Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-11-08

HiSHt, ho4uou"y P"''S ~" "'J
wagons per day! From recent trip rprth
Of this place, we discover that thesere
marks will apply, though in a less degee,
to oil the main thoroughfares to the gpat
West"
From the Macon Southern Post, Oct. q
MERCHANTS AND PLANTERS CONVENTION.
Thursday Oct. "a, 1888
Honorable Thomas Butler King. Ctnir.
man of the Committee of Twenty. One, tub.
mitted the following 6
REPORT:
The Committee 10 whom was referred
the Resolution instrucling them to presen,
the subjects on which the Convention was
called upon 10 deliberate and act, beg eave
10 Report: !.
That afer the full exposition whica is
contained in the Cotton Circular adopted
BIZ tho Planters and Merchants, At their
meeting in the City Of New York, on the
5.h of July last; they deem it in some de-
gree superAuous, m'Iulcly 10 explain or 10
ENLARGE ON the points submitted to tha neq,
pIe at The Cotton gr'Wiug States, IN 'thaf
document.
We have therefore convened for the put.
pose Of considering: !.
1st. Whether there be any inherent de-
ect in the mode and manner OF shipping
out grea, staple under The existing system
Of advances. naas,a,s by the Agents Of the
Forciggaa Houses, through whom il has been
hitherto principally exported
I'd. Whether, ic the injurious tendency
OF the system be lemonstrable. there exists
within ourselves any remedy?
We will now, as succinctly as possible,
proceed 10 the discues.an &C liza - .
HTS weIi Knswnfhat vim me exception OF
very inconsiderable portion pf,he very crop
purchased under direct orders, for the spin
ners, and for Foreign account, the great bulk
ofour Cotton is shipped either by the Planter
or Merchant, or dealer, under advances
made by the agents Of foreign houses
The mode in which this operation is con-
ducted, is as follows:
Usually, the Banks 10 the Southern States
advance the money that moves forward
the whole crop, Tor nearly SOY on letters
of credir, as security. The bills founded
upon these securities, are usually at 90 days
sight. They are forwarded at once but
the Cotton being much more ,ardy in its
movement, they frequently mature. before
its arrival; and if The Cotton has to be
forced upon the marke, or the accepter OF
the bill has 70 pledge the Cotton to Brokers
or Bankers, to raise the money to meet his
acceptance. This may be done when mo-
ney is plenty, without difficulty; but the
moment i, brcomes necessary for the hold.
er of the Cotton, or the Bank to realize the
funds advanced on It, then The Cotton must
be sold, whether during depressed or TO.
vorabl. market. Whenever the Bank Of
England refuses to discount the Cotton re-
bill upon his Broker, endorsed by
lis B ankcr his Banker cannot give him any
further mems; because, peradventure, tho
Bank Of England has Sc: her face aga nst
transactions in Co ton. Then The Cotton
mus, be sold at any sacrifice 10 the spinners,
who are well advised of the amount of our
staple thus ready for sacrifice, and the pc.
Rod when it must be forced upon the maj.
ket. !, moreover may happen that the bills
which the parties shipping the Co ton have
received, may be good, or good for nothing;
and what does the planter and shipner trust
o when he agrees to lake these bills in re.
urn for the produce OF his industry? He
rus,s, first, 10 the au hority of the Agent
o make the stipulated advance, and 10 d'aw
he necessary bills on his principal. He
rusts in the next place, TO the inchnaion Of
he parties abro old-fr>l, 10 accept the bills
md, secondly. 10 pay them at maturity
3ut he trusts finally, 10 the skill and judg-
nenl of,he foreign house, in the realization
# the property, and TO their ability and dis.
osilion TO hold it until the mos. favorable
,omenl for its sale. The receiver of the |
:otton risks nothing, but the difference be. |
xeen the market value and The price ad-
unced, unless The latter is both extruya.
att andspeculative. (which one parry ought
ot to ask. oot the oter give this risk is
,fiiug. - ..r-.0' b.. |