Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-09-27

bank circulation 20 lis proper i''in'S' IL
SUPPOSE, as multiludes vainly do, that It Is
within the compass ofhuman power to re-
Ieye the embarrassed, by making money
plenty, and by the same agency, 10 reform
the currency. ty making it scarce, is TO
suppose miracle, such as divine power has
never performed.
1t is very remote from my intonlion'
therefore, to do any thing to promote the
interest ofmcre spectators in bank char.
tefs, or 10 any thing else my views are OF
u more homely and practical kind, looking
I, the restoration of our trade, to its ancient
channels. In this view, the encouragement.
Of our importing merchants, is mater 81
vital interest at the present moment anu l
know of nothing that would place 1t more
completely in the power OF our oanSs 10
aff,rd that encouragement, than the plan
prouosod.-Having always supply OF s'er~
line exchange, they would be enabled to
mee, the wants of our importing merchants;
and having in like manner large credit IN
Europe, they would te at all times able to
give these merchants a credit there, better
Tor them than bills Of exchange.
indeed, our Banks having the control OF
the foreign exchange, would, by that means.
ACQUIRE the control OF the domestic also, and
and the exchange between the North and
the South would be e9ual;zcd, ortusucd IN
our favor.
After Ibis brie exposition Of the proposed
plan of restoring the cotton trade to It's "a
tural channels, | will notice few otthe oo-
;ections urged against 1t.
A grea. apprehension is expressed 'ha'
ibis movement on our side, will produce
coun,er.combina,lons on the o!her. Most
assurcdly, the charges made against the
Cifcul r." and the tone ofthe articles pun"
lishcd in some of our journals, are caicua-
ted TO encourage aud invite such comoina.
tions. They charge upon us hos'i'e ana
offensive combinations, when We propose
only 10 assume a defensiue position, to re.
sist such combinations abroad, and TO avoid
the necessity OF gluttng the markets IN mo,
mens of panic or temporary and unnatural
depression. They proclaim our weakness
and exagsera;e the power OF the adversary
as much as to say 10 the European manu-
lacurers, now notoriously comblIed TO
force down The price oflhe cotton, in the
face of the most deficient crop cvor made,
90 on--gen,Iemen, regulate the price OF
ton as you please, any effort made to re-
sist you by the poor, dispersed planters
will be impo,cnt and ridiculous" lfihere
be either nationality patriotism, or truth 10
these statements and sentiments, II escapes
my perception. lfit were to come to a
war of combinations, which God forbid. It
is utterly untrue, that we should be power
less in such contest. We possess the
locks of Sampson. Our cotton is absolute.
Iy Indispensable to the manufacturing and
commercial nations OF Europe, and by with
holding single crop, We could spread STAR
walton and rebellion over the manufacturing
portions of Europe, and Cause the sordiy
capitalists, so much dreaded, locry Out for
Quarters. A pretty sory to proclaim
abroad, that the producers ofou annual ex-
Dor, of S50,O00OO0 ola staple, admitted 10
be eoual TO so much bullIon-a staple too,
which sustains nearly one halfof the entire
commerce of England, are too Impotent TO
Guard Their own interests. If with such
Resources Our planters hare been feeble, be-
cause, as your correspondent justly says
they are widely diSpersed---it IS the very
reason Why they should assemble together
70 devise the means ofconrolling their own
proper,y, which every body else has been
too long in the habnof coaroing' and US ns
for their own purposes.
Az 10 combinations abroad, they exist
already. and have recently carried their
mover 10 the utmost stretch. They have
had to give way, and a re.action is already
commenced. The idea that other cotton
countries W n rival and supplant US, is utter
IT, visionary. said to an intelligent mer
chan, of London, intimately acquainted with
the East India trade, " how IS 1t that Eng
land has never been able 10 obtain larger
supply of cotton from her East India pos.
sessions Z" He replied, the difference OF
freigh, alone, to say nothing ofother causes
is sufficient 10 account for It,"
.But the combination ofslave labor, with
b;ohly intelligent propre,ors, present, to d.
rect their operotions--a combination "n'cn
ex;s,s 90 where else in the world, Is the great
and sufficient cause of that superiority IN
our cotton planting, which will forever de-
10 all connect; ION, until fana'icIsn, Shall re.
ducc rs to tine conditon OF 5. D1m'ngo
and Jamaica. will notice but one or two
more objections.
One writer exc,aims let trade alone, to
regulate itself !" and another is so very ab-
surd. as to consider this effort Of the plan
a ters to place their property out OF the reach
of foreign combinations, 10y preventing It's
accumulation in the hands Of spectators,