Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-09-27

Kindness towards me. and to accept for yuuts.Ivs.
well a. them, this expression OF my warinesl wlsa,s
your prosperity and happlness.
um, Yery respectfully,
Your fellow citizen,
ANDREW JACKSON
Messrs. WM. SMITH and others, Commites
the COTTON CIRCULAR
Mr. McDufhr has address, . !err ~ The South Car,
Imam, IN which h" vndica,es the Cotton Circular frr
many {" the criticisms. which ii has received lie
claims however, he issuing Of The Post Notes, and The
establishment OF 4 Gu mnn Bank, both of whch werr
fosi,G IN wuh"u! his knowledge or cons, mt lie say.
my name was s'gnsd To The Circular, by fri, nd =.
reral weeks alter lett New York upon the Implied sr
tho'iiy. derived from very strong ard intimate
al friendship and from my concurrence in the zero
raj principles nnd objects Developed in that docrmrr,
he states the following as Tie outlines Of The plan which
he approves:
81 propose That the existing banks in The coon o,or
ing States should discount the notes OF cotton planters
and others upon the security of cottnn actually POSTED
IN nPighboring warehouse, every paper being pui IN
possession Of the bank, necessary TO the compeirr
and security of il, lien That the notes Should be- t
counted al 30 days, with understanding. tia, il rt
proprietor of the determined 10 have II sh,ot
10 Europe IN that time. the note mus. be puncluay ~
at It's maturity. the bank be ruhorIzed to hay. M
cotton sold, holding The surplus alter paying the rc,
dep"sIle TO the credit of the proprietor.
'Bu, If The proprietor determined 10 ship his COTTON
which is presumed i'll be the in most lrstsrc,
the hank should be authorized at The end Of the ninfrv
days. 10 draw ninety day bill upon Europe against The
cotton, having been at The time "i the shpmrnr Darrd
in possession of all the documents necrssar Ia make
that authority effective, the planter and proprietor
retaining the control the times md terms selI,n,
The cotton. provided i be sold in line discharge The
bill drawn sgurst IL al lis maturity THIS the Whole
sum and substance oiIhe plan, lar have had ay
agency IN it."
Mr. McD contends that this scheme liz admirably 9.
culaed 10 assist 6utct commerce from rhp Southern
States with Europe and therefore trusts that il NAV %.
I'D. Gualely considered al The Comnrrcal Cony-ut,un
which is about 10 assemble nt Macon lie CONSIDERS that
Convention "iar more important the :, uth aGd
Southwest than oil The Presidential Conventions ever
brought lugeihe
Notwithstanding The high authority Of MIR McDuas
the proposition must be utterly abandoned His rrasons
are not sufficient 10 overcome tie nsuperabe objections
that lie al the root OF H. II is directly opposed 70
the great law of demand and supply upon which fr.
trade depends 1t changes the whole character Ga.
Banking system-and throws the natural operations %;
buying and selling from the hands Of individual MES.
chants, into those OF chartered corporations II tl!.
system be proper Why corine II I" cotton, Why not
extend 1t 10 great STA pies OF -four and Tobacco: Wv
not embrace manufactured goods as well as raw proJue
tnns In TACT where II 10 stop But the elton #
The Charleston Pa,nt is alone sufficient to dss pate oil
the ingenuity Of MIR. McD.-ls objection is pF4cic.,
1T would require q larger amount Of bGnE rdpiiai'lan
is pnssess Of cond be commando by the Souhera
institutions to make the advances c"rt'mpIafd IN tie
Circular, provided the usual bahE accumulation IS a.
tcnded and fordui's IF crtdu siesH 10 lie ordtna,y
GrGnchtS Of rnds Tie advances 10 Planters on Cotton
even Limited aud secure extent, would absorb -
large quantity Of the .l"ned means, whether arising
from capital or deposits Of our Southern banks tina.
very small, il any, portion of those means would q
could find their way into the hands OF other classes If
the community engaged in The departments II
Internal fade and foreign commerce. not al all CONNECTED
with the shipment Of Cotton II seems to be entirely
overlooked in III plan, tina, great staples find thu;
way 10 foreign markets by the extensive aud ntsfnsI
bic employment of foreign capital