for the
holder of the cotton, or the hank, to realize ilie
funds advanced on it; then the cotton must he
sold, whether during a depressed or favorable
market. Whenever the Bank of England refu
ses to discount the cotton receiver's bill upon his
broker, endorsed liy his banker, his banker cannot
gbeldmany further means; because, prrad* cul
ture, the Bank of England has set her face against
transactions in cotton. Then the cotton must
be sold at any sacrifice to the spinners, who are
well advised ofthc amount of our staple thus
ready for sacrifice, and the period when it must
he forced upon the market. It moreover may
happen that tile hills which the parlies shipping
the cotton have received may he good, or good for
nothing; and what docs the planter and shipper
trust to, when he agrees to take these hills in re
turn for the produce of his industry] He trusts,
first, to the authority of tho agent to make the
stipulated advance, and to draw the necessary
bills on his principal. He trusts in the next
place, to llie inclination of the parties abroad—
First, to accept the hills; and, secondly, to pay
thorn at maturity. But lie trusts finally, lo the
skill and judgment of the foreign house, in the
realization of the proper; y, and to their ability
and disposition to hold it until the mast, favorable
moment for its sale. The receiver of the cotton
risks nothing, hut the difference between the
market value and the price ad'anee, unless the
latter is both extravagant and speculative, (which
one party ought not to ask, rtor the other to give)
tliis risk is (rilling.
We are entirely aware that it may he urged,
that probably four-fifths of the produce of the
globe is circulated by the means of hills of ex
change. It is just as certain that protested hills,
drawn against shipments of cotton, arc sent hack
by thousands and hundreds of thousands of dol
lars, by every packet, whenever tire market is
temporarily or permanently depressed. If the
price is high enough to cover them, they are ac
cepted, if not, the reverse inevitably follows.
We think, from this statement, it must he al
togeiher obvious, that our great staple ia w itlioul
any protection whatsoever; to say nothing of the
fact, that it may sometimes he in the hands, and
at the mercy of those whose interests and sym
pathies are with tho buyers of the article, rather
than with the shippers, or the producers, in spite
of tho exemption from this imputation which is
justly due to some of the English houses, who
have adhered to theintcrents of their co respon
dents with great firmness and fidelity amidst un
exampled difficulties.
Indeed it is altogether impossible to conceive
a system of sale so utterly defenceless, for an im
portant article, which performs such an essentia
office in regulating the exchanges and influencing
the currency of our country.
Wc will now proceed to the second branch.
2d. Having thus demonstrated the injurious
tendency of this system; tho question arises
whether there exists within ourselves any reme
dy? Tho avowed designs of this Convention
being to devise some means to protect, in future,
a ino-a important American interest, vve pars at
once to its consideration.
It may not ho out of (dace to advert to that ar
rangement in the monetary system of the United
States, which, in 1837, led lo a suspension of
specie payments throughout the American re
public. At that time our country owed to Great
Britain a large commercial debt, arising out of
the excess in value of the imports over the ex
ports of tho U, States, in their trade with England.
To pay this balance in specie, was impraetica-
Ide. An unusually favorable season had given us
a crop of unprecedented abundance in tho cotton
growing Slates. To transmit this property to
the country of our great creditor, as fast as possi
ble, as an evidence that the citizens of the United
States were neither wanting in the means nor
the disposition to redeem all their obligations, the
aiil of the hanking institutions of the Union was
invoked; and to guard a part of the property, so
transmitted, through their instrumentality, from
unnecessary sacrifice in the market of consump
tion, the agency of Humphries & Biddle was es
tablished at Liverpool. The result of that a
gency, in winding up the large crop of 1838, is
conclusive proof of what may he done by con
signees thoroughly devoted to American inter
ests, subject to no necessity by heavy advances,
to glut the market by forcing upon it large stocks
in constant and disastrous succession.
In this brief outline, is embraced tho whole
head and front of the offence which has led to so
much animated discussion, and w ide-spread de
nunciation, in the public prints, of both coun
tries. Whenever, however, a dispassionate and
disinterested judgment shall he pronounced upon
tho motives and objects of those who established
this agency, that judgment will prove equally
honorable to their sagacity and their patriotism;
and to the gentlemen in Liverpool who conduct
ed its affairs —who are entitled to the abiding con
fidence of our people, for the fidelity and firm
ness with which they adhered to the interests of
their constituents.
It might naturally have been expected that
when the causes which had led to the establish
men I of this agency lor the defence of our great
staple had been removed, the trade would fall
baek into its old channels, and that the protection
for our interests would ho ample, with the means
at the command of individuals engaged in it.
No ono sought to prevent this. The field was
open to the enterprise of all. No enibnrrusincnt
was wantonly thrown in the way of any one.
Nothing has been said or done hy tile so called
“monopolists,” to prevent others from entering
into a fair competition with (hem.
But we have, unfortunately, been obliged to
learn hy a severe lesson, that oilier countries, as
well as our own, may, at limes, he destitute of an
adequate supply of the precious metals. Wc
have lo realize the painful truth, that after de
voting our capital, our anxious attention and our
labor to produce a good crop, and alter witness
ing the partial disappointment of our hopes, from
the unt.ivoiuhlc influence of the elements in our
own country, the value of what wo have secured
is to he essentially diminished hy the extent, or
deficiency of a different crop In another country.
Granting that tho calamity of a short harvest
in England beingan act of Providence, by which
the productive energies of her people arc render
ed of less value, has to be and ought to be ulti
mately shared by all other countries participating
in her commerce, and that submission is conse
quently no less a matter of necessity than a point
of duly, it hy no means follows that one section
of the world should boar the greater part of the |
burthen of such loss, by the iKprcciniion of its
own productions in a disproportionate degree.
This we maintain has been the effect whether
it was designed to I o so or not, by the course
which has been pursued hy the Bank of England
in regard to the cotton crop ofthc United States.
That particular art'elo has been selected from all
other articles, as the one which was to he sold at
low rates in England, because food had to be pur
chased from other countries at high rales, to sus
tain her people, We are aware that this position
will he vehemently 'enied. It is, nevertheless,
strictly true. Let any man look over a file of
English commercial newspapers for (ho past eight
months and sec if he can discover, any oilier ar
ticle of merchandise or trade, in which specula
tion has been so energetically denounced, or re
lative to which so many combinations have been
dm eloped, calculated to prevent its yielding a fair
remunerating price, to the producer or importer.
Let him re Hew the prices current—the agree
ments among spinners— Hie articles on the mo
ney market—lire statistics of the crop, and con
sumption—the advance of flic rates of discount
by the Bank of England—ami then let him say,
if there is one word in them all which deprecates
a rise :n the price of sugar, coffee, saltpetre, indi
go or tea, or any other production, save cotton]
Let him then honestly state liisconvn lion, wheth
er there has or lias not been a combined, exten
sive and most influential effort to depreciate flic
value of the cotton crop of flic United States’
If wo shall ho fully satisfied of the truth of
these propositions, there can remain no doubt of
the justice, or the propriety of our adopting such
measures of self-protection as shall guard cur in
terests against such influences in future.
The question arises, what these measures shall
he] Here wo will take occasion to adv ert to the
gross misrepresentation of the motives and ob
jects of those who are responsible for the call of
this Convention. It has been said, that it was
nothing more or less than to get up a scheme for
giving a speculative excitement to prices; to es
tablish a permanent monopoly in the cotton mar
ket, and lo seduce, by the temptation of high pro
tits, the hanks from the sphere of their legiti
mate business to turn merchants; and thus to de
range the whole commerce of the country.
These allegations arc utterly untrue, in the
first place we avow that nothing would he more
injurious to that great desideratum, steadiness in
the price of our staple, than any temporary and
undue excitement in the market, whilst the
charge of monopoly, w hen the whole c op is
open to the competition of flic whole world, is
equally unfounded. It will be perceived, in the
sequel, that so far from desiring to force or se
duce the banks into the risks of commercial ad
ventures, (hat wc do not propose to them to do
any thing more than perform their usual function
of lending money with an augmented security.—
In one word, we propose that the banks of the
southern stales should commence forthwith to
make advanceson cotton on the pledge, in a prac
ticable foim of Ihe material itself; with the per
sonal security ofthc persons taking the advance.
We arc aware that one of the strongest objec
tions urged to this scheme was, the medium of
Post Notes, through which it was proposed that
these advances should be paid. Since the call
of this Convention, and the period of its assem
bly, tho Banks generally, with few exceptions,
have suspended specie payments throughout the
middle and southern States, and which is likely,
in spite of the strong efforts hy the Banks in N.
York, to sustain a redemption of their notes in
coin, will become universal, until the country
can recover from the great anil unprecedented
embarrassments into which it is thrown. It
therefore becomes needless to discuss the Post
Note system, and lo shew, that in small suras,
and with a certain fund for their redemption, at
maturity, they might he made equivalent to the
best inland exchange ; ordinary note circulation.
The crisis is certainly propitious to a Lot test of
the efficacy of the experiment of protecting our
staple through (he instrumentality of •.nr Banks,
as the process of exchanging their note-; for good
sterling bills is, to them, unquestionably a meas
ure, not only of essential safety, but of sound
policy. Wc are very far from saying, flint so
signal a calamity as the interruption of pavrnents
in coin by our Banks, is to be regarded vvi’ih any
other feelings than those of profound regret; hut
wo .apprehend that this suspension has resulted
from a manifest and unavoidable necessity. The
truth is, tho late resumption was premature
Our country had not recovered from tlie- pros
tration of 1837, and the present crisis has been
precipitated upon us hy the short harvest ofthc
last autumn in Great Britain, and consequent
rise in the rate of interest hy flic Bank of Eng
land which rendered American securities utleily
unavailable—depreciated the value of the cotton
crop of last year—and entailed upon our ship
pers the necessity of meeting enormous rcclama
lions.
The enquiry therefore arises, whether we can
not use our great staple, as the means of resusi
lating cur banks, of enabling them to replenish
their i aults with the precious metals, and there
by fortify themselves for resumption, whilst they
shall subserve the important purpose of protect
ing the great cor on growing interest of the coun
try. We think we can.
We have not at the South the mines of Mexi
co or Peru, Gut wo have growing on the surface
of our fertile plains a staple of equal value, at
infinitely a less cost of production, and without
any expensive process of complicated alchemy of
easy convertibility into the precious metals.—
j Shall vve in the process of this exchange allow
1 others to reap the hem tits of this conversion; at
a moment too, when our luniks requite in reflux
ot bullion into their coffers, or its equivalent in
foreign exchange, in order that, at no distant day,
they may redeem their faith with the public?—
It the. hanks in the Southern Stales, advanced on
the whole cotton crop of our country, it, in quite
obvious that they would, through the foreign ex
changes, have what would lie equivalent to a
supply annually, ol eighty millions of the pre
cious metals. The exchanges of the Union
would in this event, he centralized at the South,
and something done towards the accomplish
ment of that great desideratum of Southern hope
and aspiration—a direct trade.
And wo have no hesitation in saying that wo
he.iove it the hanks of the south come forward
promptly and generally and make advances, at
sate rates, to responsible parties, on our crop that
the most stupendously beneficial change will be
effected in the currency trade, and exchanges of
our section ol the Union that haso' cr been con
summated. If at this moment when they waul
the support of our great staple most, (hey‘should
embrace the propitious conjuncture, whenever a
resumption of specie payments should he com
menced, by general accord, they would not only
be in a state for vigorous resumption ; hut be iii
n condition of impregnable strength, under the
system of exchanging, in a greater or less degree
eighty millions of their currency for eighty mil
lions of foreign or domestic exchange. For with
the former it is altogether obvious—they, could
have the means of drawing any amount of bul
i lion they pleased from Europe, after selling a
suflk'ionl sum to meet the inland exchanges of
the country.
\\ ith these manifest and multiplied blessings
before us, we invite the cordial concurrence of the
southern hanks, planters and cotton merchants,
in the measures we are about to submit. We
are aware, however, we should not perform our
duty,or very inadequately meet public expecta
tion, it wc did not point out. practically, the
mode by which these desirable objects are to ho
accomplished.
b nst, it is proposed at all the principal ship
ping ports of (lie cotton states, that parlies, wheth
er planters, cotton merchants or factors, should
apply to the hanks for such an advance on the
cotton they hold, ns may he in conformity with
the current rates and he mutually agreeable to
the parlies. In every case when the bank con
ceives the advance asked for is too high, it is
quite competent for the institution making the
advance,to require in addition, all the security
incident to an ordinary discounted note. It
would be altogether impracticable for this Con
vention to fix the standard of what would or
would not he u safe rale of advance; ns this, of
course, must depend on the fluctuating questions
of production and consumption—the first influ
enced by the vicissitudes of the seasons in our
own country; and the last, by die stale of trade
abroad. This must, of course, he left to the
sound discretion of the hanks themselves. Isy
requiring th s security at home, the spirit ol reck
less speculation would lie repressed; and the
disastrous .embarrassments of uneovered recla
mations, to a vast amount, averted. The party
applying fur the advance must produce (ho ware
house receipt and policy of insurance, duly as
signed to the hank ; or hill of landing, if the cot
ton is on the eve of shipment abroad. The Hank
ns its equivalent, after charging the interest and
allowmg (ho difference of exchange, takes the
sterling bill of the shipper, at six months, and ad
vances its own notes, and by mutual agreement,
it is arranged to which of the houses to he here
after appointed in Europe to hold these eonsign
mants the cotton is to ho shipped, with an explicit
understanding, that it is to be held for six months
from the period of shipment, if so long he, neces
sary, to secure an advantageous sale. If the ad
vances are received by the hanks in the interior,
then the receipts and the. hills of lading, may he
transmitted to their agent hanks in the shipping
ports, in order that the sterling hills may he sign
ed hy the shipper, that the exchange may he ne
gotiated.
It will lie perceived that hy the specific resolu
tions annexed to this report, the mode hy which
we propose to carry out Ilfs great measure, is
First. Hy the appointment of a committee in
each of the great cotton markets of the southern
slate i, to confer with the hunks forthwith, in or
der that arrangements may he made to commence
advancing on cotton on the terms proposed.
Secondly. That these standing committees
he authorized to confer with the banks as to the
selection of the houses in Great Britain, and on
the continent of Europe, who shall he, empower
cd to receive and sell thoconsignmentsfrom each
of our shipping ports. It may, pci haps, he de
sirable to the hiinks to establish in the foreign
markets, as the best schoo’s for our young mer
chant;--, new American houses, to attend to the
transactions of their business. Your committee
in considering the report made to this Conven
tion hy Gen. Hamilton, in obedience to the in
structions of the New York meeting, which de
volved on him the province of arranging with
sundry European houses, to take the consign
ments, and which has been referred to your corn
initlcc, arc of opinion, that the Convention hud
better make no designation of the houses; hut
simply to suggest the above reference, however
entirely satisfied they may be with the manner
in which this gentleman performed this duty ;
and of the undoubted respectability of the houses
will, whom he conferred.
Thirdly. That in the city of New York there
should he an Agency established for each s. inli
ern shipping port, to he appointed by the com
mittees, and hanks, of said ports, whose duly it
should he to sell such cotton as may be shipped
to New \ ork ; and such exchanges us may go
to that place for negotiation.
Fourthly. That a Delegate from each of the
committees of the several cotton markets, meet
on the Ist. day of August, of each year, in the
city of New York, to confer with the .New York
Agencies, and to devise such measures as may
more effectually promote the objects of this con
vention.
This is the sum and substance of the plan
which wc propose for the protection of our great
staple, and the resusitation ol our currency. In
its details there is neither complication nor mys
tery. Its object is to borrow the money on our
staple at home, and not abroad, and thus to place
it beyond the reach of sacrifice, whenever the
Bank of England may either, from wise councils,
or an unfounded panic, raise the rate of interest.
We d sclaim the stupid charge of hostility to the
manufacturing interests of England, for the mani
fest reason, they constitute our best customer.
We must, moreover, he allowed to enter our
protest against the unfounded allegation, that we
desire to fix, hy an absolute edict, the price of
cotton. »Ve aim at no object so absurd and un
attainable. Wc know that the great law of sup
ply and demand must, after all, regulate price.—
But it is a legitimate object of trade, hy wise pro
visions, to guard against gluts in the market, and
unfounded panics, often the result of unworthy
and profligate combinations. We have repeated
ly seen the most false and urihlushirg statements
i of the probable amount of the cotton crop of the j
U. States, for the purpose of depressing its val
ue. La-1 year it was asserted that the production
would ho 2,000,000 hales, in the face of a pro
duct ol 1,,150,000; and, iu the face of a drought
ol unexampled intensity this season, it is ufiinn
ed with equal truth, that that of the present year
would reach 2,300 000 bags, which, in no event,
can exceed an average one. No article of agri
cullurc and commerce in the whole civilized
world, is exposed to such accumulation of dan
gers, as our great staple. Even that pestilent
drug of oriental luxury, the expulsion of which
has loccntly convulsed a mighty Empire to its
centre, seems less an object of hostile combina
tion among those at least who purchase it, uhho’
it dispenses madness and death, than a staple
which gives to man his most healthful raiment;
and which rivals the fleece of the lamb in its
softness, and the miraculous results of the indus
try ot the silk worm iu the fineness and beauty
of its fibre.
Wc desire no monopoly. If the agents cl
foreign houses are willing to give a higher rate of
advance than the Banks, let them take with the
cotton, (ho risk of such adventures. All that
wo wish is, to place a portion at least of the
cotton crop beyond the reach of coercive sales,
under the death of n GO day hill; that has run to
maturity. We wish, moreover, to place at least
a portion of (he crop, beyond the blighting influ
ence ol those theories of finance, which although
they may have emanate I from the highly respect
able parlor of the Hank of England, are not to
he found in the philosophy of Smith or Ricardo,
which have stiuek, in the’last summer, a blight
ing influence, not only on the American trade,
iuU have prostrated one ol (lie greatest branches
of the gigantic industry of the British Empire ;
under the vain and absurd hope of stopping du
ring an obviously unfavorable state of trade and
a deficient harvest, that stream of gold which
was as certain to flow out of England, as the fa
ther of our western waters is to roll his current
to the ocean. These wise men, in their genera
tion, have indeed done their worst—they have
prostrated American interests, and all the intor
estsin their own country connected with our own,
hut the fatal lido still flows on.
And if our Bunks desire that a portion of this
ctroam shall be lavished on our shores, let them
turn to mir great staple, which, under a judicious
course trade, will command the precious metals
from every quarter of the globe.
To our ussociiites in an important branch of
our industry, the cotton planters of the country, ,
we would address a voice of sympathy and warn
ing—we would tell them that the mode hy which
the product of their capital and skill is disposed
of in the great market of its consumption, is
enough to break down the most valuable staple,
next to the staff of life, which God has given* to 1
man.
They must not rest satisfied with the uncertain
calculations of the product of n crop, liable to be
cut short almost to the lust moment of its gath
ering, hy the vicissitudes of the season. Wheth
er it he a largo or a small one, a judicious system
for offering it for sale iu live great foicign markets
of its consumption, is equally the pari of policy
and wisdom. The fact is not to he concealed, in
spile of the depressed slate of trade in England,
if the American houses in Liverpool had hold
this year, the stock of cotton which was consign
ed to Humphries and Biddle alone, during the
last; from ten to fifteen millions of dollars recla
mations would have been suppressed; and some
just relation preserved between even a diminish
ed consumption and a crop of unexampled short
ness.
The production of our staple treads so closely
on the measure of consumption, that of all the
articles of commerce, it requires the utmost care
in its sale ; yet perhaps it receives the least. We
ought to reflect, what would be the extent of the
calamity which would befall our country, if it
were to break down to a point which would not
cover the cost of production. For to the uplands
of the South, it is our only remunerating pro
duct. An efficient scheme of protection, for a
few years, will make all safe. The use of cot
ton, as a fabric of human raiment, is just penetra
ting the Russian Empire; and before many years
we shall have in the boundless regions of the
north of Europe, a class of consumers more nu
merous than those of the Kingdom of Great
Britain,
With these reflections on the past, and antici
pations of the future, we submit, with this Re
port, the following Resolutions for the adoption
of the Convention.
Resolved, That the gentlemen who issued the
Circular, dated 6lh July, in New York, which
has caused the meeting of this Convention ; are
entitled to the thanks of every citizen, who is in
terested in the cultivation, or export, of the great
staple of the South.
Resolved, That this Convention entirely eon
curs in the opinion exprosed in said circular,
that owing to the circumstances under which the
cotton crop is usually sent to market, the price of
the article, is not left to ho regulated, liy the fair
mid natural influences of the, law of supply and
demand.
Resolved, As the opinion of this Convention,
that a remedy for the evil, us effective of its ob
ject, us it is simple in its character, will he found
in tin: recommendation of the circular, “that the
cotton of ourcountry, shall not he sent to market,
accompanied hy a hill of exchange, which must
coerce its sale,at a fixed date, whatever may be
the state of the market,
Resolved, That the cotton planters and Ameri
can shippers, in the southern ports, he earnestly
requested to concur in the measures recommend
ed hy this Convention, hy whirl) they may he
certain of having their cotton hold, and not for
ced on the market at a ruinous sacrifice.
Resolved. That the Hanks in the southern
States he invited to concur in a general system
of advancing on (he crop, as the only certain
means of replenishing their stock of specie, and
of placing 'heir circulation on a sound basis.
Resolved, That the committees at Mobile and
New Orleans he requested to call a meeting of
tire Directors of the banks, planters, factors, and
American cotton shippers, in their respective ci
ties, at mi early day in November next, that the
proceedings of this Convention may he laid be
fore them.
Resolved, That the following gentlemen do
constitute the standing committees:
For New Orleans —l,. Millendon, John Min
ium, 8. Peters, N, McGcehco, D. McGoffin, and
John Hagan, Esqrs.
For Mobile —H. IJ. Gwathrney, Win. 11.
Robertson, C. C. Ganglion, John R. Blocker,
Geo. 8. Gaines, 'i'll. E. Tart, Thos. J. Butler,
H. H. Faintnine, John Mayrant, J. 8. Deas,
Franklin C. Heard, Esqis.
For Savannah —G. It. Lamar, Ed. Padelford,
Jos. 11. Burroughs, Win. Patterson, U. E. Stiles,
Chas. Ilartridge, Esqrs.
For Charleston, 8, C, —John Robinson, Robt.
Marlin, Hoht. Collins, John Kirkpatrick, Henry
Gourdine. James Hamilton, Esqrs.
For Columbia, 8. C. —Wade W. Hampton,
Wallace, R. Sonley, J. Adams, R. Goodwin,
Esqrs.
For Hamburg. S. C.— Henry Shultz, Ed
ward Delius, Charles Lamar, Marshal R. Smith,
H. W. Soloman, E sqra.
f' u s Augusta, Gn. —Alfred Gumming, Paul
r iiz.simmons. Geo. W. Lamar, Peter Bennoch,
John P, King, Esqs,
For Millcdgrvil/e, Ga.— Dr. T. Fort, J. W.
A. Sand ford, I, L. Harriss, Esqrs,
For Macon, Ga —Dr. A. Clopton, J. Cowles,
Chas. Collins, J. Goddard, M.N. Burch, Chas.
Colton, J. G. Moore, Ed. Hamilton, Win, B.
Johnson, Esqrs.
For Columbus , Ga. —John Fountain, John
H. Howard, Dr. Thos. Hoxey, Wm. 11. Harper,
11. 8. Smith, Esqrs.
For Mnntgomeri/, Ala. —.louse Taylor, John
Martin, John Scott, Thos. S. Mays, B. Bibb,
Esqrs.
For Tuscalooao, Ala. —John Marrnst, A. Bat
tle, Edmund Prince, Hirdin Perkins, Robert
Jameson, Esqrs.
For Columbus, M,ss. —Judge Andrew Bibb,
George H. Young, Judge J. Moore, Thomas Mc-
Gee, Major Bluit.
For Natchez, Miss. —N. Ware. Gen. Quit
man, Jno. Ruth, Judge Thatcher, Mr. Dalgrcen.
Far Vicksburg, Miss. —Judge Lamar, Mr.
McNeil, Di. B. Harris.
For Tallahassee, Fl. —Jesse Coo, Edward
Bradford, .1.11. T. I irrimcr, A. M. Gatlin, Sam
uel Reed.
For St. Josephs, FI. —T. B. Howard, E. J.
Hardin, Park Street, G. W. Smith, Mr. Doffin.
For Apalachicola, FI. —W. G. Porter, E.
Wood, II iram Nourse, D. Goldstein, W, O. Ra
ney.
Resolved, That tho foregoing committees lie
specially requested to carry into effect the duties
confided to them in tho above Report, and that
they communicate to the Centrd Committee, at
Mobile, what they have done in the premises,
(hat the same may ho announced in tho public
journals of the respective Slates - .
Resolved, That the said committees he request
ed to supply all vacancies which may occur in>
their respective bodies.
Resolved, That the Banks and several coun
ties and districts in the cotton States, be request
ed to send Delegates lo tho “Commercial Con
vention,” to meet in Macon, Georgia, in May
next, to unite with that body for the purpose of
taking into consideration the currency of the
country and the interests of the Cotton trade, by
which the direct trade with Europe is to essen
tially ho promoted.
The Pi:nvKRSKNBsg ok Women. —There is an
old story of a man who had married a young
lady, and who had a friend somewhat sceptical a»
to tho obedient tendency of tho wife’s disposition,,
much to the dissatisfaction of the Benedick who'
strongly asserted and warmly asseverated that his
will was law, and that she never by any chance
disobeyed any wish or injunction of his.
“H avo you ever tried her temper in that res
spect?” said tho friend: “have you ever desired
her positively not lo do any particular thing? for
that is rny point, since you tell mo she never re
fuses to do whatever you desire her to do.”
“No!” said tho affectionate husband, “I neve*
have found occasion to desire her not to do any
thing, hut—"
“That’s it! as the old women say,” cried the
friend, “female obedience is proved by negatives;
tell her nut to do any particular thing, give no
particular reason why, and see if she does not do
it.”
“Ridiculous!” said flic husband.
“Try!” said tho friend.
“Well,” replied the husband, “agreed! wc are
both going away for the day; what proof shall I
put her to? what shall I tell her not to do] moy
she not play on her harp] must she not sing, or
draw! or, in fact tell me whnt you want no to
prohibit her doing, and 1 stake my life she doer
it not.”
“Oh, no!” said the friend, “drawing and sing
ing. and playing the harp, arc things which she
might abstain from without a murmur, or, what
is more essential to the affair, a wonder; because
site has sung, and played, and drawn a thousand
times; it is an injunction not to do something
she has never done before —for instance, tell her
when we go, not to climb some particular hill,
for particular reasons which you do not choose
to give her; or, hy way of carrying the principle
out to its fullest extent, warn her not lo attempt
to ride on the dog’s back.”
“Neptune’s hack!” said flic husband.
“Yes,” replied the friend, “on the buck of the
most valuable Newfoundland dog, the bravest
ami fuithfullest of his breed.”
“Ride on a clog’s back!” exclaimed Benedick,
“how can you be so absurd?—as if—”
‘ Ah! there it is,” said the friend, “as if—now,
take my word for it, if you issue the injunction
without giving her any reason, Harriet will
break it.”
The most incredulous Jof men rejoiced at the
idea, which he felicitously ridiculed, and resolved
upon trying the experirneir in order to establish
his Harriet’s superiority of mind, and his friend’s
exceeding silliness.
He parted from his Harriet, and with tender
fondness she clung round his shoulder, us he said
in quitting her:—
“Harriet, dearest, we have seldom been separa
ted since our marriage—l shall be back soon—
take care of yourseif, love— hut just attend to
one tiling 1 am going to say, dear; don’t try to
ride upon Neptune’s hack while we arc away.”'
“ What!” said tho laughing Harr et,“ride upon-
Neptune—ha, ha, ha! what an odd idea—is that
all you warn me against!—why, what a ridicu
lous notion! why should you tell me that? What,
nonsense!”
“That, my dear,” said the husband, “is a se
cret; all I beg of your is, not to ride upon Nep
tune.”
“Ride upon Neptune,” repeated the lady, and
she laughed again, and they parted.
When Benedick and his friend returned to din
ner the laughing Harriet did not as usual pre
sent herself to receive them; there was a sort of
gloom pervading the house; the footman who
opened the door looked dull; tho butler who
came into the ball looked us white as his waist
coat; the lady’s own maid rushed down, stairs,,
evidently to prevent a scene.
“Where is your mistress?” said Benedick.
“Up stairs, sir,” said the maid, “there is noth
ing the matter, sir—nothing in the world, sir—
only my mistress lias had a (all—quite a little fall
on tile w alk in the flower garden—and has cut
her face the least bit in the world, sir; all will be.
well to-morrow.
“A fall!” said Benedick.
“Humph!” said the friend’.
And up stairs ran the anxious husband.
“What has happened!” exclaimed he, catching
her to his heart, and seeing her beautiful counte
nance a little marred—“how did this happen?”
Harriet cried and hid her face.
The explanation never come altogether clearly
before the friend of the family; but the accident
was generally thought to have arisen from Har
riet’s having endeavored to take a ride on Nep
tune's hack.