The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-08

Conf lcnoe was fxad. The crop OF the planter y
there AVA was a surplus he left it with his factor,
or had IL deOsIted in bank. There was not
dollar of paper money issued or createo ny
the government Of the United States. ~ re-
ceiyed and paid out all OF its peouniary oDnha-
tions in specie. osthe
Where are we now2 The government OF tne IN
United states has abolished all oaohs VI I'd Ia y
has set up in their stead banks WINCH aro ro
bound to pay no specie. As these Danks alS
sources of money making. tboy are oistriuu.sdd sd
with strict New England dlsinteresteunsse auu
eouity: that is, she has twice as many VI
barks as any other portion OF tue ort o ~
Statee: and the South has none, u. aIs in IN
none. All efforts on the paian paoT u 70 change this
ordar NJ things have, of course. been OF no
oruHI aI " Ont of roll OF money before US, taken
at"h az hazard we find that three-fourtns OF
sho b,lls are from New England. Inls ls the
money with which the Ne" sngaaImiu aIi Haau.
factnrers have bought our cotton. The cholce
sa1 the nlanter IN selling his cotton ls, this
fraudulent paper or honest goid.
IT, wonld seem almost absurd TO pause 10
noint ont to any practical business man the
enormous disadvantages and kazard unler
which the South must labor and TRANSACT lts
business, under the system at present IN oper-
alton. And the correlative seems equally
plain. With one hundred and eighty million
dollars IN gold annually for our cotton. (not to
speak of the gold value Of our other products
Of tobacco rice and sugar, which would follow
the same path,) thu South can restore Der
banks and control tine entire currency. She
commands the situation. Cotton ID KING TO-
day, as 1t was in 1860. Let it resume its sway.
The Southern States, though stripped OF their
political rights, liberties and power, stii! noid
4 20
let them boldly grasp it and rule. with our
own gold in our own vaults, our own cotton "a
our own fields, the dirty paper OF the on!teu
States Government is or the very shg1tes1
conseouepc, TO US. With credits re ,estaDnsn-
ed and the round Of business relnstale misnl5 u5
our own marts OF trade, We can not only auora
10 smile in d,sdain at these par7enue, upstart
odyentu1ers of a vulgar arstccracy, but We
can control them to our bi tding; we can nx
the price of their possessions, and dictate tner
money.
that the supply will follow the demand. But II
seems an error to suppose tina. demand rom
the North will accomplish tne resuls oa afan tnr
ing the South Of the specie IL may receive Ior
its products.
: Ia the first place, boarding, which has alrea-
dy begun in the South, may occasion wioe
demand for specie. The sphere OF Investing
money profitably safely In the South ls
very limited. State bonds. under negro RUE,
are very precarious. single !eslsiaiuIe Oh
United Sta es bonds are hardly less 3d. Ex-
cepting land, there is hardly safe investment
in the South. And even Of this, Northern folly
and hate have occasioned vast depreciatlon
and mutations in value. The Government OF
the United States. since its collapse !nto tne
hands of the Northern mobocratic ma
jority, under the vlcegerency OF It's re-
han
onward in the pathway OF revo ution..
It is now probably the most preca-
rious government IN the world. With the
black and mulatto races introduc into the
government Of the country-people notorious
" in the history Of tho world fitted only for
the sternest sort OF despotsm. and the spirit
OF aggression and change which actuates lts
rulers-at this moment threatening war with
England and Spain. to bully these countries
out Of Canada and Cuba. land ouly restrained
by pig-bladder currenoy) no man can tell q
wear hence what will be the condition OF the
United States-politicaIy or pecuniarlly. Un-
der such circumstances, 10 take the paper cur
reucy of such country, now thrtS-four aud
half per cent. below par in payment for pro-
duce, the equivalent Of gold, see@s SIMPLY aD.
surd. Accordingly shrewd men throughout
the South have begun the boarding OF gold,
and this boarding. may next year absorb no
portion OF the cotton crop, II
sold for specie.
The effec. of this is certain. Not only win
it keep specie in the country, but 1t will estab-
lise god as the currency.
Again. Gold will not leave the South, be-
cause the domand for it here will be greater
than that at the North. 1st. Because no SEN
sible man here has any ,n6deEce 10 the inten-
tion of the Uuited States Government to pay
their notes iu specie. I'd. Because their value
fucruates daily. This paper was deprec ated
when it bought our cotton 80 to S3 per cent. 1t
is now deprecated 843 per cent. 1t has depre-
clated within one week three per cent: Wnen
It bought our cotton lts depreciated value,
compared with sp.cie, was taken into consade-
ration. So much more was given Tor the cot
ton as it was less valuable than gold. Wnen
it fell still lower. what did the planter gain by
this substitute for goldf Why take the coun-
ing sham for the reality2 Sappose, tor IN
stance. that planter sells 100 bales OF cotton,
I5O pounds per bale, which 1T sixteen cents
Der pound produces $1,000. But if he
axes United States waste paper: he gets
BID. 800, What does he gain by selllrg
or the paper ? Independent OF the haz-
.rd OF intermediate depreciation. it is
not whit better for paying his
lebts, or for making purchases Quite the
,onirary ia the case. Iu either cage, as the |
,peuie is the real standard OF value, II will be |
estimated and taken at it's aprreetattoS over |
he psper money. With the seven thousand |
wo hundred dollars Of specie IN hand, the !
PLANTER can either buy the ten thsusand eight |
hundred dollars OF this debased paper, or have |
N equivalent appreciation in any pecuniary |
}. commercial trans cton. Under such CIR |
,umstances, am at o loss to perceive what
there can be in receiving this paper
promise at all in the sale OF cotton or other
,taple produce. Once repudiated under sucn
,byious views of interest, and specie ls obtain
ID for single crop OF cotton or other apies
/ will become the currency OF the South. One
hundred and eighty millions. OF cotton alone;
and put 1t at low fgure.) paid tor IN god
"a the South, will at once afford an ample sup
DIV of currency, and fund for Southern bank
ne and a backbone for Southern securities.
And when the entire staple productions OF
!, ,untry are purchased with gold, constituting,
,s thew do. the basis Of all trade. and the DOM
mating infiuenc, In commerce, minor transac.
lions will follow the greater operations, and
the whole currency will be goli. The gold,
therefore. received in the South for its pro-
duce will remain IN the Sontn, because more
will be a dem md for it for The use Of currency
Before pursuing this branch OF the subject,
let us turn back for moment and SEQ TO what
other uses our passive acquiescence IN North
ern swindling is applied. Their action may
develope more fully both our present folly ana
our material power, if not surrendered.
The greater part Of the CO ton crop Is con-
sumed by the foreign nations and, II requir
ed. u ey will pay specie for it. 1t is on this
account, ita equivalency to specie in foreign
nations, that is important to the North IN
carving on their foreign commerce. ln SET
tIine the commercial balspoes against them,