Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1861-10-30


which no Government, however long estab-
lishel, hos yet succeeded in cnecting. The
; organization nf labor has call d forth many.
ingenious attempts, both. speculative and
practical, among we'll established Govern
ments, hut always with disastrous failure.
With us, however, the experiment isproPoscd
to new Government, which is engaged in
gigantic war, and which must rely on credit
10 furnish means to carry on that war. Our
enemies are in possession ofall the munitions
and workshops which have been collected
during forty.fvo years Of peacc-their >tleets
have been builtup at our own joint expenses.
Wit. ILL these on hand, they yet are Obliged
to expcud nearly ten millions of dollars per
week ITO carry on the war; Can wc: expect
to cnutci.,i with them at less than half that
expcnlitutc2 Supposing that it may require
200 MILLIONS OF dollars; then the proposal is
that ut time when we are called upon to
raise this large sum for the support of Gov
ernment, we shall raise further sum of lOv
millions for tine benefit of the planting in
terest.
For it Observed frst, that the Government
RECEIVES no benefit whatever from this ad-
vance. The mouey is paid to each individual
planter, and i'll exchange the Government re-
ceivcs only his bond or Motor, if the cot
ton be purchased, the Government receives
only Certain bales Of cotton. That it is to
say, The Government pays out money which
is nfedful to its very existence, aud receives
in exchange planters notes or produce, which
i: does hot need and cannot in any way make
use Of
1t plust be observed, III the next place, that
Treasury Notes have now become the cnrren.
CT Of the country. They are, therefore, at
present, the measures Of value. In this view
1t is the duty Of the Government to limit their
ISSUE, as far as practicable, to that amount
which is the limit Ct is currency. Every
person acquainted with this branch of politi-
cal science, is aware that if the currency
passes this point, it not only becomes depre
ciatCd, bnt it disturba the just relations of so
cicty, precisely as though en- arbitrary author.
it, should change the weights anu measures
of The country. IF the currency ola country
should Le suddenly extended from one hun
dred 10 two hundred millions Of dollars, that,
which was measured BY one dollar is now
measured by two, and every article must be
rated at twice its former price. OF course al!
contracts are disturbed Tie debt incurred
before the increase is ,discharged.by paying
one half its former value and each article
purchased must be paid for at double its for
,ner price. The Government, from ihr nc
ccssitics ol var. is the largest of all parcha-
scrs, and thus, by kind OF suicidal act, COM
yes itself to pay two dollars for what one
would have formerly purchased. And, at
this rate Of advances, two hundred millions
dollars Gun etirc. nu more than one hundred
millions of dollars wuuld have effected before;
or, in other words, o1o Hundred millions of
dollars arc actually sunk in the operation.
Such . condition of the currency, The Gov
erpmeut has ansiouoly eudeavorcI to guard
against. The war tax was laid for tue pur-
pose Of creating demand for Treasury
Notes, aud e security for their redemption.
Their Redundancy has been carefully sassrded
against by allowing them TO be funded in
eight per cent bordS. Ii necessity shall com.
pei the Government to issue for the defence
Of the country, aud to keep out two hundred
millions, it is plain that every accession must
impuir and may defeat all these precautions.
II tie Government should undertake., for
tie sake Of private Interests, so large au iu-
crease OF issues. itmay bazlrd lis entire credit
ani stability. The experiment is too danger
oua, and relief flr the planters must be sought
in some olher direction. .inl may not that
remedy be found
Iu the frs; place, let the planters imr'edl-
a,ely t@ke measures for winter crops 10 re-
lieve the demand for gtaiu aud provisions.
Let them proceed to divert part Of their la
bor from cotton aud make their Own clothing
and supplies. Then let them apply to the
great resource presented by the uoncy cali-
tai in banks and private hands. Let this
capital come forward and assist tic asrculsu'
raj interest. Heretofore tic banks have eul-
! ployed large part Of their capital in The prr'
chase Of Northern exchange. Let them APP
ply !his portion to factors acceptances Of
planters drafts secured by pledge of the pro-
duca in tho planters hands. An extension
ec the timo ususliy allowed on thesc drafts
would overcome mo uf The probable tins Of
sale OF The crops, inasmuch as The suspcnsIon
Of specie payments throughout the entire Con-
fcderacy relieves each bank from calls for
coin. The banks are accustomed 10 manage
loaus of this character, and will conduct the
oppration with such skill rs will make them
mutually advantageous. The amount Of adj
vance asked from the banks would be greatly
less than if advances were offered by the