Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, November 08, 1839, Page 204, Image 2
T~ m . -r...
Who is one of the Ivs' engineers in Europe <
tells me that he has seen the ins>rHmcns, and
that, with some ameliorations, lie believes it
would accomplish all that has been stated.
The earth, as it is turned up, is thrown into
a sort of sail, which thro vs it to a distance
of sixy feet.?Letter Corresponded of
Gardner's Gazette.
SELECTING SEED CO EN.
* Every one is acquaint* d with the fact,
that plants of any variety, grown from seeds
obtained in a higher lati'udo, or what is in
eff-ct the same thing, a greater elevation
will come to maturity, and ripen their seeds
earlier, than when the process is reversed,
and the soeds nre obtained from a lower
latitude,-or more depressed position. In no
plant is the effect more. conspicuous than
in corn,.and the present season has afforded
numberless opportuoi ies of testing the truth
of^the tlrory. Where corn has been
bTwg'it from the vallies to the bills and
planted, it hn been uniformly later in tas
1!- 1 '* .U?. at ?hf?
KCII'lg ttllU MlMlig UlitU tlllll giUTii ui >uv
same elevation ; and where com has been
brought from the north or the south for any
distance, the same results may beobserved ;
it* the first ensc the corn coming forward,
?l. in the Inst case b< ing later than that grown
"n*- 4tcft?luced in cpe same neigiibofhood.
Admitting Mr. Thocburohr statement
of the growth of his China tree corn,
and the ttme of its being fit for boiling to be
correct; that corn, distributed over the north
from Long Island, and some of it planted at
much greater elevations, furnishes the most
striking proof of the impolicy of selecting
seed corn from a more southern region that
ire havo yet seen. On the line of the Erie
canal, two'degrees further north by latitude,
" and one more by elevation. (ftOO feet in el,
inttMMi being considered equal to a degree,)
the corn irhttrh was fit to boil by (he tenth
of July on Lbng Island had scarcely silked
by the tenth of August, und would show few
roasting or boiling ears by the first of 3cplember.
Another instance we find in the
August Ctflii valor. Judge Buel says?
' We>reeeired la??t spring twelve ears ol
Putton com from Mr. Osborn, of Oswego
router, his residence differing from ours in
Intftudeand aid ude about two degrees.
We otanted wi h this seed eight rows across
our field, the residue tF'ing planted witn
com of our own raising. The Oswrgn
corn tassftled two weeks earlier than thai
front ect'd raised at Albany, thus showing
six craven daysdifference for a compu.
ted degree of latitude in tbo enrliness of the
crop^?the northern seed giving the earl'msi
corn irr a ratio inverse to the forwardness ol
the aea*oo.M
Such facts should not be lost upon the
firmer, asiber have an important bearing
on many points of agriculture, and may
materially affect the goodness or socuri'j ol
b's crop injured by frosts, or wheo, on othei
accounts, it k desirable to have it come to
maturity early, seed from a more elevated,
or more-northern region, should uniformly
be selected, fn choosing seed corn, this is
especially "tipo**"***, nnA
ducedaro conclusive, and should not be
overlooked or forgotten. Well filled ears;
those that hive two or more} on 4 stalk ;
and that r pen the earliest ; will be found t#
be best and most productive, and should be
chosen at .the proper season, without lea v.
tag any thing to after selection or chance.
Gem. Farmer.
v-, <| -- - - -I - .*
fttbttvo.
I)tr*cliuntfor going,?When you would
Ummo him nn. fnnrh Tim tn mnve bv nrnsu'np
- ; -j r
close y?mr kne**, or speaking to him, without
using whip or spur: for a horse will
loam any thing ; and n good quality may
as easily be taught him as a bad one.
Corrections iff-Umert, Corrjctions wcTL
_ rirncd. - j\ b ''ff j 1 histlt>tp
and spur a horse, to make hun go faster,
before thry bid him ; but it it cruel treat,
mcnt beet n generous creature before
vow have signified yourirind to him) by
-V sown token which he may be taught to un.
/. de rat and,) who would obey you if be know
your pleasure ; it is time enongh to correct
him when he refuses, or resists you. Do
not haul his head about with too tight a rein,
t deadens his mouth ; besides, he will carry
you safer, ocd take belter care of his steps
with an easy hand, than a heavy one ;
much depends on the quietness of the bridle
tnnd. K^*p your elbows steady, and you
cannot hurt his mouth. A gain, nothing discovers
a bad horseman (even nt a distance
so much as throwing his arms and legs
about; lor it is easier to the horse and rider,
and be can carry you farther by ten
ntiW n Jav. tvhnn win air n* steadv uno.i
h m as if you were a part of himsHC
' sixb: ctxruHfi.
to the Editor of the (Plu.) 3iik Farmer.
Lancaster, Oct. 16.
Sr-?In your Silk Farmer of the 12tii
inst. you ask us questions, which wo take
gW^fVpieusure iu answering as briefly as
posaiWiK you m?y make what uao you think
proper of them.
. Our cocoonery is 42 by 22 feet, two stories
high, with a basement story ; cost, with
fixtures, $450. We did not feed as roany<
worms as our cocoonery would accommodnte,
as we had not the eggs; we could accomodate
one million in the course of the
msjyitr,* Y\*e hatched 100,000. ?, On the
24lh of April the first lot commenced hatching.
We had 376 lbs. of coccoons : averago
Dumber of cocoons of the sulphur, 180
** io'tiie pound { but of tite clioice, 97 made
a pound. We have no cocoons for sale.
We fed the mammoth sulphur and mam.
njfoh white, some pctunut, and somesulphur
fu-ccMfd t?op. We used in the first part of
the season white and Chrncsesced|mgs, and
*n the InU*t part of ihe season morus multicaolrs,
which w consider touch superior.
4>ur worms were not fed ?fer 10 oclocfc,and
^M-Jco-omefietid fto-d?ny utfl in the morning:
dbriog the duy lime ifefe fed at much
< n* th- y Wf>?il te??i We hitvc a large sup
i fdy'vif jwfts of th?>se worms, and tome Wd.
r per<hrwpet*n?i rfrbp sidphur, warranted. We
.(Oil 'otir ? ?**.?'-present at >*n dollars per
Oiin^>to?r eggs." We cannot say what
... %j toeiiuga succession of broods.
jMiaanmmmmBKmmm mil u memtam
^ ^ Kj>
rlear profit ^re have made from feeding
worms, hs we let so large a quantity "of ours
cut out for eggs ; but we arc perfectly satisfied
wo can make three times at much out
of on acre as at any other farming operation
that we know of, without reference to trees
or eggs. We expect to feed 700,000
worms next summer, provided we. have a
sufficient supply of leaves. We have been
decidedly successful in feedii g, having lost
but frw worms from sickness, but more
from spiders. At the commencement ot
the season the thermometer ranged fr m 30
to 85 degrees : we had no fire in our coc.
oonery. By some private oppo.tunity we
will send you a few cocoons, having none
thai the cocoons were not cut; we also s?*nd
I you two double, that the difference may be
! seen. We also send a sm>?H hank of reeled
s;lk ; we have just finished reeling our s Ik.
and have 23 lbs. like the sample sent you.
The sulphur croons, spoken of above,
commenced hatching the SMihof June; they
commenced spinning the 20 h of July, and
in three days had ull left the hurdles.
We remain, &c.
A. &C. HERR.
The raw sitk m ntioned abeve, judging
by t.:e sample sent us, is worth $6 per
per pound, and would be readily purchased
. if brought 10 this city fur aal*?? * Tim von
coons are thelargrs'and firmest wo'" have
ever seen, and have attracted tfc? admiration
of every one who ha? inspected them.
There are hundreds of persons who have
this season made small lots of silk, from 5
to 20 lbsM in par's of the country where
previously no silk has been made. If the
total of these lots could be oscertained, it
woald surprise even the friends of the cause;
tand if it could be carried over the country
and publicly exhibite d and explained, we
doubt not it would act not only iutell.geiit but
luke-warm men to thinking, and conf und
the enemies of the silk culture. Our read,
ers must remark, that a cocoonery completely
furnished for feeding a million of worms,
costs but $450. We want more satisfies
of this kind for publication?more of indivi.
dual experience in silk growing?briefly
and clearly expreseu ?Editor Farmer.
Sales or Mouva Multicaulis. The
price brought by Mr Physick'g trees sold at
auction near Philadelphia in September induced
others to advertise their trees to be sold
also at auction. But before the tinc? of the
sales arrived the suspension of specie payments
in Philadelphia and other places with
an unprecedented scarcity of money came on,
and trees forced off at auction lilro all other
articles not wanted for immediate use, brought
next to nothing. By those who manage more
judiciously* however, sales are still made at
good prices. Air. Robert Sinclair, Sen lately
sold for 10 cents per foot 4000 trees at his
norseiy near Baltimore, to be carried to Indi.
ana.
The Philadelphia Silk Farmer of Nov. 2,
ays that within the last ten days nearly half a
million of trees wore nnl.1 in the sirinitv nf
that city, principally in exchange for real estate,
consisting of forms, houses, &c. "Ten
cents per foot" it is added, "has been paid for
trees and in some instances a less price. The
real estate has been estimated at higher rates
than if sold for cash. About 200,000 of these
trees are to be taken into Texas, and the bulk
of the balance to the South-west."
tlVAL TO tffg pAGUERREOTYPEr
If we believe the German papers, Lei p.
man, of Berlin has invented a machine for
obtaining correct copies of oil-coloured pic*
lures, which is not less ingenious than the
Daguerreotype. For some years a little
slender man, whose attire denoiod ^>overtT?
was obsrcxed ia Uia"11n? tforttn,
wrrcre Tie was to be seen every week. Instead
of walking through the galleries
and examining the various paintings, ha
was in the Flemish room, stationed before
the same pictoro, a portrait of Rembrandt.
He would remain there, for hours together,
his hands behind his back, end his eyes
fixed upon the picture. This was ascribed
to excentricity, whilst it was a serious and
singular study, leading to a discovery which
will form an era in the hisory of pointing.
Mr. Leipmao was meditating upon the in.
vention of a machine for reproducing oil
paintings ; and, after ten y?ars of persevering
labour, he has succeeded beyond all expcctation.
At his residence nro to be seen
above a hundred copies of thnt very head
of Rembrandt, all of them of scrupulous re.
semblance to another. Ho#he has achieved
this, is his own secrot. When onoeonsiders
what privations he must have suffered
in realizing his idea, one cannot help
wishing that tits fcflbrts may be rewarded.
With the assistance of a trust-worthy maidservant,
he has laboured for many years,
n'ght and day, making sealing wax at night
to mike n livelihood. Tlie most surprising
circumstance is, that he did not preciously
make a complete copy of the picture, but
conveyed it home by part*, as he had it in
his mind after visiung the Museum. Thus,
on one day it was an eye, on another the
nose, on a third a lock of hair that he took i
home, which must have required wfiole
years for the completion of his task. Ho
has procured with his machioe, in one of
the rooms of the Royal Museum, and in
presence of the directors, 110 co, ies of
Rembrandt's portrait, painted by himself?
a picture, the copying of which in the usual
' way presents tho utmost difficulties, according
to tho opinion, of all painters. Lcipman's
copies are said to be perfect, and to
give the most delicate shades of the colour,
lie asks but a louis d'or for a copy, (lis
invention excites universal admiration.
THB PREDICTION.
The celebrated Dr. B ?fk<dy, Bishop of
Cloyne, in Ireland, has ofen been alluded
to, in late years, as having taken an almost
prophetic view of the rising greatness of
America. The lust stanza of the following
verses, written by more than a century
since, has been frequently quoted ; but as
most bf our readers have probably never
seen th<? verses entire, wc subjoin them as
remarkfbK considering the limb and cir. I
cuo)stttnce9 under which they were Wrdftj. I
fc
The muse, disgusted at an age and clime,*
Barren ofevery glorious theme, ur
In distant climes now waits a better time, di
Producing subjects worthy fame. i
* ft*1
In happy climes where from the genial m
sun, ' sa
And virgin earth such scenes ensue ;
The force of art by nature seems outdone, f*
And fancied beauties by the true, P1
ai
In happy climes, the seat of innocence, &
Where nature guides, and virtue rules,
. * a I
Where men shall oot impose lor truin aoo ^
sense, n
The pedantry of courts and schools. ^
There shall be sung another golden age, ?
The rise of empire and of arts ; ^
The good and great inspiring epic rage, g
The wisest heads and noblest hearts. j,
y
Not such as Europe heeds in her decay ;
Such as 9he had when fresh and young; ^
When heavenly flame did animate her
i clay, c
By future poets shall be sung. f
s
West ward the star of empire takes ita- ?
way, ? The
four first acts already past, r j
A fifth shall close the drama with the d4f*"*'|
Time*a noblest offspring is the last. * j
GOING WEST. _ ^ f
The Wubash (la.) Courier of the Wtl "
i?8t< states that the number of em'grtnts c
going West by the Na ional Road through r
that place is immense?far exceed ing<jl hut f
of any previous year. That paper fya s 1
For some weeks past this great national
highway has been literally crowdecfwiih 1
the wagons, horses, stock, and all the lara* c
phemalia of emigration. Both the firrics 1
across the Wabash nt this point are kept *
going from daylight until a luto htur at <
night, frequently passing as many as 100 j
wagons per day ! From a recent trip north *
of this place, wo discover that these j*#*
marks will apply, though in a less deghef I
to oil the main thoroughfares to the gL'at 1
West." J
From the Macon Southern Post, Oct. 2C. (
MERCHANTS AND PLANTERS CONVENTM*. ,
Thursday Oct. 24, 1832 j
Honorable Thomas Butler King. Chair- i
man of the Committee of Twenty-One, tub- |
milled the following - 1
report:
The Committee to whom was referred
the Resolution instructing them to present
the subjects on which the Convention was
railed upon to deliberate end act, beg feave
to Report:
J That afer the full exposition whica is
contained in the tJotton Uirculnr adoptea
by tho Planters and Merchants, at their
meeting in the City of New-York, on the
5th of July Inst, they deem it in tome de?
grin; superfluous, minutely to explain or to
document
We have therefore convened for the puf.
pose of considering:
1st. Whether there be any inherent de_ '
ect in the mode and manner of shipping
out great staple under 'be existing System
of advances, by the Agents of the
Foroigr, nouses, through whom it has been
hitherto principally exported ?
2J. Whether, if tbo injurious tendency
of the system bo demonstrable, there exists
within ourselves any remedy ?
We will now, as succinctly as possible,
proceed to the h
u ? wesi gnowtrmntwrTrme exception of the
very inconsiderable portiont?f the very ctop
purchased under direct orders, for the spin.;
ners, and for Foreign account, the great bulk
of our Cotton is shipped either by the Planter
or Merchant, or dealer, under advances
made by the ngents of foreign houses.?
The mode in which this operation is coo.
ducted, is as follows:
Usually, the Banks in the Southern States
advance the money that moves forward
the wliole crop, (or nearly so,) on letters
of credit, as security. The bills founded
upon these securities, nre usually at 60 days
sight. They are forwarded at once; but
the Cotton being much more tardy in its
movement, they frequently mature, before
its arrival; nnd if the Cotton has to be
forced upon the market; or the accepter of
the bill has to pledge the Cotton to Brokers
or Bankers, to raise the money to meet his
acceptance. This may be done when mo.
ncy is plenty, wi hout difficulty; but the
moment it becomes necessary for the hold.
*' ^ ? " ? ?!?.?. Dnnlf tn WMlllfVII t Vltt
eroi lliu vuiiuni or mw uuui\ iu SVHIIOW HIV 1
funds advanced on it, then the Cotton must
bo sold, whether during a depressed or fa
vorabl market. Whenever tho Bank of
England refuses to discount the Cotton re- 1
ceivor's bill upon his Broker, endorsed by
l:is B anker his Banker cannot give him any '
farther nvnns ; becuuse, peradventurc, tho
Bank of England has sot her faco nga nst I
transactions in Co ton. Then the Cotton 1
must be sold at any sacrifice to the spinners, *
who are well advi.-ed of the amount of our 1
s'aplo thus ready for sacrifice, and the pc. 1
riod when it must be forced upon the mat. r
kef. It moreover may happen ihat the bills 1
which the parties shaping the Co ton have }
received, may be goo-1, or good for nothing; I
and what does the planter and shipner trust f
to when he agrees to lake these bills in return
for the produce of h s industry ? He '
trusts, first, to thu nu hority of the Agent 1
to make the stipulated advance, and to diaw ?
die necessary bills on his principal. He c
trusts in the next place, to the incliiia'ion of n
the parties abro id?first, to accept the bills, 11
und, secondly, to pav them at maturity.?
But he trusts finally, to tho skill andjudgw ^
ment of the foreign house, in the realization r
of the property, and to their ability and dis. 11
position to hbid it until the most favorable
moment for its sale. The receiver of the n
Cotton risks nothing, but the difference be. ni
rwecn the market vulue arid flie price ad? si
vonced, unless the latter is both extruvn. 01
gftGt and speculative, (which one party ought ^
not to ask, nor the oilier give,) this risk i/
thfiing. ni
We are entirely aware that it may be
ged, that probably four-fifths of the pro*ice
of the Giohe is circulated by the means
Bills of Exchange. Jt is just as certain
at the protested bills, diawn against shipents
of Cotton, are sent back by thounds
and hundreds of thousands of dollars.
f every packet,whenever the market is ternirarily
or permanently depressed. If the
ice is high enough to cover them, they
e accepted, if not, the reverse inevitabl)
il'ows.
We think, from this sUitement, it must be
(together obvious, that our great staple \?
ithout any | rotection whatsoever; to
othing of the fact, that it may sonvl'me8
e in the hands and at the mercy of those
those interests an sympathies are with the
uyers of the article, rother than with the
hippers. or the producers, in spite of the
xemption from this imputation which is
istly due to some of the English houses
^ho have adhered to the in crests of iheir
orrespondents with gmsf firmness and ftlelity,
amidst unexnuyded difficulties.
Indeed it is alogdtlier impossible to con.
:ejve n system of sale so utterly defenceless
or an article which performs such an es
lential io regulating the Exchanges
to influencing the currencry of our country.
W* will now proceed to the second
j^Toch.
2nd. Having thus demonstrated the iu<
uiious tendency of this system, the ques
ion arises whether there exists within our
diesi any remedy 7 The avowed design)
>f this TTorlvention being to oewse sonn
neans to protect in future, a molt import
int American Interest, we pnss at once ti
ts considera ion.
It may not to' out of place to advert t<
hat derangement in the momentary systen
>f the United States, which, in 1837, led ti
i suspension of specie payments throughou
he Americnn Republic. At that time ou
:ountry owed the excess in value of thi
mports over the exports of the Unite
Suites, in their trade with England.
To pay this balance in specie, was im
jracticable. An unusually favorable son
ion had given us a crop of unprecedente
ibundance in the co!ton growing stntes.Fo
transmit this property to tho country c
aur great creditor, as fast ns possible, as a
avidence that the cit z?ns of the Unite
States were neither wanting in the mear
nor the disposition to redeem all their obi
gations, the aid of the Banking Institutior
of the Union was invoked, and to guard
part of the property so transmitted, throug
their instrumentality, from unnecessary sa<
nfice in the market of consumption, tf
agency of Humphries and Biddle was et
tabltshed in Liverpool. The result of th1
agency in winding up the large crop <
1838, is conclusive proof of whut may t
done by consignees thoroughly devoted l
American interests, suhjeci to no necessit
by heavy advances, to glut the market b
forcing upon it large stocks in constant an
disastrous succession.
In this brief outline, is embraced tt
<nnjr?Ticaa wmx mxn unrm oTOTfee wtuc
has led to so much animated discussio
and wide spreading denunciation, in th
public prints, of bo h countries. U hene<
cr, however, a dispassionate and d'sint*"*
led judgmeni shall fcf, prooounccd upon il
inotires and objects of those who estal
lisbed this agency, that judgmont will proi
equally honorable to their sagacity, ar
Iieir patriotism ; and to the gentlemen I
Liverpool conducted its affairs?who ?t
entitled to the abiding confi renee of ai
people, for the fidelity and firmness *i'
which they adhered to the interests ofthei
BBlUfllTTy tllll'U gjP?
that wh^n the cituses which had led t> th
establishment of litis agency for the dbfenc
of our great staple had been removed, th
trade would fall back into his old dhnneh
and that the proociion for our interest
would be ample, with the meansojlbe com
mand of individuals engaged in it
No one sought to prevent this. The fiel
was open to theenterpriz'of all.* No em
barrassment was wantonly thrrwn in th
way of anyone. Nothing harbcen saic
or done, Sy the so called "moiopolis," t
prevent others from entering into a fai
competition with them.
But we have, unfortunate!), been obligei
to learn by a severe lesson, dat other coun
trios, as well as our own, may, at timei
be destitute of nn adequat# supply of th<
precious metals. We huv* to reuhza tlx
painful truth that after devsting our capital
our anxious attention and tur labor, tj pro
duce a good cropt and after witnessbg th<
partial disappointment of our hope* fron
the unfavorable influence of the dementi
in our own country, the value of vhat w<
have secured is to be essentially difttinisher
by the extent, or deficency, of a differen
crop in another countiy.
Granting that a calamity of n diort har
rest in England being an act of Providence
by which the productive energies of hei
people are rendered sf less valu , has to bi
?nd ought to be ulimately shyired by al
>>her countries, participating ii her comuercc,
and that submission is consequently
10 less a matter d* necessity ibnn a point
if duty, it by no rrean* follows that one secion
of tlie world should bear the greatej
>art of the bun hoi of such loss by the tieireciationof
its own productions in a dis>ropoi'iiofiate
d'greo*
This wc nrintain lias been tho effect
whether it wosd^signed o be so or not, by
he course wheh has been pursued by the
Sank ofEnghnd in regard to the Co'ton
top of the Vnited States. That particular
rticlo has bicn selected from all other aricles,
as lit' one which was to be sold at
iw rates in England, because food had to
>e purchased from other countries at h'gh
atcs. to sustain her people. Wo are aware
lat this position w ll be vehemently denied.
! is newiheless, strieilv true. Let any
ian lookover a file of English commercial
cwspajvrs for the past eight muntlis and
jo ifhocan discover, nny other article of
lerchandize or trade, in which speculation
is been so energetically denounced, or
dative to wlu'ch so many combinations
ivc bee* d veloped, calculated to prevent
its yielding a fair remunerating price, to th
producer or importer. Let him review th
prices current?the agreement among spir
ners?the articles on the money marketihe
statistics of the crop, consumptio
?the advance of the r?f discount b
ho Bank of England^-?nd then iet him sqj
if there is one wo** 'n them all which d
pr? ciates a rise the price of Sugar, CofF?<
Saltpetre, In^'go or Tea, or any other pro
durtton, **ve Cotton ? Let him then hot
early ?ute his conviction, whether there ht
ltmi been a combined, extensive and mo
i influential effort to depreciate the value <
i the Cotton cr<y of the United States.
If we shall 5e fully satisfied of the trut
of these propositions, there can remain c
doubt of thf justice, or the propriety of ot
adopting sbch measures of self-protectic
as shall ghard our interests against such u
fluence# in future.
TWquestion arises what these measure
shall he ? Here we will take occasion I
advdrt to the gross misrepresentation of tl
motives and objects, of those who are r
sponsible for the call of this Conventio
K has been said that it was noth'ng mo
or less than to get up a scheme for giving
/ speculative excitement to prices; lo estal
lish a permanent monopoly in the Cottc
marker, and to seduce, by the b-nylatic
of high profit^ the Banks from,'the sphe
, of their legitimate business io turn' me
. chants; and thus to derange tho *lio
. commerce of the country,
i These allegations are utterly untrue.
? the firs place wo avow that nothing wot
. be more injurious to :hat gre& dcsideratui
> steadiness in ti?e price of our staple, litany
temporury nnd undue ejcitement in tl
> market, whilst tho charg# of monopol
1 when the whole crop is open to the cum[
> i it ion of the whole world, is equally unfou
t d^d. It will be perceived, io the sequ
r that so far from desiring to force, orsedu
2 the Banks into the risks of commercial a
i ventures, that we do not propose to th<
to do any thing more than perform th<
. usual function of tending mon-y with
. augmented security. In one word we pi
j pose that the Banks of the Southern Sta
. should commence forthwith to make advr
,f ces on Cotton on the pledge, in a praccic
n hie form of the mapriul itself; with I
d personal security of the persons taking I
s advance.
i. We are a wire that one of the strong <
is jections urgrV to this scheme was the roe
a um of Po.*t Votes, through which it v
h proposed tint theseadvances should be pe
Since the fall of this Convention, and I
e period of h assembly, the Banks genera
i. with few exceptions, have suspended s
it cio payqfnts throughout the middle r
jf southern States, and which is likely, in ?f
ie of the sfong efforts by the Banks in N
o York, o sustain redemption of their 110
y in con, will become universal until i
y county can recover from the great and i
d presented embarrasments into whicl
is llrown. It therefore becomes neediest
te to discuss the Post Note system, and
in Vbw, mm in small sums, and with a cert
n, food for their redemption, at maturity, tl;
is cwght be made equivalent to the best
f. /and exchange; or ordinary note circuiti
; Tr.c crisis is certainly aropitiouf to q
,o I test of tlte efficacy of the experiment of p
). tecting our staple through the instrum
rt toliti of our Bonks, as the process of <
4 changing their notes for good sterling b
n is, to them, unquestionably a measure,
e only of essential safety, but of sound polii
,r Wo are very far from saying, that so sig
h a calumiiy as the interruption of payme
r in coin by our Banks, is (o be regarded ?
jr
p sion has resulted from a manifest and ur
c vorable necessity. The truth is, the I
e resumption was premature. Our couc
{, hud not recovered from the prostration
8 1837, and the present crisis has been |
. cipitated upon us by the short harvest of
? - r? . . ,
last autumn in Ureal Britain, ana conscqu
J rise in the rata of interest by tlio Dank
? Gnglan J which rendered American sect
b ties utterly unavailable?depreciated
I, value of the Cotton crop of last year?t
3 entailed upon our shippers the necessity
r meeting enormous reclamations.
The inquiry therefore arises, whether
j cannot use our great staple, as the means
. resuscitating our Bank?, ol enabling them
, replenish their vaults with the precious m
i als, and thereby fort fy themselves for
? sumption, whilst they shall subserve the i
t portant purpose of proteciing tho great C
. ton growing interest of the country. V
. think we can.
i We have not at the South the jniaes
, Mexico or Peru, but w have growing
> the surface of our fertile plains, a staple
I equal vnlue, at infinitely a less cost of pi
[ duction, .and without any expensive proe<
of complicated alchemy of easy convei
bility into the precious metals. Shall
t in the process of this exchange allow oihi
to reap the benefits of this conversion ; a
. moment too. when our Banks require a i
I flux of bullion into their coffers or
equivalent in foreign exchange, in ord-r lit
at no distant day, they may redeem th<
faith with the public ? If the Banks in t
Southern Slates, advanced on the whe
Cotton crop of our country, it is quite ob
ous that they would, through the foreign c
changes, have what Would he equivalent
a supply annually, of eighty millions of t
precious metals. The exchanges of t
Union would in this event, bo centralis
at the South, and something done towar
the accomplishment of that great desider
turn of Southern hope and aspiration?a c
rect trade.
And wt hove no hesitation in say it
that we believe if the Banks of the Sou
come forward promptly and generally, at
make advances, at sate rate3, to responsil
parties, on our crop that the most stupo
dously beneficial change will be effected i
the currency trade, and exchanges or 01
section of the Union that has ever barb cor
sumrnatcd. If at this moment vyken the
want the support of our great staple rrirs
they should embrace it?e propitious conjun<
lure, whenever a resumption of specie pa)
nrnits shoit'd bo commented, by gwri
/
/
/
le accord, they would not only be in a state
ie for v igorous resunr.ptinn, but be in a condi.
j. tion of impregnable strength under the ays
tern of excbangin , in a greater or less de.
n gree, oigh;y millions of their currency for
y eighty millions of fareign or domestic ex*
/, change. For with the formers it is ultogeth*
! er obvious?theyxouid have the means of
i drawing any amount of bullion they pleased
i.' from Europe, after selling a sufficient sum
). to meet the inland exchanges of the counts
try.
st With these manifest and multiplied blcs* .
jf sings before us, we invite the cordial concurrence
of the Southern Banks, Planters
:h and Cotton Merchants, in the measures wo
10 are about to submit. We are aware, bow-?
jr ever, we should not perform our duty, or
hi very inadequately meet public expectation,
i. if we did not point out, practically, the modo
by which these desirable objects are to bejs
accomplished.
to First, it i* proposed at all the principal
ie shipping ports of the cotton States, that parn*
ties, whether planters, cotton merchants or
n. factors, should apply to the Hanks for such
re an advance on the cotton they hold, as may,
a be in contormity with the current rates and ?
1). t>e mutually agreeable to the parties. In
>n every case wliere the Bunk conceives the
in adva.ice asked for i{j too high it is quite
re competent tor the iosEfamoq mgkmg tfa ad v .
if' vnnee, to require in uddiUOO, all the security
1?? incident to un ordinary discounted note. It
would be altogether impracticable for this
In Convention to fix the standard of what
ild wou d or w ould not be a safe rate of adm,
vuncu; as this, of course, must depend 6u
an fluctuation questions of production and eon
he sumption?tlie first influenced by the vicis*
|y, situdfs of the seasons in our oma country ;
>e. and ihe lust, by the s'ate of trade abroad.?
m- This must, of course, be left to the sound
el, discretion of the Banks themselves. By rere
quuing this security at ftomu, the sprit of
id. feckless speculation would be repressed^
*m and the disastrous enibarrflsments of undbfi *
eir ured reclamations, to a vust amount averU
an ed. The party applying for the advance
ro- must produce the ware house receipt and
tes policy of insurance, duly assigned to tho
m. Bank ; or bill of lading, if the cotton is on
a? the eve of shipment abroad. The Batik, as
:he its equivalent, af'cr charging the interest
[he and allowing the d.flercnce of exchange^
takes the sterling bill ol the shipper, at six
>b. months, and advances its own notes, aad'by ^
di. mutual agreement, it is arranged to which >
,hs of die houses to be hereafter appointed in
iid. Europe to hold .hese consignments the cottfm
ton is to be ship|>ed, with an explicit under*
|Iyf standing, that it is to be held for'six months
pe. from the perioJ of shipment, if so long be
,nd n? cussury, to secure an advantageous sale*
>ite If the advances nre received by the Bunks
ew in the interior, then the receipts and the bills
tea of lading, may be transmitted to their agent
the Bunks in the shipping ports, in order that
jm. the sterling bills muy be signed by the ahipi
it per, that the exchange may be negotiated.
i to It will be perceived that by the specific
to rfsoiulmufi annexed to this report, the mode
ain by which we propose to carry out this great
icy n.easure, ts
in- First. By the appointment of a Commit.
uo? tee in erieh of the great cotton markets of,
lair tho Southern States, to confer with the Banks
ro- forthwith, in order that arrangements mayem
be mudc to commence advancing on cotton
ix. ou the terms proposed,
lilts Secondly. That these standing commit*
not tee! be uuthrriscd to confer with the Banks
cy. as to the selection of the houses in Great
nal Britain, and on the continent of Europe,
nts who shall bo empowered to receive and sell
rith ihe consignments from each of our shipping
iod nnrtfl. It muy, perhaps be desirable to the
esiUBiiMi in muiuiefgn huh terras
ifa- the best schools for our young merchants,
lato new Amcriraii houses, to attend to the trans,
itry actions of their business. Your Committee
of in r.nnsidermo the reoort made to this Con
re- vcution by Gen. Ilarnihon, in obedience to
the the instructions of the New York Meeting,
ent which devolved on him the province of ur~
of runging with sundry European houses, tu
iri- take the consignments, and which has been
the referred 10 ) ?ur Committee, ore of opinion,
md that the Convention had better make no dcol
siguaiion of the houses ; but simply to suggest
the above reference, however entirely
we sa'igfted iluy maybe with the manner in
C?)f which this gentleman ptT'ormerl this duty;
1 to and of the undoubted respectability of the
let- houses with whom he conferred,
re- Thirdly. That in the Cdy of New York
m- there should be an Agency established for
of- each Southern shipping port, to be appotn-' Ve
red by the Co:rimi:tees, and Banks of said
Ports, w hose duty it should be to sell such
of Cotton if may he shipped to Now-York,
on and such cxcbnhge as may go to that place
of for negotiation.
ro- Fourthly. That a Delegate from each of
v O 0 ' the
Committ' os of the several Cotton Markrti
c:s, meet on the 1st day of August, of each
we year, in the City of New,York, to coufer
3rs with the New York Agencies, and to dev;sc
t a such measures as nay more effectually prore
mote the objec.s of this Convention,
its This is the sum and subsistence of the
at, plan which we purpose for the protection of
tf our great staphs and the resuscitation of
he our currency. In its details there is neither
>!e complication nor myyfcry. Its object is to
borrow the money an our staple at honi*,
? ' 1 - -1- * ?I ?? -l.oA If liarnnrt
ana nor aoroaa, nr^u uius iu u ?.jv??
to the reach of sae/fice, when or tno Bank
he of England mcither, from wise councils
he or an unfounded panic, raise iho rate ofined
terust. We dirclaim the stupid charge of
ds hastily todie manufacturing interests of
a- England for the manifest reason, they con,
h- stitufe ew best customer.
We must, moreover, be allowed to enter
la ourprotest against the unfounded allegation,
,i|, tb^t we desire to fix, by an absolute e<Uct?
j(j ,/hc price of Cotton. We aim at no object
}\y so absurd and unattainable. We know that
(. the great Jaw of supply and demand must,
in after all, regulate price. But it is a JegitL
ir mate object of trade, by wise provisions, to
). guard Hg tinst gluts in the market, and ur..
y founded panics, oficn the result of unworthy
t. and profligate combinations. We have re%
peatedly seen the most false and unblushing
r- statements of the probable amount of tha
il i Cotton crop of the U. States, for the pur9