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something 10 say as 10 the price OF cotton, as


well es themselves. Aad their dlmInfshed


stocks II home would compel them to enter


the market at fair prices But we have no


institution Of the kind we have described,


and until we do have, in those contests be


tween the cotton planter and the English


manufacturers. the latter will always be the


victors. The cotton operations OF the past
six months strikingly exemp!iiv the truth


of our arguments. As the price OF cotton


advanced from September to February, the


American manufacturers were only buyers
for consumption. The EngliSh agents re-
fused to buy, aud of course used every means
IN their power to keep down the price,


Bats vas sustained uatii the American


manufacturers were mainly supplied, and
the foreigners became the only purchasers.
Then came pause and The contest between
the Alanches spinner aud he American


planter commenced Blu. in our IN inas
there never was a doubt as to the result


The spinaers have carried the day, and the
English manufacturers Will procure their
supplies one cent per pound lower than the
American. at u loss to this country of eight
or ten millions of dollars 1t NAV be urged
that the power of such National intuition
as we have alluded to. would be dangerous,
but n answer 10 this, we point to the ex
ample Of the last Bank, restricted TO a mode
late dividend, could be tempted to pursue a.
ny course that would endanger her perma-
nent Interests. Restricted to moderate
dividend, the motive Of interest could not op-
crate 10 make her violate the strictest prin-
ciples of sound banking. 1t is for the cot
ION planter aad the whole American people
to determine whether they will forego the
advantages of such an institution
on account OF the idle fears and prejudices of
some against it.