The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-04

q
suit deyonily 10 be wished. both Iar ils
Ind;sidus. and lis general consequences.
But even u this degree nf acquisition.
that credit. nf which have a'Frady said
50 much. las It's general eifeei is 10 raise
the price of wages. and render industry
prosiasiive.) is highly important. There
Is m condition 81 low. If IL be attended
With Industry and economy, which iiis
rresii, dues not hsnrhi. ~ any one will
find. IL he will examine and follow out is
aperaiinps.
Snclr. Mr.. President. being Ihe credit
system in lie Cuiled STATES. as I'under-
- nd n. nov adj that the hanks have
seen lie agents and their circu.slinn the.
instrument. hy which the general opera.
Iinns "f this credu have been conducted.
Much IL the capital of the country, pla-
ced al iniesest. il vested in bank stock.
and Ihnsr wha borrow. barrow ri the
.banks; aud discounts 0f bills, and sniiei-
ripalions nf payments in all is forms. the
regular and appropriate daiy Of banks.
prevail universally.
In the SnTi',. the banks have enabled
The manufacturers Of all classes 10 real
iZe the prncerds Of their industry al an
early mnnsHL The course. has been,
| Iha. the producers Of commodities Tor
Southern cnasumpin,n, haFingsltspa,ch-
ell their products. draw their bilis.>> These
bills are discounted al The hanks. snl,silh
the prneeeds other raw melerisl is bought.
ard oher labor paid; aud thus the gene
raj business 10 continued IN progress. All
this il we'll knOSn % ihose who have had
Opportunity to be acquainted with such
Concerns.
Bm bank credit has nni been more ne.
rrssary a the North than to the Snuih
Indeed, nowhere has interest been high.
er. ar the denaad Tor capital greater. ~
the full benei; Of credit more Indispeusa
bic. than in The new cotton. and sugar
grovinr states. | ask gentlemen from
,hnse states II this be not so! Have no
the plantations been bnnghI, and the ne
cessary labor.procured Ia a great extent
an credit! Has not this credit been oh
tanned At the b,nksi Even now do the,
not find credits, or advances on then
craps. important in enabling them % &c
those crops TO market! And if there hat
been M crr,lit-if h,rtl-muney system
had prevailed. let me ask them VIVA
would have been. at this moment. IN,
!, condition of things in Alabama. louisa
M, Mississippi, and Arkansas! Thes,
+ states. sir, with Tennessee and The Suutl
| Atlantic States, constitute the great plan
: talIon interest That there has been
vast demand for capital To be invested q
, this interest is sufficiently proved by ih
; high price paid for the use Of money.
{ In nv opinion, sir, credit is as essen
tial To The great export Of the sonth. as l.
any other interest. The agriculture q
the cotton and sngar-prnducing states par
, takes. in no inconsIderable degree. Of IN
, nature Of commerce. The produc, an
r sale of one great staple only, is an opera
, ton essentially different IRON ordinar
farming pursuits. The exports Of III
, south. indeed, may be considered as III
aggregate result Of various forms an
, nudes Of industry. carried On By varuu
, hands. and in various places, rather lha
8 a. the mere prnduct Of the plantation
Tina; product itself is lucal; bu, its indi:
I pensable aids and means are drawn fror
= every part Of the Union. VIVA, is il. sIi
e that enables southern labor Ia apply ltse
|. 50 exclusively to the cultivation Of thcs
D great articles lor export! Certainly.
, Is so applied. because its own necessilie
d for provision and clothing are supplied
meanwhile, from other quarters. Th
south raises to sell. and not to consume
1 and with the proceeds of the sales j, sur
+! plies itself with whatever its own col
D sumption demands. There are excer
= tons; but this is the general truth. Th
/. hat-;nakers. shoe makers, furni,ure-ms
: kers, and carrage-makers Of the north
!, the spinners at Lowell. and the weaver
L at Philadelphia are all contributors tn III
., general product both of cotton aud sugal
: for expor, abroad; as are the live s,oc
= raisers nf Kentucky. the grain-gro~ in
u siTtieESs Anu dli WHu Vi'du1C ou "Vh
/. provisions In Indiana, Ono. and lIInnI'
/, The northern shIp-owner and the mar
J. ner, who carries these products Ia marke
!. are agents acung To the same end; and 5
d are they too who, lltlle thinking Of cotton
u fields. or sugar estates, are pursuing the
e adventurous employment IN the whal
= fisheries. over The whole surface. an
Il among all the islands Of the Pacific an
= the Indian oceans. Ii we take the snnu;
Y cotton crop al sixty millions Of dollars
# We may, perhaps, find that the amount
y fnr.y-tive millions is expended. either to
h interest on capital advanced. or for the ell
h pense of clothing and supporting labo
- or in the charges which belong TO I'll
e household, the education OF families. an
l. To the domesuc expenditure Of the Pre-
70 prielor.
n Thus, sir. all the lsborious classes ar
lf in truth, cotton growers and sugar-makc f
IS Each IN its own way. and 10 the exseI
= of its own prodnetiveness. contributes
o swell the magnitude Of tina. ennrnous e'
-, al =, n, ~. N, O N NJ