The Charleston daily news. (Charleston, S.C.) 1865-1873, August 16, 1872, Image 1

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VOLUME IX.-NUMBER 2056. CHARLESTON, FRIDAY MORNING, AUGUST 16, i872. EIGHT DOLLARS A YEAR. THE COURSE OF COTTON. A BRIO HT PROSPECT FOR THE AMERI? CAN PLANTER. The Decline in Price?-A striking Change In Public Opinion-Estimates of Stock and Oonsnmptlon, and the Probable Range ot Prices. [From Smith, Edwards A Co's. Clrcolar.] LIVERPOOL, August 1, 1872. The month under review has exhibited vio? lent changes in a downward direction, and we close at a decline of Hd. per pound in Ameri? can and ld. in Surat cotton. At tho date ol our last Issue, the result of stock-taking had been announced; a small surplus has been found in place of the defi? ciency, which had been generally expected, and the effect-on our market was surprising. Before the stock was announced there was a good demand for August delivery of Orleans at lljd., with a general expectation of an advance; but as soon as the result was known a feeling of great depression ensued and the price tell at once Jd. per pouod. From that time forward everything went against the market; the accounts of the crop in America came remarkably good; spinners stood obsti? nately aloof consuming their surplus stock and the4^xport demand fell to zero. The feeling rapidly spread through the market that prices were too high and that a lower level must be reached before active business could be rr siimed; holders pressed their stocks, and lt became almost impossible to sell on the spot. For a time the decline was not very rapid, and some reports of heavy rains and worms in America about the 12th ultimo gave a slight stimulus for a day or tw J, but these were soon followed by reports cf good weath? er, and the eagerness of holders to sell in? creased to a panic; and from the 15th to the 25th July the decline went on at the rate of id per day, and a leeliog of great gloom per? vaded the Exchange. Confluence quite van? ished, and the heavy loss entailed caused fears ot financial embarrassments. At the lowest point uplands and Orleans were Bold for Au? gust delivery at 9ta9?d.. showing fully 2d. per lb. decline on the prices ruling" belore stock? taking, and fair Dbollerah was done at Cjd. October-November shipments of uplands cud not fall below Sid., putting them on Hie same level with August delivery, although a month . before there was l.?d. per lb. difference be? tween them ! We nave seldom knowu our stock of cotton more unsalable than lt was during thia whole period of depression. With the exception of the better grades ol Ameri? can, it was hardly possible to sell any kind of cotton, and East india in particular was a perfect drug. Holders, to relieve themselves, sold largely ot forward contracts of Ameri? can, and probably many ot these will be bought in again, thus lending a Mentions strength to the market afterwards. The very low prices touchea on the 25th nit. at last brought in the demand, and on the next day (Friday) there was a good business done at id.- to Jd. advance from tue lowest point The improvement was supported unlit Monday, and the market assumed a much healthier appearance, but a dull ton?* came over lt on Tuesday, and as we write (Wednes? day) the late improvement ls almost lust, and the closing prices on the spot are 9 11-lCd. to lOd. for middling uplands and Orleans; 6jd. for lair Dhollerah; 9Jd. lo 9?d. for landing uplands, and 9-d. for October-November shipment ot nes crop. * The Manchester market throughout the entire month has been powerfully affected by the depression In Liverpool. An Incl nation for business showed itself more than once early in the month, hut lt was quenched by the demoralized state of this market, and no Im? portant volume ot business was transacted till lt was thought that the bottom bad been touched here. Nevertheless, the tone of Manchester all through this collapse bas been ; sounder than that ot Liverpool; lhere has been far less pressure to sell, and the decline has been more gradual, and thus the position of producers has sensibly improved. , We Incline, however, to the opinion that the prospecta of foreign markets are not so very unfavorable; the present dullness is very much the result ot discounting the effect of a large American crop next year, and a further fall in the raw material. We believe there ls plenty o? business walting to be done if merchants were satisfied that prices had touched bottom, and we Incline to the opinion that a pretty ac? tive demand will be felt In Manchester for the remainder ol the year; there are no oppres? sive stocks of goods on hand, and comparing the state of Manchester with what we have often known lt to be during limes ol depres? sion, we should say that trade is far from un? sound; Indeed we believe 'hat, were people satisfied prices of cotton bad seen their lowest point on this dide of Christmas, a large volume of business would be put through. The question of "short lime" has been spoken of a good deal lately, but irom ail wv eau learn there has been no resort to it ot any moment. A good deal of machinery has recently been stopped from oo e cause and another, among which we may specify the damage done by the recent disastrous floods to many mills situated on water courses, but the effect will only be transient, and we exoect ere long to see all the spindles and looms at work, and the consump? tion at its full figure. The very long abstention of the trade from our market (navlng for seven weeks taken 1 only 46.000 bales per week) has raised much ; discussion on the question of the consump- i tlon, and lt has been felt that the extent of it i was over-rated, and at the same time it has 1 been discovered that spinners held larger stocks than were supposed. At One time the 1 most careful Btatlsts put the consumption at < 66,000 bales tor the Kingdom, equal in weight 1 to about. 60,000 bales ot lost year's size. We i tblnk the real figure could not have been over l 62,000 to 64,000 bales, and perhaps of late lt ' may have been reduced to 60,000 bales, from i tue temporary causes we have mentioned. I We should say, however, that the natural rate of consumption, were lue machinery all working, ls 64.000 bales per week, of the pres? ent average weight, and we think that it will soon regain that figure, especially it prices do not rise from their present level, blocks in spinners' hands must be reduced to a low ebb, and are probably 100,000 bales less than they were on the 1st January, and 200.000 bales less than at this time last year, and people who look merely at the scale ot delivery are apt to under-rate the consumption now, Just as they were to over-estimate lt a year ago. POSITION AND PROSPECTS. A very striking change has come over pub? lic opinion about the position and prospects of cotton during the last month. To glance a moment at the past, it may be said that the prevalent opinion during the first halt of the year was that there would be a real famine of American cotton, and in Manchester the opin? ion was strongly held that 13d. would be reach? ed for middling Orleans In the autumn. There is nb doubt that the consumption was then over-estimated, and the etock held by the trade under-estimated, and looking at the probable supply of Americau colton, as lt then appeared, lt ls not lo be wondered al t hat san? guine views prevailed; it did, on t he face of it, appear a puzzle how to get through the year with a crop of 2,900.000 bales, when -jj mil? lions bad almost totally disappeared the year before. This difficulty was overcome by keep? ing the price of middling Orleans at lld. to md. for six months, and though it now seems that this prloe was too high, we believe that nothing less conld have saved us from a pos? sible famine In the autumn, for even yet It will require extreme economy, and oven pinching, lo get tb? two ends to meet. Of course lt was pla .o that such a price ns lld. to Hid. was only justified by imminent fear of scarcity, and as soon ns that fear was removed, the basis of price was undermined, and the re? sult has been witnessed in a sudden fall of LJd. to 2d. per pound at the very lime when ine public looked for as much advance, but lt was not merely the discovery that we had enough, or nearly enough American cotton to bridge ; over the interval before next crop arrived, lt was the extraordinary accumulation of other kinds, not only In Liverpool, but lu every port of Europe, carrying the total stock In Europe to 600,000 or 700.000 bales over last year. The effect of this was not fully felt till stock taking, ' when all the figures were collected as it were in a focue, and the gaze of the public turned . exclusively upon them. The effect was then Ir? resistible, and the consequence was, the panic we have Just passed through-a paule more t unexpected than aDy we recollect in recent t vears, at least during times of political and i financial quietude. Nor must it be forgotten I that the unfavorable effect ol the statistical position ot cotton waB greatly heightened by j the glowing accounts we have been getting of the American crop tor the last two month?. These various influences have caused spin? ners, both In Europe and America, to lall back upon the reserve ol stock, and we be? lieve at th* present time they hold in the ag? gregate 400,000 to 500,000 bales leBS than they old at this time last year. Tnisisa mostim ?iortant feature, and it may tell with great urce at a later period of the season; spinners have in a great measure exhausted their pow? er ol depressing the raw material, and thould they be tempted or frightened Into stocking themselves again, their capacity of absorption would be very great. We think at tbe present time all the ele-1 ments that make against cotton are brought into undue prominence, and public opinion as lt usually does-has run lrom one extreme to another; it has concluded-rather too hasti? ly-that the risk of a scarcity of American cot? ton is past, but we do not feel so sure of this, had prices remained at lld. or over, we do not think there would have been a severe scarcity, but we rather fear it will be encount? ered if prices remain at about lOd. for mid? dling Orleans. The tendency will now be rather to Increase than contract the consump? tion, and as our spinners must have used since the beginning of the year 31,000 or 32,000 bales of American cotton weekly, at an aver-1 age cost of fully lld., lt Is not reasonable to expect they will contine themselves to 23.000 or '24,000 balen for the next three montns with the price at 10d., and we cannot see that our supply till 1st November will admit of more than ibis: l he stock ?6th of Joly was.bales. .311,000 Ailoat. 34,000 To arrive farther by the 1st November, cay.100,100 Total.436,000 Adow tor 14 weeks-Trade...23 600 v. Export. 2,too Total.26 ooo x 14 -364,oro Leaving for s'ock 1st November.11.000 It ls thought by some, as the crop is said to be early, that we will receive more new col? ton than is indica:oj here. But we do not think so; we are not aware that we have ever received more than 50,000 or 60,000 bales ot new cotton In October, and as American and continental spinners will this year be as hun? gry for the new crop as our own, we do not think we can receive a very large share. W* therefore incline to think that the tendency ot American colton later on will be to harden, and we expect the tear of scarcity will reap? pear. Should the American crop, however, continue 10 flourich, there will be little confi? dence in hiah prices, and any advance gained will be reluctantly squeezed out of spinners, and the price ot distant shipments will re? main quite unaffected; bnt should any disas? ter happeu lo the Ameiican crop, such asa wet picking Benson, or an early frost, the effect on prices would be serioup, tor a large business would then be put through in Man? chester, and spinners would have no place to cover their contracts except Liverpool, where the small stock of American cotton would place them at the mercy of holders. East India colton, however, stands in a dif? ieren t, position; we are loaded with an exces? sive stock in all the ports of Europe, and our own spinners still show a great reluctance to ! turo upon lt. We thick, however, that these facts are discounted in the very low price it has fallen to. Fair Dhullerah at 7d. is only jd. above the average price of last year, aud below the average of any other year since the American war, and Bengal at 4|d. Is jd. under the lowest point touched last year and almost at the lowest polit since i860. The position of East India colton will very decidedly Improve lrom this time forward; hardly anything more will be shipped from Bombay this year. We are Informed that by the end ot the year the dfflcit in shipments from Bombay will stand at 200,000 bales. Nothing of consequence will be shipped from Calcutta at these low prices, and the Madras crop will move slowly. We ques? tion il the export from India for tue remulnder of this year wilt be more than half what lt was last year. The consumplion on the continent of Europe ls now mainly running on East India cotton. We believe, that li, ls using 25,000 bales per week, and for the remainder ot the year we think our spinners will be torced to use 20,000 baies, say 45.000 bales per week, or for twenty-two weeks 990,000 bales. The visible supply at present is 1,300,000 bales, including stocks In all Europe and amount i afloat; ii to that we add 120.000 bales to arrive | further lrom India this year, the stock in all Europe on the 31st of December will only be 430,000 bales, and of that probably 200,000 will be Bengals. We arrange tbf ae figures as follows, pre? mising that ihey are ol necessity only rough stock or Ea t India In Europe.bales.. 844,ooo .'fl at. 45?,uoo Further to arrive thia year. 120.000 Total.1,420. Oi 0 Consumption of 46,000 b.les per week_ 930,000 Stock in all Europe 3lst December, say.. 430,000 We conclude from this that our present ex cessive supply of Bast India cotton will melt away last before the end ol the year, and that the tendency of prices will be to advance, un? less kept in check by very glowing accounts ol the American crop. We must further re? member tbat we are now holding in Europe 300,000 to 400,000 bales that lu ?ormer years would have been coming around the Cape, and arriving in September and October. These used to be the months when the large Imports of Eist ludia took place, and the Block reached Its maximum, but all this Is now changed, owing to the general adoption of the Canal route, and we must expect every year to see lar larder s'ocks of colton in Eu? rope about midsummer than we were formerly accustomed to. and financial arrangements will no doubt be made to correspond. The above remarks have reference mainly to the course of our market lor the remainder ol this year, but lt Is now BO much the habit to anticipate Ihe future that ir. is necessary lo last a glance at next year. There is no doubt that ibe dominating influence henceforward will be the American crop now growing, and already the markets of the world are power? fully affected by the belief lhat a very large yield is probable. We are able to report that all the accounts reaching us at present are highly favorable, and we should say the crop ls looking as well as at this time two years ago, but lt ls quite premature to conclude that a larsre yield is certain. 1 here are four critical months to be passed throne!) before the crop is made, and the yield of 1870 was the result of a picking season prolonged lo February or March of the following year-an almost unex? ampled occurrence. We should say that even that year l he crop would not have exceeded 3? millions, had the picking season been of ordinary length, and we think lhat any excess over that figure can only be expected this year if the picking season ls very fine. The present cheering prospects may or may uot continue, it ls entirely a weather question, and it is extraordinary how sudden are Ihe changes that take place In America, bothlu the prospects of the crop and in public opinion. There ls one con'lngency that may affect the crop unfavorably, we mean the coming Presidential elecllonr. It promises to be a hot contest, betweeu Grant and Greeley, and the Southern negroes will lor a lime be eagerly canvassed. It ls probable lhat some disturbances ol field work may arise during Ociober, and speculators may exaggerate this so us to produce a powerful effect on the market. Supposing, however, that all ?roes very well with ihe crop, and that four millions are real? ized, what scale of prices may be expected to rule next year ? We may form a tolerable estimate lrom the average prices of the last iwo crops-the crop of 1870-71 was absorbed at un average o? 8Ad. for middling Orleans, with five months ol European war, and the past crop (assuming present prices to rule during August) will average 10|d. for middling Orleans. Out ol the lorrner crop-4,250.000 we reckon that 3,600.000 bales were actually consumed, leaving 650,000 bales of surplus on band, cliledy in t he hands ot spinners, avail? able to eke out the short crop. This makes the actual supply of American cotton for the year ending last September, 1872: american (commercial) crop.bales..2,900.000 surplus from last crop..... eoO.ooo Total.3.550,000 Remaining in stock 1st September, 1872, out of above surplus (estimated). 100,000 Actual consumption or American the psst season endlog 1st September, 1872, at average or lofcd.3,400,000 Aeatnst consumption previous season at 8Kd.3.600,000 It therefore follows ?bat the average con ni m pt i on ol American cotton the last two sea? sons will be juot 3,500,000 of bales, al the iverage price of Sid. for middling Orleans. The increased machinery of the world will need Ave per cent, more, or say 3,700,000 bales, to feed lt this coming season, and it may fairly be presumed that this quam. v will go into consumption at the average < 'ce of | the last two years, say 9|d., and lhere., ^re we do not think; a crop of even four millions will be able to reduce the average price below 9d. to 9?d. for middling Orleans, nor do we think thai such a price can be reached till I he weight of it 1B felt In European markets. We regard Cjd. to Td. for fair Dhollerah as the proper relative price for Surats, with American at Sd. to per lb., for the present unusual depre? ciation will gradually disappear as the season advances, and therefore we see no reason to dread even a tour million crop, wllh the pree-1 ent price of Surats. It may be argued that these are remote con? siderations to introduce Into a commercial cir? cular, but it is necessary to introduce them and grapple with them, as they do In reality exert a great Influence over the course of j trade. Our general conclusion is that the question of cotton supply, when closely ex-1 amined, appears more favorable to the mainte? nance ol' existing pricPB than when looked at in a superficial way; the elements of weakness have been iu a great measure discounted, whereas there are elements of strength which are concealed at present, but which mav come Into the foreground as the year advances. We have rarely known the whole question to wear BO perplexed an appearance, and that is our apology for discussing lt at such length. A TALK WITS GENERAL BANKS. New Kngland will Give Large Gains for Greeley-The Victory In North Cnrollna-Triumph ot the Liberal Ticket Assured. A reporter met General N. P. Banks In New Tork on Monday evening. General Banks and the Hon. Horatio Seymour were engaged in a pleasant conversation. The spectacle of those two veterans, so lately antagonistic on politi? cal issues, quietly comparing notes on the | same side ol the contest, was highly signifl' cant ot what the Grantltes may expect In the present campaign. The reporter inquired as to the political situation in Massachusetts. General Banks. I am notable to speak from observation, as I have been absent from tue State a great deal of late. Reporter. Is Greeley likely to gain in the Old Bay State ? General Banks. Very largely, but to what j extent I cannot state. R-porter. What ls likely to be the result lo the other New England Sutes ? General Banks. I am nor. able to state with any degree of certainty. We will make gains everywhere, and there Is no telling how ex? tensive they may be. Reporter. How about Maine ? General Banks. We will make large gains In Maine on Congressmen and on the gover? nor's vote. I do not say that we will carry it, nor do I say that we will lose lt. In Connecti? cut and New Hampshire everything looks as favorable as we could wish. Reporter. I notice, general, that your late political associates express a poor'omnion of { you since your letter declaring tor Mr. Gree? ley. General Banks. I am told so. I have not looked at ibe papers myself. It might be ex? pected, however. Reporter. Io what light do you regard the election In North Carolina ? General Banks. I look upon lt as a com? plete victory.- Had the administration carried it by ten or twenty thousand majority they might have had somo hope; but aa lt is lt ls all up with them. They might as well give lt up. Reporter. Then you are Bangui ne ol Mr. Greeley's election. General Banks. Undoubtedly I am. There Is nothing to prevent and everything to make lt connie. I do not entertain the slightest doubt ol Mr. Gceeley's triumphant election. General Banks goes to Maine Ina Hhort time to slump that State for Greeley and Brown. By Invitation he will address'lhe merchants In Wnll Rlreet belore he leaves the city, probably to morrow or Thursday afternoon. SU ADO WS Of TUE FRAY. The Coming Event In Pennsylvania Republican Plans-Tlic Elidion I North Carolina. WASHINGTON, Augimt 12. The administration party In Pennsylvania, as ls learned by advices at hand in Washing? ton, have under consideration a plan lo break somewhat the effect ot the election of Bucka? low, the Democratic candidate for Governor. Falling to conciliate the Republican oppouents of Hartrauft, or secure the latter's withdrawal from the head of the Radical Stat'; licker, they propose to appeal lo the party io unite on the rest of the ticket, and,' If possible, elect that portion and save the Legia.ature. They seem to be continent that if the Demo? crat * elect, the Governor and auditor-geueral, the Republicans may be able to share the rest of the honors. In other words, lt la proposed to reverse for Pennsylvania the political situa? tion in North Carolina. The adoption of such a policy-a most extraordinary oue, lt must be admitted-lt Is assumed by those who seek to enforce lt, will save the Republican party in the former State from demoralization and tr ive lt un opportunity to unite on Grant and Wilson in November. Letters have been received here Irom North Carolina which state that the frauds In the recent election lhere have been so glaring j that even honest Republicans do not deny them. A legal official count will give Merrl mon the majority by quite two thousand, and no doubt is felt ihat at ihe proper time the Su? preme Court of the State and the Legislature will Install him Into office. POLITICAL NOTES. -Portsmouth, N. H., is covered with Greeley and Brown buming. -It is reported that Judge Flanders has withdrawn from the boilers' movement. -Ben Butler says li Greeley ls elected "all that was gained by the war will bu lost." But? ler ls evidently getting uneasy about his spoons. -According to the Grant press, A. T. Stewart Hes, Schurz Hes, Sumner lies, Pleas onion iles, Greeley lies, Banks lies. Dana Hes, Trumbull Hes, Tipton lies, Fenton Hes. Every? body Iles but Grant, and he cau't He. How ls that tor hatchets and cherry trees ? -Mr. Greeley ls still swinging round the cir? cle In New Hampshire, his ntitive State, and yesterday made speeches at Tllton, Laconla, Plymouth, Littleton aud Lancaster, laudatory of New England and her Institutions, but with-1 out any special reference to politics. -The St. Louis Republican publishes a let? ter from Governor Graiz Brown, lu which be alludes to a certain statement made by a New Haven paper, and says that the statement, so far as lt relates to himself, is very erroneous, I and so far as lt implies tim. hie habits are iu-.j temperate, is unwarranted. -Senator Sumner leaves Washington to-day for Boston, via New York. Mr. Sumner has decided not to answer Mr. Garrison'? letter. He says: "From what I have already said aod written, the public knows where l stand, and no further correspondence ia uecessary to defiue ray position." -Official returns determine the election of Magiums. Liberal candidate for delegate to Congress from Montana, by a fair majority. Ihe contest has been close and was disturbed by locul Issues, but the result shows that the voters of Montana, though not dirpctly partici? pating in the Presidential canvass, largely sympathize In the Liberal cause. -A letter was received at. Washington from Horace Greeley, dated Bradford, N. H., Au? gust 10. in which, alter referring to the elec? tion in North Carolina, says: "We shall have to work to the end, but that end is certain. We shall carry New York heavily, with New Jersey, Connecticut, Rhode Island and New Hampshire. That is our share at the East. The rest will be done south and west of ns." -There are dissensions among the Grant Republicans ol Iowa, and Dew enthusiasm In the Liberal camp. The deleat nf Senator Har? lan was a substantial blow against the Office? holders' party at the outset; irom this they have not yet recovered, and the handful ol Liberals who began the campaign have, be? come a formidable host. The prospects lor a Liberal victory are first-rate In Iowa. -That the notable letters of Senator Sumner and General Banks should cause a commotion in the old Bay State, we must expect. But these letters reflect, in some particulars, the Increasing Liberal sentiment of Massachusetts people. There ls a growing strength of Libe? ralism in Butler's district, as well as new force and Hie in the ranks of the party generally and throughout the State. THE RADICAL BIV?LS. MEETINGS OF THE MACKEY AND BOWEN.COUNTY CONTENTIONS. Meeting of the Mackey Convention Sadden Collapse of the Platform-The Protest or Deiany Against the Manip? ulations of the Jtfaclseyites-Election of Delegates and Adoption of a Rc foi tn Platform. The city and country delegates lo the county convention of the Mackey lactlon of the Radi, cal party assembled at the Military Hall at five o'clock yesterday afternoon, and were called to order by Colonel W. N. Taft, in the absence ol the Rev. R. H. Cain, chairman of the execu? tive committee. Colonel Taft briefly explained the objects of the convention, and then re? signed the chair to Major M. R. Deiany, who was chosen temporary chairman. Outside of the delegates the attendance was very small, there being not more than a hundred and iii ty I persons present In all. A committee on credentials was appointed, I and the convention took a recess ol ten min-i utes to allow them time to report. The com-j mlttee assembled on a platform that had been erected in the south end ol ihe hall for the j speakers and other Important personages. A number ol persons surrounded the committee, and the platform became so crowded that lt suddenly gave way, and fell to the floor with I a tremendous crash, precipitating the astound ed occupants to the floor, and piling them one upon tbo other in charming confusion. ' Order was at length restored, and, the committee I having reported the names of the delegates elected, the roll was called and Mr. E. P. Wall I was elected president, Mr. P. P. Hedges vice-1 president, and Messrs. John Clyde and J. J. Young secretaries. Sheriff Mackey moved that the convention proceed to the election of delegates, and that fl ve minutes be allowed for the preparation of I the ballots. This motion having been carried, j the delegates went to work to prepare their ballot a. At the end of tbe five minutes, Mr. Mackey called for the reassembling 01 the con-1 ventlon, but several persons, amoDg them Major Deiany, Insisted upon having five more minutes, and a scene' of confusion followed. Everybody wanted to speak at the same time, j and, as nobody could be heard in a lower tone than a shout, a bewildering hub-bub was the consequence. Mr.- Mackey's point was Anally carried, however, and (he voting proceeded. When Major Deiany's name was called, he re fused to vote, saying he protested against the continuance of the voting, as it was evident I a few men were trying to rule the convention. The following delegates were declared elect? ed: E. W. M. Mackey, Wm. N. Taft, P. Green, Jr., R. J. Meares, N. 8. Robinson, A. A. As plnall, E. P. Wall, J. B. Wright, Louis Dunne mann, W. G. Plnokncy, Abram Smith, A. G. I Alston, Robt. Haynes, P. P. Hedges, Duncan Fraser, Robt. Simmons, C. Gibbes, Stephen Brown. Alternates-R H. Cain, E. J. Adams, Bi "hard Harleston, Captain H. C. Mlnolt, j Moses Mack. Major Delan}', resuming bis remarks, said that henceforth he Intended to devote every j energy to crushing those men who were then endeavoring to cheat the people out of their j rights. He said that, one-of those men was I Sheriff Mackey, and he denounced ihem all as scoundrels. He assured ihe sherill' that though he had succeeded in engineering him-1 sell into the delegation to the Stale conven-1 Lion, thal he had thereby lost his chances of getting lo Congress. . Mr. Mackey made a speech of some length I In reply, the pith ot which was that Major Deiany was. chagrined at not being elected a I delegate himself, and that he, (MY. Mackey,) I had acted as fairly as possible towards the col-1 ored people. He wound up by offering the I following resolutions, which were unani-1 mously adopted : Resolved by the Republicans of Charleston I County, through their representatives in con? vention assembled, That it is useless to deny lhat fraud, corruption and extravagance have prevailed io un alarming extent lu the admin-1 Isttailun ol public affairs, in consequence ot j which odium has been brought upon the Re publican parly, which muai be held -ac-1 couuiable, unless Republican themselves cor? rect the existing souses and perfect the need ed reforms. Resolved, That we denounce as unworthy ol our support all who ure responsible, and upou I whom guilt can be fixed fur the deplorable condition of affairs now existing In our State, sod lt ls the duty of the Republican party, uoi oniy in bringing to punishment the guilty, but lo use their besi efforts to prevent a repetition ot such abuses, by nominal lng lor office only Buch men as eau show a clear recora, and whose previous good character will be a suffi? cient guarantee that lt elected they will here? after administer affairs solely with a view to honesty and economy. Resolved, That we'believe the needed re? form can only be obtained under the leader? ship of men against woose character, personal sind political, nothing can be alleged, and lt would be a farce to look for genuine Retorm ers among convicts aud notoriously corrupt Doliticians. Resolved, That while endeavoring to purge the administration of the State Government, we must not loose sight of the importance of correcting the corruption and extravagance that has BO shamefully prevailed In the man? agement of affairs in this county, where Iranda have been committed by the very parties who now cry loudest for reform in State affairs. Resolved, That by reform, we mean a genuine, complete and thorough reform in every part of the government, Stat? and coun? ty, and not that pretended reform which some are seeking, which simply means to turn out one set of rogues for the purpose of plac? ing Ul power a worse set. Resolved, That the delegates elected by this convention be and ih^y are hereby Instructed not to support lor nomination any person upon whom the slightest responsibility rests for the present mismanagement of public affairs. The convention then adjourned. THE BOWEN CONVENTION. A Tedious bat Harmonious Session JIU D<-1 ec I? ?cs Kl rel. il. The Bowen wing of the parly met in county convention at eight o'clock last evening in Hibernian Hall pursuant to the call ol Aaron Lugan, chairman of the county parishes, and elected a lull delegation to Columbia, wbo will go to the convention on Wednesday next, and claiming to be the regular delegation from this county, demand admission. The proceed? ings of ihe convention were tedious but not disorderly. It remained In session until near? ly midnight, but the delay was caused rather by the Ignorance of the mojorlty of the members upon all points of par? liamentary usage Iban by any spirit ot turbu? lence or lactlouaness. In anticipation of a possible incursion of tho Mackeyites, the pre? caution was taken to keep the iron gates of the hall securely bolted, allowing the admis; sion of but one delegate at a lime, and each delegate was required to produce a ticket of membership; but the precautions proved un? necessary as the Mackeyites proved' too busy with their own internal dissensions to make the attack upon their opponents' camp, which, lt was rumored, was to be attempted. The convention was called to order by Aaron Logan, and Wm. R. Jervey was ap? pointed temporary chairman, and A. C. Rfch mond temporary secretary. The usual com? mittees were then appointed, and a perma? nent organization waa affected by the election ot Aaron Logan president, N. A. Quinn vice president, A. C. Bichmond and Henry Thomas secretaries, and Allen McLeod and Jas. Hutch? inson sergeant-at-arms. A long time was then occupied In a rambling and excited dis cusslon as to the method of nominating dele? gates to Columbia, the convention getting more and more Involved in parliamentary o r unparliamentary complications with every new motion made . by the members and every fresh decision by the be? wildered chairman. This proceeded for a long time, until Mr. Bowen, coming to the rescue, formally put In nomination a ticket, of which printed copies bad been dis? tributed in the ball, and the balloting com? menced. This proceeded quietly enough and resulted in the al most unanimous election ol the following Hst ol delegates: C. C. Bowen, A. J. R irisier, Aaron Logan, William B. Jer vey, M. McLaughlin, B. B. Artson, James Hutchinson, Richard Bryant, Edward B. Petty, B. H. Hoyt, Peter Ash, Joseph W. Lloyd, Allen McLeod, J. J. Grant, Alexander Robin sou, William A. Grant, Nathaniel Spencer, Andrew Singleton. The delegates agreed to leave this city lor Columbia on Tuesday night, and thus the war of factions In Charleston County will be transferred to the floor of the Slate. Conven Hon, where they propose to fight lt out on tL. ; line li lt takeB all summer. FOUR KU-KLUX PRISONERS PAR? DONED. WASHINGTON, August 16. The President to-day ordered pardons to bo made out tor David Collins, William Teal, Amos Owen and William 8crugg, Ku-Klux prisoners now In the Albany Penitentiary. Some days will elapse belore this can be done, as lt will be necessary to obtain official infor? mation as io the place ancUtlme ol conviction. The cases of the other persons suggested by Colonel Whitely for pardon will be subse? quently considered. [None o? these prisoners are known to be from South Carolina.] THE ALABAMA RADICALS. "N'o Carpet-Bagger or IVegro Noni in ri? ted"-The Gag Law In fall Force. MONTGOMERY, August 15. The Radical Republican State Convention assembled in the capitol at noon yesterday. Two hundred delegates, mostly colored, were present. United Slates Marshal Healey called the body to order, and nominated Justice Sal fold, of the Supreme Court, for chairman. Jere Haralson (colored) instantly nominated Ben Turner, Cougressmarvfor the same. No attention was paid to Harnlson's nomination and Healey declared Saffold elected without putting the question on the nomination of Turner. Haralson demanded a division, but Healey ruled lt out of order. Cries of "gag law," "nnlalr," Ac, rose Irom all parts of the hall, during which a commit? tee on credentials WHS appointed. The con? vention reassembled this morning and nomi? nated David P. Lewis for Governor; Alexander McKlnstou, Lieutenant-Governor; Pat. Rig land, secretary of Stale; B. C. Smith, auditor; A. Bingham, treasurer; Jos. H. Speed, super? intendent of education; Ben). Gardner, aitot ney-generai; ruuuiuo Lamiwn, wm-i ot industrial resources. Congressmen at large will be nominated to-night, ft Is thought that Alex. White and C. C. Sheels will receive the nomination. Not a single carpet-bagger or negro on the ticket, although all are not native Southerners. No platlorm yet. A HUGE FAILURE. Sudden Collapse of a Louisville Specu? lator. LOUISVILLE, KY., August 14. To-day an enormous business failure was de? veloped here, Involving one of the most prom? inent business men in the elly. Bobt. Atwood, a leading insurance agent aud a member ot the pork packing firm. He has been heavily speculating ID cotton and stocks, und became Involved to the extent of a quarter to a half million dollars. He lett the city on the In? dianapolis ?rain this afternoon, but was ar? rested by telegraph at Seymour, Indlaua, and brought back at eleven o'clock to-night and bailed In fifty thousand dollar* to appear at the police court to-morrow. It is charged that he has obtained large amounts Irom the bank on fraudulent drafts, and on paper to which he furled the name of Dr. Lewis Rogers, his father-in-law, and other promioentcltizens aud business men. Nearly every bank in the city ls a loser. Atwood ts most highly con? nected, and the affair is creating a prolound sensation In this city. MARINE DISASTERS. Arrival at New York of a. Second Fever Ship. NEW YORK, August 15. The brig Liberty, Bevercaud, arrived last night from Manzanilla, having lost one man on the voyagp. Three are sick on board, and the captain and crew deny having yellow fever, but the hospital doctor here says ihe sickness is yellow fever. . The British ship Cathedral, from Pensacola for Liverpool, put In, leaking badly, with nine leet of water In the hold, and will repair here. THE CRUISE OF A PLAGUE SHIP. NEW YORK, August 15. The German bark John Freldrlcn, which arrived here last night, left Savana la Mar for Stettin with nine ot the crew Bick with yellow fever. Six died prior to August 7th, since which time the vessel has been drifting off tb? coast from Batieras with one seaman and the cook Bick with yellow fever. She was lallen In with off Sindy Hook yesterday by a pilot boat, aod towed Into the lower quarantine. Her passage has been one of horror. RUMORS OF TROUBLE AT THE VAT? ICAN. LONDON, August 15. The Daily News has a special dispatch rrom Florence slating that it IB rumored there that Cardinal Anto?elll has quarrelled wlih ihe Pope, and threatens to resign should the lat? ter" persevere In a policy of hostility to the Italian Government; also, that Anionelli re? quested the clerical journals to refrain irom the publishing of tue speech ot ihe Holy Father. A RAIN STORM IN NEW TORR. NEW YORK. August 15. A terrific thunder storm occurred last, night, the rain falling heavily from midnight till near daylight. In the interior ni the Slate the storm was very heavy. At Oswego the stream was raised by the rain so high that the railroad bridge ls deemed unsafe and the trains stopped running. A ?STRAIGHT-OUT" LIBEL. CHICAGO, August 15. Blanton Ducan sues the Chicago Tribune for one hundred thousand dollars lor a libel published on the 10th inst. THE WEATHER THIS DAT. WASHINGTON, August 15. Easterly to southerly winds, cloudy weather and rain over the Sooth Atlantic States; clear weather and light winds Irom Eastern Texas to Alabama. A SIGN OF BETTER TIMES. THE NOBLE SPEECH OF > HOB ACE GREELEY AT PORTLAND. His Views about OiHce-Secklng-The manner of hla Norn I nation-Slanders Nail, tl-Brave and Generous Words for the South. WASHINGTON, August 16. The following ls the;address of Mr. Greeley, delivered at Portland yesterday : Mr Cliairman and Ladies and Gentlemen : nnnJ???"1*10.^ XT ,Dat ^"UgbOUt the course of my lite, so far as I have been con? nected with public affairs, I have struggled r^Mmna?r,C^pacity ? God naa KlTen me, first, lor Impartial and universal liberty, second, for the union and greatness ot our common coun? try, ana third, and by no means least, when the tonner end was attained, for early and hearty reconciliation and peace amone our ?rT?00, flT mefLe ^eat end<> I have struggled, and hope the issue of the third ls not doubtful. I thoroughly compre? hend that no personal consideration has drawn this vast assembly together. Other bisher and grander considerations have col? lected you around me to-day. It Is part of the unwritten law of our country that a candidate for ihe Presidency may not make speeches In vindication and commendation of the prlocl pies whereupon he Is supported, or the meas ures which his election Is Intended to promote, though a candidate for vice-President ls un? der no such Inhibition. I not merely acquiesce In the restrlciloD; I recognize and affirm its propriety. The temptation to misinterpret and misrepresent a candidate for the higher posts ls so great, the means ol circulating such perversions among people who never Bee a word of their refutation are so vast, that a candidate bas no moral right to BUbject his friends to the perils be must "brave, If not Invite, by laking part In the canvass. Yet lhere is a truth to be uttered In behalf of those who have placed me belore the Amer! cao people in my preseut attitude, which does them such honor that I claim the privilege of Btatiiig lt here and now. This la the truth no person has ever yet made the fact km wn that ne proposed lo support, or actively did sup? port my nomination, whether at Cincinnati, at Baltimore, or in any action which resulted In sending delegates to either convention, as the basis of a claim for office at my hands. Mo one who favored my nomina? tion before either convention, or at either, convention, has sought office at my hands, either for himself or for any one else; nor has any one suggested to me that I might strengt to? en myself as a candidate by promising to ap? point any one to any Important office what? ever. In a very few Instances, less than a dozen I am cerialn, some of the smaller lry of ooh i ?clans have, since my double nomination, hinted lo me that I might increase my chances of election by promising a post office or some Buch place to my volunteer correspondents re? spectively. I have not usually responded to these overtures, but I now give genera) notice that, should I be elected, I will consider the claims of these untimely aspirants after those of the more modest and reticent shall have been fully satisfied. [Applause.] In two or three instances I have been asked to Ray whether I would or would not, ll elected, confine my appointments to Republicans. I answer ; hese by pointing to the plank lo the Cincinnati platform wherein all who concur In the principles therein set forth are cordially Invited to participate io their establishment and vindication. I never yet heard'of a man -who invited bia neighbors to help him raise a house and proceeded to kick them out of lt so soon as ihe roof waa fairly over his head. For my own part I recognize every honest man who approves and adheres to the Cincinnati plat? form as my political brother, and, as such, fullv eu Lilied lo my continence and irlendlv re? gard. One other point demands a word. Those adverse to mo ask what pledges I have given to those larely hostile to the Union to secure their favor and support. I answer : WM man m .???_- ~ -u .v. c..?>. .,".." aakPd of me, either directly or through another, any other pledge than is given lu H11 my acts und words, trom the hour ol Lee's sur? render down to this moment. No Southern man ever hinted to me an expectation, hope or wish that Hie rebel debt, whether Confede? rate or State, should be assumed or paid by the Union; and no Southern man who could be elected to a legislature, or made colonel of a militia regiment, even suggested thc pension? ing of all the rebel Boldlers, or any of them, even as a remote possibility. All who nominated me were perfectly aware that I should have Justified Federal legislation io repress Ku-Klnx conspiracy and outrages, though I had long u?zo Insisted as strenuously es I now do that complete amnesty and gene? ral oblivion of the bloody, hateful past, would do more for the suppression aud un er extinc? tion ot such outrages than ult the force bills and suspension ol' naneas corpus ever devised by mau. Wrong and crime must be suppress? ed and punished; but far wiser and nobler Is the legislation, the policy, by which they are prevented. From Moire who sup? port me in the South I have heard but one demand-Justice. But one desire Recon dilation. They wish to be heartily re? united and at peace with the North, on any terms which do not involve the surrender of their manhood. They ask that they should be regarded and treated, by any Federal authori? ty, ns Citizens, not culprits, BO long as they obey and uphold every law consistent wltn equality and right. They desire a rule which, alike for while and black, shall encourage in? dustry and thrift, nod discourage rapacity and villany. They cherish a joyful hope, lu which I fully concur, that between the fifth of November and the fourth of March next, quite a number of Governors and other digni? taries, who in the abused name of Republican? ism and loyalty have lor years been piling debts and taxes upon their war-wasted States, will follow ihe wholesome example of Bullock, of Georgia, and seek the shades of private life. The darker and deeper those shades the better tor themselves and for mankind. And the hope that my election may hasten the much-desired hegira of thieving carpet? baggers has reconciled to the necessity of 'supporting me many who would otherwise have hesliated and probably refused. Fellow cltlzens! the deposed and partially exiled Tammany Bing hue stolen about thirty million dollare from tne elly ol New York. That was a most gigantic robbery and hurled its con? trivers and abettors from power and splendor to Impotency and Infamy; but tho thieving carpel-baggers have stolen at least three times lhat amonut; stolen It from peo? ple already Impoverished and needy, and they still flaunt meir prosperous vll lauy in the highest, places of Hie laud, and are addressed as Honorable and Excellency. [Applause.] I think I hear a voice from the nonest peop'e of all the States declaring that their lniquli v shall be gai nf ul and Insolent no lomrer, at the 'art hesf, than tbe 4th or March next. By that time a national verdict will be pronounced that will cause them to fold their tents like the Arabs andas silently steal away, and that. I ti nsf. will be the end of t heir steal? ing at the cost of the good name ot our coun? try and the well-being of her people. At the conclusion of his speech, Mr. Greeley sat down, amid a storm of cheers. HORACE GREELEY IN MAINE. A Popular Ovation. AUGUSTA, ME., August 15. Mr. Greeley left Portland this morning on a special train for Augusta, accompanied by the Hon. C. P. Kimball and several other promi? nent gentlemen. At all the stopping places dense crowds collected to see him. At Bruns? wick he was greeted with deafening cheers and muric, and in response to the calls he made a short speech. SPARKS FROM THE WIRES. -The President arrived at Washington yes? terday morning, and went away at night. -The commissioner ot patents has extended the patent ot J. E. Plant, of Macon, for metallic cotton lies. -The following Internal revenue store? keepers are appointed in tbe Sixth North Caro? lina District : Easton Bennett, A. C. Regan, Wilson A. Donnell and W. A. McCorkle. -The United States treasury yesterday contained seventy and a half millions of coln (Including thirty and a bait' millions In certifi? cates) and eight and a third millions cur? rency. THE HEW ARCHBISHOP OB BALTI? MORE A Sketch of the Life and Service? of the Rt. Rev. Vt . H. Elder. Although oo official Intelligence o? the fact bas been received lt ls generally, believed In Baltimore that the Rt. Bev. Wm. Henry. Elder, Bishop of Natchez, lg appointed Archbishop pf Baltimore, to succeed the late Archbishop Spalding. : - The new archbishop was born in Ballimore on the 29th of March, 1819. He was the son of Basil H. Elder, an old merchant of Balti? more, and one of the original trustees and founders of the Cathedral, who died In Octo? ber, 1869, at the advanced age of ninety-six years. His mother was o? the old Maryland family of Snowden, and abe died also at an advanced ages few years prior to -her veriee rabie husband. He was educated and gradu? ated at Mount St. Mary's College, near Em mettBburg, where he commenced Lis studies for the priesthood. Ia 1843 he went to Rome and completed his education for the priest? hood at the Propaganda College, receiving one of four gold medals awarded to the most proficient of a class of one hundred and slxtv ronr. He then left Rome on bis return to this country afew days before the death ot Pope Gregory XIV, was ordained a priest, and for several years Ailed the theological chair at Mount 8u Mary's College; at the same time he was the parish priest for ihe surrounding country, aud was much beloved by bis people. From an early age he has been noted for his piety and learning. He remained at Emmetts burg until he was appointed Bishop ol Natchez ' Mississippi. His consecration took place In the Cathedral on Sunday, the 3d of May, 1857. The grand and Imposing ceremony was wit? nessed by a vast assemby. The Most Bev. Archbishop Kendrick officiated as consecra? ting prelate. One of the most Interesting in? cidents o? the occasion was the presence of the venerable parents o? the newly consecra? ted bishop. Since then he has been laboring among tba people of his diocese, and bas become muon, beloved and esteemed, not only by the Catho? lic people, but by the community In which he has lived, for bis unaffected piety and the cor? re M discharge ot his dulles. A lew years ago, while administering to the want* of the auffer i n tr. he contracted tho yellow fever, and was reduced almost to the point of death. During the war, when the Federals occupied Natchez, they ordered Bishop Elder to Introduce some prayers into his church, St. Mary's Cathedra), our Lady o? Sorrows, which were dictated by the Federal authorities. He an? swered that he could not Introduce any prayers except those set down in the rubric, and he was arrested and sent across the river, under guard, to Vldalla, where he was subject to every Indignity, and kept a close prisoner In uncomfortable quarters. His sufferings ex? cited the sympathies of a clergyman of tho Methodist denomination there, who appealed to the authorities and succeeded In having the venerable prelate removed to his house, where he was ?lill kept under guard. In about two weeks he was released and returned to bin seat of labor. , ? .> ? The announcement ol bis appointment bas been received with great favor In Baltimore, where be ls widely k no wn and esteemed. The lamily connections are large and Influential. His great-grandfather was one of the first set tiers in Sr. Mary's County, and one ot. the. pioneers of Catholicity in Maryland. Hin . grandfather, who was born In St. Mary's, re? moved to near Bardstown. Kentucky, in the early part of this century, dad died at the age of ninety-five. The family connections] in that State are very large, as well aa In Mary? land. The new bishop la fifty-three years o? age, and ls active and e..?rgello,and full of zeal for the church. As soon as the official bull ia received, preparations will be made for his installation, which will be attended with great pomp and ceremony. 4 HORACE GREELEY AS A CLIMBER. I HU Har vt lions Ascent of Mount Kesr L_?v._??rg??_' The philosopher of Chappaqua has a very good reputation forgetting up lo the world, but, as an Alp expert, it must be confessed his light has been hld under his white bat until now. A correspondent gives the fol? lowing concerning Mr. Greeley's ascent of Mount Kearaarge, New Hampshire, a few days ago : The philosopher, feeling strong and hearty, determined to attempt the ascent to the sum? mit, a distance of about two miles, over a' loot path where only a mule could be trusted Im? plicitly not to break a neck. He seizedta stout sllCK, and, accompanied by -four gentle? men, started off briskly enough. The ascent was through a wood on the hillside, where the footpath led over rugged and broken stones aud then diverged into an open space made of hard smooth rock, forming a sort of prodigious tiled roof to tue mountain. These rocks were so smooth In some places as to ba slippery and dangerous, but tbe sturdy phil? osopher scaled them like a chamois cf the Alps, and the rest of the parly had trequently lo call a halt ou him In order to let them catch their second wind. A little girl of fif? teen, Miss Lottie Brigham, ot Boston, who had become proficient through residence at the Winslow House in ascending mountain sides, cuugbt up with the party, and, to the last of the ascent, was the only one who could at all compete wllh the hardy philosopher in the feat o? crossing chasms and climbing rocky mountain sides. The party were thoroughly exhausted, and the philosopher himself had be? gun givlug signs ot exhaustion when the sum? mit was reached. A party of rustic beaux and their sweethearts from Contoocock were seat? ed on the Bummlt when the august party ar? rived, and their astonishment at finding a coming President In such a spot of all others may be imagined. They overcame it, bow ever, and welcomed him to the summit with - heany rustic congratulation. PALMETTO POLITICS. At the Tork Badlcal convention on Monday last. Mr. B. F. Briggs withdrew as a candidate for the State Senate, and announced bis pur? pose to run as au ludependent oandidate for the same. The regular nominations were as fellows: For the House of Representatives, Nelson Davis, Albertus Ratchtord and Mat? thew Williams. For the Senate, J. Hannibal White. For sheriff, ?. L. Cook. For Probate judge, S. B. Hall. For clerk of the couru, J. F. Wallace. For coroner, Andrew Timms. For Behool commissioner, Anderson King. For county commissioners, H. K. Roberta, Francis Davy and Levy McKinney., The Seventh Judicial Circuit Radical Con? vention nominated Wm. McGill Fleming for solicitor. _ . The Fourth Congressional District Badlcal Convention met iu Columbia on Wednesday. Colonel Puffer withdrew and A. 8. Wallace, the present Incumbent, was unanimously nominated. This district embraces nine coun? ties, viz: Laurens, Un loo, Tork. Fairfield. Chester, Spartanburg, Greenville, Picketts and Oconee. At a meeting of the Republican party la Columbia, on Saturday last, resolutions were Introduced and adopted iustructlng the delega? tion not to support Governor R. K. Scott and State Treasurer Niles G. Parker as candidates 1er re-election, nor General Franklin J. Moses, Jr., as candidate for Governor. NO FIGHT YET. New TORE, August 15. It is stated that Jem Mace arrived here this morning, and that O'Bild win ls in Philadel? phia. There is no prospect of a fight THE NORTHERN PACIFIC ROAJJ. CHICAGO, August 15. - A dispatch from Dakota elates that the traek-laylng on the Northern Pacific Railroad is progressing at the rate ol three miles per day, and that the trains will reach the Missouri Biver in October. The line is now belog localed along the Yellowstone, In Montana. There ls no opposition from Indiana on any part of the route. -A good story is told of a clergyman la A Massachusetts town who forgot his notes on a Sabbath morning, and, as lt was too late to send lor them, be said to his audience, by way ot apology, that this morning be should have to depend upon the Lord for wbat he might say, but that la the afternoon he wool*} come better prepared.