Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1858-05-27
9epartment,
uHo1p1Na ON TO CoTToN, AND ITS Ell

"HoID1Na ON TO CoTToN, AND ITS EFF
FEoTs,"-Mr. Editor; Aparticle under. the
above caption, from the Ny. Day Book,
has been going the rounds, of the newspapers
for SOM time. It lisa little remarkable how
such a palpable Misrepresentation Of the true
state of things could be suffered to pass nm
noticed The writer asserts that the cause
of the present distress among many of the
Northern merchants, is owing to the indebt,
eduess of Southern merchants to them who
cannot pay, simply because the planters
wont sell their cotton: An appeal is made
to the Southern planter "to sell as soon as
possible, and sustain the character ofths
South, by discharging the debt she owes,
rather than hold on months longer, and pro-
duce the downfall of q large class of North
ern creditors who have waited long and are
still waiting, with a full reliance and faith
upon the determination of the Southern Gus
toners to maintain their hitherto high reputa-
ton for soundnesss and reliability" &c. :
Nov, Mr. Editor, the financial pressure
among Northern merchants, springs from no
such cause. 1t [. be traced to altogether
different cireumst 7. But that is not our
business at present All this talk of South
ern indebtedness to the North, is mere moon
shine. Our merchants may " for their
goods we don't doubt that. Their custom
ers, the planters, may owe them, and delay
payments, because they hay'ntsold their cot
tom This may be true, also-but the in.
d~ebtedness, in the main, is to the banks at
home; these legalized brokers' Offices or .sha-
wing shops that have come between the
Southern and Northern merchants, to reap
the rich harvest. 49, .t.=-
Everybody at all familiar with business,
knows how these things are managed now-a-
days. One of our merchants could not Dor.
row of a bank here $1,000 upon a note en-.
dorsed by half the District, to 60 North to
buy goods, simply. because it pays only slx
per cent. The New York merchant tells
him eve don't want your money just give
us you note payable at any South; Carolina
bank" The ink is hardly dry before this
note is bought by the very bank, perhaps,
which refused to lend him money o n a good
note, and transferred by the agent to, the
bank at home for collection. 1t has been
shaved at IL or Is per cent. Who, pays for
the operation? The planter, who buys the
goods and who is now entreated to sell his
cotton at a sacrifice to save the operators
For the last four months we have heard this
ding dong from the newspapers, the factors,
the merchants, the banks, and the cotton
buyers, (who for the most part, are mere
bank puppetsO to. "sell your cotton" In
the face of a small balance of last years
crop unconsumed, anda small crop this year,
(1s57,) to come in, we have been told cot cot.
ton must go down, down, down. The pan
ic has been hurled at US to boot andsnow as
the storm is over, and advices fromSEurepe
of q more favorable character, being constant
" received, we are greeted with the same
cry-aself your cotton before it is too late;;'
Cotton is better than specie, because it ina
bill Of exchange, and not an exponent of
wealth only, but a"creator of wealth,-:E": :
-. - HOLD On.