The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-01-09
MEssRs. ED1ToRs: The action of

State bills, at which rate the mer-
chant, the mechanic, the planter and
ali interested should receive them,
has raised "a tempest in a teapot"
and great bursts OF indignation from
interested parties. The meeting of
merchants was openly held in Gibbcs'
Hall, and we conceive that merchants
have just as good o right to meet and
take council with each other as Ma
sons, Odd Fellows or printers asso-
Citations.
The advocates cf State credit may,
in the present case, cry out, Save
me from my friends for they have
injured it more by their iniudicious
attempts to bolster it up, and given
it publicity never entertained by the
merchants. Now to the facts of
depreciation, it is known to every
one except few interested parties in
Columbia-the State issues have lost
their purchasing power, and for
months past, could not be used to
purchase the produce of the coun-
try. The planter will not take them
for his cotton. If he would do so,
and carry home tho State bills as he
now carries home gold and green
backs, they would be on par with the
latter. But rs the bone and sinew of
the Countrywide planters and farm
ers-refuse to receive the bills, and
they are as much interested as
'Many Mechanics, the result is de-
probation. The Legislature, at the
extra session, took their pay in green
backs, the choice being extended to
th hem-State bills or greenbacks. At
The late session, they exhausted the
greenbacks in the Treasury, and took
the portion only needed to make up
the deficiency in State issues. One
member, at least, expressed himself
that the State bills were worthless,
and would never be paid. To use the
expression of q discussing officer
'Ihey acted shamefully, and Mei7. &C
ton had q 7'crnicious effect OK the State
credit" The State bills have no cir
culation in the interior Cause.-The
people will not receive them for their
produce.
In Columbia, these bills, are very
abundant, because it is headquarters
for their issue, and because the mer-
chants of Columbia have heretofore,
with great inconvenience and loss to
themselves, received them at par.
This they can no longer DO, and con
tinue to sell goods at moderate pro
fits. The man who sells merchandise
at %, so or 100 per cent. profit, can
we'll afford to take deprecated cur
rency at par; but tie man who sells
at 5 to 10 per cent. profit, cannot DO
it. 1t must be remembered that mer-
chants buy their goods in Charleston,
New York. Philadelphia or Dalti-
more, and tAat they must have funds
current at these points to pay for
the State are not current ut any of
these points, and it IS we'll said by
Mr.. Solomon, il a late issue Of your
paper, that the bills receivable OF the
State are like any notco hand OF any
merchant, or any other commodity,
worth just what they will bring at
time of sale" 70 illustrate: Drafts
of best houses in Charleston, drawn
at sight on New York, are purchased
by the Charleston banks at one-half
per cent. discount; five to ten days,
,threeqnarters off; fifteen days, l OF;
twenty days, III off; twenty-five
days, / = off, and thirty days, 13l of.
See Charleston Courier, of 9Th in
stant. Pursue this idea up, and it is
easily seen why bills redeemable
some months ahead, will not pass at
par. The Charleston banks will not
receive these bills on deposit, or pay
them out They will not be received
by the express companies or collect
ing agencies. Why is an out-cry not
made against these parties as we'll as
the merchants? There arc three
classes identified at the present time
in keeping the State issue at par with
greenbacks-tie ofice-holdcr, the
State contractors and the men who
are on the fence, OF who cry out, 'We
will take the State money at par"
The two former are interested in
passing off the bills at par and real
lzing their gains, no matter what the
result may be, or how the poor me-
chanic or workingman may be
shaved in his purchases; and the
latter is only actuated by self-intercst,
with the hope that popular feelings
may increase their gains, and in place
OF 1iScOnntinp ~ nor caDt frop, NV,