Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1844-01-03
From, The Soulhern Patriot.

Extremes in Commerce are like extremes
in every other department Of human af-
fairs. An average condition ofthe supply
of any article of trade of general use and
whose value regulates that of many others
nf daily consumption and commerce, pro-
duces, medium state Of prices the most
conducive to general prosperity. Let us
apply this general remark TO the present
condition Of the cotton market. We can
NOT but perceive that while an average
crop was expected there was nothing 10
excite speculation. With the leading
provocative TO mercantile excitement the
great abundance of money, all was quiet
ness aud tranquility. But This expec,a-
ton became changed. A deficiency, 10
an unascertained extent, succeeded this
anticipation. The speculative feeling has
been gradually growing stronger as this
assurance of deficiency became con-
irmed, until speculation begins now to
assume the features of alarm-say alarm,
for nothing could be more efectual in ar
resting the return Of the country to conf
dencc and prosperity than a speculative
cxciter enl in the article of cotton, the
great regulator Of ohcr values.
IL is to he perceived that the market is
not goyGrned as usual by natural, but
by an artificial stale of supply and de-
mand, ed by The comparative abun-
dance Of money on this side of The Allan
tic. The consumption and wants of The
European market have ceased, for The mo-
ment. 10 regulate the value on this side.
Capitalists have consequently The power
of holding over in the American markets
TO the great temporary injury Of sound
and wholesome condition of trade. We
say temporary injury, for The reaction
cannot be delayed longer than shipment
of specie, caused by the retention of Cot.
Ion On this side of the wafer and the con.
sequent scarcity OF hills drawn against it
shall reclily the eyil The Spring impor-
taIions from Europe compared with 1912
and '43, will be large, and the coin now
accumulated in our banks, which should
be ditfused over the interior, to supply
the void caused by the withdrawal Of pa
per money, may and will so back in
i"t 81 o''ooth W huiopC' huS SuloIuCId-
BILE movement Of specie to recrify ba-
lance of trade. produced by artificial scar
city, is great evil, and however some
parties may appear to beneG, by this scar
city, in the enhanced price Of the exports,
the country at large suffers injury in all
lis other business relations. In The preseu,
condition Of things a reaux of the current
by which any large portion of the preci-
GUS metals shall be driven back 10 Eu.
rope, must retard the restoration of con
fidence with a healthy stale Of trade.
The channels Of domestic and internal
commerce want replenis,ing with a spe-
Gle currency that will invigorate it. The
abundant crops Of the present year would
enable those parts Of the Union which
have been deprived of their banks to snp-
ply the equivalent for specie in the pro-
ducts Of their industry. But If fictitious
values send tine stream of hard money in
an opposite direction 10 that which nalu-
raj causes would lead it to take, every
we'll wisher to The regularity of trade will
have cause TO regret the circumstances by
which such a forced condition things is
produced.