From The Louisville journal.

THE COTTON CROP
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Ohu Hdii VI ttie 6itiEe tx pOttS ol t8t CCuItL


makes the price il bears an object of inter


est to every citizen of the Union. A rise


or fall in the price Of one cent per pouud,


adds 10 or diminishes the National wealth


eight or ten millions OF dollars 1t is then


OF The highest importance to the country


that lis policy should be shaped in such


ways as to sustain so important an article Of


produ,tlon at remunerating price Bur,


while the people of this country have 50


deep 4 stake in maintaining cotton at an al


equate price,those countries that purchase Il


from US have an equally deep stake in De.


pressing it. Ii is well known that for this


article England is our chief customer Cot


ton IS as necessary to the English people as


food. and to deprive them of it for year


would inilict more distress upon them than


a famine. Il would seem that this country,


thus holding in lis hands an article of abSo-


lutte necessity to another country, might 10
some, or even very great extent, control
the price. But the reverse is true. The


price of cotton, the remuneration of the cot
ton planter his comfort or distress, prospeTi-
" or bankruptcy is determined, not by him


self not, except TO a limited extent by the


laws of supply and demand, which are fal-


laciously called immutable, but by the cot
.on spinners Of Manchester aud the direc-
tors OF the Bank of England. They decide


what cotton shal. bring, and from their lie.
cision there is neither appeal or escape


No matter how potential the causes which
demand an advance in the price, no matter
ifthe crop be deficient one fourth, The curren-
cy redundant, money cheap beyond exam
pie, peace universal s. not likely to be distar-
bed, the stock Of manufactured goods SMALL
the consumption increasing to an astonish
ing extent no matter for all these things; the
Manchester cotton spinners, supported by
the Bank Of England have only to say =
eve will give YOU so much for your cotton,
and we are compelled to take it. How hu-
yet how true Ifthreatened with
the power cf the English navy, we point TO
our own and defy them. and if with the
prowess of the British army, we point to
our own brave troops and hardy yeomanry,
and defy them still; but, when threatened
with a power infinitely more dangerous to
u.s. that Of the Bank of England we have
noshfssn 10 oppose but few local banks of
small neans, and influenced solely by local
we are in fact defenceless,
and WREN wfilhing under the inflcuon can
only lnplore for mercy. a rise in the price
Of cotton of two cents per pound would now
make difference IN the amount 10 be paid
Us by England of twelve or fifteen millions
Of doHars--an amount of sufficient impor
lance to call into play all the powers of pre-
ventioa possessed by the English people
The cotton planters see a state OF things ex-
IStng which Justify such an advance, and
they demand it. The American manufac-
.urers, seeing that the claim for increased /
prices is we'll founded, yield to Il and their
purchases, with the speculative operations
lncident to every season, sustain the price
for months But the Manchester manufac


urers send out their orders at low limits, |
being we'll aware that they are the only
customers for large part of the crop, and
hat if they refrain from purchasing long e.
nough, the planters must yield La the
all attempts to excite the Eng
sh markets are strongly discountenanced,
and, if the danger becomes imminent, the
Bank Of England has the power and viii at
my moment put down all speculation. In
1ur own ports the stock accumulates, the
wants of the holders are urgent, advances
o some extent are obtained, and the floating
capital of the cities is gradually absorbed, /
he value of the money increases. exchange |
IN Eng LAND rises. and specie or cotton must
20 forward the local banks at the shipping
points are seized with panic. and their di- /


ectors (many of whom are deeply connec- i
ed with the English manufacturing inter-


st, others being stock operators and likely /
o be deeply affected by anything which IN


reases the value of money, and of course
decreases the value of stocks) determine
hat the cotton shall 60 and not the specie.
rhe result is that facilities are Withdrawn
rom the cotton holders, and they are com
,elIcd to SELL


The question now assumes a National
Importance, and ten or fifteen millions of


oliars may be made or lost 10 the country
q a few davs 1t is in an emergency of
his sort that a National Bank becomes a
National blessing. 1t is 10 case OF this
ort that the positive strength, unsullled


redit, and unity of action. combined IN
institution, can be used with the
most beneficial effect It's not to be suppo-
ed that a parcel of small banks, jealous of
ach other, and it may be distrustfuI, can be


roug ht to act in concert. and, by bold mea
ures, to sustain the value of so important


roduct Bat in such case it would be
ne duty of a National Institution to survey
le whole ground, and, If necessary. inter-
ose; not by the purchase OF cotton. or IN
iscreet advances to spectators, but through