Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-04-19

flow (but slowly back from whence it
came, yet it must of course have the ef-
feet to diminish the circulating medium for
a time, directly, besides what it does in a
still crater ratio, indirectly, by the uncertain
~ and The apprchcnsions it creates in all
banking operations and calculations.
The high prices of every article in use
amongst us, the daily increasing population,
enterprise, Improvements and luxury-nat-
urally require an enlarged circulating me-
dunn.
1t seems as if our State Legislators lose
sight Of the very important fact, that while
they lcgis!atc on banking, or properly speak
ing, on the currency in one ocay, five and
twenty other States lcgislate on the same
subject in quite different acay. For in:
stance, Massachusetts, with only one thId
of the population ofNcw York, has had at
an carly date larger banking capital, and
has at this time three and a hall millions
more than New York! Yet to my certain
knowledge, gained by experience, funds in
Boston nave had the preference during the
last thirty years in Bdltlmor', PhIadcIph'a
and New York. and we're very often at a
premium, and 10 the best Of ny rccoIlcc.
ton never below par. The present bank
ing capital of pennsylvania, with her mam-
moth of 35 millions, (under tine direction OF
one general, exceeds that Of New York
about twenty two millions, and | forcsec,
Judging from things as they look now, Penn
sylvania in few years, if an abundant
capita! can produce the result, will add 10
the title Of ihc "kcy Stone State" that Of
the Empire Safe! Tine immense banking
capital of Louisiana, of some 81 millions,
and the late great increase Of banks with
very large capitals in the western and south
ern States, on (to say the least ofiD rery
! liberal principles, also deserves consdera
ton. l,ouyht also not 10 be forgotten that
the city Of New York is at present The Prin-
cpal money mart OF the United States, to
which all look for their supplies Of specie,
and from the relations in which it stands
with the res: of the Uniled States, N. York
must in the case Of panic, &c. suffer all the
evils resulting thereirom in u greater ratio
the Stalcs whose system Of banking has
produced them-bccause, during the time
the system worked well, they had all the
benefit that could be derived from suTer-
abundance of money, when New York mad
none or comparatively little. and that only
; in an indirect manner.
The superabundance Of bank paper in
the State Of Massachusetts, ever since the
Introduction Of the paper currency, has Of
len enabled its citizens 10 borrow money on
long loans from their banks, at the rate OF
per cent, which they again loannd 10
the New Workers at 7 and in Wall-street al
more per cent. 1t is owing TO their bank.
ing system that they have been enabled TO
erect such numerous and splendid manufac.
turing cstablisIlments--whe at the same
time the tonnage Of their shipping surpasscs
that of the Empire State. Massachusetts
with one third of :he population of New
York, had on the lst of December last an
authorized banking capital Of about forty
one millions, and little over ONE MILLION
OF DOLLARS IN SPECIE IN the vaults OF her
banks! Call this lumbug if you please
but it has resulted in reality, by making
the State rich and prosperous.
! The great Empire. Siatc,with its CONNER.
! cial emporium doing considerably more than
half the foreign business Of these United
Statcs-with an inland wafer navigation ano
hydraulic powers greatly exceeding those
OF any other State, and with which those o
Massachusetts cannot be brought into com.
parison, and with population about three
! times as great as Massachusetts, has bu
tbirtv.seycn and a half millions
Permit ms to make comparative state.
ment Of the authorized banking capital Of
Massachusetts and New York at differ emf
periods, taken from a report made by the
Secretary of the Treasury to Congress, on
the 4th of January last, viz:
ls.. Jan. 1892 1901. ls05. 1911.
Mass So, 100000 $3.50, 900 7,425, 900 G,922 00C
Ny. l,26O,OOO 4, 100000 5,43O,0O0 1922, COO
lst Jan. 1915. 1916. 1870 1880.
Mass. l1,O5O,OoO ll,65o,00o lo,4s5, 700 so,'
100000.
NY. ls;o4s, ,3ls, Ia, 7eG, 75s ls,oss, ,774aoos3,-
353.
, lst. Jan. 1884. 1885. 1886. lst Dec. 1896.
Mass 2s ,236, $50 80 ,4O9, ,45O O4l0,00O 40,s3O,.
, 900.
n y. 755, ,264 81, $751; AGO 3i,asl, ,46l $780,.
460.