The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1873-10-16

ing limited, anu Iildl nuuipei al Ie.uy iS"SH
ed, moneyed men buy up the bills of the
broken bank, redeem the hypothecated bonds
in the national treasury, and rebuild another
bank upon the ashes of the one destroyed.
There are about two thousand national banks
in the United States and probably the bull
lion belonging to all of them could be rolled
in wheelbarrow.
1t is not the purpose of this article to de-
wise new and better Ono one could suggest
worse) monetary scheme for the govern
ment but simply to advise the Southern cot
ton planter how the mill grinds, and to ask
him why, of him alone, is double toll de-
manded? Why is it that cotton of all the
products of the soil and of all -mcrchantable
Articles was the first to feel kcenly the ter
ribe effects of the present monetary crisis
The answer is simple and plain-there are
too many middemen between the producer
and consumer of cotton. The farmer after
toiling ten months in the year, struggling
against all the natural and unnatural vicissi-
udes of the times, gathers, gins and packs
few bales and ships them to his factor. to
be sold nolcns rolcns to pay some imprudent-
" contracted debt, or he hurrics with them
to the nearest boat-landiug railway depot or
country village, and after hawking them
about sample in hand from one merchant to
another he is quietly told, "we cant buy to-
day; no money, and the banks won't loan;
but if you will trade out half the amount
and take our due bill for the balance, we'll
make you bid" Or if perchance the
merchant is in funds and pays the cash, he
sets the price, and ships to those who loaned
him the money, who themselves have bor
rowed from the banks to speculate in cotton.
When this is daily traffic from October till
March, how can monetary panic have 9th
er than depressing effect upon. cotton ?
After March the wheel performs reverse
revolution. The spectators then hold the
cotton, fix their price, and simply supply the
demand. hence cotton brings them re-
munerative price.
Speculation in cotton is an attractive specf
cies of gambling Futures" are bought
and sold by the million, and never ba lie
seen or handled The wager is laid. the
game is played, the stake is lost or won, but
no cards are visible. How enticing! Why
tleacons in the church play this game, and
with gusto peculiar to illicit traffic, study
the cards as dealt in the monetary columns
of our daily newspapers. Speculation al
ways, and most frequently speculation in
futures" is the cause Of the planters trou-
bles. -
Is There no remedy for these disasters? ?
Most assuredly there is, and that remedy is
in a single word-UNIoN. Let there be
concert Of action amongst the cotton planters
of the South; let them resolve to sell at not
less than specified price, and where will be
'the corner" then Let this step be imme-
diately taken, and the bulls and "bears"
of Wall street will be like Samson shorn of
his locks. Then why will not the planters
unite, resolve and act They are measrrably
united There are now sufficient number
of planters in the oranges of the Southern
States to materially affect the price OF cotton
if they withhold their crops but for thirty
days. But they cannot withhold them, says the
spcculator, for the have given liens, mortgages
and other obligations that override the plant
ers interests. Alas too true. Wherever it is
possible compromises with lien creditors
should be so far effected rs to postpone for
sixty days the maturity Of the obligatlon-
If a Shylock should be encountered. who
knows no one but self, it would be just and
right to resist the execution of the lien by
any means at hand This is desperate dis
ease and needs desperate remedy. AS Jay
Cooke says, 'assets must not be sacrificed to
meet obligations in panic Corruption,
speculation and gambling have entalled upon
the country a sacrifice Of millions. why
should the innocent Southern cotton planter
shoulder the brunt of the sacrifice But
some may, say Withholding the cotton crop
would create much suffering. Upon whom!
Certainly not upon the creditor. Tor his
debts will be surely paid fcotton is enhanced
in price; and to prevent suffering amongst
planters enough cotton should be thrown
upon the market to supply immediate wants,
and no more. Withholding the crop would
not incur the charge of eyading debt-but
it would,bc done simply to secures remu-
ncrativc price for the products OF honest toll,
Cotton planters should remember that the
exciting financial crisis has not annlhllated
one mill of money, but has simply withdrawn
il from circulation Withhold cotton and
the circulation will soon be restored. For
months past gold has been drawn from the
United States to supply European demand:
Already hundreds of thousands of pounds of
the precious metal are now IN honsiM for
lhc United to buy cottom. THE ~orld must
hare coftoa and .Soaihcrn cotion too. Then
why will not the Southern cotton planter
compel the world to pay him what his cotton
is worth?
Cotton planters of the South, now is the
day and now is the hour for you to recuper-
ate your impoverished country. Millions OF
money are in your hands to-day, in the shape
cotton. Hold it till you get remuneratlve
price for it. Will not the Southwest call
convention of planters to meet in Mont,
IL. oil