Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-03-19

bundant, that it could readily be. obtained to'I
any amount, upon promissory notes. How
changed il the general aspect OF things within
few months All our solid possessions and
means of industry remain, land continues 10 be
equally productive, labor is recompensed with
its usual reward; the seasons have not been
unfriendly. Whence, then, this amentable
change in our affairsl Why this great scarcity
of money; depreciation in value Of all COM
modities, and Of all property; great CONNER
ciul distress, and absolute impossibility with
many solvent persons to discharge their Just
debts; SO speedily and grievously succeeded
the gratifying and prosperous picture which
was so lately presentedl"
What confirmation of the deductions
of reason, both in The swelling tide Of
prosperity, aud the turning ebb Of adversi.
ty. The sketch of the latter is not uu-
suited to the present time; good seasons,
aud productive years, and every element,
apparently, Of plenty and prosperity, and
yet deep and widespread distress; though
at thai time, there had been no removal of
deposi,es, nor had the Sub-Treasury been
heard of, to which gentlemen are now dis
posed 10 attribute all the calamities which
atflict the country.
The author of the report could give no
satisfactory answer to his question, whence
all this sudden and unlooked-for calamity;
but he has furnished US with the means
oftracing it clearly to the tariff Of 1929
1t went into operation on the first OF Sept.
of that year, and the next year felt the
swelling, but delusive tide of an expand
ing currency; the exchange turned in our
favor; gold aud silver, following The i'm
pulse, flowed in, banks began to enlarge
their discounts and circulation. 1t con-
tinued to swell with stronger and strong
er current, through all the subsequent
year, and the first part of the next, nearly
three years, according 10 The usual period,
when it began 10 ebb; and then followed
the reverse scene, so feelingly described
by the author, and which TO him, appear
ed so unexpected and unaccounlable. II
was at this point, had not the movements
in the South arrested the farther progress
of The system, That there would have been
another clamor for additional duties. The
distress, as usual, would have been altrib-
uted 10 over-imporlaion, aud that to The
want Of adequate protection, and in 1882,
(the usual period of four years having in.
lervened,) another protective tariff would
have been inflicted, 10 be followed by The
same train Of consequences, and with e.
quail disappointment to its authors.
Now, sir, 10 show that The flowing in Of
The precious metals, in consequence of the
tariff Of '2S, is not mere assumption,
have extracted from the public documents
for the years 1929 and 1880. the imports
and exports of gold and silver, which /
hold in my hand. The import in '29 was
S7,4O3,6l2, aud the export S4,3lI, ,l34,
making an excess OF imports over exports
of So, ,092, AIS; and for 1880, S5,l55,964
against Sl,24l,622, making an excess of
imports Of S6,9l4.342; making in the two
years, an excess ofimporls Of Sl0.006,Sl0.
By turning to the report already cited, j,
will be seen that The estimated amount OF
specie in the country on The first Of Janu-
ary, 1880, was but S25,00O,000, of which
S5.0O0,000 were in circulation, aud $780,
100000 in the vaults Of The bank; so that
the addition to the specie in the two years
was forty per cent. OH the whole amount.
Ii now remains 10 he shown what was
The effect Of This great proportional increase
of specie, and the favorable slate of the
exchange which it indicates, had on the
banks in the manufacturing States. The
report will furnish the information, not
fully, but enough to satisfy every reason
able man. IL gives The following state
ment ofthe amount Of bank notes in circu-
lation in 1880 and 1882, respectively, in
the States of Massachusetts, Rhode Island,
New York, and Pennsylvania, including
The bank Of the United States, which will
show the vast increase in the short space
of two years.
Here Mr.. C. read the following state
ment:
1880. 1892. Rel. increase
Of crcl'n in