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

Confidence was fixed. The crop of the plante,
was paid out in drafts on his factor, and i
there was surplus, he left it with his factor
| or had it deposited in q bank. There was not
the government Of the United States. 1t re-
ceived and paid out all or Its pecunlary ooh8a-
| tiOus in specie. -
United states has abolished all banks Of the
| States, which were bound to pay specie, and it
has set up in their stead banks which are
bound to pay no specie. AS these banks are
sources of money making, they are distributed
with strict Now England dlsinterestedness and
| equity; hat is, she has twice rs many OF these
banks as any other portion OF the United
States; and tho South has none. or next to
none. All efforts on the part Of individuals in
| Congress at it's late session to change this
| order OF things have, of course. been OF no
avail. Out Of roll or money before US, taken
the bills are from New England. This is the
money with which the New England manu-
| facturers have bought our cotton. The choice
| for the planter IN selling his cotton is, this
| fraudulent paper or honest gold.
1t would seem almost absurd to pause to
| point out to any practical business man the
enormous disadvantages and hazard under
which the South must labor and transact it's
business, under the system at present in oper-
| alton. And the correlatlve seems equally
plain. With one hundred and eighty million
dollars IN gold annually for our cotton, Quot to
speak of the gold value of our other products
| the same path,) thu South can restore her
banks and control the entire currency. She
| commands the situation. Cotton is king to-
day, as it was in 1860. Let it resume it's sway.
The Southern States, though stripped of their
political rights, liberties aud power, still hold
the sceptre of commerce. 1t lies at their feet,
let them boldly grasp it and rule. With our
own gold in our own vaults, our own cotton in
our own fields, the dirty paper Of the United
States Government is Of the very slightest
consequences to us. With credits re. establish
ed and the round Of business reinstate within
| our own marts of trade, we can not only afford
to smile in disdain at these paryenue, upstart
adventu1ers OF a vulgar aristocraey, but wo
can control them to our hi jding. We can fix
the price of their possessions, and dictate their
money.
No ono will controvert the principle OF trade,
that the supply will follow the demand. But it
seems an error to suppose thai q demand from
ing the South Of the specie ii may receive for
it's products.
n the first place, boarding, which has alrea-
demand for specie. The sphere of investing
money profitably safely in the South is
very limited. State bonds. under negro rule,
are very precarious. A single Legislature Of
United Sta es bonds are hardly less so. Ex-
cepting land, there is hardly safe investment
in the South. And even of this, Northern folly
and and hate have vast depreciation
the United States. since it's collapse into the
hands of the Northern mobocratic ma
1orlty, under the vicegerency OF its re-
onward in the pathway Of revolution.
It is now probably the most preca-
black and mulattO races introduced into the
y in the history Of tho world fitted only for
the sternest sort Of despot,sm. and the spirit
of aggression and change which actuates it's
rulers-at this moment threatening war with
ErrrI ond nv,@ 1~.,1l, ~.
out of Canada and Cuba. (and only restrained
by pig-bladder currency no man can tell a
year hence what Will be the condition Of the
United States-politically or pecuniariy. Un-
rency OF such q country, now thirty-four and
half per cent below par. in payment for pro-
duce, the equivalent Of gold, seems simply abb
the South have Begun the hoardng @ Of rod
and this boarding may next year absorb no
lnconslderable portion of the cotton crop, if
sold for specie.
The effect Of this is certain. Not only will
it keep specie in the country. but it will estab-
lish gold as The currency.
Again: Gold will not leave the South, be-
cause eau J.. the demand for it here will be greater
sible man here has any ,ndence in the 9nteh- Hted
ton ton OF the United o. States government to pay
fiuctuates daily. This paper was deprecated
when it bought our cotton 80 to 33 per cent. It
is now depreciated 343 per cent. It has depre-
ciated within one week three per cent. When
it bought our cotton Its deprecated value.
compared with specie, was taken into conslde-
ration So much more was given for the cot
ton, as it was less. valuable than gold. When
it fell still lower what did the planter gain by
this substitute for gold? Why take the coun-
terfeit tor the reality-the inadequate, t1uctuat-
ing sham for the reality? Suppose, tor in
stance. that planter sells 100 bales Of cotton,
$50 pounds per bale, which ct sixteen cents
axes United States waste paper. he gets
$40, 800. What does he gain by selling
for. the paper Independent Of the haz-
ard Of intermediate depreciation, it Is
debts, or for making purchases. Quite the
contrary is the case. Iu either case, as the
specie is the real standard Of value, 1t will be
estimated and taken at it's appreciation over
the paper money. With the seven thousand
two hundred dollars Of specie in hand, the
planter can either buy the ten Thousand eight
hundred dollars OF this debased paper, or have
o. commercial trans, ct,on. Under such cir.
cumstances, am at loss to perceive what
discretion there can be in receiving this paper
promise at all in the sale OF cotton or other
staple produce Once repudiated under such |
obvious views of interest, and specie is obtain
ID for single crop Of cotton or other staples. !
t will become the currency Of the South. One |
hundred and eighty millions. OF cotton alone, |
land Iput it at o low fgure,) paid for In gold
q the South, will at once aftord an ample sup
ng and backbone for Southern securities. |
And when the entire staple productions OF |
country are purchased with gold, constituting,
ss they 90. the basis Of all trade, and the dom.
mating influence in commerce, MINOR transac-
ions will follow the greater operations, and
he whole currency will be gold. The gold,
therefore, received in the South for it's pro.
luce will remain in the South, because there
0.n De demand for Il for the use Of currency
Before pursuing this branch Of tba. subject /
et as turn back fcs u moment and see to What
other uses our passive acquiescence in North
ern swindling is applied. Their action may
aevelope more fully both our present folly and
our II, material power. II not surrendered.
sumed by the foreign nations and, If requir
ed. trey will pay specie for it. 1t is on this
account, its equivalency to specie in foreign
nations, that Il is important to the North in
CARRYING on their foreign commerce. I'm set.