The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-10-05

movements affected only tie small c'rGle VI
their individual correspondents The oanks
whose issues have usurp ed the place OF the con-
s.ifutional currency, affect tie whole community
~ Loua and is credit abroad. and yet they nave
ha,u tolerated in their disgrace!ul conduct.
Alshan1 is now the oaly point Of d'shonor'
o,J ,ia d.fiicullics that exist there, depend cn-
,..iy anon TIC will oi the people. AT the iatES' @
d,,,s the prospect lad little improved. Ihe
,i,ho,o, river has been in fine navlgablc order,
A.; ro.:o:i of the new crop is finding lis way 10
ny:i;ns. Dill drawers avail themselves OF the
hi:rb rates of exchange by entering the cotton
market as purchasers, and draw against the
.n.,cof, Ia,cs for Hills and specie had dc,
rj;,uJ jro, 10 ) per cent the tendency is still
downwardS, and the great staple reaching tie
market will further accelerate the approximation
uf Alabama funds to the specie standard. Actl-
nj oncra,iurs in bank che cks Oh New York 81 ;
checks on New Orleans 80 81; specie 30 81
per cent. nreni;nm. Sterling bills, 60 days 40;
New York GO day bills 50 a 30 per cent prem:
Dorjur the season which has passed, lhe bIIiS
of the State Bank and branches have oeen re-
cciycd attheir face or nominal value notwlthstatl-
ding their progressive depreciation from specie
or corresponding advance in the payments made
for exchange, in that medium. In relation to
this the circular of Mcssrs. Bull and Files
Merchants of Mobile, remarks as follows
aVilI such be the case hereafter? We be-
lieve il is generally admitted that it cannot be,
unless the banks resume specie payments ana
the LEGISLATURE adopt such measures in regard to
them rs will create and sustain sound crcula-
ton. The depreciation in the currency is now
so to GO Der cent, and daily becoming worse
The public have evidently lost confidence in
it. Can that confidence be restored and the
notes of those banks be made again to cir
cuate freely as the representative OF proper
ty at even 10 per cent. discount, were lt pos
sible to improve them so much without re-
sumption OF specie payments. Even If this be
practicable, might not its eXpedIency well be
questioned, as it would still leave US currency
lacking the primary ingredient of stability in val
ue, and of course requiring that all TRANSACTIONS
predicatcd upon its reception in payment, should
be taxed with increased profits TO cover the rlsks
of fuctuation!'
1t is singular fact, however, that while un-
der the use OF this deprecated currency, the prl-
ces of some articles OF consumption rise l3I per
cent above the value in specie, the price OF cot
ton does not advance but in comparatively
small degree, thereby putting the planters SO
much directly out of pocket That such will
continue to be the state of things under an ire
deemabIe currency, there can be no doubt; and
as we have, in the table Of comparative prices
published Yesterday, sho IN that the planters pay
on an average more than double the pro rata ad-
vance on their supplies than they receive for
their cotton, it is evident that they, above all 9TH
er classes in the community, are directly inter-
ested in having sound redeemahle circulation,
and if that is not furnished, in promptly adopting
the specie standard OF value for the sale OF their
crops.