Newspaper Page Text
brushes and passes him as they leave the
stand o.i tbe first quarter. He held Ins own
around, but Wagner made some desperate
brushes e icii time as they passed the stand.
Gtuy Lial* sti I leads vV aguer, and Mary
IS lar behind. Wagner is running.
4', is a desperate fncnuuter of blood. See
s' now Wagner s rider gives him the timber,
ami Mi.: rowels ar drinking the blood from
Ins go.ircd tiauKs! They come, within the
distance stand.—Gtey Eagle is s’ill before.
Shout pe.ds on shout. Fatal mistike.-
The riderufthe Fugle is curious, He looks
behind him; tiis mn tgonisi whips and spurs.
Wagner shores out two lect ahead. Time,
7 minutes and 4 4 seconds. Queen Mary
third-—jost saving her distance.’
Cotrct-nn'lenre Lex. ( Kj.) Intelligence/ .
i. iUisviLi.K, Saturday afternoon.
Wagner and tSrey Eagle liaro again met,
hnil great as was the contest between tlietn
on Monday, it was thrown into tile shade by
the race of to-day. Though the latter has
once more been vanquished, he has shown
himself inferior only to his own more fortu
nate competitor. The only other eutry for
the purse was the full sister of Singleton.—
At the start Wagner led offal an extreme
ly moderate pace, >rey K igie and Emily
Johnson following some lengths in the rear
wliefi within a few yards of the last stretch
in tile first roan I, Eagle made a brush at
AVagner. and put him to his speed, roo
tling locked wdli him, uu'.il the. fns> turn in
the third mile, when lie passed Him, ami
maintained his position till the termination
of the heat. From the time he was beaded,
W agner mule a succession of brushes at the
Eagle, freq lently locking, but never could
pas, him. He finally ceased all efforts at
the distance stand, permitted Emily John
son to brash his opponent from thence to
the Judge’s stand. Time. 7:n. 545. This
heat would have been qtti Uer. but for the
tardy pace 111 which the first j( of a mile was
run.
At tlie appointed time the three were a
g lin'broiight up to the stand. By so-oe
mismanagement Wagner got both the siari
and track. He Was permitted to" maintain
the lead until within a few hundred yards of
the last stretch in the second mile, when
jvugle collared him, and in despite ol all: hat
whip and spar could da, entered the stretch
ahe id. Front *.iiis out, the periiittdifi were
called into constant requisition, and the two
hotocs ran locked until by a terrific brush
iu the last stretch of the third round, Wag
ner cleared himself of his adversary by a
full length. Eagle fell in o the rear sever
al lengths, and it was supposed by all had
given up ihe contest. Wncn, However,
wearing the last stretclt in the f. urlli mile,
he again gathered himself for a struggle—
rau up—locked W *gtter on the last turn,
and thus ran out file tie.il in 7tn. 4.55., anti
losing by about 18 inches. When taking
into consideratit n tint difference in tits state
of the track and the heat of the weather,
tlietiin- of to-day’s race must rank before
that 01 Monday. Emily Johnson drew up
the third round in this heat, and was there
fore a distanced nag. Never before, in the
annals ot raciusr, were two horses brought
together, whose powers were so equal!
matched.
The third heat Witgner again led off,
Eagle following at a t easy pace While
running thus in the third quartet of the
second round, and when Eagle was prepar
ing fora brush, his sinews gave way, anti
almost in ail instant he became UvougLlly
let down. Great was the sympathy fell by
the multitude for this untoward accident to
the noble ani nal. Tito’ Wagner has again
been triumphant, yet never lias he before
encountered such a emn;>€tiior. Ilis bark
er* looked nil sorts of ways after the first
heat; and when Eagle came in ahead, the
air was mi l • to ring with the shouts of ap
plause. Where all the people came from,
the Lord only knows, but i ! is computed
there wa3 fully as many present as on Mon
day—though there are >ut few strangers
left at the tavern. These two contests have,
I fear, spoiled my tis‘ lor racing; for 1
feel l cannot again look at such 4 mile races
as we have heretofore had in Kentucky.—
I verily believe that Wagnet is now the best
race horse in the Union.
Yours, in haste.
The same riders rode their respective
horses; and although that on Eagle did
better than on Monday, yet it was any thing
else than the perfection displayed by his ad
versary.
Waking up the wrong Passenger.—A knight
errant a few nights since was cruizing in
Old Town in search of adventures, and
knocked at the door of a house in Exeter
street, occupied by a respectable family.—
The lady of the house popped her head
out of the window to see the cause of such
a dreadful pother, and the gallant cocked
his head and endeavored to squint sheep's
eyes at her. She obeyed his invitation to
come down nod admit him; but on her way
she seized a cowskin, and unlocked the
door, admitted the youth. The door was
safely closed, and the gentleman thought
his plan successful, but the lady, caught
him by the collar, and laying on stripes iu
good earnest with tiie cow-skin, made the
gay Lothario cry murder most lustily.—
A w atchman was attracted by his cries,"arid
the door being opened, the night cruiser
popped out and cut away. The lady de
clared herself much pleased with his visit,
and gave him an invitation to call again,
but he did not stop to make an answer, and
it is supposed lie has tia-l a sufficient taste
ot a warm reception.— Baltimore Sun.
Male Coijuettes.- -The character of a fe
male coquette is sufficiently odious and re
pulsive ; but when the gentlemen think
■proper to imitate the weakness and vices of
the ladies, they become altogether disgust
ing. There are many men who make a
point of paying particular attentions iudis
cri innately to several ladies, and when their
marked observances have exposed them to
misrepresentation and calumny, wonder
dmw such could be the result, not meaoiu"
any harm, and only intending to amuse
t’te uselves. There are people whose minds
* -ar** so strangely constituted, that they take
nr? pleasure but i 1 mischief, and delight m
dwrtu.uing tiie feelin asm'a husband, brother
.un i father, by singling o it their female con
nexions as the object of their public homage,
.and who care nut about the misconstruc
tion to which 4 hey subject their hopeless
vict'tß. provided they can gratify their spleen
anil tnalevdein e. Front whatever cause it
proceeds, the effects are the same, and the
person who exposes a female to unmerited
•obloquy, is as contemptible as he is depraved
or foolish.
American Humming Bird.— A couple of
boys having t*k*a a nest of hornets !
and n l t?ged up the enterance, took it to an !
Irish-nn who happened to be leis ,relv
passtmr on rbe towpath, while the boat in'
* passenger was ge-ting through ,
t 1 ’ e ,oc 'V *"' l a(> H it to him for a of Am
|ic:m bmnmmg bird. His instructions
t . K ' & ** "«<>» them to come I
P>t except m.rtjhtyosto, a * d '
I them back he was to beat upon their, nest,
which would induce litem to return to their
hab'tation. With this information he has
tened on board the boat, and called upon
his comrades to go with him into the cabin
to examine the qualifications of this rare
specimen of American ornithology. Hav
ing give the nest to his partner, with instrnc
! tions to call them bacw if any person should
come to interrupt them, Pat pulled ou t the
plug, when one came and lit upon his hand.
• •Och fait, look what a beautifulcralnr! sure
ly ottld Ireland niver had the like.” Just
then several hail come out. anil one had
planted his sting just above Patrick’s eye.
“Och ! thunder ami turf! bate the hive!”
cried Pat, throwing his arm:: around at eve
ry fresh “The diviPs bail luck til! ye,
Jamiuie, why don’t ye hate tlte hive.” while
Jaininie used what little time tiie horue.s
left him in pounding tin* nest.
OO.lVI,M«m j cj.
M ERG HAN TS’ At FLA NT K RS’ CON
VENT ION AT MACON.
Thursday, Oct. 24.
The Convention assembled according to
adjournin' nt. but eu receiving the announce
ment that the Committu of Twenty-0110
would not be able to report until 12 ocluck,
the meeting was detained for a short time
by interesting remarks from different gen
tlemen, and then adjoruue I to 12 o'clock,
.VI. to receive the Report.
Accordingly, at that hour the Commute :
presented ’.lie toilowiug Report and Resolu
tions. which, after a brtel discussion, were
unanimously adopted.
REPORT.
The committee to whom was referred the
[{ •solution instructing tlietn to present the
subjects oil which.tiie Convent 100 was cal
led upon to deliberate and act, beg leave to
report—
Thai, after the full exposition which
is contained in the Cotton Circular adopted
by the Planters and Merchants, at their
meeting in the city of New \ oik, on the
sth of July last they deem it in some de
gree superfluous minutely to explain or to
enlarge on the points submitted to the peo
ple of the Cotton growing States, in that
document.
W« have therefore convened for the pur
pose ol considering—
j Ist. Whether there beany inherent de
fect in the mode anti manlier of shipping
out great staple under the existing system
of advances, made by the Agents of
the Foreign Houses, through, whom it lias
been hitherto principally e* ported ?
2d. Whether, if the injurious tendency
of t He system be demonstrated, there exists
within ourselves, any remedy f
We will now, as succinctly as possible,
proceed to the discussion of these points.
It is well know that, with the exception
of IHe very inconsiderable (tuition of the
crop purchased under direct orders, for the
spinners, and for fincigfi account, the great
bulk of our cotton is snipped either bv the
Planter or Met chant, dealer, under advan
ces m ole by the agents of foreign houses.
Tiie mode in which this operation is con
ducted is as follows.
Usually, Hie Banks in the Southern States
advance the money that moves forward the
whole crop (or nearly so) ou letters of < re
dd, as security. The bills founded upon
these securities are usually at 60 tlays sight.
They are forwarded at once, hut the Cotton
being much more tardy in its movement
they frequently mature before the arrival of
the Cotton, and the Cotton has tube forced
upon tiie market; or the acceptor of the
bill has to pledge the Cotton to Brokers or
Bankers, to raise the money to meet his ac
ceptance. i’his may be one when money
is plenty, without difficulty; hut the mo
ment it becomes necessary fur the holder of
the Cotton, or the Bank, to realise the funds
advanced nn it. then the Cut,on must be
sold, whether dimns, a depressed or favor
able market. Whenever tiie Bank of Eng
land uluses to discount the Cotton receiv
er’s bill upon his I tokcr, endorsed by his
banker, his banker cannot give him any
further means ; because, peradventiire, the
Bank ot England has set her face against
transactions i t cotton. Then the cotton
must be sold ;il any sacrifice to tiie spin
nets, who arc well advised of the amount
ol our staple thus ready for sactificc, and
the period when it must be forced upon the
market. It moreover may happen that the
bills which tiie Cotton have received may be
good, or good lor nothing; and what does
the planter and shipper trust to, w hen lie
agrees to take these hills in return for the
produce of his industry ? Tie trusts, first
to the authority ol the Agent to make the
stipulated advance, and to draw the neces
sary bills on his principal. He trusts in the
next place, to the inclination of the parties
abroad—First to accept the hills: and,
trust finally to the skiliand judgment of the
foreign house, in the realization of the
property, and to their ability and disposition
to hold it until the most favorable moment
for its sa’e. The receiver of the Cotton
risks nothing, but the difference between
the market value anti the price advanced,
unless the latter is both extravagant and :
speculative, (which one party ought not to !
ask, nor the other to give,) this risk is tri
tliug.
We are entirely aware that it may be
urged, that probably four-fifths of the pro
duce of the Globe is circulated by the Bills
ot Exchange. It is just as certain that pro
tested bills, drawn against shipments of Cot
ton. are sent hack by thousands and hun
dreds ol thousands ol dollars, by every
packet, whenever tlte market is temporarily
or permanently depressed. If the pi ice is
high enough to cover them, they are ac
cepted, if not, the reverse inevitably follows.
M e think Iron* this statement, it ituist lie
altogether obvious, that our great staple is
without any protection whatsoever; to say
nothing ol the (act. that it may sometimes
be in the hands, and at the mercy of those
whose interests and sympathies are with the
buyers of the article, rather than with the
shippers, or the producers, in spite of the
exemption from this imputation which is
justly due to some of the English houses,
who have adhered to the interests of tl eir
correspondents with great firmness, and
fidelity amide tuncxampled difficulties.
Indeed it is altogether impossible to con
ceive a system of sale so utterly defence
less, for an important article, which p«>r
formssuch an essential office in regulating
the Exchanges a.nd influencing the curren
cy of our country.
'Ve will now proceed to the second
branch.
2d. Laving thus detnocistrated the in
jurious tendency of this systt'm, tlte ques
tion arise* whether their exists within our
spive* aiiv remedy ? The avowed designs
ot this Convention being to devise sonic
mea ts to protect, in future, a most impor
tant American interest, we pass at once to
it* consideration.
Ii mav nut be out of place to advert to
th it derangement in the monetary system of
b United States, which, in 1837, led to a
u ension ol speci» payments throughout
American Republic. At that time our
country owed to a huge coin.
“,> J'
mercial debt, arising out of the excess in
value of the imports of the United States,
in ll.eir trade with England.
To pay this balauce in specie, was im
practicable. An nnusnaly favorable season
bail given us a crop of uopre -.edented abun
dance in the cotton growing states. 1 o
transmit this property to the country ol
our great creditor, as fast as possible, as
att evidence that the Citizens of the Lotted
States were neither wanting in the means
n.tr the disposition to redeem all their obli
gations, the aid of the Banking Institutions
of the Union was invoked: and to guard a
part of the property, so transmitted, thiough
their instrumentality, from unnecessary
sacrifice in the market of consumption, the
agency of Humphries anl Biddle was es
tablished at Liverpool. The result ol that
agency in winding up the large crop of
1838, is conclusive proof of what may be
done by consigners thoroughly devoted to
American interests, subject to no necessity
by heavy advances, to gut :he market by
forcing upon it large stocks in constant and
disastrous succession.
In this brief outline, i« embraced the
whole head anti front of the offence which
lias led to so much animated discussion,
and wide spread denunciation, in tie public
prints, of botit cosntries. Whenever, how
ever, a dispassionate and disinterested judge
ment shall be pronounced upon the motives
and objects of those who established rltis
agency that jtidgeto'nt will prove equally
honorable to their sagacity, and their pat
riotism; and to the gentlemen in Liverpool
who conducted itsaif.iirs—who are entitled
to the abiding confidence of our people, for
the lidelity raid lionnc** with which they
adhered to the interests of their constitu
ents.
It might naturally have been expected
that when the causes which had led to the
establishment of this agency lor the defence
of our great stapde had been removed, the
trad# would full back into its channels, and
that the protection for our interest would be
ample, with the means at the command of
individuals engaged in it.
No one sought to prevent this. The
field was open to the enterprise of till. No
embarrassment was wantonly thrown in the
way of any one. Nothing has been said,
or done, by the so called “monopolists,” to
prevent others from entering into a fair com
petition with them.
But we have, Unfortunately, been obliged
to leant by a severe lesson, that o'her coun
tries, as well as our own, may, at times, be
destitute rs an adequate supply of the
precious metals. We have to realize tlte
painful truth, that after devoting our capital,
our anxious attention and our labor. t« pru
ditcee a good crop, and after witnessing the
partial dis ippoi.itment ol our hopes, from
the unfavorable influence of the elements
in out own country, the value of what we
have secured is to be essentially diminished
by the extent, or deficiency, ol a different
crop in another country.
Granting that tlte calamity of n short
harvest in England being an act of Provi
dence, by which the productive energies of
our people ate rendered of less value, has
to be and ought to be ultimately shared by
all other ceunlries, participating in her com
merce. atitl that submission is consequently
no less a matter of necessity than a point of
duty, it by no means follows that one sec
tion ol the world should hear the greater
part of the burthen of such loss, by
the depreciation ol its own production
in a disproportionate degree.
T‘ is we maintain has been the effect
whether it was d-signed to be so or not, by
the course which has been pursued bv the
bank of England in regard to the Cottou
crop of tlte United States. That particular
article has been selected from all other ar
ticles, as the one which was to be sold at
low rates in England, becai.se food had to
be purchased from other countries at high
rates, to sustain her people. We arc aware
that this position will be vehemently de
nied. It is nevertbless, strictly true. Let
any man look over a file ol English com
mercial newspapers for the past eight
months and see if he can discover, any
other article merchandise or trade, in w hich
speculation has been so energetically de
nounced, or relative to which so many com
binations have been developed, calculated to
prevent its yielding a fair remunerating
price, to the producer or impprter.—
Let him review the price current the
agreemet amongst spinners—the articles on
tlte money market—the statistics of the
crop, and consumption—the advance of the
rates of discount by tho Bank of England
—and tbeujet him say, i c there is one word
in them all which depreciates a rise in the
price of Sugar, Coffee, Saltpetre, Indigo
or Tea, or any otlter production, save Cot
ton? Let hint then honestly state Lis con
viction. whether there has or has not been
a combined, extensive and most influential
effort to depreciate the value of tlte Cotton
cron of the United States?
If we shall befit I y satisfied of the .ruth
of these propositions, there can remain no
doubt of the justice, or the nropiietyof our
adopting such measures of sell-protection
i as shall g tard our interests against suclt
influences in future.
The question arises, what these meas
ures shall he? Here we will take occasion
to advert to the gross misrepresentation of
the motives and objects, of those who are
responsible for the call of this Convention.
It has been saM, that it was nothing more or
: less than to get up a scheme lot giving a
j speculative excitement to prices ; to estab
! lish a permament monopoly in the Cotton
j marker, and to seduce, by the temptation of
high profits, the Banks from the sphere of
their legitimate business to turn merchants ;
and thus derange the whole commerce of
the country.
These allegations are utterly untrue. Iu
the first place we avow that nothing would
be moso injure us to that great desideratum,
steadiness in the price of our staple,
than any temporary and undue excitement
in the market, whilst the charge of mono
poly, when the whole crop is open to the
competition ot the whole world, is equally
unfounded. J t will b- perceived, in the
; sequel that so tar from desiring to force or
seduce, the Banks into the risks of com
mercial adventures, that we do not propose
to do any thing more than perform their
usual function ol lending money with
an augmented security. 1„ one word wc
propose that the Banks of the Southern
Mates should commence forthwith to make
advances «... Cotton oa the (.ledge, j„ a
practicable lorm of th,: material itself; with
the personal security of the persons taking
the advance
We are aware that one of the strong ob
jections urged to this scheme was, the
medium of Post Notes, through which it
was proposed that these advances should be
pa.d Since the call of this Convention.
and the period of its assembly, the Banks
generally, with few exception*, have sus
pended specie payments throughout the
middle and sourhern States, and which i*
likely, in spite of the strong efforts by the
Banks m New-York. to sustain a redemp
tion of their notes in coin, will become uni
until the eoootry eaa racoTe* from
the great and unprecedented embarras-'
nients into which it is thrown. It therefore
becomes needless to discuss the Post Note
system, and to shew that in small sun s, and
with a certain fund for their redemption at
maturity, they might be made equivalent to
the best inland exchange; or ordinary cote
circulation. The crisis is certainly pro
pituous to a fair test of the efficacy of the
experiment ol protecting our staple through
the instrumentality of our Banks, as the
process ofexchanging their uotes for good
sterling bills is, to them, unquestionably a
measure, not only of essential safety, but of
sound policy. We are verv far from saying,
that so signal a calamity as the interruption
of payments in coin by our Banks, is to be
regarded with any other feelings than those
of profound regret ; but we apprehend that
this suspension has resulted from a manifest
and unavoidable necessity. The truth is,
the late resumption was premature. Our
Icountrv had not recovered from the pros
tration of 1837, and the present crisis has
been precipitated upon us by the short har
vest of the last autumn in Great Britain,
and consequent rise iu the rate ts interest
by the Bank of England which rendered
American securities utterly unavailable—
depreciated the value of the Cotton crop of
last year—and entailed upon our sh ippers
the necessity of meeting enormous recla
mations.
The enquire therefore arises, whether we
cannot use our great staple, as the means of
resuscitating our Banks, of enabling them
to replenish tl.eir vaults with the precious
metals, and thereby fortify themselves for
resumption, whilst they shall subserve the
important purpose of protecting the great
Cotton growing interest ol tiie country.
We think we can.
We have not at the South the mines of
Mexico or Peru, but w o have growing on
the surface of our fertile plains a staple of
equal value, at infinitely a less cost of pro
duction, and without any expensive process
of complicated alchemy of easy converti
bility into the precious metals. Shall we in
the process of this exchange allow others
to reap the benefits of this conversation; at
a moment too when our Banks require a
reflux of 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 ? If the Banks
in the Southern States, advanced on tlte
whole Cotton cop of our country, it is
ijuitc obvious that they would, through the
toreign exchanges have what wo - hi be
equivalent to a supply annually, of eighty
millions of tlte precious metals. The ex
changes of the Union would in this event,
he centralized at the South anil something
done towards the accomplishi..' »>t of that
great desideration of Southern hope and
aspiration—a direct trade.
And we have no hesitation in saying that
we believe if the Banks of the South come
forward promptly and generally, and make
advances, at safe rates, to responsible par
ties, on our crop that the most stupendously
beneficial change w ill be efteef'd iu tiie cur
rency, trade and exchanges of our sec
tion of the Union that have ever t>cen con
summated. If at this moment when they
want the support',four great staple most,they
should embrace the propittinusconjuncture,
wheneferr, esumption of specie payments
should be commenced by genera! accord they
would not onlv be in a state lor vigorous re
sumption, but be in a condition of impregna
ble strength, under the system of exchanging
in a greatcror less degree, eighty millions of
thrir currency for eighty millions of for
eign or domestic exchange. For with the
former it is altogether obvious—they should
have the means of drawing any am unit of
bullion they plcassed from Europe, after
selling a sufficient sum to meet the iulatid
exchanges of the country.
With these manifest and multiplied bles
sings before us. wc invite the cordial con
cttrrence of the Southern Banks. Planters
am! Cotton Merchants, in the measures we
are about to submit. We are aware, how
ever, we should not perform our duty, or
very inadequately meet public expectation if
we did not point out, practically, the mode
by which these desirable objects are to be
accomplished.
•' First, it is proposed nt all the principal
shipping ports of the cotton states, that
parties, whether planters, co ton merchant*
or factors, should apply to tHe Banks for
such an advance on the cotton they hold
as may he in comforVuy with the current
rates and be mutually agreeable to the par
ties. In every case where tlte Rank con
ceives the advance asked lor is too high, it
is quite competent lor the institution making
the advance, to require in addition, all tho
security incident to an ordinary discounted
'note. I? wotilu oe altogether impracticable
for this Convention to fix the standard of what
would or would not be a safe rale of advances
as this, of course, must depend on the fluc
tuating questions of productions and con
sumption—the first influep. sand by the vicis
situdes of the seasons to our own country;
and the last, by the state of trade abroad.
This must of course, he le t to the sound
discretion of the Banks themselves. By
requiring this security at home the spirit of
reckless speculation would be repressed ;
and the disastrous embarrassments of un
covered reclamations, to a vast amount,
averted. The party applying for the ad
vance must produce the ware house receipt
ami policy of Insurance, duly assigned to
the Bank ; or bill of landing, if the cotton
is on the eve of shipment abroad. The
Bank, as its equivalent, after charging the
iuterest and allowing the difterecce of ex
change takes tlte sterling bill of the shipper
at six months and advances its own notes,
and by mutual agreement, it is arranged to
which of the houses to be hereafter ap
pointed in Europe to hold these consign
ments the cotton is to he shipped, with an
explicit understanding that it is to be held for
six months from the period of shipment if
so long be necessary, to secure any advan
tageous sale. If the advances are received
by the Bunks in the interior, then the re
ceipts and the bills of lading, may be trans
mitted to their agent Banks in the shipping
ports, in order that the sterling bills may
be signed by the shipper, tiiat the exchange
may be negotiated,
It will be perceived that by the specific
resolutions annexed to this report, the mode
by which we propose to carry out this great
measure is
First. By the appointment of a Committee
in each of the great cotton markets ol the
great Southern States, iu coiiiet with ihe
Banks forthwith in order that arragements
mav be made to commence advancing on
cotton on the terms proposed.
Secondly. That these Stauding Com
mittees be authorized to confer with the
Banks as to the selections of the houses iu
Great Britain, and on the continent of Eu
rope, who shall he empowered to receive
and sell the consienments from each of our
shipping ports. It may. perhaps be de
sirable to the Banks to establish in the
foreign markets, as the best schools for our
you g merchants, new American houses,
to attend to the transactions of their busi
ness. Your Committee in considering the
report '.nade to this Convention by Gen.
Hamilton, iu obedience to the instructions
of the New York Meeting, which devolved .
on him the province of arranging with sun
dry European houses, to take the consign
ments, and which ha* been referred to your
Committee, are of opinion, that the Conven
tion had belter make no designation of the
houses: but simply to suggest the above
reference, however entirely satisfied they
may be with the matter in which this
gentleman performed this duty ; and ol the
undoubted respectability of the houses with
whom he conferred
Thirdly. That in the City of New York
there should be an Agency established for
each Southern shipping port, to be appointed
by the Committees, and Batiks, of said
Ports, whose duty it should be to sell such
Cotton as may be shipped to New York ;
~nd such exchange as inay go to that
place for negotiation.
Fourthly. That a Delegate from each
of the Committees of the several Co.ton
Markets, meet on the Ist day of August,
of each year, in the City o’ New York, to
confer witk the New York Agencies, and to
devise such measures as mav more effect
ually promote the objects of tiiis Conven
tion.
This is the sum and substance of the plan
which we propose for the protection of our
great staple, and the rcsnsei'ntion of our
currency. In its details there i* neither
complication nor mystery. It* object is to
borrow the money on our slai le at home,
and not a broad, and thus to place it beyond
the reach of sacrifice, whenever th Bank
of England may, either, from wise coun
cils, or nn unfounded panic, jaise the ra'e of
interest. Wedisclaim the stupid charge of
hositility to the manufacturing interests of
England for the manifest reason, they con
stitute our best customer.
We must, moreover, he allowed to enter
our protest against the unfounded allegation,
that we desire to fix, by u:i absolute edict,
tlte price of Cotton. We aim at nn object
so absurd and unattainable. We know that
the great law of supply and demand must
after all, regulate price. But it is a legit
imate object of trade, by wise provisions,
to guard against gluts in tlte market, and
unfounded panics often tlte result of un
worthy .tiid profligate combiir-tions. We
have repeatedly seen the most false and
unblushing statements of the probable
amount ol (lie Cotton crop of tlte United
States for the purpose of depressing its val
ue. Last year it was asserted that the
production would lie 2,000 000 dales, in the
face of a prothi. i of 1,350,000; and iu tiie
face of a drought of unexampled intensity
this season, it i.s affirmed with equal truth
that that ol the present year would reach
2,300,000 hags, which in no event, can ex
ceed an average one. No article of agri
culture and commerce iu the wole civil
zed world is exposed to such accumulation
of dangers, as our great staple. Even that
pestilent drug of oriental luxury; the ex
pulsion of which has recently convulsed a
mighty Empire to its centre, seems less an
object ol hostile combination among those
at least, who puchase it, although it dispen
ses madness and death, than a staple which
gives to mail his most : eaithfui raiment; and
w ic h tivals the fleece of tiie lamb in its
softness, and the miraculous results of the
industry ol the silk worm in the fineness
ami beauty of its fibre.
We desue no monopoly. Ifthe agents of
foreign houses are willing to give a iiieher
rate of advance than the Banks, let them
take With the Cotton, the risk of such adven
tures. All t a> we wish is, to place a >or
tioti at least of the Colton crop l/eyond the
reach ol coercive sale*, under the death war
rant ol a 60 day bill, that hits run to matu
rity. We wish, moreover, to place at least
a portion of the crop, beyond the blighting
influence of those theories'll finance, which
altitotigh they may have emanated from the
highly respectable parloroftheßank ofKn
gland, are not to be found in the philosophy
of Smith or Ricardo, which have struck in
tlte last summer, a blighting influence, not
only on the American trade, but have pros
trated one of the greatest branches ofthe
gigantic industry of tho British Empire;
under tae vain and absurd hope of stopping
during an obviously unfavorable state of
trade and a deficient harvest, ihat stream of
gold which was ascertain inflow out of En
gland. as the father ol eur western waters is
to roll his current t übe ocean. These wise
men, in their generation, have indeed done
theii worst—they have prostrated American
interests, and all tire interests iu rin-ir own
country connected with our own, but the fa
tal tide c till flows on.
And il our Banks desire that a portion of
this stream shall he lavished on our owr
shores, let them turn to our great :inl>*
winch uuder a •;::*tc»ons course of trade!
,v *l' Mill maud the precious ou la's front ev
ery quarter ofthe Globe.
I o our associates in an important branch
o'our industry the C'lton Planters ofthe
country, we would address a voice of sym
pathy :,,, d warning—we would tell them that
the mode by which the product of their cap
ital and skill is disposed ot in the greatmar
ket of iH consumption, is enough to break
down the most valuable staple, next 'o tin
staff of tile, which God ha* given to man
They tntH not rest satisfied with the un
certain calculations ol the product ot a crop,
liable to be cut short almost to the last mo
ment of its gathering, bv the vicissitudes of
the season. Whether ’it be a large or a
small one, a judicious system for offering it
for s.tie in the great foreign markets of i:s
consumption, is equally tiie part of policy
and wisdom. The tact is not to be conceal
ed, inspire ofthe depressed state of trade
in England, il the American houses in Liv
erpool had held this year, the stock ol Cot
ton which was consigned to Humphries and
Biddle alone, during the last, from ten to
filteen millions ot dollars reclamations wonlo
have been saved to the rnuhtrv ; we should
have had an effective balance-wheel in giv
ing steadiness to the market. The con
tagiou of a disgraceful panic would have
been suppressed; and some just relation
preserved between even a diminished con
sumption nud a crop of unexampled short
ness,
Ihe production of our staple treads so
closely on the measure of cotisutr ption, that
of ail the articles of commerce, it requires
’he utmost care in it* sale; yet perhaps it
receives the least. We ought to reflect,
what would be the extent of the calamity
which would oetall our country, if it wrre to
break down to a point which would not cov
er the cost ol production. For to the up
land* ot itte South, it is onr ortiv remunera
ting product. An efficient scheme of pro-'
lection, for a few years, w ill make all safe.
I lie use ol Cotton, as a fabric of human
raiment, is just penetrating the Russian
Empire, and before many years, we shall
have in the boundless regions ofthe North
of Europe, a class of consumers more numer
ous than those of the Kingdom of Great
Britain.
With these reflections on the past, and
anticipations of the future, we submit, with
this Report, following Resolutions for tiie
adoption ot the Convention :
Resolved, That the gentlemen who issued
the Ctrcular. dated sth July, in New York,
which ha* catise.Uhs mceiiug of this Con- !
vention ; ere entitled to the thanks of every
citizen, who is interested in the cultivation,
or export, of tiie great staple of the South.
Resolved, That this Convention entirely
concurs in tiie opiuion expressed in satd
Circular, that owing to the circumstances
under which the Cotton crofris usually sent
to market, the price of the article, is not
left to be regulated, by the fair ami natural
influences ol thc law of supply and demand.
Resolve I, As the opinion of this Conven
tion,*that a remedy fsr the evil, as effective
ofit* object, as it is simple in its character
will be found in tlte recommendation of the
Circular, “that the Cotton of otr country,
shall not be sent to market, accompanied bv
a bill of Exchange, w hich must coerce it*
I sale, at a fixed date, whatever tuay be the
! state ofthe market.
Resolved, That the Cotton Planters and
American Shipp rs, in the Southern Potts
be earnestly requested to concur in the mea
sures recommended by this Convention, by
which they may be reitain of having their
cotton held, and not forced outlie market at
a ruinous sacrifice.
UesoXved., That the Banks in the Southern
States be in' ’ted to concur, in a general sys
tem of advancing on the crep, as the onlv
certain mean* ofrepUinshing. their stock of
specie, and of placing their circulation on a
.-omul basis.
Resolved. That the Committees at Mobile
and New Orleans, be leqnestcd to call a
meeting ofthe Directors ofthe Banks, Plan
ters, Factors, and American Cotton Ship
pers, in their respective cities, at an early
day in November next, that the proceedings
of this Convention may lie laid before them.
Resolved. That tiie following gentl»tnen do
1 (institute the Standing Committees :
Por New OAeans—- L Millcinlo, John
Mintnrn, s . Peters, N. McCJuliee, D McGof
lin. A: Jim Hagan, Esq*.
Por Mobile— II B. Gwatinncy. Win 11.
Bohertson, C. Cl. L tugdon, John R. Block
er, Geo. S- Games. Tims E. 'Part, Thus J.
Buttler, B. A Fointiiiic, John May rant J.
S. Deas, Frank tin C. Heard, Esq*.
Por Savanna'; —G B. Lamar, Ed. Pa
delford. Jos. 11. Burroughs, Win. Patter
son, B. E. Stiles, Chas Hartridge. 1-Uqs.
For Charleston S. C. —John Robinson,
Ro lit Martin. Kohl Collins, John kiikpn!-
tic. He my Gonrilitie, Jas Hamilton, Esq*.
For Colon,bhi, S C —Wade Ilampjon,
W Wallace, R Sonley, J Adams, R God
win, Esqs.
For Hamburg. S C— Ilcnrj Shultz. Ed
ward D Leas. Cutis Lamar, Marshall R
Smith, 11 W Sullivan, Esqs.
Por Augusta (In —Alfred Cninining,
Paul Fitzsimmons, Geo W Lamar. P Rea
tmeh, 1 P King K f.
Por AliWeil"nnWe DrT Fort, J W
A Sanford, I L Harrs. Esqs.
Por Alaeon Git- Dr A Cloptnn. J Cowles
Charles Collin: .1 Goddaitl, M N Btircli,
Charles Cotton, J G Moore, Ed Hamilton,
Wot B Johnson, Esqs.
For Co\vmhus, Uu---. lnn Fountain, Juo
II Howard, Dr Tims lioxcy, Win II Har
per, 11 S Smith, Esqs.
FOl Alontgon cru Jesse Taylor. .Trim
Martin, John Scott, Thus S Mays, B Bibb,
Esq*.
For Tuscalosa Ala— John Mnrrast, A
Battle, Edmond Prince, Hardin P« rl.ins,
Robt Jameson, E>q*.
For Columbus Al/*■*— Judge Andrew l!ild>
Geo II Y onng. Judge J Aloore, Thus
McGee, AJnj Blnit.
For Natchez Miss-- -N Ware. Gen Quit
man, Joint Ruth, Judge Thatcher, Mi l)al
green.
For Pieksbui g Mi**—-Judge Lane, Mr
| McNeil, Dr B Harris.
For TaWahassre, r -Vt—-Jesse Coe Ed
; ward Bradford, J 11 T Lorrimer, A Al Gad
. iu, Samuel Reed.
Por SL- Jnecphs Fa —T B Howard. Ed
•T Hardeii7*nfck Street, G W Smith, Dr
Dofljo.
Por Anpalarhicola Fa —G W Porter. E
Wood, lliram Nuitrse, J} Goldstein W G
Raney.
Resolved , That the foregoing Committees
be specially rrqui stetl to carry into effect the
duties confided to them in the above Report
and that they communicate <0 the Central
Committee, at Mobile, what they have don-:
in the premises, that the same mav he an
nounced in the public journals of the res
pective States.
Re oleed Thar ti e said Committee be
requested to supply all vacancies which may
occur i , their respecttve'bodies.
Resoled. That the Banks and several
Counties anti Dishiclsin the Cottou Slates,
he requested to send Delegates to tlte “Com
mercial Convention,” to meet in Macon,
| Gevrgiit, iu .May next, to unite with that
body, for tho purpose of taking into eott
•-nict ation the currency of the country and
the interests ofthe Cotton Trade, by which
the Direct Trade with Europe is to essenti
ally be promoted.
On motion of E A Nishr t, the Convention
adjourned until 4 o'clock.
-1 O'CLOCK.
Convention met agreeable to adjournment
P inside o’ in the Chair.
On motion of E A Nisbet, Gen Joseph
Thomas, of Burke county, and Col A II
Kenatt, of Al illetlgevile, were invited to lake
seats in the Convention.
C C Milts, of Alabama, moved that the
Report and Resolutions of the Committee
ol 21, be adopted by this Convention ; which,
was carried.
The following was offered by the Hon
Thomas Butler King, and carried:
Whereas, iu the wise dispensations rs
Divine Providence, the Southern and South
Western States hav" been deprived of one
of their brightest ornaments, rml most dis
tinguished statesmen, in the death of the
late Gen. ROBERT Y. lIAYNE , and
that it is due to out selves, to pay >1 proper
tribute of grateful respect to the memory of
those who have devoted their energies and
talents iu sustaining the interests and prom
oting the prosperity of our country —be it,
therefore.
Resoled, That the Convention express
i's deep sense of the loss the whole South
ern and .South-Western portion of the Un
ion lias sustained in tiie deatli of Gen
ilayrie.
Resolved, That the members of this Con
vention will wear crape on the left arm, for
the space of 30 Jays, as a token of respect
for the memory of our late distinguished
friend and lellow-citizen, whose loss we so
deeply deplore.
On motion of John Lamar, of Ms eon G».
Resoled, That the Committee of 21 be
charged with tlte duty of having the procee
dings. A:c. of this Convention published
and that 1.000 copies be printed.
On motion of John Lamar.
Resolved. That the thauks of this meeting
be pet!,, nted to tlte President and Secreta
ries, for the ability and courtesy with which
they have performed their duties.
On motion of C. C. Mills, of 4 labatna.
Re soloed. That this Convention do u(®r
adjourn, sine die.
The Convention adjourned. .’
tfJOS. HOXE y.
C. A. lIIGGtNX,
V. J. *7MA>cr, { Serretorie*. -