Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-07-26


| have lit le motlve in exposing myself TO
that certain rldicule that follows the annun-
ciation ,ha, consumption may be- cured, but
the assurance of prac ical experience. and
the desire of making public a means OF saw
ing life, in one of its most frequent and un-
| welcome visl's.
EDW. c. COOPER, M. D.
To the Cotton Planters. Merchants, Factors,
and Presidents and Directors Of fAte seq.
eral Bdnks of tie Southern States:
49, CIRCULAR.
Fellow Citizens Interested like you're
| selves, in the cultivation and disposal OF the
great staple of American agriculture and COM
| merce, we have accidentally met in this city,
| in the midst of crisis which dscloses some
strikinely momentous features in the history
of this most important branch Of the trade OF
our country.
When the Cotton Crop Of the United States
was mere item in its trade, and dld not reach
a production exceeding ive hundred thousand
bales, it was perhaps safe to consider it as one
among many articles Of barter aud exchange
which, left entirely to the fortuitous circum.
1
stances of commerce, would find its level un
der the influence of the ordinary laws OF trade,
[ without the necessity of resorting to any
means of precautionary protection. =.
Times, however have changed. Cotton
has passed from the condition of mere article
of commerce, to the performance ofthe mighty
function Of being in great degree the rrgu--.
lator of the exchanges, and the standard OF
value Of our country. If the nature OF thus
material forbids its entering into our cir.
cula:ion, it is scarcely less the basis OF our
currency, than the precious metals; tor the
fluctuations in its price are felt wit sensl~
bility equally as acute and searching, as any
of those variations which be ong to the demand
and supply Of these sensitive and mysterious
tokens Of national value. .. .,
n, The production of thisstaple, has now be.
come SO immense, that it behooves those who
produce it by large investment OF capital at
a high rate ofincdental cost, and in climate
periious to human health, to consider we'll
whe her there are not some material circum'
STANCE 8 in reference to the mode in which thls
product of their labor is shipped from this
/ country, and is brought to market at the point
of its final sale and consumption, which de-
mandthe application of a prompt and effective
remedy. In one word, is not the important
fact disclosed, that such is the unwleldly
amount of thus great staple OF Southern indus
try, that it cannot be sent forward and disposed
of at fair remunerating prices, through the
ordinary medium of the mercantile establish
ments Of this country and in Europe, without
the direct cooperation of our banking institu.
tions? If we have become satisfied Of this
fact, ought we not to organize system, which
shall give perfect security to this great inter-
est in the commerce and finances of our coun-
try? The unwise and ruinous system Of send.
inc the crop forward to houses Of fcircumscribed
means, on the other side of the water, who
are incapable of holding their eonsignments an
hour beyond the maturity OF the bills drawn
aeainst such shipments. subject in fact, nearly
the whole amount of American interest to for
eign combination, which might act, not only
with entire concert, but with perfect knowl-
| edge of the period, when from the maturity of
the acceptances in question, property to stu.
pendous amount belonging to this country,
may be ready for sacrifice. =.
The great and vital change which must be
operated, is to sustain American interests, by
American credit To realize at home, the
resources necessary for the protection OF our
property abroad without the necessity OF large
and nconvenient drafts on. the capital and
means of our great customer. In other words
the commercial reform we desire, is 70 send
our great staple to market, without the peri.
cd being determined by the date Of a Bill OF
Exchange, when it is to be brought forward
for absolute and unnecessary sacrifice. We
believe that the steadiness in price, which
would result from portion, at least, OF the
Cotton crop being exempt from the disastrous
fluctuations arising from compulsory sales,
would in the end, be scarcely less valuable to
the spinner and consumer in England, than
to the grower and shipper here. A fact, which
we think demonstrable from the following pos
tulates, which we consider altogether self-eVI-'
dent: 80 = .
l. The natural price of Cotton is the effect
Of the fair and natural influence of supply and
demand. 49,. s. r.., .'s.
2. The price cannot be steady, and the ar
ticle cannot be current, so az to admit OF SAFE
calculations on the part of the planters, the
manufacturer and the merchant, unless the
price be natural. It is consequently the in.
ter ,st of these three classes, that the article
should be protected, on the one hand from any
great and undue speculative action, which
might initiate prices above the natural rate
and on the other, from any arrangement in the
nhon-y market, or any other accidental cause,
which might d press it below that rate. The
effect of great and undue speculation being 10
derange thu money market, and to produce
reaction, with an undue depression OF prices.
8. The state of the currency manly de.
pends on the means which the country posses.
ses, to pay its foreign debt by shipments oi
manufacture falls short fthat object, exports
of specie may be induced, the effect of which
must be reduction of the circulation, with
depreciation of property and general Distress
4. Cotton, in this country, being BY, tar the
| xnoat inonortanf nrndnce and affOrdlng the