Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1858-02-17

at lslc tt.-
lost $4,000. She at once cuarSes ,uat sum I
profit and loss, just as a merchant would do, Az
goes to work, with renewed energy anu econc
NV, to make up the loss. f she has to pay in
terest on the old bills, the icld is still open 70
the issue of new bills, tu Gpand and rclllstat
on. The new issue does Mm TO nobody, 10
they are paid as sllspendedjrlnk paper.
But how is it with uurprcsent rule? ",
require 5 per cent. per annm on all sa>penle'
bills. which amounts, in pin English, to this
that you do not intend tut they shall do new
business, but that they sill press forward, tc
the great detrilnent OF tlc:ountry, TO cDntrac;
circulation.
There is, probably, noting so prolific Of evil
to our country as the utilization Of capital in
New York. The concentrion Of money cap-
tai there, for the purpose opurc!l;sins ncrcan-
tile paper, gives that city controlling powcr
over the whole Union, anwhcn the banks Of
the different State, lend e:nSelveS and their
clpital to stimulate that et (anl it is believed
that ,nanv of them nave, )ley lend their low-
er TO another great evil al source Of stlmra
tin~ speculation, next i'll int Of magnitude TO
initiating the currency. Eliminates over trad
inr: it enters into and )uutes the widest
speculations. There is scce ! silnpkccpcr or
trader in the United Stat' however remote hr
may be from the greatentre oi commerce,
| whose |mprris not current some price in New
York.
4 distant trader, \, W is wholly incxpsri.
| enccl and not worth S3Usues to New York,
it matters not from wehle halls, provided it
lie OH the map oil tie CniI States. lie makes
application to merchant purchase; gives his
references and place Of ale; is requested to
call next day; the merclt immediately con-
suits a broker to ascertain what terms Mr..
AS ,rlper can be caslled sout recourse on the
merchant, the note bei payable to blank.
Through the mercantile ency and telegraph,
It is s,nn ascertuned tIA1r. \ is an honest
man, worth but very lilbut has always paiGi
lis debts, that as there pnie risk to run, the
uaper will he cashctl at 4er cent, per annu,n,
discount. Everybody ut the mercantile es-
tablishment is advised ole discount that is to
be made on Mr.. AS ps and prices are ar
ranged accordingly.
Mr.. A is informed tllis credit is good, and
proceeds under the conpn that he is dealing
with men who have uinded confidence in
him. purchases as rnanyds as can be pressed
upun him, returns homth large and badly
purchased stock of good debt ten times more
than he is worth, and fines as much as he
can pay.
Lcould name many inces where men have
started in trade withouIollar Of capital, with
/ some two, three or Thousand dollars in
ready money, loaned BINDS who were to be
preferred creditors l. known such men,
through the agency Of system Of credit in
New York, contract ! to the amount of
thirty to fifty tlsousal, liars, do Il reckless
business, live high, an two Or three years
wind I'D, with assets ihe Instances not SUI
ticicnt to pay the prefd creditors.
We have instances % us where men have.
br gambling speculatid adroit management,
in drawing and re-dri drafts, become in
dcbted to the commua million of dollars,
suddenly fail, refuse lake an assignment,
threaten every everybhat speaks of sucing :
with preferred creditos IT will cut them ell
tirely out; and, fnaltle with banks and !
everybody for twenty.ents in the dollar, or
anything that they M pose TO give.
There are others, apod and solvent mer- V
chants, who have ovetd, and cannot meet
their engagements men are, in many in
stances, forced to the of making mercan- t,
tile paper, which has ! basis, to be sold in u
New York to raise M Il
Then, again, therelass of men who are s.
supposed to have csWho are traders. in l.
produce and eYeryt| They draw bills of Fl