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

producer or importer. - Let him review tne1f
prices current-the agreement among sp"'
ners-the articles on the money market
! the statistics of the crop, end consumption
the advance of the raees OF discount by
| he Bank ofEngland--and then let h!m soy'
| # there is one word in them all which de-
| pr' ciates a rise IA the price of Sugar. Coffee
Saltpelre. Indigo or Tea, or any oher pro-
duction. save Cotton! Let him then hon.
erIv cate his conviction, whether there has
no, been a combined, extensive and most |
I influential effor. 10 deprecia,e the value OF
I the Cotton crop Of :he United States.
II we shall be fully satisfied Of the truth |
Of these propositions, there can remain no |
doubt of ths justice, or the proprIety OF our !
adopting sdch measures of self.protection |
as shall guard our interests against such IN;
auences in future.
Thequestion arises what these measures
shall be Here we will take occasion to
advert to the gross Misrepresentation OF the
molives and objects. Of those who are re.
sponsible for the call Of this Convention. |
| \ has been said that it was nothing more
or less thanto to get up scheme for giving
4 speculative excitement to prices; 10 eaao-
lish permanent monopoly in the Cotton
marke:, and 10 seducc, by the trmptauon
ofhigh profits, tue Banks from The sphere
Of their legitimate business to turn mer.
chants and thus to derange tho whole
commerce Of the country.
i These allegations are utterly untrue. in
, the frs, place wo avow that nothing would
be more injurious to hat greai des'deratum'
, steadiness in the price Of our staple. than
any temporary and undue excitement IN the
market, willis, the charg, of monopoly,
when the whole crop is opsn to The conpe.
, i,on Of the whole world, is equally unfoun-
I drd. 1t will be perceived, 10 the sequel
r that 50 far from desiring to force, or sednce
J the Banks into the risks Of commercial adj
ventures, that we do not propose to them
10 do any thing more than perform their
usual function of lending mon:y with an
augmented security. In one word we pro.
1 pose that The Banks Of the Southern States
should commence forthwith to make advan.
f ces on Cotton on the pledge, in practca..
n ble form Of the material itself; with the
j personal security oftbe persons taking the
8 advance.
We are aw,re that ons ofthe strong 90.
$ ieclions urged to this scheme was the med'.
a um Of Post Notes, through which it was
h proposed thit lheseadvances should be paid.
). Since the call of this Convention, and the
e period of Is assembly, the Banks generally,
J. with fewexcrptions. have suspended spe.
|, Gle payarn,s throughout the middle and
# southern States, and which is likely, in spite
e of the srong efforts by the Banks in New
o York, o sustain redemption Of their notes
y in con, will become universal until The
y counfy can recover from the great and url..
i prec.dented embarrasments into which 1t
is lIrovn. It,berefore becomes needless 70
. 10 discuss the Post Noe system, and 10
n aSw, lnaf I6 small sums, and with certain
\. fupd for their redemption, at maturity, they
T. night be made equivalent TO the best in
;. snd exchange ; or ordinary note circulation
s.o crisis is certainly ?roPitou' to 9 'sa'r
'e lest of The efficacy ofthe experiment Of pro-
Il tec,ing our staple through the ins.rumeo.
i tal,y Of our Banks, as the process OF cx-
4 changing their notes for good sterling bills
: is, to them, unquestionably measure, not
e only OF essential safety, but Of sound policy.
r We are very far from saying, that SO signal
h a calamity as the interruption OF payments
+ in coin by our Banks, is TO be regarded wlih
aaS Hi5 W. appssHshS iFaa tf1i
: sion has resulted from manifest and unfa-
E vcrable necessity. The truth is, the la'e
e resumption was premature. Our country
}, had mol recovered from the prostration OF
8 1887, and the present crisis has been pre-
/. cipitated upon US by the short harvest OF the
last autumn in Great Britain, and consequent
rise in the rate Of interest by the Bank of
Englani which rendered American securi-
3 ties utterly uuava'lable-deprecialed the
!, value of The Cotton crop Of last year--and
, en'ailed upon our shippers the necessity o!
r meeting enormous reclamations.
The inquiry therefore arises, whether we
] canno, use our great staple, as The means s.of
. resuscitating our Banks, OF enabling them TO
replenish their vaults with the precious met
, ais, and thereby fortify themselves for re.
sumption, whilst they shall subserve the i'm.
por,ant purpose Of protecting the great Cot.
ton growing interest of the country. We
. think We can.
/ We have moi at the South the mines of
Mexico OF Peru, bu, have growing on
the surface Of our fertile plains, staple OF
equal value, at infinitely less cost of pro-
duetion, and without any expensive process
Of complicated alchemy Of easy convert
bility ino The precious metals. Shall we
in the process ofthis exchange allow Others
10 reap the benefits Of this conversion at a
moment too, when our Banks require re-.