Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1858-05-20


tribute to the general prosperity Is highly erro-
neous apd delusive that by the circulation OF
Eve dollars Of paper. to one Of actual capital or
ten dollars Of paper to one Of coin, Q morbid
stimulus is applied to all branches Of trade, and
men are prompted to hazardous speculations, which
always will, sooner or later, result In distress and
disaster. The Banks, byexpanding their issues to
an unlawful extent, are instrumental in bringing
about those periodical financial crises.
To follow the writer q little farther In his com.
mentary. He says, in speaking Of tie use Of this
currency in ensbling the planter to sell his cotton,
.you take, soy so bales Of cotton 20 market say
Chester, one Of the cotton buyers purchases your
cotton, the Bank loans him the money, and hs
rays you. He pays, interest to the Bank-you
pay none.n, Now I freely acknowledge my entire
want Of capacity, to comprehend what IL msans
by the words '.you pay none," and l allude to
them, not because they involve q great political
problem, the solution Of which may enlighten and
benefit mankind generally; but simply to direct
attention to the ridiculous excess In which q zeal
ous devotee will unconsciously indulge when iaud-
ing the object of his admiration. Does he mean
that the Banks confer peculiar and unmerited
favors upon us by not eIacting interest on the
money for which we have sold our cotton? Is it
true that we are indebted to the condescending
grace Of these benehcent institutions, that We are
permitted to hold or use our money for which We
have sold our cotton or corn, without being r..
quired to pay them interest thereon for ell time to
come? Were itnot most unchsritabie to conclude
that the writer would pen words on this grave
question, by which he meant nothing !, that
'tcharity which thinketh no evil' might say, that
he indeed did mean nothing, but that she ought
not 50 to have written" Again, he advances an
opinion which stands in glaring Inconsistency
with the general tenor Of his dissertation upon
the benefit of Banks to the country. After urging
their absolute necessity and great conSsnierce to
the public, declaring their sole instrurneutalftyf In
providing the means for the purchase of our cot
ton, and deprecsting certain rumors charging mis-
conduct upon the Banks IN the management Of
their agencies in, the West, he concludes . para.
graph BY saying, ':the great mistake was In char
tering go many Banks" Why Q mistaketochsrter
so many Banks, which alone, can afford the means
Of purchasing our crops; and are an indispsnss-
BILE public necessity :! Why . mistake toohartsr
so many Of these benign institutions, whole sths.
real tenderness, and most gracious fetbearanss,
suferu us worthless mortsls, who may owe not Q
fsrthing in the world, to hold our money, horses
and negroes, without requiring us to psy theme
per cent. annually? The wonder is, the writer
did net attain Q more logical deduction, and DON.
clude that the great mistake was, in ohsr.sfingteo
ttu Banks
But is the assertion true, that the Banks slone,
can afford the means Of selling our cotton at reuu-
~nerative prices! When we hear our talented Ssna-
TORN Congress (Mr. HAMMOND announce the star
Ting proposition that the South has lost $sos0O0,.
600 on the last crop, bythadefalcations Of Banks,
we are told by their apologies, that they have no
agency in depressing the prices Of e~oston-thas
foreign markets control the prices. Then again,
as in the case before us, we are told that the
Banks entirely control the markell. Il scarcely
admits Of q doubt; that were It not for the Banks
or their minions-who are furnished BY them with
the notwithstanding q direct trade betEesn
the cotton producers and the manufacturers, or
the Liverpool and Havre buyers, our cotton would
command a higher and more uniform price. The
operation between the South and European mar.
kets would be very simple. The planter would
sell TO the manufactures fora fair price, the Same
being always regulated BY the honest law Of sup
ply and demand the market would be free from
these alternate depressions aud excitements which,
to the great detrimento Of the honest planter, sresu.
perinduced by the maunuvring and ftrickery Of
sharpers and spectators. True, 1t is imprsetiea-
BILE for the planter, in person to sell to- the manu-
~facturer, but, which amounts to the same result, his
factor or communication merchant could sell to the
agent of the manufacturer; for why is It impracti-
cable for the manufacturer to purchase, throushhis
agent or otherwise, directly from the Southern mar
kets, that article, withoutwhich, his costly machine
ry must be stopped, his capital dissipated, and his
ruin rendered Inevitable ; and more than all, Why
can no. means be devised to buy directly from Sou
thern ports, that which is necessary to aford en-
~ployment Of millions of European capital, and
upon which countless hosts Of human eeings are
dependent for daily employment and their daily
breadf It was repeatedly asserted on the floor
the House Of Representatives during the Bank
discussion, and not successfully contradicted, that
the gold and silver had then been deposited inthe
hands Of agents at Charleston, by English manu-
f~acturers or buyers, for the purpose Of purchasing
cotton; and why should II not be true, when We
remember that the Banks bad, refused, for the
time, to furnish the means Of buying, which nee
essarily out off the necessary supplies from the
foreign machines; and the foreign purchaser was
compelled to make the effort to buy directly
for himself. Direct trade between the producer
and consumer would necessarily obtain, bat for
the monopoly of home spectators and Yankees,
acquired and held by the aid Of the Bapka. Il Is
to the interest of the Banks In this State, that this
trade should be diverted from It's natural channel
and made to pass through the hands Of the Yam
KEGS as in duing so, it furnishes them with the
best means Of exchange on Northern cities, and
enables them to realize large profits from this
most lucrative branch Of their business, that Is,
dealing in Exchange! Liverpool and Havre are
the principal cotton markets Of the world, to
it must ultimately find its way; and 1t is
idle to pretend that cotton must pass through the
hands of q dozen spectators before shipped to
the foreign markets, in order that the planter may