Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-08-23
PROSPECTUS
Of the Financial Register OF the United

SiQtCS.
The recent suspension Of specie payments
by the banks of New York, Philadelphia, Bos
ton and Baltimore, which cannot fail to be.
come general throughout the United States,
presents state of things, which may, if pub
lie opinion be not led in a proper direction,
involve the most fatal and disasterous results.
The country will shortly be divided into three
great parties-one advocating the destruction
of all banks, and the scheme of currency
. solely metallic; and the second supporting the
doctrine of permanent incontrovertlbie pa
per system, and third, urging the restora-
ton of specie payments by the banks at the
earliest possible period at which it can be eff
fected with the least injury to the public. OF
these plans, the first is impracticable, and the
second would be ruinous to the industry, cap
ital, and morals of the country. The third is
the only one that is both practicable and ex-
pedient, and the one that calls for the united
energies of all the advocates of conservative
principles, and of all who respects the rights
of industry, the rights OF property, and the
laws o: moral obligation. Entertaining those
sentiments, the advertiser proposes to publish
a semi-monthly journal, to be mainly devoted,
for the present, to the accomplishment OF this
great end and he confidently relies upon the
patronage of a large number of his fellow cit
liens to sustain him in the effort. All who
unite with him in sentiment must be aware Of
the importance of prompt and energetic ac-
ton, and of the immediate and wide diffusion
of knowledge upon the principles ofcurrcncy.
Ignorance on this subject has brought us to
our present bankrupt condition, aud nothing
can save us from deeper and more lasting dis
tress, but the dissemination OF the important
truths which reason and experience have
taught in reference to banking, currency and
finance.
The vast annual increase OF tic monIed i'll.
stitutions OF the United States, and the IN
tirnate connection which subsists between
their financial operations and those OF Europe,
are becoming every day more and more OBJ
jects of interest, on both sides ofthe Atlantic.
There were on the lst OF January, 1887, in
the different states and territories of the In
ion. SIX hundred and seventy-seren incorpora-
ted banks, having one hundred and forty-six
branches, dependent of one another, each OF
which issues notes, and consequently contri-
butes towards the mass the paper currency,
which will soon exclusively fill the entire chan
nels of circulation; and it is evident that a
knowledge of much of the statistical informa-
ton which is connected with their expansions
and contractions would behighly beneficial to
every section of our country, as well as TO
merchants and capitalists abroad. A knowl-
edge, also, of the state OF pecuaiary affairs IN
Great Britain, and on the continent of Europe,
from which we have obtained so many loans,
and to which we may again, after the resump-
tion Of specie payments, look for additional aid
in the various enterprises requiring capital,
in which our different states have embarked,
would seem to be essential to all our monied
institutions, and to large body of our citizens
and public men. Indeed, without broad
view of the condition of the currency in both
quarters of the world all great financial en-
te,prises must be conducted in the dark; and
when this is the case, it is easy to perceive
what disasters may follow in their train.
In undertaking this work, the advertiser
has no political party ends 70 answer. Mat
ters which concern the happiness and well
being of the whole community are of too high
Importance to be made the sport ofparty war
fare. Banking, currency, and finance belong
to science, and not to party politics; but, ne
vertheless, where governments and legisla-
lures so far forget what is due to science, and
commit the imprudence of forcing'her into the
political arena, it compo.ts with the plan Of
this work to condemn their conduct and eX-
pose their ignorance whenever betrayed, let
the offenders belong to whatever party they
may.
The editorial department of the publication
will be placed in competent hands, and orl-
ginsl communications may be expected from
several gentlemen who have studied financial
subjects. AS to selected matter, the publisher
trusts there will be presented to the intelligent
inquirer after truth collection of statistical
documents, historical records, and scientific
arguments, which will be worth his perusal,
as NAV be seen from the following table of
se CONTENTS.
/. The Financial Register will contain the
annual report of the Secretary Of the Treasu-
~ on the finances, and the Directors OF the
Mint on the coinage, and such parts OF the
Presidents Messages, and other public docu-
ments and acts of Congress as relates to
the finances, banking, the currency, coinage,
and collateral subjects.
2. Abstracts from the annual commercial
statements, showing the extent of the COM
\ merce and navigation ofthe United States.
8. Abstracts from the reports annually made
to the different state Legislatures on the con-
dition of the State banks, sufficient to show
their actual condition.
4. An account of the debt Of the different
states, and of their investments m rail roads,
canals, &C.. as information may be acquired.
5. Weekly quotations OF the sales at N. York
and Philadelph the principal stocks, tosaI
and distant, sold in those markets, as also, bills
of exchange, foreign and domestic, as well
as the rate Of interest of money in the mar
ket.
6. The latest and most authentic news OF
the state of the money market in England and
France, together with all such correlative
matters as are connected with capital and its