Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-07-04

ny inc government. can lie nerotiatcd in
th's country, in the present situation of ti,e
pa'iks i'nd The currency, unless The Govern
'nenf VIII receive the irrcslecmabIo paper o
non-specIe paying banks. If The object o
gentlemen Is, To drive the Government into
'ie arms ot these banks, and to iniplicatc il
with the lrredremable currency of the coun-
Try, tor The support of the banks, certainly
Il loan IN their paper will he a veiy good
way tn accomplish the object. and place
The Government in their power. But if the
'"an Il TO he negotiated in specie or the
n"es oi specie paying banks-it cannot be
aohe. would any such bank or banks. i'm
''iH doubtful position in which they arc now
PiaGfd, venture to take Il loan of fen or
even five millions Of dollars. At the rate of
hve per cent. and pay for it in specie or by
an issue Of their notes? Would individual
capitalists do it! They could scarcely OH
tam the notes of specie paying banks or
spccic' with which TO carry the loan into
effect.
There arc now, am told, not more than
nine millions Of specie in New Yurk-and
uh' ii''ie more than half of thai amount Of
t"c notes OF their banks in circulation But
could the capitalists of the banks easily OBJ
tam the means, what in!ucer,.nt corId
| mere be To take n loan for six mouths,
| which the wants of the Treasury only re-
G"ire! What compensation would there
ne. III an Investment for SO short II tine, TO
ih'itice the capitalist to call in his bonds
ana mortgages, ANA sell his stock or real cs.
t;'tc! lh" same obstacle exists to the sale
TINS Country of the u. States bank hon s
"n" 10 IA" Government. These bonds are
"' - 'oo,oOo. each, one payable within 6
months, AMI the other the year after Sun.
pose, however. thai the loan could be cii:c
tcdin New lo:k-how dn gentlemen recon
ciic ms operation with their tender Drotrs
slnns %! an exclusive regard for the welfare
Of the banks. There would I've crca,ed y,
immediate demand upon the banks of New
York Tor l0,OJO.OOO in specie or their no;cs
convertible into specie. DO gcn,lenlen
want anoth.r crash; another s,oppacc of
specie paymcnts-upou which ne W changes
may be rung, of the hostility of the Gov
ernnient, and their own entire devotion to
the banking institutions of the couutry!-
y loan ought not to he eilcc'ci in The prcs-
cnt situation of the banks. 1t caunu, b, eli
t'c'"d unless made upon trne-rcdcenn
| bic III son,e hive or ten years. Geullemen
from ;;is Nortl,.;!la" 80 :a- s., cha nea.ureI
rcN desire Il debt upon the country and
ne @rcaicr, and the longer continued the
better Tor them. But how will! gentlemen
rom I'll" South. reconcile this policy with
their views Of duty! To place ii perma
nrn' debt upon he country, Of SIO, ,UOu, OiJu
To meet an emergency of hut 6 month, ne
rc>sity. My colleague proposes. however,
thai the loal should he negotiated in En-
rope. and The amount he brought back in
specie. Bnt This. sir, would be postponing
III" cure until the patient is dead The
wants "l the Treasury, are nnw-at tl,.
present tmc-chicily within the ncxt two
or three months. Long before the loon
could he "c:oiiatcd in Europe and ,hr
avail" he returned, the Government will he
bankrupt and disSraccd-IS faith and is
engagements t!i>lIonorrd. ii'thc rei;cIcoulJ
'r postponed for months. whv nor author.
ize ihr Secretary oi the Treasury 10 recall
back n portion Of the amount depOsitcd with
the States! That would be q far NOR.
Southern measure; Tor then, the ;,,,ou,,
contributed would be. as it was dcpos;,cd.
upon the prncipl of direct taxation; and
the South would not BE- compelled, through
indirect taxation 10y duties on imporarions.
10 pay dlSpr"portlona!c share of the CON
trIbuti"n. Lui the most remark able mart of
my colleagues proposiiinn, is, that The loan
when negotiated with Europe. should he
drought back Ia this country IN SUecir, Ur
has j;Ist made Il most ciaboraic :rnumcn, IN
SHOW, that every importation of specie from
Europe. mast, necessarily dtprcss the price
"tonr cotton. To him. the importation o..
existence oi specie in the country, brings n,
observation-disclosures il is al the cxpcu,e of
:nr great staple. ani consequently inmriou,
to HE South Well, sir, under the increas.
cd abstraction o!specir from Europc, which
his operation will occasion, what will be-
come of our coiton. declined and now de-
clining in Liverpool! II his argument is
good. Ills whole plan of relief will operate
us double INJURY to the Souih.-i will cs.
tahlish Il debt an. depress the price of our
cotton. The veins and arteries will be
opened at the same time. Sir, my friends
PROJECT for relief will not do. The other
projects for loan will not do. We must
pas, this bill or disgrace and dishonor the
country. II Ibis measure stood alone on IFS
own merits. gentlemen know that il would
pass this House, with scarcely n dissenting
voice. Although The nccessiii,,s of the rrr:;-
Sury are Gar greater ana more Immediate
than III the extra session, many gentlemen
who then supported the Treasury bill tn
which this is an amendment, oppose now
most bitterly this measure. Why this
change! Why the continuation, so obvious
10 the least obscrvant, to defeat the bill 1t
Is, slrhccauSc gentlemen connect This meas
arc, with the Government, and tho Gov
crnmrnt, with the great financial and poli,i.
cal contest now waging in tIe country. In
ordinary times. with S2S. .OOu. 900 on demos
itc with the States: and Sl5 900. 900 due tho
! }Govcrnmcn, by the banks and individuals
one half of which. will come into the Trea-
sury within the next six months--no man
would think of denying to the Government
The use of its own credit for few mouths
l