Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-11-08
From tho Charleston Mercury.

In 1881, when the Bank conncxion was
Ill full force, the imports were only 81 81
a head, and the exports Sl3 IL head.
From 1915 commenced the injustice TO
the South, the first cause of which was,
the alliance Of Government with Banks
Specie was equally difficult to obtain North
aud South, but Bank facilities easier to
got at the North. The connexon has in
fact worked as a hard money system to the
South all along, and Il paper credit system
to tho North, more money being received
than spent in the Southrhe Southern notes
received were sent 10 our Banks for specie
or exchange, TO he remittcd TO The North.
AT the North it was the reverse. The cf-
feet was to take from Southern Banks their
specie, and place it in Northern Banks.
In the last six years preceding the present,
there was collected by Government, in
Charleston 2,022,G:;6
Aud disburscd only 8ll,6O4
Excess 2.USl ,O32. which
was disburscd elsewhere, sent 10 N. York
probably, not in Carolina Bank notes, but
i'll specie. From 1870 1922, the United
States Bank drew in specie from the South
and West, to New York aud Philadelphia
alone, S22, 2,523.S77 81, withou, including
the exchanges taken. This formed the
basis of paper issues at the South, received
aud paid there by Government as equal to
specie. Owing 70 tins, while Tariff, in
oreasing the drain, dcpressrs the South
.hc Northern dcposi'cs in the Banks, and
tho Northern trade flourish and increase
In spite of Tariff changes. Col Emorc
gives tables proving this most strikiugly.
1t goes on TO show from official reports.
ehc advantage given to the North by the
Government Icposit"s,
In 1884, independent Of amounts TO the
credit Of agents, The Government had on
deposit in New York near $4,000. 900: I:
and the imports Of New York increased
from Sc to 70 millions. Next year to So
millions. In 1886, the derositrs were in
creased TO l2.00O,000, and the imports
to SllS,00O,000. Next year the deposits
were Withdrawn, and her imports fell to
7G,OO0,O00, reduction of 80 millions in
one year.
Compare this with Charleston and other
Southern Cities. Having no Charleston
Deposits to trade upon, on the withdrawal
Of Deposits. Charleston fell off in imports
only 29O,0 600 Savannah increased 2OO, 900
Now Orleans fell off / 900, ,C0O-and Mo-
bile underwent no change. In New Or
leans were million and half Of de posits
which may account for the greater falling
off there. Boston aud Philadelphia fell
oil ip proportion to New York; Boston
from 25 and a half to 20 millions. aud Phil
adclphia from Is 10 ! | aud half millions
This showed how much the Nortband how
little the South used the public funds in
trade.
Ertrnct from the speech ofhhe Hon. +. II.
Etmore. at the Columbia dinner.
Out OF many modes.hy which the depo-
sites were made available to the Northern
Merchant, Twill put few eases by way
of illustration. The great difficulty, 10 the
the importing merchant, is 10 nay the du-
ties. Suppose two merchants have i'm
ported at the same time, each cargo of
goods, suitable to their respective markers,
and each costing, in England, 10000
One is N. York, and the other Charles
ton merchant. have shown the ncquali-
ty of the duties which would be levied; 10
wit, at New York, lG per cent; at Charles
ton, 20. The New York merchant wishes
10 pay his duties, and goes 10 Il Depnsitc
Bank 10 borrow the money. The Bank,
having the public money OH dcposi,c, is
glad to make six per cent. and loans it
readily, moi i'll money, hui by giving him
credit, on its books, for $2lG.G0U. With
his certificate Of credit. the Alcrchan, goes
10 the Collector, and gives linn IL check;
ihc Collector brings the check back TO the
Bank, and the Bank puts the amount to
the credit of the United States again, where
1t started from. Not Il dollar is drawn
out OF Bank; it is only u shifting of credits
The Charleston Mcrchan, goes to a Bank,
TO borrow $4,000. Tho Bank has no
dcposites to loan upon, and i, we'll knows
If it gives lis own bills. tha: as soon as they
are paid TO the Collector, he will require
their redemption in specie; or exchange;
TO remit elsewhere. Ii dare not loap the
money; and the Merchant, who imports,
instead of sendiug all his capital. TO make
his purchases, mus, thus reserve 25 pcr
cent TO pay his duties. Is it possible. that
hc can, thus loaded with heavier duties.
and compelled 10 reserve Il part of his
capital, compete. on equal terms. with his
moro fortunate rival, who, in addition To
me use OF his entire capital, has The money
oi the Government to aid him.
Another illustration. The duties collect
co. IN every quarter, beyond what is spen,
al the place Of collection, are transferred
10 the point where they may be most con-
vcn'cn'ly available to Government. Tia,
city has grown To he the great poipt of i'm
portatIon. All the United States are ;Is
customers; and exchange is in its favor
N. York merchant wishes to nav for Tho
SlO0,OO0 worth of goods bought in Enc
land, which we have spoken of before o
he applies to the dcposlc Bank, Gnr ,
credit for 100000. 1t is readily given.
as there are plenty of public funds on de.
positc, and Tho Bank makes its 6 ucr cent
lie takes it in the form of Bills, or certif;- :
Gates Of heposite-scnds them TO his agent