Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-10-03

iOi luC VI ppS'uN'S'
have no idea how large proportion oi
our cotton crop accumulates every year III
lhe hands of specuIators, OH both slics Oh
the Atlantic. | was informed by one ol
the first bankers in England, that II was
common occurrence, for a cnton broker,
with capital Of E20, ,00D 10 nave on hani
cotton 10 the amount of G2UO,UU The
matter is even worse in this country. "A
speculator, vino can by any means, get
credit in one Of our hanks, for S2t) ,OOO, ny
repeating the operation OF purchasing,
shipping. aud drawing rapidly, can soon
have in MS possession cotton tn1ile amount
of S2UU.0JJ; resting OIL no other basis
than the original bank loan nt S2o,OOU.
While trade is sremlngl y prosperous, mo-
ney abundant, and Inans easily obtained,
this accumulation of cotton i'll the hands oI
Spectators and broAers.undnubtedly tcnds
to euhance The price But The moment
there occurs press are in The money mar
ket, and tho banks have 10 call IN their
debts, and cu-lail their discounts, the
whole ollhis accumulated ruass OF Cotton
is necessarily forced upon the market
atouce, in guam ity, three or tour tunes ex-
ceedine The existing demand for II un-
arodably producing an extreme and IN
natural depr. ssion i'll The price. Ii Is
much more the iutercsr Of the cotton plan
,ers aud regular merchants, that The price
of cotton should be steady aud uniform,
than that il shuull bc occasionally very
high. Bul mere cotton spectators have
the same interest in The fluctuations IN llle
price of cotton, as money brokers have in
tue derangemenl aud fluctuations OF the
currency.
was very much surprised, therefore,
when Saw that your lut llgenl correspon-
dent, IA CNton Planter" so very wide
ly mslook the Daiter, as to ascrlbe To The
Cotton Circular" design TO force a
couiederacy between The banks and Tie
spectators Heaven forbid the banns OF
such union Your correspondent would
have come much nearer the mark, il he had
supposed that about nine tennis Of the as
salts made upon that paper, have rrocee-
ded directly or indirecll y from this latter
class of persons.
No banking operations can be mare
legitimate than that proposed by The
circular Besides the stability aud Sc
curlt> it will impar To- the banks, II
prcscribes sate, practical limI upon bank
circulation. 4 currency ncverran hecomr
redundant, which is issued upon ne prln-
ciple proposed, for every dollar Of crcuia
ton thus issued; would represent lhc ac
tuaI annual iacomr of the country. This
would moi be mere nominal representa-
liou, us is the case when il is said Thai bank
bills ,epresent specie. The cotton Is az
tuaIly there to The full alnDunI Of the bills
issued aud advanced upon II, when every
body knows that the specie in the vaults
of all llc banks does not amount to On,
fourth OF the aggresat" circulation. 81
that in fact, every paper dollar represents
only twenty-five cents in specie. shall
be very naturally asked, 'it' these are your
views Of our sS sem of banking, how Is II
thai you signed Il paper proposing the Is
sue OF post notes payable At remote peri
ods !" answer, that my name was SIgu.
ed to the Circular, by a friend, several
weeks after left New York, upon tile
implied authority, derived from very
strong and Intimate personal friendship,
aud from my known concurrence in the
general principles and objects developed III
that document. The issue Of post notes,
he no doubt considered matter Of de-
tail, which tic Convention would adup,
or reject as its deliberate judgment
should dictate. | am very sorry it was
suggested in the Circular, as j, has given
rise TO much of the opposition TO a call OF
Convention. and is measure 10 which |
should, as at present advised, be decidedly
opposed. | do not think the proposed
posi- notes could possibly be made 10 an-
swer the purpose of a currency. and as a
cotton planter, am sure they would Dol
answer my purpose.
As 10 the sixty million cotton Bank,
which son,e lively imagination has lois'rd
into the Circular, the people of South
Caroliua do not require TO be informed,
tIidt oiii lHo NSi ioot 'auh !" NV H'a'S'
who would give it the slightest counte-
nance. They cannot but rrcollecl, that in
my last annual MESSAGES Chief Masis-
lrate of South Carolina, used The very
strongest language in opposition 10 the
chartering Of IA sisa"llc Bank then projec-
ted, urging in opposition to it The general
redundancy Of the currency, and predicting
the commercial explosion which took place
a few months afterwards, TO those who
were utterly deaf 10 the warning. That
bank was chartered by an overwhelming
majority those who are now for United
States Bank, and those who are for Sub
Treasury system, seeming TO vie with each
other, who should contribute most. 10 swell
the torrent in its favor. while should have
stood "snlitary aud aone," if the venera
BILE Judge Colcock, whose loss South Car
olina has much cause 10 dep!ore. aud "A few
others bad not stood firmly by my side.-
1t would be extraordinary indeed, ifunder
these circumstances. should be in favor