Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-09-06
PROSPECTUS
OF the Financial Register ct ths CaHed


The recent suspension of specie payments
by the banks of New York, Philadelphia Dos
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 proper dlrectlon'
involve the most fatal and disasterous results.
The country will shortly be divided into three
rreat parties-one advocating the destruction
of all banks, and the scheme Of currency
solely metallic; and the second supporting the
doctrine of permanent incontrovertbe pa
per system, and third, urging the restoIa-
. ton of specie payments by the banks at the
earliest possible period at which 1t can be ell
fectcd, with the least injury to the pubic. VI
these plans, the first Is inipracticablc, and The
second would be ruinous to the industry, cap.
,tal and morals of the country. The third Is
the only one that is both practicable and eX-
pedient, and the one tina: calls fer the united
energies of all the advocates OF conservative
principles, and Of all who respects tire rights
Of Industry, the rights Of property, ard the
laws O: moral obligation. Entertaining those
sentiments, the advertiser proposes 20 publish
a semi-monthly journal, to be mainly devoted,
for the present, to the accomplishment Q. this
great end; and he confidently relies upon the
patronage ola large number of his fellow CIT
lzens to sustain him in the effort. Ali who
unite with him in sentiment must be aware o.
the importance of prompt and enerGes.c ac-
ton, and Of the immediate and vide ditius!on
of knowledge upon the principles ofcarrcncy
Ignorance on this subject has brought Us 10
our present bankrupt condition. and nothing
can save us from deeper and more lasting dis
tress, but the, dissemination OF the important
truths which reason and experience nave
taught in reference TO banking, currency and
finance.
The vast annual increase Of Tic n1Gn!ed ILL.,
stitutioas of the United States, and the NJ
innate connection which sutsiSts between
their financial operations and those CT Europe,
are becoming every day more and more ob-
jects Of interest," ,-on both Gides Oft ATLANTIC.
There were on the lst OF January. l>37, III
the different states and territories OF the Cn-
ion, SIX hundred and seventy seven incorpo1a-
ted banks, having one hundred and to.tv:si&
branches, dependent of one another each o'
which issues notes, and consequently eontrl-
butes towards the mass OF the paper currency,
which will soon exclusively fiji the entire chan-
nels of circulation; and it is evident that
knowledge of much of the statistical mto:Ina-
.tioa which is connected with their expansions
a I'd contractions would be highly bcnci!c!a to
every section of our country, as weil as to
merchants and capitalists abroad. EnoWi-
edge, also, of the state OF pccualary affairs IN
. Great Britain, and on the continent OF E"rcrc
from which W. lave obtained so many loans,
and to which We may again. cflcr he re$ump-
tioa of specie payn3atS, look for a1il;lona! ait
in which our different states have em5arHed,
would seem to be essential to all oar monled
institutions, andto large body OF our c.iizens
and public men. Indeed, without broad
view of the condition OF the currency IN both
quarters of the world all great financial en-
,erprises 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 20 answer. Mat,
. tsrs 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
verthelcss, where governments and icgisia-
lures so far forget what is due to science, and
commit the imprudence of forcing her lnto the
political arena, it comports with the plan oi
this work to condemn their conduct ana eX-
Dosc their ignorance whenever betrayed, let
the offenders belong TO whatc"er. party they
may. .
The editorial department of the public aton
will be placed in competent hands, and OIL
uinal communications may be expected from
several gentlemen who have studied financial
subjects. As to selected matter, the publisher
trusts there will be presented tothe intelligent
incuirer 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 cl
proposed
l. The Financial Register viii contain the
annual report of the Secretary OF the Ireasu-
nv 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.
3 Abstracts from the annual commercial
statements, showing the extent Of the COM
merce and navigation OF the United States.
3. Abstracts from the reports annually made
to the different state legislatures on Inc 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 n rail roads
canals, &C.. as information may be acquired
5. Weekly quotations OF the sales at NlorE
end Philadel phia-of the principal stocks toca
and distant, sold in those markets, as also, oils
of exchange, foreign and domestic, as vel
as the rate of interest Of money in the mar
ket.
6. The latest and mos: authea.ic news 0
the state OF the money market in England ant
France, together with all such corre'atiye
matters as are connected with capital and it