Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1838-12-26

iaton even IN this State, TO the exclusion
of our own-but when merchandise is pur.
chased in foreign markets for consumption
here, and paid for in the currency of this
State, it is brought back for redemption in
sp Gle. Thus, by this operation, tie circu.
latlon of the currency authorised by this
Safe, is restricted between the smallest lin.
i,s--if, indeed, it can be properly said 10
have any circulation at all.
Home markets in which our people could
both buy and sell, would permit the circu.
latng medium of the State to pursue its
appropriate function, without embarrassment.
Having no foreign rival to struggle against,
the amount might be safely increased to the
extent required by the various wants of the
community-it would be- kept in active en-.
ployment, and be absorbed in domestic
commerce. Without home markets, its
amount must necessarily be fuctuaiing
and unsertain, because depending on caus.
es beyond the control Of the agents author
ised by this state to apply it.
know that to accomplish these works,
and 10 carry into effect the system of Gen.
eral Improvement have proposed, neces.
sarlly involves the expenditure of large
amount, and | know too that our people are
TOO poor and TOO sparselv spread over
large territory to enable US to command the
means at once from our private resources.
We have but one alternative, and that has
no bugbear terror to mind of enlarged and
patriotic views, l mean the employment Of
the S!a:e's credit in f. reign markets. In
Eng land money is abundant, and may be
borrowed on State stocks on excellent
terms, say from 8 l-2to 5percent, interest.
This is most fortunate conjuncture. and
may never happen 10 US again. Wars de.
stroy such opportunities and are of such
frequent occurrence in Europe, that they
may soon break out and rob US forever Of
the golden moment which seems beckon.
ing US onward 10 prosperity and improve.
ment. The credit of the State is all that is
required. 1t will involve no taxation, or if
the works should be as valuable as believe
they will be. The profits arising from them
will not only pay the interest of the debt,
bu: the principal also.
COMMON SCHOOLS.
The important subject Of Common
Schools was intrusted to the Board, that
they might digest some system applicable to
the crying wants of the State, and they
have given it mos: anxious consideration.
A variety of laws and systems have been
politely furnished by the Governors of The
States. TO aid In the prosecution ofthIs work.
The result will also be communicated in
season. A considerable fund has been Sc:
apart for this purpose. In Bank Stock,
Sl,O2O,70O. In Rail Road Stock, $500, 900.
as soon as the last instaImen, Of the State 5
subscription has been paid. Ofthe surplus
-$2OO,OO0, for draining swamp lands ;
S61 ,604 ii 10 cash and notes on hand ;
$33,50O stock Cape Fear Navigation
Company S25,OOO in Roanoke Navisa'
tion Company; making the sum o
$l,939, e5l IL, besides the income arising
from entries Of land, license 10 retailers o
Of spirituous liquors, and to auctIoneers
and the swamp lands not granted to indi
viduuls before 1886, which will probably
Weld an income OF s 100000 to S l50,O ,O0i
per anrum, and would seem to warrant {
commencement Of system, which is iDten
deeas all that is at present required or prac
ticablc.
DEPOSITED SURPLUS REVENUE.
Three instolments of the surplus revenue
was received from the United States durin!
The last year by the public treasurer
amounting to Sl,433,757 SO cents, whicI
has been disposed ofagreeably 10 The appro
priatons of the last session, namel.
100000 in the redemption of the Stat
s.ock-S3OO,0O0 subscribed in The stock O
the Bank OF Cape Fear-s2OO 600 carries
TO the credit Of the Literary Fund, applica
bic 10 the draining of the swamp lands
! 500, 200 placed in the public treasury, an
the balance, 1888, ,757 80 cents, carried I
the credit ofthc Board Of lln,ernal Improve
menls for certain purposes agreeably to til
resolution.