Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-08-08

of the precious metals are WltndraWn.-
Observation-Disclosures affording by far, The
mos, important branch of their export
trade.
6. Consequently, any arrangement that
could be formed. by whichlhe article would
be protected from the effects OF undue spec
u!ation, aud from depression in the money
market. aud by which steadiness of price,
with currency of sale. would be promoted
would save some of The greatest ID
hest interests in both countries.
6. tits therefore proposed to form sys-
tenn by which, with the commencement OF
the new crop. advances on Cotton shall
be made with the capital or credit of Banks
here, thereby relieving the consignee in
Europe from all care or consideration, cX-
cept the advantageous sale of his stock.
which would promote all these interests;
and afford general satisfaction on both
sides Of the water, provided it were moi
made the means, directly or indirectly. of
undue speculation or monopoly.
Having thus indicated The principles on
which the proposed system must find its
justification and basis, we will now as
succinclIy as possible, detail the means Of
carving il into effect.
We are far from impu,ing any premedi
raed hostility of the Bank of England to
American interests; on The contrary, it is
one of the benevolent influences OF com
mercial Intercourse, to promote peace and
good will among men. Hence this engine
of the commercial grandeur and opulencr
of GreatBritain, acting under an en'ighten
ed instinct, must rather desire that its hest
customer should at all times be in con-
dilion to meet her engagements with entire
pnncrualitv and success.
But there are epochs in the commerce
of Eng land. whether from insufficient har-
vests. a laneui1 demand for her manufac-
lures, or political combinations, when the
bank may. from an urgent policy, limit her
discounts, and increase her rate ofinterest,
This event can never occur, without its
having blishlins influence on any sur
plus of our great staple, which might be
unsold in England. Surely .ifthp Bank Of
England can exercise (unavoidahly) an
influence thus prcjudcial we may resort
TO our own American hanks, as a means
of security aud protection, without The in.
vidiouS camor Of combination and mo-
uopoly. II is time that The absurd and
sensrIcss cry on The subject Of banks ma
kius !vanccs on cotton, should he under
stood and finally pur down. The truth is
that by the mere purchase of the foreign
exchanges of the country. ihev advance
on nearly every bale Of Cotton subject 10
foreign export, and this without the secu,
riry of,hc bill ofIading aud policy of in
surance, on the mere personal responsible
" Of the drawers and endorsers of the bill.
H"uce these losses are most comprehen
sive and disastrous after every CONNER
cal crisis and revulsion.
Now we propose giving 10 the banks in
all cases, The higher protection of these Sc
curities, and that carl v next autumn, one
or more banks in each of the great ron-
mcrcial Cuirnn markets of The Snu,h,
should commence making advances on
the crnp, according 10 scale TO he grahua-
Icd by what will be a safe calculation Of
its probable amount, assuming IL 1-2cts.
al home, 10 he about the fair natural av-
eraee and renumeraiins price of This sta
pie, on a product of sixteen hundred thon
sand bales. which is about as large a re-
turn as the ac.ua labor ufrhe country now
engaged in this branch of Industry, is ca
pahle of harvesting. The emharrass
ments ofrhe South. Western States hav-
inc prevented the Planters in these States
from making any purchases Of slaves from
The Atlantic States during the last two
wears, whilst not less ihrn 10 per cent. of
the slave labor in the South. has heen alb
strac,ed in the same period from 4 he culli
vation of Cotton, ard applied to the raising
ofprovisions. and to the construction of
those extensive railroads now in progress
throughout that portion of the Union.
For these advances, we propose that
The Banks should issue to the planters,
merchants and factors off country, on
the production Of thc bill of Ladng, anil
the assignment of the policy Of insurance,
Pos, Notes of such description. and paya-
hle as such period as Convention here
after contemplated, may suggest (; notes,
which may be made to answer both the
purposes of currency aud exchangc,ihc de-
rails of which we refer to that body. By This
arrangement however, we feel satisfied
The credits can be So distributed, that fruln
the day of the shipment ofour cotton, it
may probably be held al least six months
in Europe, without the foreign consisnre
being under an advance of one farhng,
aud we think it quite easy to conferon the
houses. to which the shipments are conf
ded. sufficient strength, 10 enable them 10
hold over for even a'Innger period, should
safe remunerating prices moi be obtained
on the maturity of the bills
With the view Of securing this strength
it is indispensably necessary, that the con-
signments should not be too much diffused,
but confined to limited number of hou-
ses in Liverpool and Havre, who, acting
as the agents of all those who will come
into this conservative system. will feel a
common interest, and will naturally aid
II ~ ,,o ,Iar <,U 1oJ o,,or,,