Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-10-18

tndt SuspeIsioi oi specie payments Is no more
an evidence Of insolvency in bank than it is
evidence of insolvency in planter that he has
not in his pocket or his drawer gold and silver
to meet all his debts. The notes Of our banks
will still be as good as they were when re-
deemed with specie, and will answer the pur-
poses OF the farmer and mechanic just as well.
They will procure the same amount of bread
and meat, and the bread and meat will be as
sweet and as nutritive.
The demand for specie which caused the
Philadelphia and Baltimore Banks to suspend
was of course greatly increased by the sus-
pension itself; heavy drafts were Immediately
sent to Charleston, which, if suspension had
not taken place there, would immediately be
followed by others that would soon drain the
banks of all their specie; and then, of course
payment in specie would be impossible. Every
one knows that it is better to suspend now
than be obliged to do it few days or weeks
hence under circumstances much more disad.
vantagAous. The only persons whom short
delay could benefit would be spcculators. The
sufferers would not be the banks only; but
through them, also the community at large.
In these remarks we would not be under
stood as meaning that suspension itself is not
an evil. 1t is an evil and great one. but
inevitable in the circumstances. In addition
to the numerous other i'll effects, it will GER
tainly derange the currency of,he country
still more than it has been, and increase the
premiums on exchange. No merchant who
purchases goods at distance can pay for
them, even when he has the cash in his pick
ct, and is going in person to the very counting
house of his creditor, without first exchanging
lis money at a heavy premium. The merchant
cannot be the looser in this expense. 1t is
part Of the cost OF his goods, and must be ia.
ken into the account when fixing the price at
which he can afford to sell them AYE, he is
entitled to his profit, and must have II on this
as on other items in ,he cost of his stock. And
who then is the looser Th,' consumer, the
last purchaser of the goods. Every man,
particularly at the south and west, Who buys
ward of broad cloth, or cf linen or silk or
saddle, or pound ofiron, or Of sugar or coffee;
or gallon of molasses or bonnet or ribbon
for his wife or daughter; or a school book for
his child, is taxed to pay the premium on ex-
change. And into whose pockets does this
tax go! Into those of our northern and east
ern fellow cirizens! No, not all but into
the pockets of brokers and dealers in exchange.
The evil at last falls upon the farmers and
planters, the dupes and pack horses of office
no ders and Office seekers q,
Is this necessary state Of things? Is it
impossible in the present improved state Of
-..~- present facility and
rapidity OF intercourse and transportation be-
tween the remotest sections of our country, to
maintain a unif,rm and sound currency p
Past experience most conclusively proves that
it is not. To United states bank, constitu-
ted like the two former, there are strong, if rot
insuperable objections that the immense
power for evil, as we'll as for good which they
posses ed, was not corrrp'ly exercised, is to
be ascribed rather to the integrity and good
sense ofthe directorship, than to want of temp
tation or opportunity. The constitutional OH
stacle; to a United States bank could be- easiy
removed, and an institution could be set in
operation which should be both effective, and
safe This could be done and the Sub. Treasury
scheme of keeping and disbursing the public
revenue he still adopted, If the country should
see fit. The Sub Treasury and currency ques
lions have been so long incidentally blended,
that the public have come to look upon them
as one bu so far from this, they are in no
respect necessarily connected. The revenue
Of the government has been used as an inst'u-
men, of incidentally regulating the currency.
But il, as experience would seem to prove, mere
polticious in this country are too prone to
abuse such power when its direct exercise is
entrusted to them, it certainly need rot be
done. Let the money of the Office hol'iers,
be kept to itself locked up in strong boxes, till
it is paid out to them, if it can be kept in that
way. The country is ten thousand times more
in maintaining sound, stable, uni
form currency, than in The petty (or what out
to be petty question, how an by whom the
money for Office holders is 10 be kept and dis
bursed. For this is but statement in other
terms of the Sub Treasury question. The
Federal Government has no right under the
constitution to collect or handle, or hoard in
any sub.treasury or super-treasury, one cent
of money except merely what is necessary to
pay its officers and servants. Let these Off
GERS quarrel about the manner of keeping this