Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-07-26

duced greatly, the operatives are thrown out
of employment, and the great means OF settI'
;no the balance OF trade, without the exporta-
tion of the precious metals are withdrawn
Manufacture cottons afording by far, the
most important branch of their export uade.
6. Consequently, any arrangement ina;
could be formed, BY which the article would
be protected from the effects of undue specus
lation, and from depression in the money mar
kct, and by which steadness OF prlce, WIN
currency of sale, would be vpromoted-wouid
save some Of the greatest and best interests
IN both countries.
7. 1t is therefore proposed to form system
by which, with the commencement OF tne new
crop, advances on Co ton shail be MADE Wlm
the capital or credit Of Banks here, thereby re.
leving the consignee in Europe nom all care OF
consideration, except the advantageous ean Q!
his stock, which would promote aitthese nter'
ests. and afford general satisfaction on both
sides Of the water, provided it were not mace
the means directly or indirectly, OF undue spec
uIation or monopoly. e,
Having thus indicated the PRINCIPLES on
which the proposed system must tind rs 9ustl-
Gcation and basis, we viii as suecinetty as p9
sible, de.a the means Of carrying GRf
'ecv; We arc far from in,s.a premcdNased
hostility Of the Bank 81 England to American
inte rests on the contrary, it is one OF the De.
nevolent influences of commercial intercourse
TO promote peace and good will among aatiops
and men. Hence this great engine ~ the
commercial grandeur and opulence OF Great
Britain, acting under an enlightened instinct.
must rather desire that its best customer should
At ali times be il, condition tu meet her en-
gagements with entire punctualty and sue-
cess. -, - = -; - |, ...5-r g.
land whether from insufficient harvests, Ian:
o,id deu,aad for her manufacturers, or pohaca1
comb;nations, when the bank may from an urt
cent nolicv limit her discounts and increase neg
rate of interest. This event can nsver occur,
without It's having a blighting irfiuence on any
sn,n,us of our great staple which rnigHf 90 un.
sold in England Surely if the Bank OF Engiaan1so.
can exercise unayoidably an influence tnus Pte.
judicial. we NAV resort to our own american
hanks. as means Of securi.y and prosectlons
without the inyidious clsmor OF comoihal,on "ua
monopoly. 1t is time that the ABSURD nns se'sss
less cry on the subject ofbanks makipg aSsaucSs
on cotton should be understood, ana nnary H,hss P
down. The truth is that BY the mere pI.SS
of the foreign exchanges OF me county, ts.
vance on nearly every bale OF Cotton ,g;.r su ~
foreign export, and this without tne sesw ~ ~,
the bill oflading and POLICY OF lnsoi s,s - and
mere personal responsibility Q, Inc 9osssssaiars
endorses ofthe bill. Hence these eS,a.,, losss
r,o.t commemorative, and disastrous aftef e'ers
90 nrnercial crisis and revulsion.
Now we propose giving to the banks 70, az
cases the higher protection Of these secofMes'
and that early next autumn, one or more oanAs n
each ofthe great commercial cotton marAets y.
tho South should commence making advances on
the crop. acc riding To a scale to pc graoIapu y
,vhaI ri;l he a safe calculation Of is prooapie q.
,oount assuming l2 Ia cents at home 20 90
abopt the fair natural average and remune a';ns
,r;ce &c thia staplc, on product OF sixteen tln-
ID ,housand ba,es, which is about as lar ed
turr ,a tho actual labor Of the country now en.
coed in this branch Of industry, ls capaooic y.
harvesting. The embarrassment OF .I1 :,
western States having prevented lne Panse.' - af
these States from making any polss ,p.ss ,.st
slaves from the Atlantic States, 1aurlus ~. '4s
two years, whilst not less than zen PeT cen. ~
the slave labor THE South has pen aUss. saa..o,
in tho same period from the cnitiVa.i:n ot sa -
and applied to the raising OF p!ovia9,ns v,oss
the construction of those exclusive az ~ I1a;on
IN T nrogrsss throughout that portion OF the Cnlon
For these advances We propose '..a. 80 fsc.
should issue to the anters, meicnsnso' s.ha hill,
tors NJ the country. on the production OF the ol'
ofIadng, and the asst gnment Of the policy. o. IN.
srrance; post notes of such description ana pay.
able a. such periods as a convention neseeites s.
contemplated may suggest, notes "nicn may W
made to answer both the purposes OF currency
and exchange, tho details of which We teIet: to
that BODY By this arrangement, however, we
feel satisfied the credits can be SO disapn!ea 'nat
from tho day ofthe shipment Of our cotto nmay
probably be held a. least six months IN europe,
without the foreign consignee being under an aa.
vance of one farthins. and wet think it quiteeasy
to confer on the h.t ses to which tho shipments,
are conidsd, sufficient strength TO enable; them
to hold over for ever alonger period, safe Eemun:
Grating prices not l, obtsinod on tne maturity
the bills.
With tho view ofsecuring this strength 70
;ndispenseb y necessary, that,the consignmsnu
sbouid not be- too much difased, hut econhaed 20.
= limited number of houses in Liverpool ana
Havrs. who. acting as. the agents Of an t1ose =,
who will come into this conservative system, VIII
feel common interest, and viii naturally aid anu
assist each other under all and every conungency.
-This fellow citizens. is bot the Srlet outline
of A preat scheme, for the, projections of cur,
commerce, finance, and exchanges the delaas
which, must be left for profound del!9erat,oinl !.
and concerted action. To accomplish thus
object, we hereby invite the planters, factors
and cotton merchants Of each district of coun.
~ in The Southern States, and Territory cf
Florida, together with the banks. u eacs'
of the Said States and TeEitegys TO- send
delegates to meet US in convention at Macon
Georoia. on the fourth Tuesday of October,
next. which viii be on the 22d day Of that
month. that we may carefully consider the,
important matters disclosed in thus gtfcu.'
lar. -
We invite candid examination ct this
whole scheme, for the pfotectionj not alone OF
southern interests, but fpr the security! ef the
commerce of the whole country. - :h . .:p
.4 4 AZ laast hn tested BY patlent lnYest =