From the Southern Patriot
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 The Cotton Iraae,-The system of dealing in cot ton Is about to undergo change. that will place it safe and secure basis The signs of this change are already visible. Kite flying and hank expan- sions, to infate prices and bolster up insolvency have had their day. To this state of things teadiness and reciprocal security is about to succeed. The first step in this commercial reform should proceed from banks. It is required not only for their safety, but for that of the American bill drawer against foreign shipments, with whom these institutions have exten- siye dealings In every instance the banks should re- qure the enmtf o the bH of fading for each ship ment of produce against which bills are drawn and through which these bills negotiated. The form practice has not only been at variance with sound and safe principles of business but has protected the parties abroad at the expense of parties in this con try who have made the necessary advances and should be first protected.

 If in every instance this were done, the property would protect the bill drawn aga'nst it hy proper commercial lien, and ii would no be sacrificed as has been too oien the case. to reimburse previous ad- vances by foreign correspondents, they frequently re- turning the very bill which Is the representative of that property. This system sacrifices American to Foreign interests. It gives scope to speculation by the practice ofre-drawing, as the shipment that is not specifically bound by the exchange drawn against it, may easily and has become the basis of several snc- cessive operations of this nature.

 When the English Banks and Bankers withdrew the open oradis they had granted to American houses previous 1884, this sautary change was introduced They required before ihey made advances for the shipment of British merchandise to the United States that the parties should make assignment o the bill of ladng. This principle of protection is carried rigidly through in England and why should American interests require less protection than British interests Why should our system of business be without reciprocal securitya Why should American property, for which heavy advances are constantly made for the convenience often of the British shippers, oa mere letter of credit. be applied to reimburse losses perhaps arising from previous speculatiopl The principle s SO sopnd in commerce, that the property should protect the bill specifically drawn against it, that we arc surprised any other should have been made the basis ofbusiness We hope, therefore, that