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

urged, that probably four. 6fihs of the pro-
duce f,he Globe is circulated by the means
Of Bills of Exchange. 1t is jus, as certain
tha, the protested bills, drawn against ship
ments of Cotton, are sent back by thou
sands and hundreds Of thousands of dollars.
by every packet, whenever the market is tenn
porarily or permanently depressed. 1.-The
price is high enough TO cover them, they
are accepted. if not, The reverse inevitably
follows.
We think, from this statement, 1t must be
altogether obvious. that our great staple y
without any protection whatsoever; 10 'ay
nothing of the fact, that it muy sometimes
be in the hands and at the mercy OF those
whose interests an sympathies are w'ih ''e
buyers Of the article, rather than WIN .he
shippers. or the producers, in spite OF ''.e
}exempton from this imputatlen which s
Justly due to some Of the English houses
who have adhered to the niefcsts ol !her
correspondents with greet firmness aud n
deity, amidst unexanded difficulties.
| Indeed i, is altogether imposs Die to con-
ceive system of sale SO utterly defsnceless'
for an articles which performs such an es
sen,iaI Office 10 regulating the Exchanges
! an inflpe,,cing the currency OF our country.
We win now proceed to the seeodd
!5fanch. ~ =
2nd. Having thus demonstrated ti'e 'n'
furious tendency of this system me ques'
| ton afises whether there exists within our
selves any remedy7 The avowed designs
of this Convention being to devise some
means 10 project in future, most import
ant American Interest, we pass at once 10
! its consideration.
|, may not be out Of place to advert to
that arrangement in the monentary system
of the United States, which, In 1887, led 10
| suspension OF specie payments throughout
| the American Republic. At that time ou'
country owed the excess in value OF the
imports over the exports of the United
States, in their trade with England.
To pay this balance in specie, was 'm'
practicable. An unusually favorable sea.
son had given US crop Of unprecedented
abundance in the cotton growing states.-
To transmit this properly TO the country o
our great creditor, as fast as possible, as ar
evidence that the citizens Of the Uni'es
States were neither wanting in The means
nor the disposition to redeem all their obi
cations, the aid Of the Banking Institution
of the Union was invoked, and TO guard I
part of The property so transmitted, through
! their instrumen,ality, from unnecessary sac
| rifice in the market of consumption, tn
agency of Humphries and Biddie was es
tablished in Liverpool. The result Of tha
agency in winding up the large crop Q
! 1888, is conclusive proof of what may b.
done by consignees thoroughly devoted Il
American interests, subjec TO no necessi'.
by heavy advances, 10 glut the market b.
forcing upon it large stocks in constant an
disastrous succession. .
In this brief outline, is embraced th
I SIs0E6 fiedd aI5d H0la URINE onehce VINO
has led TO so much animated discussion
] and wide spreading denunctation, in thi
public prints, Of bo b countries. Whenev
er, however. a dlsphssionate and disinta,ess
ted judgment shall se pronounced upon ,h
! motives and objects of those who estab
lished this agency, that judgmen, will prov
equally honorable to their sagacily, an,
heir patriotism and to the gentlemen II
Liverpool conducted its affairs--who ar,
entitled to the abiding conf 'ence of ou
peopIe, for the fidelity and firmness viii
which they adhered 10 the interests oftheI
eefS fFmTigaY NJ : sna,ursny 'hsve been expected
that when the causes which had led o the
establishment ofthis agency for the defence
Of our grea, staple had been removed. the
trade would fall back into his old channels
and that the protection for our interests
! would BE- ample, with The means ofahe com
mand Of individuals engaged init
| No ono sought TO prevent this. The held
was open to the en,erprize Of all No en-.
barrassment was wantony threwn in the
way of any one. Nothing has been said
or done, 6y the so called "mo,opolis," to
prevent others from en,erin: into q falr
competition with them.
| Bul we have, unfortunately, been obliged
to learn by a severe lesson, dat other coun.
tries, as we'll as our own, may, at times,
be destitute OF an adequate supply Of the
precious metals. We havs to realizs the
painful truth that after devsting our capital,
our anxious attention and cur labor, to pro-
duce good crop, and after Witnessing the
partial disappointment ofour hopes from
the unfavorable influence Of the clements
in our own country, the value Of What we
have secured is to be essentially diminished
by the extent, or deficiency, Of a different
crop in another county.
| Granting that a calguity Of n short bar
vest 10 England being an act Of Providence,
by which the productive energies Of her
! people are rendered Of less yaIu'. has TO BE-