Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-09-10

Exported TO Continent OF
Europe 100000
Conc to increase OF home
stock Observation-Disclosures. 5000
Consumed in Northern
States 1863, 900
Consumed in Southern
States ......."........ 100 900
Total 3,29s, 600
II will thus be seen that last
years crop is 10000 bales above
that of any year since the war, aud
that it is about the same rs that Of
the years 1918, aud 1923, while
it falls l372,OJ0 bales below that Of
lSj9-GO, the largest crop previou,
10 The war.
While our exports Of this staple
have been $1,000 ba cs above the
highest year since the war, they tall
G0!,OUO bales below the best year
previous 10 the war.
The home consumption (at North
and South) is 4OS,OOO bales above
the lowest year since the war,
1861, and G2,O0O bales above the
highest year before the var
lcj9-G0.
The experiment OF gold banks Is
attracting increasing iulcre,lamong
business men. at the last session
Of tongrcz- Il law was passed au.
IhCrizing The formation OF Ma
liOnlI Gold Banks under certain
conditions aud limitations. The
capital is TO be not less than 500,
90 The shareholders shall not
consist of less than five persons,
who shall execute articles Of or
ganizgiion, and file the same at the
ComptrOller's office ia Washington.
The paid up stock shall consist. at
least, of 30 per cent. OF the entire
capital subscribed. The amount of
bonds to be deposited shall be
never less than $4,000. nor less
than One-third OF the paid up CAPT
tai. The banks are to issue notes
redeemable in coin on demand, and
the notes will be protected by the
pledge of Government Securities
very nearly Oh the basis of the Ma.
tional Bank Currency Act.
or this matter Of gold banks the
United States Economist says:
We confess to some doubts as to
the prospects Of the new gold notes
coming into extensive circulation.
OF course, being redeem0blc in
gold, they would be at par with it.
and at their first issue would be
brought into competition with cur
renCy they would he sold at u pre-.
MUM corresponding to the price OF
gold, and would continue to circu.
late subject to the varying quota.
tons OF the gold market. These
difficulties would not be liable TO
occur in localities where specie val.
uu. are maintained. The prospects,
then are that the business OF the
Northern Cold Banks will be limit
cd to the importing cities.
But In the Pacific, and especially
in the Southern States, where bust.
ness is still transacted on the spe-
Gle system, we look for their chief
success. The cotton crop affords
an excellent basis. 1t is now chief
ly calculated in gold, and the En-.
glish merchants would gladly wei.
come the change. their establish
ment would inaugurate a sound
currency system that would be OF
i~ucalcGlable benefit to the South. 1t
would save that section from the
mischiefs of an irredeemable cur
rency.
Greater banking facilities are re-
quired, and will soon be adopted
there, and the question for its men
to consider is whether they shall
commit themselves to an area of
shifting and changing values, Oh es-
ablish their financial institutions,
once for all upon sound and fixed
principles. A sound currency sys-
TEN would do more to promote di.
rect trade and steamship lines be-
tween Southern and European
ports than all the resolutions of
commercial Conventions that were
ever devised. The present is a
suitable period for the experiment
The business of the South like that
of the rest of the country, is now
contracted, and the new channels
opening TO it should be healty and
sound. Irredeemable paper money
is doomed, and the most seriOns
shock to the commerce aud capital
Of the country can be barely arrest
ed by the most prudent foresight.
lfthe South is wise 1t will cut away
from II in time.
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