Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1858-08-05

and thousands Of dollars by the sacrifice Of the
property of his debtors. 1t is shown in the print
ed speech Of Mr.. MEAx1SaER, and ] take it for
granted thath had fully investigated the subject,
that the amount in circulation in February, 1857,
by oil the Banks Of this State, was twelve mil
lions, four hundred and forty thousand dollars
In October last, about the time of the suspension,
it was reduced to six millions six hundred and
fourteen thousand two hundred and seventy nine
dollars. We will suppose this sum to have beer
the minimum point of contraction, mot q fair in
ference, for the contractions were going ON But
assuming that amount as the stand-stll point,
and the amount upon which the s per cent. could
have been collected, they would have paid into the
Treasury, provided that amount remsined in cir
~culation one year, the sum Of three hundred and
thirty thousand seven hundred and thirteen dol.
lars and ninety-6ve cents.
Let Us suppose that the contraction affected the
price Of cotton two cents per pound, which I think
is less than the average increase since December,
or since the restrictions upon the Banks were re-
moved; and suppose we estimate last years crop
at half the average yield-that is to soy one hun
dred and fifty thousand bags, weighing four hun.
bred pounds four average crops according to the
census is three hundred thousand bags.) Taking
ten cents per pound as the average price of cot.
ton since December, and the result is, that at q
reduction Of two cents per pound, for the want Of
money to effect sales, the loss sustained by the
farming interest would have amounted to eight
dollars per bag; and upon the entire crop, twelve
hundred thousand dollars. If eight dollars be the
loss on each bag of cotton, and two bags be the
average to the hand in York, it would have amoun-
ted to a tax upon agricultural labor equal to TWEEN.
ty per cent, which would have paid the tax upon
twenty negroes and g large quantity Of land be.
sides. = g. :n.
If the data upon which I have based my cslcu-
lation be correct, and I believe that they are, tits
plain that it would have been unsound policy not
to have removed the penalty upon the Banks; for
the pressure upon the Banks by exacting the pen.
atty would have increased the burden three fold
upon by the people, without promising any relief;
and the relief was the end. kept In view by the
Legislature.
heard the idea advanced in the Legislature
that gold would be sent to purchase cotton but
the question is, where would it have to come
from! Not from England or France, for they
had use for all their specie. The panic was
there too, with all its vigor, and specie was just
as much needed in those countries as q basis Of
redemption of issues as with us. The Bank of
England could not have furnished any portion Of
it without producing greater contractions. Accor-
ding to the conditions Of her charter, if she took
specie out Of her vaults, she was bound to retire
from circulation an equal amount of bills. OF
course this would have increased the contractious
and the panic.
But this is q far-fstched idea, and not SUSTAIN
ed by any argument Of political economy. A dis
tinguished writer upon the subject has said that .
nation which determines to export goods and re-
ceive returns of specie, determines to have no for
eign trade at all for the nation with which the
trade is to be carried on, can only give In ex-
change what it has to give. England has not the
gold to buy our cotton but admitting that che
has and had shipped gold for its purchase, We
would have re.shipped the same gold to have pur-
chased our imports. This would have left US where
we started.
England buys our cotton with the products Of
her manufactures. We sell her the products Of
our soil we do not need, and take in exchange
those imports we need. Thus is commerce. pro.
duced, without which, each nation would ~inevits-
bly, decline in prosperity.
In conclusion, Mr.. Editor, I have presented for
the consideration Of your readers the remedies Of
relief before the Legislature. My object was to
discuss those prominent measures, without eudor.
sing the present Banking system Of South Carroll.
ma for I conceive that not to have been the ques-
ton before the Legislature. hope that I have
presented the measures fairly and impsrtislly as
I have no particular kind feeling for the Banks,
and certainly never received any personal favor
from them. I have stated my objections to Mr..
MEMMIsoER's Bill. I have set forth my reasons
for voting for the suspension Of the Act Of 1910:
LIST. To prevent further contraction, by which the
crop would be delayed in going to market for the
want of a medium Of transfer, which would have
severely affected the price of cotton. Cd. Because,
although the collection of the 5 per cent. may
have enlarged the public treasury directly, indi.
rectly it would have inflicted a severe blow upon
the agricultural interest Of the country. ! have
also attempted to demonstrate that your cotton
would not have been purchased with gold, and
that the bills Of the suspended Banks answered
the same purpose as gold for the payment ofdebts.
I have further attempted to show, II the Act Of
1910 had not been suspended, there would have
been greater contraction by the Banks, and as q
consequence, that those in debt would have seen
their property sold at o ruinous sacrifice that
those out Of debt and with money, would have
bought their neighbours property for q song and
that the wealth Of the State would have been con-
c~entrated into the hands of the few-a spectacle
too sad to contemplate.
I will add, that by reference to the Report Of
the Comptroller General, published a few weeks
since in the ENQUIRER, you will find the following
from that officer of finances. Speaking Of the
Bank Of the State, he says:
s.This Bank, and its Branches at Columbia and
Camden, are the only Banking Institutions in the
State that have extended any reasonable aid to
the farmer and planter, or that has shielded the
property Of that largest and most valuable class Of
citizens from the greedy spirit Of gain 50 rife
amongst the other Banks. At the close Of the fs-
cal wear It will be seen that this Bank and its