Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-04-21

lcircula,ion the instrument. by which the general
operations OF this credit have been conducted.
Much Of the capita! of the country, placed at m
tcress, is vested in bank stock, and those who boz
rOw, borrow at the banks; and discounts OF bills.
and anticipation Of mens, in all its forms, the
regular and appropriate da.y OF banks, prevail
universally.
! In the North, tho banks have enabled the man
ufctuTcrs Of all classes to realize the proceeus OF
their industry at IN early moment. Inc course
has been, that the producers of commodities tor
Southern consumption, having despatched their
products, draw their bills. These bills arc DIS
counted the banks, and with tho proceeds ofhcr
raw mat erial is bought, and other labor paid; and
thus the general business is continued IN progress
All this is well known to those who have had or
portunities to be acquainted with such concern
But bank credit has not been more necessary 10
the North than to the South. Indeed, nowhere
has interest been higher or the demand Tor capt
tai greater, or the full benefit Of credit more III
dspensabIe, than in the new cotton and sugar
growing States. / ask gentlemen from those
States ii this is not 50! Have not the p'anta-
tons been bought, and the necessary labor pro-
cured 20 a great extent, credit! Has not this
credit been obtained at the banks! Even now
do they not find credits, advances on their crops
important in enabling them to get those crops to
market? And if there had been no crcdit-it
hard-money system had prevailed, let me ask them
what would have been, at this moment, the con-
dition of things in Alabama, Louisiana, Mssissp-
pi and Arkansas? These States, sir, with Zen
ncssee and the South Atlantic States, constitute
the great plantation interest. That there has
been a vast dcma nd for capital to be invested IN
this interest, is sufficiently proved, by tho hgh
price paid for tho use OF money.
In nv opinion, sir. credit Is as essential 10 the
great export Of the South, as to any other inter-
est. The agriculture Of the cotton and sugar
producing States partakes, in no lncons'dcrabe
! @ncr<> no
and sale for great staple only, Is an operation
essentially different from ordinary farming pur-
suits The exports Of the South, indeed. may be
considered the aggregate result OF various
forms and modes Of industry, carried on oy var
ious. hnnds and in various places, rather than as
the mere produc: of the plantation That pro-
duct itself is local. but its indispensable aids and
means are drawn from every part of the Union.
What is it. sir that enables Southern labor TO APP
ply itself exclusively to the cultivation OF these
great articles for export? Certainly. 1t IS SO ap-
piled, because its own necessities tor provision
and clothing are supplied, meanwhile, from other
quarters The South raises to sell, and not u
consume; and with the proceeds OF the sale 1t
supplies itself With whatever its own consumption
demands. There exceptions; but this IS the
general truth. The hat-nakers, shoe makers,
furniture-.nakers, and carriagc-makers OF the
North, the spinners al Lowell, aud the weavers
at Philadelphia, are all contributors to the gen.
eral product both of cotton and sugar, tor export
abroad; as are the livestock raiscrs OF Kentucky,
the grain g rowing farmers, and all who produce
and vend provisions, in Indiana, Cn'o ana HI
nois The northern ship-owner and the mariner,
who carry these products to market, are agents
acting TO the same end and SO are they too who,
little thinking of cotton fields, sugar estates,
arc pursuing their adventurous employment IN
the whale fisheries, over the whole surface, and
among all the islands, OF the Pacic ana the Ind'an
oceans II we take the annual cotton crop at SIX /
~ millions Of dollars, we may, perhaps, mud that +
the amount of forty five millions is expended, eth
or for interest capital advanced, or Tor the ex-
peuses of clothing and supporting labor, or IN the
charges which belong to the household, the edu-
cation of families and to the domestic expenditure
Of the proprietor
Thus sir all the Iaborous classes, are, IN truth,
and sugar makers Each, in its
own way, and TO the extent OF ats own Proouc-
t,ycncss. contributes to swell the magnitude OF
that enormous export, which was nothing at Inc
Of the Government, and which
now has run up t. many millions through
al these operations the stream OF credit mas con-
,tan.ly flowed and there is not one OF them that
will not be checked and interrupted, embarrassed
md thwarted, If this stream be now dried up. ms
Of the various interests OF the country
with another forms an important ana
no topic 1t is one of the natural ties OF the IN
on The variety of production, and mutual wants
mutually supplied, constitute a strong bond be-
ween different States; and long may that bono
asst, growing with their growth, and strengthen I
ng with their strength.
But Mr. President, that portion OF our prodnc-
ions which takes the form Of export, becomes DIS
met and visible; it is prominent and striking,
md j. seen and wondered at, by everybody The I
,nnual returns all show it, and every days COM
nercial intelligence speaks of it. We gaze at IT I
With admiration. and the world is no less admir-
NC than ourselves.
With other branches Of industry the case Is {
mite different The products Of these branches,
icing nut in the train Of domestic exchanges, and
consumed in the country, do not get into stat'st-
al tables. arc not collected in masses, and are
cldom presented, in the aggregate, TO the pubic
Jew. Thew are not of the character OF a few
arce and mighty rivers, but Of thousand little
treams. meanderng through al: the fields OF bust
less and Of life, and refreshing and ferilrz"g the
yholc.
Few of u.s. Mr. President, are aware o. what
would be the amount Of the general production OF
he country. if it could be accurately ascefta'ned.
The Legislature of Massachusetts, under the re-
Of the intelligent Chief Magistrate
4 thai State, has caused TO &c prepared and pub.
isbed = report on the condition and products OF
certain branches If its industry. for the year e"1
ING in April. 1887. The returns OF the "ushor'-