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The Daily Dispatch: August 19, 1861., [Electronic resource], American Affairs in Europe. (search)
n English, been shamefully overreached. With a stoppage of the American supply of cotton, Manchester, from sheer necessity, must fall to pieces no matter what the supply of cotton from India, or it of the nation, we need hardly say, would be put to a trying test. American cotton gives to Manchester what no other cotton gives--it gives it credit; and the credit given has, as a rule, been streo its widest limit. Ten thousand pounds worth of American cotton may be spun and woven in one Manchester factory in a day, and the spinning and weaving are no sooner over than the yarn or cloth is so100,000. This extraordinary system of credit which has grown up between the cotton States and Manchester is what Lord John Russell and others have overlooked; and when the usual supply of American cotton and credit fails, Manchester, we fear, will have no choice but to succumb. Cotton, supplied in large quantities, and on convenient terms of credit, can alone sustain the fabric. A more accurate