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


tion ofimpregnable strength under the sys- .
tenn of exchangin@, in a greater or less De.
gree, eighty millions Of their currency for
eighty millions of fareign or domestic ex.
change. For wilhtI,e formers it is nl,ogeth.
er obvious-tseytcould have the means Of
drawing any amount of bullion they pleased
from Europe, after selling a sufficient SUM
TO meet The inland exchanges OK the coun.
Try.
With these manifest and multiplied bles. :.
sings before US, we invite the cordial. con-
currcnce Of the Southern Banks, Planters
and Cotton Merchants, in the measures We
are abnut TO submit. We are aware, how
ever, We should not perform our duty, or
very inadeauately meet public expectation,
if we did not point Out, practically, the mode
by which these desirable objecls are to be-.
accomplished ... .-.g......-
First, i, is proposed at all the principal
shipping ports ofthe cotton States, that par.
ties, wheher planters, cotton merchants or
factors, should apply TO the Banks for such
an advance on the cotton they hold, as may.
be 10 conformity with the current rates and
be mutually agreeable to the parties. In
every case Where The Bank conceives the
advance asked foris too high it is quite,
competent Tor the iasifst,on making Tho ad-
| vnncc, 10 require in addition, all the secarity
incident to an ordinary discounted note. Il
would be altogether impruclicable for this
Convention 10 fix the standard Of. what
would or would not be safe rate Of adj
vance; as this, of course, must depend on
Huctuating questions OF fproduction and con.
sump,lon-the first infuen ced by the vicis.
STUDIES Of the seasons in our oxn country !;
and The last, by the state Of trade abroad
This must, of course, be left to the sound
discretion Of The Banks themselves. BY re,
curing this security at home, the spirit Of
reckless speculation would be repressed;,
and the disastrous en,barrasmens Of unSeH
cred reclamations, 10 vast amount avert.
ed. The party applying for the advance
must produce the ware house receipt and
policy Of insurance, duly assigned TO the
Bank or bill of Iading, if the cotton is on
the eve Of ofshipmen, abroad. The Bank, as
its equivalent, afcr charging the interest
and allowing the difference Of exchange.
takes the sterling bill oil the shipper, at six
monIhs, and advances its own notes, and by
mutuh agreement, il is arranged 70 which
OF the bouses 10 be hereafter appointed in
Europe 10 hold hose consignmenls the cot
ton is 10 be shipped, with an explicit under.
standing, thai it is to be held for six months
from the period Of shipment, il so long be
necessary, TO secure an advantageous sale.
The advances are received by the Banks
IN the interior, then the receipts and the bills
Of lading, may be transmitted to their agent
Banks in the shipping ports, in order that
the sterling bills muy be signed by the ship
per, that tie exchange may be negotiuted.
|, will be perceived that by the specific
resolutions anaaxad to this report, the mode
by which We epropose to carry out this great
measure, is -.
First. By the appointment Of "a Commit
| tee in each Of the great cotton markets Of
lIlhe Southern States, 10 confer With the Banks
forthwith, ID order that arrangements may
be made TO commence advancing on cotton
on The terms proposed. s5...,5. Z. a,r.,
i Secondly. That these standing commit
tees be authorised 10 confer with the Banks
as to the selection Of The houses in Great
Britain, and on the continent Of Europe.
who shall be empowered to receive and sch
ihe consignments from each Of our shipping
nor,s. Il may, perhaps be desirable TO the
banks 70 esTa6nsrtn- the fcrc:gn nafke,a, as
the best schools for our young merchaDts,
!, new American houses, to attend 10 the trans
actions of lI,cir business. Your Committee
in considering the report made to this Cons
venlion by Gen. Hamilton, in obedience 10
, the instructions Of the New York Meeting,
| which devolved OH him the province Of ar.
f ranging with sundry European houses, to
take the consignments, and which has been
referred to your Committee, are of opinion,
that the Convention had better make no de-
signation Of the houses !; but simply 10 sug-
gest the above reference, however entirely
satisfied they may be with the mai.ner in
which this gentleman performed Ibis duty;
and of The undoubled responsibility Of the
houses with whom he conferred. -
Thirdly. That in the City ofNew York
there should be an Agency established for
each Southern shipping port, to be appoin.
red by the Committees, and Banks OF said
Ports, whose duty il should be to sell such
Cotton as taay be shipped to Now York,
and such exchange as may go 10 .ha, place
for negotiation. 80
Four,by. Tha, Delegate from each Of
the Commit,ros Of tue several Cotton Mark
els, rnee, on the lst day Of August, ofeach
year. in the City of New York, TO coufer
with the New York Agencies, andto devise
such measures as rnay more cdsctually pro.
mote the objec;s Of this Convenlion.