Southern Commercial Convention at New Orleans [pp. 749-760]

758 COMMERCIAL CONVENTION AT N. O.-1855.
was to put the cotton-growers of the United States in direct
correspondence with the cotton manufacturing interests of
Europe. He remarked that Liverpool merchants had entire
control of the cotton trade; that cotton planters were mere
hewers of wood-overseers of that great estate which was
managed by others. His object was to show that if cotton
planters would come forward and put themselves in correspondence with the cotton interests of Europe, they would
certainly respond to them and heartily co-operate with them
for the purpose of breaking up Liverpool monopoly. I want
to see a time and a company of men engage in this business
who have got individual wealth and personal standing to vouch
for whatever they undertake. What will be the result? All
I ask of the convention is the passage of this resolution, and
to appoint a committee. There are those here who are interested in the cotton business. England is not a consumer of
cotton; she is only a reproducer. Labor is cheaper on the
continent than in England; population on the continent of
Europe is greater than England. England is only a speculator. She ships annually more than thirty-five millions in cotton. By means of her capital and organization she controls
the great crop of America. What does she do with it? It
requires forty out of every hundred bales of cotton to take it
to Liverpool and sell it. What is the effect of that monopoly?
The result is, the Liverpool merchants control the price of
cotton. We are dependent upon her alone. You are demanded to break up that monopoly. Russia and Turkey go to war.
It touches no part of America, but England chooses to engage
in the war, and plunges all Europe in a war with her. What
is the effect on the price of cotton? It was this year and last
forty millions, simply because England involves herself in
eastern war. It has been urged that the establishment of direct communication with the manufacturing interests of Europe
would injure the commercial prosperity of New Orleans. So
far from that being the case it would have a tendency to build
it up. If a depot for cotton were established on the continent
and the Liverpool monopoly broken up, would that injure the
commercial prosperty in New Orleans? Not at all; it would
only promote it.
The secretary then read the names of the following gentlemen as appointed upon committees:
On Mr. Jennings' anti-usury resolutions-Messrs. Jennings,
Lathrop, and Pike.
On Dr. Barton's sanitary resolutions-Messrs. Barton, N. B.
Benedict, and Gerard Stith.