Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-05-17

aloptcd by the rccan, administration, ana
sus ancd by the Fr'scn', Is founded III error
and threatens Tie destruction Of every de-
parDl' ut of industry.
Our merchants, manufacturers and me.
chanics, have repeatedly predicted the t'tai
issue ofth It po!ity.-''W hat was prophecy,
has now become his ory:' and the reality
far exceeds our most gloomy antlcIpatIons.
Under deep imprcssI on OF tho propriety oil
conGning our declarations within moderate
limits, we affirm that tic value of our real
estate. has within the last six months, de-
preciatcd more than forty millions; thai
within the last two months, there have been
more than TWO hundred and fifty failures OF
houses engaged in extensive business; that
within the same period. Il decline Of twenty
millions OF dollars has occurred in or local
socks. including these Railroad and Canal
incorpcral!ons, which, though chartered IN
othc! States, depend upon New York Tor
the sale. that the immense amount OF mcr-
chandiZc in our warchou,cS, has wlh!n the
same period fallen in value at least thirty per
cent that within Il few weeks, not less than
twenty Observation-Disclosures depending upon
their daily labor for their daily bread, have
been discharged by their employers because
the means Of retaining Them were cNhaus cd
IL d ,ha: complete bl ght has fallen upon
Il community heretofore SO active, cGtcr-
prising and prospe:ous-;hc error OF our
rulers has produced a wider desoIaiIon than
the pcs.iIcncc which depopuIated our streets
or the conaagrat:on which LAID them IN
a>h"s.
We believe that ii is unjus: TO attribute
those evils 10 any excessive development
Of mercantile enterprise, and that lhcy re.
ally flow from that unwise system which
aimed al the substitution Of metallic for
paper currcncy-the system which gave
the first shock TO the fabric of our CONNER
cia prosperity, by removing the public de-
posts from the United Safes Bana, which
weakened every part of the ediiice by the
destruction Of that useful and efficient IN
s:iluiion, and now threatens 10 crumble 1t
into mass CT ruins under the operation OF
the Specie Circular, which withdrew the
gold and silver of the country from the
channels IN which it could be protltably
employed. We assert that the Experiment
has had fair, liberal trial, and the dlSap-
pointmcnt and mischief are visible in all
its rcSulls-that the promise of regulated
currency and cqualizcd exchanges has
been broken, the currency totally dlsor-
dercd, and internal exchanges almost en-
tirely discontinued. We therefore make
our earnest appeal to the Executive, and
ask whether it S not time 10 lnterpo>c the
parental authority of the Government, and
abandon the policy which is bcggaring the
people.
Amid all thc distress Of our condition we
have been craliicd by view of the gen.
erous aud ior5caring spirit which has al
most invariably marked the conduct; of the
creditor towards the debtor. \ general
disposition has been manifested to indulge
the debtor with ample time for the arrange
mcnt of his business and collection of his
debts, and we would respectfully suggest
the example for the imitation of the Gov
ernmcnt-The embarrassment and distress
O. the merchants would be more readily
relieved by the su>pcnding ofsuits upon un-
paid Bonds, un il a tutI day, when the
wisdom of Congress may grant some meas
ure of relief
Feeling as we DO that we have reached 4
crisis which requires that exercise of all the
wisdom AMI energy of the Country to heal
the wounds which have been inflicted upon
its Commerce and Productive Industry, We
would respectfully and earnestly urge upon
the Executive The propricty of calling an
extra session Of Congress TO deliberate up
Oh the unprecedented and alarming embar.
rassmenls in which we are involved The
members coming directly from their consti-
tuen's, will have had the opportunity OF
knowing and approaching lhe extent Of the
distress which exists, and are convinced that
their collected opinions will fully sustain
those which VIC have eXprcssed-and their
testimony indicate an amount o1 suffering OF
which VIC cannot believe that you, Sir, have
heretofore been aware.
We persuade ourselves thai the rcprcscn.
tations which we have given of the actual
condition of our affairs, will induce YOU to
doubt the cxpcdiency Of the policy which
has been recently pursued, and we trus; to
your intelligence for such change of mea-
surcs as will revive the hopes and stimulate
the energies of the merchants of New
York.
ISAAC S. HONE,
JAMES w. BRYAN,
BENJAMIN LODER,
ALEN. B. McALPIN,
JOHN A. UNDERWOOD,
THG,MAS TIL FST0N