IEram iha Rnafnn CnuriarN
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CoTToN TRADE.-1he state of the moRey mark lei

 is not favorable either in this in Engand for spec uatipe operations in this any of the great staples of trade. Now it is speculative dealings of banks and of commission houses, cotton planters, and of others which, cflate years have elevated during most of the time, the prices of cotton beyond what they would have been, had those prices been regulated by the supply, compared with tho donsa nd.

 The prices of cotton and of other products of tho South, have, for time, been kept in artfcia by the combined operations of banks of planter: and of spectators acting in with those banks The banks by their ouer-issues, have raised priccs and the time, by loans to that class persons who would cooperate with them in theii gambling proceedings have enabled the exporters chiefly banks, foreign agents and planters, the cotton markets, and for that privilege these terprising associates and allies have been compelled to paJ, the last season. about ten twelve dollars DOT bale for their 000 900 bales of cotan than

 it has realized, is likely to realize in the great cotton markets of Europe.

 This is not all. The same losing game has been played for the past six years, during which period there has been loss of five to twenty dollars per bale all the eaton shipped to Europe, with the exception of short period in the of 1887 and 1888, when from the general discredt of mercantile men here and in Europe, in that rade the business of dealing largely in this great staple was limited to Il few strong houses. Even during this and a subse- quent period the other operations carried with the funds of the United States Bank by Messrs. Riddle, Jaudon, Dunlap Co.,, and other officers of that stituon were in the aggregate, extremely unprofta- be, though far less probably than the speculatons of others acting in competition with them, but without the command of an unlimited amount of capital and on any terms which those enerprising bankers fnan- cers and gamblers chose to allow the institution which they presided.

 Tho loss of five to twenty dollars per bale on most of the shipments of cotton to Europe for series of

 five six out of seven eight seasons, and sufficient compensang gain for the two favorable years, will have involved an aggregate loss to the parties concerned in such wild operations of some $50 900 900 or 1000 900 more, and conse- quently have injured ruined greut number of honses in this country and in Europe. Such too, as is well known, is the case. Of the vast number of cotton gambling houses in New Orleans, Mobile, Natchez &c., and the banks and planters associated with them, nearly the whole have been ruined.

 It is true that the foreign houses acting in renee with those bold and restless operators, and largely sharing in their purchases, for the sake of procuring consignmsnts oI this cotton, are sustained, some of them, by heavy capitals, and may have an effect of portion of their loss in the commissions charged on it's sale. sI9.t a .4

 Notwithstanding these tavoring circumstances, the failures in England among this class of houses have been numerous and disastrous. One of the most solid establishments in Liverpool, who commenced only n lew years ago the business in question: with capital of f4OO 900, have appeared in the Gazette and sunk their whole capital, and probably further in tine form of debt inc joint stock blnks and to oth- CTS to whom all such houses must for pecunary aid in their unmercantile and dangerous operations It is not probable that this class of men, crippled or runsd as are of the strongest of them by their failures or their losses will, appear in the field of speculation, at least for the coming season. It is probable, therefore, that this valuable staple will for

 time at least, Dc regulated it ought always to have been, and it would have been but for the interfe renee of banks, brokers, spectators and gamblers, by regard to the facts in the case, namely, by he sspply compared wah the demand.

 If such be the case, the prices of the now crop, predieated by the current prices Liverpool at our last dates, namely, October IS, ought mol, in New Orleans and Mobile, to exceed to 6t cents for or. dinary, of which quality about 50 or 60 per cent of the crop consists; of the middng and fair, such as oar factories mostly use, 7t or cents, which consti- tutes about 70 or 25 per cent of the crop.