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Southern post. (Macon, Ga.) 1837-18??, October 26, 1839, Image 2

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t ,k.- luck the basket whits .lam sure she only lent me. and in your own words, “ May pod bless you !” " 9 '"if-' ' ~ JV?* COT TO N TRA i) S MERCHANTS & PLANTERS CONVENTION. At a meeting of the Planters and Merchants, fieM in convention, at Macon. Georgia, on Tuesday. October «2 ! t lsd), at t!ie Methodist Church, nr. motion "fl®ane Seymour. Esq, the llonorohle Ttyim*.* Bat'er King, of Glynn county, tin, was called to the Chair, and C. A. H ggr-.s, of Macon, appointed Secretary. Tito following Delegates reported themselves to the Chairman : STATE OF GEORGIA—COLUMBUS. D. M- MvDougald, John Woolfolk, James R. Jones, John A. Canipbcl% A. It. Davis, K. McKenzie, T. Hoxcv, ‘ John W arrets. MACON’. Dane G. Seymour, I.uvi Ecklev, Cliarle* Collins, J unes A. Nisliet, Jerry Cowles, M vron Harriett. John Lamar, Daniel Gunn, Eli 1 troll, John T. Rowland, George Jewett. John S. M. Baldwin, CluuisColton, John B. Ross, A. Clopton, Thomas Hardeman, James Goddard, William Hamilton, David Flanders, C. A. Higgins. MILLF.DGF.VILLE. J. R. Anderson, It- T. Bcthunc. FORT GAINES. John Dili, C. A. Sudduth. JONES COUNTY. Aimer 11. Flewclien, Jonathan Parish, D.iiiiel N. Smith, James Gray. TROUP COUNTY. R. A. T. Ridley, Wylie Warmnck. Henry Long, Wiliittiit M. Roberts, Thomas Cooke, John L. Gage. SUMTER COUNTY. J .hn W. Cowart, Josiah Scrutchens, Basil Lamar. HARRIS COUNTY. David Cooper, _ G. 11. Bryan, Martin Crawford. STEWART COUNTY. John D. Pitts, _ J. T. B. i timer, N. Rohinsan MONROE CO; NTY. James S. Pinckartl, W. S. Norman, S. W. Itarny, B F Harris, IV. M. Pope, Jesse Pope, Amos W. Hammond. COWETA COUNTY. Augustus 11. Stokes, J ihn E. Robinson. TWIGGS COUNTY. Ezekial Wimberly, Payton Reynolds, John L. Hodges, Nathan Land, William M. 'l’arour, Willis Hodges, Ira E. Dupree, James Parnson, Philip Cooke. CRAWFORD COUNTY. Sanioel It Rutherford, James A. Miller. MERRIWETHER COUNTY. John 11. Jossev, VV. It. Ector. GLYNN COUNTY. Thomas Bu'ler King. ALABAMA—RUSSELL C<MINTY. ]M. W. Perry, It S. Hardaway, Pleasant Phillips. BARBOUR COUNTY. Charles C. Mills. MOBILE. John It. Blacker. GREEN COUNTY. John J. Collier. MARION COUNTY. L. Upson. FLORIDA—ST. JOSEPHS. J W. Smith. LEON COUNTY. John G. Gamble, William Wyatt. On motion of Jerry Cowles, Esr|, Dr. Thomas Huj ie, of Columbus, was nominated ns President of this Convention, and was thereupon unanimously elected. On motion, C. A. Higgins, was appointed Secretary of this Convention. Dr. Thomas Hoxie was conducted to the Chair, and after stating the object of this Convention, announced, tic Convention was now organized, and ready to pro ceed to business. On motion of Thomas Butler King, the Convention do now adjourn until to-morrow morning, 10 o'clock. Convention adjourned. WEDNESDAY, OCT.23J, 1833. The Convention met agreeable to adjournment. Ur. Thomas Itoxie, President, i<> 'he Chair. On motion of C. C Mills, Remtvrd, That the Con vention l>c opened at its daily sittings by Prayer to the Throne of Grace. At the request of the President, the Rev. Mr. Cassels, of the Presbyterian Church, Macon, opened die meet ing by Prayer; and tlie Convention proceeded to busi ness. Tlie minutes of the Convention yesterday were read •by tlie Secretary, and approved ; when the following gentlemen presented themselves as Delegates to tliis ■Convention: GEORGIA—SAVANN AIL A. B. Fannin. MACON. R. 11. Randolph, Hon. E. A. Nisbet, J. Scott. CRAWFORD COUNTY. 11. B. Troutman. COLUMBUS. S. T. Chapman. AUGUSTA. William Longstrcet, J. S. Coonihs. MUSCOGEE COUNTY. M, Torrence. MILLEDGEYILLE. J. L. Harris. HENRY COUNTY. A. R. Moore, M G. Dobbins, A. V. Mann, 11. Varner. LEE COUNTY. Rev. Jonathan Davis. ALABAMA—PERRY COUNTY. M. Langdon. SOUTH CAROLINA. James Hamilton. FLORIDA—LEON COUNTY. 11. AY. Breeden. On motion ofC. C. Mill?, of Alabama, Janies Kend rick, of Wilkes eounty, Georgia, was invited to take a seat with this Convention. On motion of T. Butler King, ol (Icorgin, Thomas McC. Prince, of Alabama, and 11. Hepburn, ofNew- York, were invited to seats with this Convention. On motion of T. Butts,- King, lleury Schultz. K«q., of Hamburg, S. C., was invited to take u scat with this Convention. Tlie gentlemen appeared and took seats as members of tins Convention. On motion of E.A. Nisbct,of Maeon, EssvJvd, That .Uriah J. Bullock, of Maeon, !«■ requested to act as As •istnnl Secretary to this Convention. tin motion of T Butler King, of Cioigia, Jiunlerd, That a Committee of be apjioiniod by tin-I'res ident, to Report to this Convention the objects of its pmeiubla^e 4)u motion <»f C. Vs. Mills, of Alabama, Result'd, Tout llm I'niemidW l constat •* Tat lily-One. Tlie following Report, from the authors -d ilie “C«i lun Circular," owuod from New-York.iu July b«e,r»|. iln, (on vein ion, w-aaaobmitud by <« iwndJamre Hamilton, of ftnoth ( nebui, pfeve mi* to tin I’muli in'* tqipotuiing (In CuMMtffc * -A J *1 lily *•tin A Itoiw dot me was by (lie mw'ittf-d K <nilJin Rum*** and Mer' baiu*. livid JO the ( i’y «( N«w. York, <m (be bib «and id* (•**- Xguided, Tte*t(oiu>*l Jumsssti mnUmi W settee l,y tins oe * tfog o# -i*»k» prrlm*tn»iy •(*••<*< o»n<« Wlitl feor t#w hoone* SI 1.-*> t|*»d, end wiib tin,, u, foot b*sa*esi Ml llsNt ! i t ! ' **kc (be Ay o* r *d ini kiiiii oil *.-o-<*...✓ «and ssicb t inr ermrT- <d ( nth* flow the South, ns may go forward in accordance with such measures ns mav lie adopted by a Convention, jirojios ed to lie held in Macon, Georgia, on the 4th Tuesday in October next, and that he be requested to lav before said Cos ivention what he may <!oin the premised, si:h --j. ct to its eo.tsi.h radon and approfuL"* I Kg leave to Deport to tins Convention, that 1 have . performed the. duty comprehended within the in®C*uc- j dons f the above "resolution. On my arrival in Liver j poo 1 , on th" Isth of Aligner lust, I 1,-.-t no time in eon- j ferrrg with the followin'. Houses : Mersr*. JiitmiJmr* AI t! :}prince A- Fui' / ~ ntur lVrvlhnlii Sf Cos.. Fnrftri Fttri.rr C«., n.»f I{Jfnrd and Cos. And on j die ddi oi Sep''on 1 er with tlie following Houses in Ha- ; vc (/c*«rx D- iit.ncu \ Cn., itupurvir Cos., Film, Uni and f Tjftci.i, finite* *V Cos., f / ‘I'T g'lr d‘ Cos, [[’, //» \ { i rr-n, and [}onneff , Poitsernn ,y Cos To nil of which house® I cvp ained fully ’he measure® which had h- en suggested by the niee'tng at New-A ork, on the sliof J iiv las’, f,.r the consideration of this < on venti m, no 1 the duties wh eh it would he expected that they would discharge under tlie proposed Auoncy ; 'hat-by placing th< in under no advance in fact, and j merely as tiie acceptors of Bill* drawn by, or endorsed by the responsib'e Banks at tin Snath at long ®i--fit, it I would lie expected rhnt tin r attention would lie direc ted to the most advantageous sale of the respective con signments eoufuled to their e ire, and to acting in on-, tire « oiteert together iti reference as to ire- best interests of tl ose wliiis; pn pertv they might hoi i. If will he perreivrd first in submitting the above li®’ of Houses with the understanding I have had respect ively with them, that I have discharged that p -rtioi) e; i the duty confided to me. Therefore, with the siiup'e expression of mv opinion, it merely remains for me toi sav that every r nifiifcooo may lie placed in tlie ability | and dispaei'ion of die gentlemen composing these firms j to r'irrv info effect those measures which now, from fix j subject of the rieliliernrions of this Convention. It re- 1 mains for rite Convention to make the selections form ttie above Houses or todelega'c the frost cls-ew liere. as they mav deem proper. Ail of which is respectfully submitted. (Signed) J. HAMILTON. Macon, October ‘-'2d, 1539.” On motion of E. A. Nisbet, Kerolverf, That the Re port just read by General Hamilton lie received, and referred to the Committee of Twenty-One. John G.Gtfmlde, of Florida, submitted the following Resolutions, w ith a request that they be referred to tiie Committee of Tv. entv-t Inc ; “7»»Wi rd. That this Conventioa disclaims all inten tion or wish by its action, to obtain for American Cot- j tons, higher prices than such as will naturally result j from tlie law of supply and demand ; and tlie nccessi i ty for the meeting of the Convention, would not have : existed hut fir combi tint ions, and measures adopted j elsewhere for disturbing the operation of that law. j “ Hcmlred That while our habits and inclinations lead u® to prefer Agricultural pursuits, we are well ap prised that, if it shall become necessary, we can emp oy a portion of our labor in the production of Cotton yarns, j upon terms which will enable ns to supply the Weavers of Europe as cheaply as can lie done by the Uri'lsh i Manufacturer. Such a conver-ion of our labor, Imw- 1 ever, is not desired by us—nor, unless forced to it, in sclf-defence,will v c have tlie disposition to break up the commercial connexion which exists between the Cot-; ton Planter and British spinner. “ Uesolved, That it will he expedient to take nvui-j sures annually, to procure correct information of the extent of the Cotton crops of the United Mates'; and' that a Committee he appointed to prepare, and report to this Convention, a plan lor attaining said object.'” i < In motion of C. C. Mills, of Alabama, Colonel Gnm- Ilie’s Resolutions were received, and referred to the Committee of Twenty * ):ic. The President announced the fo'lowitfg gentlemen to compose the Coniuiit'ceofTwenty-Oiic : Thomas Butler Kin;.*, of Gtvnn county, Georgia. James Hamilton, ol -outii-t'arolina. M. Langdon, and J.R Blocker, of Mobile, Alabama. \ William Longstrcet, of Augusta, Georgia. it. Upson, of Alabama. William Wyatt, of Florida. A. 11. Flewellin,of Touescounty,Georgta .l. T. li. Turin r, of Stew art county,! b orpin. John Wooljolk. of Ma-cogec county,Georgia. !«'. S. Hardaway, of Alabama. John l i Gamble, of Florida. I > McDougald, ol (loliinibus, I leorgai. A. B. I’miuin, ot Savannah, * M-orgei. .1. J. Collier, of Green county, Georgia. J. L. Harris, of Milledgeville, Georgia. I. G. Seymour, WiKiaui Ij.limit,m, and John Lamar, of Mil cor, (leoigia E. Wimlmrly, of Twiggs eoirnty, Georgia. J. E. Gage, «' Troup county,Georgia. (hi moti :i of T. Butler King, of Georgia, the Con vention adjourned unid to-morrow, at 10 o’clock, A-M. THURSDAY, OCT. 21th, 1830. | Convention met agreeable to adjournment, at 10 o’- Dr. Ilo.xie, President, in the Chair. The Conveiitiou w as opened by Prayer, by the Rev. J. Davis, of Lee county, Georgia. The minutes of yesterday were read by tlie Secreta ry., and confirmed. At the request of die Committee of Twenty-One, it was moved by Rev. J. Davis, of Georgia, that they be allowed until 12 o'clock, this day, to-eomplcte tlicir Re port, which was agreed to. The following gentlemen, as Delegates, rep irted themselves to the Convention : GEORGIA—PULASKI COUNTY. William S. Whitfield, Edward il. Giorge, Jacob Watson. DARIEN. G. G. Rogers. M ACON. Absalom 11. Chappell, Edward 1). Tracy, Washington Poe. ALABAMA—MARENGO COUNTY. Bird M. Pearson, Isaac ('room. Convention adjourned to 12 o'clock, M. 12 O’CLOCK, M. Convention met. Honornlde Thomas Butler King, Chairman of the Committee of Twenty-One, submitted the following il I i>« IS T : Tlie Committee to whom was rele'red the Resolution instructing them to present the sub jects on which the Convention was called upon to deliberate and act, beg leave to Report: That after tlie full exposition which is contained in the Cotton'Circular adopted by the Planters and Merchants, at their Meeting in the City of New York, on the sth of July last, they deem it in some degree superfluous, minutely to explain or to enlarge on the points submitted to the people of the Cotton growing States, in that Document. We have tlier ifore convened for the mtr- I pose of considering : Ist Whether tlterc be any inherent defect J in tlie mode and manner of shipping our great ! staple .under the existing system of advances, j made by the Agents of the Foreign Houses, j through whom it litis been hitherto principally , exported ? ‘Jtl. Whether, if the injurious tendency of j the system be demonstrable, tlie re exists with in ourselves any remedy ? We will now,as succinctly as possible, pro :Ceed to tlie discussion of tliese |H)ints. It is wed I known that with the exception of tlie very inconsiderable portion of the crop ] purchased under direct ordeis, fertile spinners, mud for Foreign account, tlie great hulk of our Cotton is shipped either by tlie Planter or Merchant, or dealer, uniier advances made by the agents ol Foreign houses. Tlie mode in which this o|ieration is conducted, is as fol i lows: liuoliv, the Hanks in the Soullk-rti States advance (lie money (hat moves forward tin whole eiop, (or Ijearly mi,) oil letters of cm dit, ns security. Tlie lulls founded upon tliese veuritd-s, me iiHoully at (In ijtiys right.— Tls v lire firw-nded at ome ; hut I tin Cotton Isting mweti uuirw tardy in Ms movement, tls*y | (reqiM-iitly Hinturc, Is-Irire Ms urrivnl ; cuidj (Ist f Villon Inis (o l« fornst iijsin live mar. j t.i A t•’ tls Meertitof >d l(ig luli ten to nb d-e! TII E SO U T IIE XI N POS T. the Cotton to Brokers or Bankers, to raise tlu: | money to meet his acceptance. This mav be done when money is plenty, without difficul ty : but the moment rt becomes necessary for the holder of the Cotton, or the Bank, to realize the funds advanced on rt; then the Cotton must Ire sold, whether (luring a depressed or favorable j market. Whenever the Bank of England re- j fuses to discount the Cotton receiver’s bill tip- j on his Broker, endorsed by Ins Banker, bis Banker cannot give him anv further means;! because, peradventure. the Bank of England | has set Iwr face against transactions in Cot- ; ton. Tiien the Cotton in ist Ire sold at any j saciSlice to the spinners, who arc well advised of the amount of our staple thus ready for sac rifice, and the period when it must be (breed upon tire market. It moreover may happen that tiie bills which the parties shipping the Cotton have received may be good, or good for nettling ; and what does the planter and shipper trust to, when he agrees to take these ; Irilis in let urn lor the produce of his industry? j lie trusts, first, to the authority of the Agent' in make the stipulated advnnce. and to draw ! the necessary bills on Ins principal, fie trusts! i in the next place, to the inclination of tlie par-, 1 t:es abroad—First, to accept the bills ; and. j j secondly, to pay them at maturity. But he , I rusts finally, to the skill and judgment ol the ; j f ireign bouse, in the realization of the proper, j ty, and to their ability and disposition to bold j it until tlie most favorable moment for its sale.! Tiie receiver of tlie Cotton risks nothing, but ; tlie diifeionee between the maiket value anil the price advanced, unless the latter is both extravagant and speculative, (which one par ty ought not to ask, nor the other to give,) this risk is trifling. We are entirely aware that it may be ur ged, that probably four-fifths of the produce of the. (llohe is circulated by the means of Bills of Exchange. It is just ascertain that pro tested biiU, drawn against shipments of Cot ton. are sent b'n-k bv thousands and hundreds of thousands of dollars, by every packet, when ever the market is temporarily or permanent ly depressed. If liie price is high enough to cover them, they tire accepted, if not, tlie re verse inevitably follows. Wo think, from this stnt unent. it must be | altogether obvious, that our great staple is without any protection whatsoever; to say nothing of the fact, that it may sometimes he in the hands, and at the mercy of those whose j interests and sympathies arc with ti e buyers of ihc article, milter than with the shippers, or the producers, in spite of the exemption from tliis imputation which is justly due to i some of the English bouses, who have adher ed to the interests of their correspondents with great firmness, and fidelity amidst unexam pled and (Scullies. Indeed it is nltogctlier impossible to con ceive a system of sale so utterly defenceless, for an important article, which performs such an essential office .in regulating the Exehan- : f es and influencing tlie currency of our coun try. We will now proceed to the second bra icii. 2d.Tl iving thus demonstrated the injurious' tendency of tnis system, the i|uestion arises wlxdhcr there exists within ourselves any rein- ; edy ? The avowed designs of this Convention i being to devise some means to protect, in lu tare, a mo-t important American interest, we , pass tit once to its consideration. It may not be out of place to advert to that : derangenfent in the monetary system of the ; United States, which, in 1*37, led to. a sus pension of specie payments throughout the American Republic. At that time our coun try owed to (iicat Britain a large commercial debt, arising out of the excess in value of the imports over tlie exports of tlie United States, in tlicir trade with England. To pay this balance in specie, was imprac ticable. All.unusually favorable season had given us a crop of unprecedented abundance in the cotton growing states. To transmit ties property to tlie country of our great cred, itor, as fast as possible, as at) evidence that the citizens of the United States were neither want ing in the means nor the disposition to redeem a’l their obligations, the aid of the Banking In stitutions of the Union was invoked ; and to guard a part of the property, so transmitted, through their instrumentality, from unneces sary sacrifice in the'market of consumption, the agency of Humphries and Biddle was es tablished at Liverpool. The result of that agency, in winding up the large crop of IB3S. is conclusive proof of what may be done by consignees thoroughly devoted to American interests, subject to no necessity by heavy advances, to glut the market by forcing upon it large stocks in constant and disasterous succession. In this brief outline, is embraced the whole head and front of the offence which has led to so much animated discussion, and wide spread denunciation, in the public prints, of both countries. Whenever, however, a dis passionate and disinterested judgement shall lie pronounced upon live motives and objects of those who established this agency, that judgement will prove equally honorable to their sagacity, and their patriotism ; and to the gen tlemen in Liverpool wlioc inducted its affairs— who are entitled to the abiding confidence of our people, for the fidelity and firmness with which they adhered lo tlie interests of tlicir constituents. It might naturally have licen expecteii that wlieu tlie causes which had led to the estab lishment of this agency for the defence of our great staple had been removed, the trade would fall hack itt’o its old channels, and that the protection for our interests would he am ple, with the means at the command of individ uals engaged in it. No one sought to prevent this. The field was open to tlie enterprise of till. No embar nut incut wan wantonly thrown in tlie way of! any-one. "Nothing lias been said, or done, by the so culled •• monopolists,” to prevent | others from entering into n fair comnetitioii j with them, Ihit we have, unfortunately, been oh! ged to learn by a severe lesson, that oilier countries, as well as our own, may, at times, tie dostitun of uii adequate supply of tlie precious metals. We have to realize the painful truth, that after devoting our capital, our anxious attention atid our lalso, to produce a good crop, and after witiMMsiug the partial di»appoiiilu,oiit of our from live unfuvoiahle influx 11% of the elements ill our own coantry, the value of what we have secured is to lie essentially di {mtnished by the extent, or deficiency, of a dif ferent crop in another country. . Granting that the calamity of a sliort har vest in England being an act of Providence, by which the productive energies of her people are rendered of less value, has to lx* and ought to lie ultimately shared by till other countri, s, j participating in her commerce, and that suh- I mission is consequently no less a matter of i necessity than a point of duty, it by no means, f dlows that one section of tlie world should j bear ilk: greater part of the burthen of such loss, by trie depreciation of its own produc tions in a disproportionate degree. Tliis we maintain has lieen tlieeflect wheth er it was designed to beso or not, bv tlie course i which lias been p trsued bv tiie Bank of Eng- j kind in regard to the Cotton crop of the Uni-! j ted States. That particular article has been i selected from all other articles,as the one which was to lie sold at low rates in England, be cause food had to lie purchased from other countries at high rates, to sustain her people. We are aware that this position will be vehe mently denied. It is. nevertheless, strictly true. Let any man look over a file of English commercial newspapers for tlie past eight months and see if lie can discover, any other article of merchandise or trade, in which spec ulation has Ixjen so energetically denounced, or relative to which so many combinations have been developed, calculated to prevent its yield ing it fair remunerating price, to the producer or importer. Let him review tlie prices cur rent—the agreements among spinneis—tiie articles on tlie money market—t'-:e statistics of the crop, and consumption—the advance of the rates of discount by the Bank of England . —and then let him say, if there is one word in them all which deprecates a rise in they price of Sugar, Coffee, Saltpetre, Indigo or Tea, or apy other production, save Cotton ? Let him then honestly state h’s conviction, whether there has or has not been a co n bined, extensive and most influential ellbrt to ■ depreciate the value of the Cotton crop of the United States ? If we shall be fully satisfied of the truth of these ptopositions, tlie re can remain no doubt of the just ice, or the ; ropnety of our adopting ! such measures of se'i-protcction as shall guard 'our interestsagain-t such influences in future. The quest : on arises, what these measures shall Ire? Here we w.II take occasion to ad vert to the grurs misrepresentation of the mo tives and objects, of tho-e who are respon sible for the call of tliis Convention. It Ims j lieen said, that it was Homing more or less than to get up a scheme for giving a specula tive cxntement to jirires ; to establish a perni.t nent monopoly in tlie Cotton market, and to seduce, by the temptation of high profits, the Banks from tlie sphere oi their legitimate bus iuess to turn merchants; and thus to derange :lic whole commerce of the country. These allegations are u'terly untrue. In the ■ first pl ace we avow that nothing would he ' moire injurious to that great desideratum, steu- I fStibss in the price of our staple, than any tern qiorary and undue excitement in tlie market, | whilst the chai'ge of mono|x*ly, when the whole jerop is open to t e competition of tlie whole j world, is equally unfounded, it will Ik; per ceived, in tiie sequel, that rt f r from desiring to force, or seduce, the B ulks into the risks of i commercial adventures, that we do not pro pose to them to do any tiling more than per forin their usual function of lending money ; with an augmented security. In one word, we propose that the Banks of the Southern States should commence forthwith to make advances on Cotton on the pledge, in t*. practi cable form of the vyitrri:/ itself; with the per sonal security of I tie persons taking the ad vance. We are aware tint one of the strong ob;c ;• tions tirgdtl to this sclinin - was, the medium of Post Notes, through u ili-h it was proposed that those advances should In; paid. Since 'thecal! of this Con vent ion, and the period of 1 its assembly, the Hanks generally, with lew 'exceptions, have suspend, and specie payments throughout the -middle and southern States, and which is likely, in spite of the strong ef forts by the Banks in New. York, to sustain a redemption of their notes in coin, will become universal, until the country c<tn recover from the great and unprecedented embarrassments into which it is thrown. It therefore becomes needless to discuss the I'u-t Note system, and to shew, that in small sums, and with a cer tain fund for their redemption, at maturity, they might be made equivalent to the best in land exchange; . or ordinary note circula tion. Pile crisis is certainly propitious to a fair tpst of the efficacy of the experiment of protecting our staple through tlie instrumental ity ol our Banks, as the process of exchanging their notes for good sterling biils is, to them, un questionably a measure, not only of essential safety, but ofsound policy. We are very far from saying, that's© signal a calamity as the in terruplion 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 suspensio i has resulted from a manifest and unavoidable necessity. The truth is, the late resumption was premature. Our country had not recovered from tlie prostration of 1837, and she present crisis has been precipitated tip on us by the short harvest of the lust autumn in Great Britain, and consequent rise m the ! rate of interest bv the Bank of England which rendered American securities utterly tinavaii | able—depreciated the value of die Cotton.crop of last year—ami entailed upon our shippers the necessity of meeting enormous reclama tions. The enquiry therefore arisfcq whether we 1 cannot use our great staple, as tho means of resucitnting our Banks, of enabling them to j replenish their vaults with the precious metals, and tliereby fortify themselves for rosurnp.! tion, whilst they sh ill jubs. rv< the important purpose of protecting the great Cotton grow mg interest of tlie country. Wo think w« can. We have not at tlie South tlie mines of j Mexico or Peril, but-■ j have glowing on tho I! | surface (dour fert.lo plains i staple of equal | value, at in (in tely a u** co»t of production, and without uny t-xptiuiive pro-t** ufcompli. •‘“'“I ufediemy of <my convertibility into tin- ' presuou* metal*. HI ail we in tie pro<->M nl tins rvcliuog, allow o lens to r< ip tlie I* ik fit* of this conversion; at a moment too, when our Banks require a reflux of buifo.i into their |coffers,.or its equivalent in foreign exchange, in order that, at no distant day, they mav re jdeem their faith with the public? Iftiie Banks in the Southern States, Advanced on tlie whole Cotton crop of our country, i; is quite obvious that they would, through the foreign exchan ges, have what would lie equivalent to a supply '! annually, of eighty millions of tlie precious mo lds. The exchanges of I lie Union would in this event,' bo centralized at the South, and something done towards the accomplishment of that great desideratum of Southern liope and Inspiration —a direct trade. And we have no hesitation in saving that we * behove if the. Banks of the South come for ward promptly and generally, and make ad vances. at safe rates, To responsible partiufc on our crop that the vioit s'liji 'iulous/y ben ji i l change wdl be eflhcted in the currency trade, and exchanges of our section of the Union that has ever hern cotisummaied. If at this mo ment wiien they want the support of our great staple most, they should embrace the propitious conjuncture, vv'iencvera resumption' of specie payments should lie commenced, !>v genera! accoru, they would not only !x; in a state fin- vigorous resumption ; but Ire in a condition of impregnable strength, under the system of ex changing. in a greater or less degree, eighty millions oi" their currency for eiglrtv millions of foreign or domestic exchange. For with tlie fanner it is altogether obvious —thev could have tlie means ofdrawing any amount of bul lion they pleased from Europe, after selling t sufficient sum to meet tlie inland exchanges of tlie country. With these manifest and multiplied bless ings before us, we invite tiie cordial concur rence of the Southern Banks, Planters find Colton Merchants, in the measures we ate about to submit. We are aware, however, we should not perforin our duty, or very inad equately meet public expectation, if we did not point out, practically, the mode by .which those desirable objects a:o to lie accomplished. First, it is proposed at all the 'principal shipping ports of trie cotton states, that parties, whether planters, cotton merchants or factors, should apply to tiie I> inks for such an ad- vance o;i the cotton they ho! !, as may be in ; conformity with the current rutes.aud lx; mutu ally agreeable to tile parties. In every case where tie Rink conceives the advance asked . fiir is too high, it is quite competent for the in stitution making the advance, to require in ad. dition, all.tin: se’curily incident to an ordinary ;discounted unto. It would be altogether im , practicable for this Convention to fix the stand ard of what wouie or would riot Ik: a safe rate of advance: as this, of course, must tk pend on the i fleet; Kiting questions of production and eon- I sumption—the first influenced by the vieisshtr ies : of the seasons in our own country; and tiie last, iby the state of trade abroad. Tnis must, of j course, lie left to the sound discretion of the Banks themselves. Bv re pti'ing this seeuri jl v at ho no, the spirit of reckless s; eeuhition would Ik: rep. e-sell ; tg)ti the disastrous em ; harms: i icuts oi uncover?*! reclamations, to a vast amount, averted. T.:e party npp'v bi<j fin j the advance must produce tin: ware house te jeeipt and policy of insurance, duly assigned to the Bank ;or !>; 1i of lad.eg, if the cotton :is on tlie eve of shipment abroad. Tie Buck. las its equivalent, after charging tITe interest ] and allowing the difference of exchange, takes the'sterling bII of the ship: er, a! •six months, and advances ii.s own notes, land bv muttnl agreement, it is arranged .to which of the houses to be hereafter ap j pointed in- Europe to hold these cojisign. j ments toe cotton is to he shipped, with an (explicit understanding, that it is to be i.eld j lor s x months from the period of shipment, | if so long be necessary, to secure an aiivnatn- I goons safe. It t.,e tnlvanoes are received bv i the Bunks in the interior, then tlie receipts and the bills of lading, may be transmitted tu their I agent Banks in the shipping ports, in order j that the sterling bills may he signed bv the j shipper, that the exchange may lie negotiated. It will he perceived that by tilt: specific reso j lotions annexed to this report, the mode by which we propose to carry out tliis great men- sure, is First. By tlie appointment of a Committee jin each of tiio great cotton markets of the i -Southern States, to confer with the Banks j forthwith, in order that arrangements may he | made to commence advancing on cotton on : the terms proposed. I Secondly. That tliese Standing Commit tees be authorised to confer with the. Banks ns to tho selection of the houses in Great Britain, and on the continent of Europe, who shall be empowered to receive anti sell the consign merits from each of our shipping ports. It may, perhaps, be desirable to the Banks to establish in tlie foreign markets, as the best schools for our young merchants, new Ameri can houses, to attend to the transactions of their business. Your Committee in consid ering the report made to this Convention by | Gen. Hamilton, in obedience to the instruc lions of the New York Meeting, which de volved on him the province of arranging with j sundry European houses, tt> take the consign ments, and which has been referred to your Committee, are of opinion, that the Convention j had 'tetlcr make no designation of the houses ; hut simply to suggest the above reference, however entirely satisfied they may be with j the manner in which this gentleman perform ed this duty ; and of the undoubted respccta . bility ol the houses with whom he conferred. | Thirdly. That in tho City of New York there should | he an Agency established for each Southern shipping : port, to be appointed by tlie Committees, and Banks, of sanl Ports, whose duty it should be to sell such Cotton as may he shipped to New York ; and each exchange as may go to tinit place for negoUation. Fourthly. That a 1 k-legnio from each of the Com initlcra ol tin- several Cotton Markets, nieel on the Ist ■ lay ol August, of each year, in the City of New York, in confer with the New A ork Agencies, amt to devise sin-li measures us may more elUrtuully promote the oh- Ij'-cis ot this Convention. I his is the sum and suhslauce of ila plan which we I propose lor llie protection ol our treat staple, mid the I resuscitation of our currency. In us details tls-re is neiiher complication nor inyaterja Ip, object is to bor row lb,, money on our smple at home, mid not abroad, ! and thus to place u IwyonJ the reach of sacrifice, when in i the liimk ot England may either, from wise Conn-1 etjs, or ail unh-timjfd panic, roisc the rate of iviterest. I \V «* liim'liiiiii t }»e« Mill I lid ol iiontiiily to tht? limn- i ulaeiuiing Intel* si* •*' Mngland, for tls iiinmlcat rta- I •on, they consiituic mir l«-si eustorosr. AV e must, moreover, Is niloued to enter ihu pri.-«-*t against till- mil.Simp ,| allegation, that We dc-ir<t lo fix, I by an utioolu',- i diei, tlie price ol Cation. H\ aim at i»i idjeel slwurd and -inaiiaiiiatile W'e know that (Ik t<tm» i law of au|i|ily and demand must, alter all, r* • " ''' Cat it w a legitimate object of trade be >.;-a provisions to guard against "tuts in the marked ami! nnloundtd paasce, often the result of unworthy and Pr a m.irr comb;nations. We have repeatedly «ee'n iK. false and unldashiug staa-iiieirs of tl^Drohih^ ; : • ' ; n ?ronpfthel».BuSJX , SS{j; I'™ °f depressing its v* ne 1 .ast rear •» n„ aiat the production w rid be 2,000,000 bale® 'V' |,ro,l " ct , ! 350,000; and, ta the face of a dro^ht -t urn xa in pied niteasilv this s. ason, it is affirmed with M° f r!:C prest ” l! - vpar w °al>l reach -.JK1.000 '“l'm - ".hjcii. 'n no event, can exceed an aver “q* 5 m “‘' . »■ -clc oi agneuiture and -nnmjercein the '.l.a « civu./ed tv is . xposed to such accumulation d..angers, as.mr ere it >tap.e. Even that pestilent drug of oriental luxury: the expulsion of which has recemfe convulsed a jictlcy Empire to its cen'rc, seems less an ' ••! .i -trie c T.ibinatinn among those at least. wL ' 0, although it dispenses madness and death - to man his most healthful ran mem ; nod w.urli rivals the fleece of the lamb in its soft, nes®, a::u the nuraculons results of tlie industry of the xls worm m ihc fineness and beauty of its fibre be desire no monopoly. If the agents of forefen houses a:c willing to give a higiier rate of advance than tlie Banks, let them take with the Cotton, tiie rhk of such adventures. All that we wish is, to place a por tion at h ast o! die Cotton crop beyond the reach of co ercive sales, under tlie death warrant of a GO day bill; t int has r nto maturity. We wish, moreover, to place at least a nor ion of the crop, beyond the ldightine in tiiH nee of thoif theories of finance, which, althongfi they may have emanated from the highly respectable pa nor of the Hank of England, are not to he found in ' l( ‘ < M, *° *pny of Ricsrik), w hich have struck; :n ilt lust slimmer, a !>1 krhting influence, nottonly on ti t Ann r.can trade, but have prostrated one of the great-' <■-• liratten sos the gigantic industry of the British Em pire; in.dor the vain and absurd hope of stnppinc deb ring an obviously unfavorable state of trade and a dc netent mrevest, that stream of gold which was as eer tain to fluv out of England, ns the father of our west er.i watersistorol; his current to the ocean. These wise men. in their generation, have indeed done their worst —they Imve prostrated American interets, and all the interests in their own country connected with our own, but the ratal tide still flows on. And if our Bauksuerire that a portion of tliis stream shad be lavished on onr own shore®, let them tarn to our grea t staple, which, under a judicious coarse of trade, will command the precious metals from every quarter of the Globe. To our associate® in an important branch of our in dustry, the Cotton Plan'crs of the country, we would addre»s a voice of sympathy and warning—we would tell them that the mode bv whi di the product of tlicir capita! and skill .is disposed of in the great market of its consumpti uu-t- en nigh to break down tlie most valna l>!e s'tip.e, rex' to the sridf.d lift:, which God has given to man. They in i«t not r<®' saftsfiml witli the uncertain eal eiiliitiotis .ft . product 111 a crop, liable to be cut short tiUii'.st to tin* i■ is' einne it of its gathering, by the vi cissi'lilies of ti c season. Whether it lie a large or a "'tall oU'. a ii o on® system tor offering it f.rsale in the great for. i;r : in irfiets of it., consumption, is equally the part of policy and wisdom The (net is n>tto be coift-ale.l, in spire of the depressed state of trade in for land, it the American h'.ugcs in Liverpool had held rhi® ve..r, s‘i»c!i of Cotton which was . -ms'gned to Humphries ;'nd i! MU nl ms. during the last; from ten to li; i en tu.'linos id dollars re'datiiations would have fice'i saved to ;! e ‘ouuti-y ; we should have had an ef fective hula ire-wheel in giving steadiness to the mar ket. The conn-'gi.in fa dist-rarefii! panic would have I ceo ®.:ppre.-e !;' an 1 ;.»ne jns’ relation preserved lx*- twiu n even a diinonshcd eousuuijition and a crop of uncxaiiiplcd sliortne.-s. T.- epm me:: m t imr s'-p'e treads so cl ssdy on tlie meat me ol e i.:®-:uip't.i- . 'hat of oil the articles of coni merce, it reqa::i,® 'he utmost c re in its sale : yet per haps t> receive., the 1.-ust. We ought to reflect, what would he the ' x'eqt of the cnlaiiiitv wliicli would I e fdl our wi)i|.i!rv, if it were to break down to a point which wv.iriri out ivve.r trie cost of production— Fyr to the uplands -d tta- Son'll, it is our only rcmpß-ratitig An i ffi. ri it sche no of proVciiou, for a few .vean®, will ij: . il! ® din 'i'rie use of Cotton, ns a fa l>ni: ol lini:,'iu r::i:i..:;’, is ::i®t pi nc'.atitisr the Ru«®'n:i Eo:pi c ; and hetorc i.umv vrar.®, we shall have in the . !.'.iitr:li ®® r gioii® of ’he N' -rih of Etirooe, a class of : ey.iisuiiicr* more numerous than thuee of the King loin of (Feat Britain. itli tec®': retlecti is on the pa®', atid anticipations dMu fuller,yv. - hi t, yvi’h thi’ ifimor*, 'lie following Resolutions tor the adopt;,in of the Convention: /,'.«dc*/, T!i t tf.c g.■ id,one I who isuic l the Cir cular, dated 5 h tnlv, ;ii New York, which has cans ■ I the meefnig o. ft: - C.nvcniion ; are entitled to the liank® of i very c.::v.c i. vvli ■is iu'« resad in the c.dtiva . Uon, or export, ol tin; uniat staple of the Soufli. | />’• mcixm, Tiiat t:i:s Go ive'iiion entirely concurs in hi o; :a: a pressed . ti.l Circular, that o viug to the inreuiiisfanct s under which the Cotton crop is usu ally sent to nit.il. e', the price of the article, is not left to be regalateil. fiy trie her a t-J autunil influences of tiie law of Supply and Demand. Kt fvh ttl, As the Opinion of thi.® Convention, dint a frenu ly frrtlie evil, a®'clfe :rivo of its object, as it is ®i:iip'e in i ® chaiTe ter, will I e found in li-crecuniriicn i.iri hi id the Circular, “ that the C it ton of oar couu trv, shall 11 • ; Iso si nt to ini.rke’, accompanied by a lull of Ex'diqngo, which intist e xirce its.«a r e, at a fixe I , date, w!i ilev-.- • in.iv fie the .®:.’''': of tlie market. Jb sole, tl. That 'li>* C-otton Planters and Amcricm 1 Slrpp, rs, in the 81 m'licni Port®, lie earnestly requested m concur ii the me; -urns recoiniuetidcd by this Cun venfi.m, by whic'i they may be certain of having their jco'to!! held, and not forced on the market nt a ruinous : vaer ltcy. HttiolreJ, That die Banks in die Southern States I*o I invited «> concur in a general system of advancing on . tlie crop, as the only certain means of replenishing their stuck of Specie, and of placing their circulation on ■ a sound basis. lusi lrn/, That die Committees at Mobile and New- Orlcans hi- requested to call a meeting of the Directors of the Banks, Planters, Factors, and American Cotton Shippers, jn the r respeclive cities, at an early day in November next, that die proceedings of this Conven tion may he laid before them. Resale'll, That the following gentlemen do consti tute the Standing Committees: Far Nete Orleans —1,. Mi lentlon, John Mintnrn, S. Peters, N. McUechcr, D. McGofiin, and John Hagan, ! I'lsqrs. For Mobile —ll. B. (Iwathmey, Wm. 11. Robertson, C. C. Lnogdon, John R. Blocker, (Jeo. S. Gaines; Tb. F,. TnrJ, Tims. J. Butler, I! II Faintane, John May rant, .1. 8. Dons, Franklin G. Heard, Rsqrs. F< r fbie-itmnh —G. S. Lamar, Md Pndelford, Joe. H. Burroughs, Win. Patterson, 15. E. Stiles, Chas Hart : ridge, E-qts. { Fir ('harlestin,.S. C —John Robinson, Robt. Mar ; tin, Robt. Collins, John Kirkpatrick, Heuiy Gourdine, [James Hnmil'on, Esqrs. For Cilnm’ in, S. C. —Wade Hampton, W. Wallace, : R. Sonley, J. Adams, R. Goodwin. Esqrs. For Hnmbureh, .S'. C. —Henry Schultz, Edward D. Leas, Charles Lamar, .Marshall I{. Smith, 11. W. Sol omon, Esqrs. For Aunusht, Gn. —Alfred Ciimming, Paul Fitzsim ons, Geo. W. Lamar, Peter Beunock, John P- King, Flsqrs. For MiUcdgtvilk, Gu. —Dr. T. Fort, J. W. A. Sand- I ford. L L. Harris, Esqrs. J’nr Mna n, Gu. —Dr. A. Clnpton, J. Cowles, Chas. Collins, J. Goddard, M. N. Burch, Chas. Cotton, J- G. Moore, Ed. Hamilton, Win. B, Johnson, Esqrs. l'or Columbus, Gn. —Joint Fountain, John H. How r ard, Dr. Thos. lioxey, Win. 11. Harper, 11. S. Smith, Esqrs . • 'ear iUnnlgomeri/. Ain. —Jesse Taylor, John Martin, Joint Seoit, Thos. S. Mays, 15. Bibb, Esqrs. For 7 iiseah osn, Ahi. —John Marrast, A. Battle, Eo" rniind Prince, Hardin Perkins, Robt. Jarneson, Esqrs. For Columbus, Miss —Judge Andrew Bibb, George 11. Young, Judge J. Moore, Thomas McGee, Major Bind. For Natehez, Miss. —\. Ware, Gen. Quitman, Jno- Ruth, Judge Thatcher, Mr. Dalgreen .. For Vickshurgh, Miss. —Judge Lane, Mr. McNet*, ; Dr. B. Harris. , for Tnllnhnsser, /-Y.—Jesse C*»e, Edward Bradf-’m* J 11. T Lorrimer, A. M. Gatlin, Samuel Reed. For fit. Josephs, Ft —T. B. Howard, E. J- Hardm- Park Slrcti, G. VV. Smith, Mr. Dotlin. u - For Apuluehicolu, FL —W. (5. Porter, E. ood, ***' lain Noursc, D. Goldstein, W. G. Rnnry. Retched, That the foregoing Comimifees tie special" ; Iv requested to carry into ollect the duties conftfre 10 them in the nlwive Report, n>id dial they commur.!e"“ to the Central Csimmitiee, nt Mobile, w hat they hav® lone in the premises, that tlie same may he announced m the public journai*,of the rrepective Sialft. Resulmd, Thai the sunt Couiniiuees be requeated (® supply all varanciea which may occur in (heir re»p® c " live tiodiea, Rt suit'd, Thai I Ik- Itanka ami several Countis* atjjl Duilriels in die Cotton Slat* s, (>e requeated to send ts*(» - van s lo ilm> “ Commeieial Convention,” to (•*•**!'' Mai mi, Ci <>rgia, in May next, w iwtte with that boar •or die pm j* Me of taking itilo conunkration the (“•