Edgefield advertiser. (Edgefield, S.C.) 1836-current, February 10, 1858, Image 1
- 47M
"'Wevwill cling to the Pillars of the Tesiple of ou. Iberfies-0 ad if It. mat fall. we ilIeiI ai~ u itn.
SIYIKINS9 DURISGE &CO., Proprietors.ED EIL ,S C4 E RU Y10188VO.XJfN.
REMARKS OF
HON. WILLIAM GREGG,
OF EDGEFIELD, ON THE
BANKING SYSTEM. c
RESOLUTIONS OFFERED BY MR. GREGG. C
Resolved, That the distressed state of the t
country, and the unprecedented derangement1c
of monetary affairs, render it necessary for this
Legislature to pass some act to amend the Bank
Charters, which shall in future restrain Bank
issues.
Resolved, That the money pressure every- c
where, and general want of confidence, render
it necessary at present to remove all unnecessa- I,
ry restrictions upon the Banks, that they may t
have freedom of action, and be able to so far c
expand as to give a forward movement to the
produce of the country now waiting to be sent f
to market. t
Resoired, That we have full confidence in the t
solvency of our Banks, and in their disposition r
to resume specie payments as speedily as ci
cumstances will permit. . i
Resolred, That a committee of seven be rais- t
el to take into consideration the whole subkject
of Banking in the State, and report a Bill for
the action of this House.
ADDRESS.
Ma. SrPEaiit:-One of the great objects of V
this Assembly is to correct the imperfections of P
our laws.
If the great men of 1840 have made laws I
that are found not to answer our purposes in
1857, but are sonrces of serious embarrassment 0
to every interest in the country, shall we, fur P
the sake of punctilious consistency, refuse to s
repeal them? Shall we attempt to chastise a,
the banks, while every blow we strike inflicts o
a wound upon ourselves? Do you expect the C
banks to loan money to relieve the country at. C
six per cent., and pay the State five out of it'? Il
The proposition is absurd. The fact is, that the S
cotton of this State cannot, and will not go I
frward, without a removal of this restriction.
Every warehouse in the interior is full of cot- I
ton, and thousands upon thousands of bales will i
remain in the country. From this cause, the t
warehouses in Hamburg and Augusta are piled I
up to their roofs. The State may put a fewt
thousands into her coffers, but it will be at the t
expense of ten dollars a bale to the planter. I
First, the banks could not loan for fear of!
sispension, and, after suspension, you say they
shall not loan. I have been a daily witnes
this Fall, of the diifticulties wita which every
planter has met who had to sell cotton, and I E
have seen it sold at 10 cents, when the Liver
poal advices warranted 15 cent-s. It is need
less to talk here about things getting right of 01
themselves; the banks must have rei or the
ciuntry will be ruined. Tiey must be relieved '
of the penalty, and from a public alvertisenent
of their condition. Many a good financier has d
been ruined by exposing his affairs. If yoi ji
want the banks to get up again, spee.lily, let c
them alone ; place them in a situation that n. ,
man can pry into their affair.. One b mlk shoalda
n)t know what the other is doing. If they are
let alone they will expand ; it is the only hope I
for them and the country. If money goe< wat e
to purchase cotton, every body will be able to a
pay their debts to the bank:-,
in 1840, when the banks suspendled, I wais a
director in Charleston. The bank in which I
was a director had $000,000 circulation, and t
8 30,000 specie. All the banks knew it, and a
were afraid of us. It was hopeless to think of"I 0
ever resuminig without an expansion. We diid 0
expand, as nearly as I can recollect, about $800,
030, principally upon cotton drafts. We loaned V
freely to our nercantile customers, who were k
soon able to pay us back three-fold, and helped P
Creativ to reduce our liabilities.
SBut for the expansion of the banks at that C
time, many a good mnerchaunt would hlave been e
ruined. I had just carried into a concern there, I
.$100.000. One of my partniers hadl just return- 0
ed from Europe withi a large stock of perishable ' n
goods. We burrowed fromi thle banks .$130,000, ,P
to make good the falling off~ of our~ sales; itt
was soon r eturned. Our weak bank, in a few Ii
months, became strong, paid its banik balancest a
in specie, and resumed, to the astonishnment of C.
all the other banks, who followed in quick suc- P
cession. Thius e.une about resumuptioni from aa
quarter from which it was not expected, and bi
several months before anybody looked for it. a
The brokers deposited barrels of specie in theo
batnks that they could not sell, and nobody
wasnted hard money..
I repeat, Mr. Speaker, that our. banks wil
have to expund before the country can be re
lieved, and I hope all unnecessary restrictions t'
may be removed.
1 am surprised to see gentlemen still hangmi
oa to the idea that stocks and State securities v
form a fit basis for a bank circulation. Ihave Ii
we not seen enoughi to satisfy us that it is all a i
fallacy'? Look at New York, with her great c
system of stock securitie u-stocks thlat were t
worth $120 ibefore suspension, reduced to $25.
Look back and see wvhere Georgia was in 1840. t
Gecorgia, one o'f the muo.-t enterp~risinlg and sols
eat States, had to standi by, andi see her I peri y
cent. bonds, sold for 4i4 cets in the dollar-.1
WithI pulie works oni hanud, that are to costs
us a debt ol $20.000,000, how are our Stateb
bonds to be relied on fior a basi~s? We had bet- t
t-.r c.>:e to the reality at once, andi priendel for f,
a ctontracted paper currenicy, with a strong spse- ii
cie basis. 11
A adl I aim still more surprised, Mr.. Speaker,
to hear atdvoceatedl tile restriction of b~anks to it
peir r'ent. dividlendls; that is not hing short of
offering inducements to extravagance. 1f thet
banks eaIrn 10 per cent. after ma~king Igo- their
surpilus they umay be iin.hueed to expenid tihe
balance in extravagant buildings and big sala- jt
ries. What we want is a reduction of the nuim- c
ber of banks, and less banking capital ; then, iI
with a pr.,pcr restrictions on the i.ssue5, we will ii
have as good bainking systeml tor our purposes "
as we wait. Let us take time, anld not do t
tingsu raishy.I
WhIat I want to impress upon this Hfouse is,~
t'at the great secret of restraiing batnki.-e t
has not. yet been discovered. For thle want o1'
the propmer restrictionis, thle country has lust un
told umillionls. The whole banik capital of the
United States, iln 1837:, would nlot pay half
which was lost by tile 5uteniriS of 18S7 and
1840. And what may be said of this susp-.-n
sion ? Why, .Mr. Speaker, it is my candidII
opimIon, tha't if all the bank capital in thme wholev
country was dinided out among the sulerer.s, it
would f.dl short of paving the loss.
The State of New York has :;:0 banks, with
a capital of $85,5,00d. It is said that the i
city of New York herself has suffered lose; t
that .9100,000,000 wvill not cover; andi how ist
it withl us ? In all probability, this cottoni crapl)
will sell for $20 a bale less thian it would have
done but ihr~ the m~OneItary' convulsion ; O00,- 1
000) bales. at $20, makes the rmutnd smtn of
$6000),000. Thle 141 banks in tile cott n- a
gtrowinlg States i-ave $07,70J0,000 of capital. j~
Many individuals estimate that cotton will be a
mol a 25 a bar leas than it would have been, .
tad this suspension not taken place; 3,300,000
ales, at $25, foots up the round sum of $82,
00,000. With these figures before us, I think
re may come to the conclusion that we have
aid pretty dearly for our experience.
We have had an awful lesson in the present
ionetary crisis. It has caused wide-spread
uin andi distress throughout our land, and hai
educed to poverty some of the wealthiest mer
antile houses in the great cities of the Union.
lut, however sid and severe the lesson, it,- inay,
nd I trust will, result in a blessing to our
ouatry. It is, in all probability, a timely in
rference of Providence, to check us in a mad
areer of speculation that would have resulted
i still greater calamity. Such was the seen
ig ease with which money co)uld jbe made by
anibling speculations, that all sources of pro
active industry was in a process of rapid de
lension, and the cost of production so increased,
s to render remtuneratitng pr. fits almost hope
Ks. Evena our great agricultural productions,
4e value of which is not affected by our inflated
urrenev, but regulated by the gold and silver
Landard of other countries, are not exCmlt
-um the enlanced cost of their production. All
be appliances for husbandry now cost three
ines more than the current rate of 1845, when
egro follows were worth .500, now $1.200;
iules, $65 to $75, now $200 to 82-25; and
d inore thi-a doubled in the value. But for
he high prices that have prevailed for five
'ears past, for cotton, sugar, tobacco and rie-.-,
re in the old Southern States could not have
ved. It now reqmires double the capital that
ras formerly invested, to make a bag of cotton,
rhile we have no assurance of continued high
rices.
I say th .t this lesson, savere as it is, m-ty b
itene:ld to teach us, what all men must now
e satisiiel of, th-it the bank restrictions throughi
tit the UiteL. States are incomplete-and the
cople of South Carolina can searcely fail to
-e that ours ar- utterly worthless as saiegir-irds
;aiht suspeasion. Trte penalty of 5 per cent.
nt all issues i.s a mere nockery, for the bills in
irculation hlve been put forth in inany instant,
as on an interest of ten, and are pmaying t hC
anks at least 7 per cent. ; for it cannot be
Ipposed th it the capital which represents thee
'rel.,eumable bills is lying in the banks idle. I
1n, however, opposed to inflictin anly puisih
ient on the banks twr. It would be extreme
r hard to punish a bank that had adherel
iroughout, to a prudent legitimate cour.,C of
anking, eiially with the reckless., that seeted
) have a ierfect disregard of t he relative i1anaa:
tr of specie. compared with its liablilities. I
efieve that many of ouir banks are as juliciouly
etmaged as any banks can be, Sad de.:erve no
unishmnict t'll Ir he past. It is extremely dilli
alt for the mosiAt prudently managed bank, to
void being drawn iuto such a sweeping guId as
as pa:ssedl over our country, anid prodluced at
i.pen-ion of nearly all Gur banks Sappozc
ne to be located in Charleston and fitncd for
ose and judicious uanagemlneat; she 11a1y keepi
dollar in her vaults foir every ltper dollar out.
his very fiact is calculated t) make such an
stitution a fav.rite bank for collections and
Lposites; an.1, fromo courtesy to her neighbor
ig batiks. as well s a positive hity to her
stoter<, sIn in bound to take far culleetion;s,
ad on deposite. all specie-payinag hank bills;
id(. to refulse to take the bills of any one of
io weakest banks in the contunitv in ati inc
[ deprcs:sion and excitement, would at once
c-ate distru.t. anal cause a run for specie, and
general supeansion would follow. carrying
-it it the bank that lia-1 been least of all i
.rumental in brinazimti' :,aout a iece-Zi tv fto: a
ispen-ion, and not htalf so culptble as sume of
iv banaks wio had, by .4ir gsod wh , been
le to wettlher the storm. There are degre;
crimidity itn the act of* sua1pent-ion tat.
h.ig!t to ph11ee almuost every bank oat a separate
d listiact ii.,ting. Some bank; suspetdedl
rech from a belief that a generial inove of the
nd wVUbt relieve the pI)e-sutre aw-l ena-be theC
.duce of the cotuntry to go forward. All of
it old bank< which hal givent Such a high
amracter to S. C. bank hills, have been, of ae
at years, driven by naew comopetitiona, to abi:i
>, in some degree, their ol legitimnate atmde
'bankinag ; ail, a< the State has beeni instrut
ttal itn bringinag abotut thte eloteents of suts
.sion, we should be very careful lio' we use
te rod of correction ; bttt, for future safety,
icorporate in their charters sutch restrictions
Swill prevent a fntture occutrrenee. Fiae per
... per annuu on the circulation, dutrinigite
riodl of suspensioan, is a slight puntaishmttent,
d atlards no comnasationi to the injured hill
alder, wvho has to pay htis debts in goodl money,.
ii a heavy premniumi to get it ; and, aside front
ter considerations, the baniks anightt ma~ny
meas be so circumtstantced, that it would be
realy to their interest to suaspendl, and pay
tech a forfeiture---and, but, for the consequtaecs
>the coannunity, it would be jtust and proper
iexact thte penalty now.
TLhe subject of banking andl currency i~s so
ttle uanders tood, that it shouild bie approached
ith the greatest possile caaution ; and wc
must all bear int miatd, that any punlishmttents
aticted on thte banks, at paresentt, only tend~ to
reate new di ilicul ties and embarrassmenats
toughtotut thte comutniity. It is all importat
at tbe banaks should be left free to, act as they
uink best. Theyv are all axiouis to resuame,
id will do so :1s soont a-s circumastances wvill
erit ; and anty punishmuent that we naty in
ict, for the purpose of coercing a speedy re
uption, will fail to accomplish thae .bject,
ring trouble upon the commnunity, and disable
a banks to miake thte requisite preparations
era general resumnptiona, which canntot be
rought about int any other way thantt 1)y an ex
asioan of btank issues, so as to entable the pro
uce of the counatry to come forward], anad also
> place thte manais int the htands oh every botdy
> a' their debats, which is now the upp1erttt
bughlt in every imn's mtind.
Iowever much U~am dispose-d to cor:nmend'
a Comptroller General for thec promptht dhis
ar:;e of his duity itn executinag thei. law, libe.
eve it would lbe wise legislation to refhmda thec
oney collected fromt the bainks. Othterwise, it
'ill cause a strinagenicy itt thte motney martket
tt ought niot to exist; for banaks will not loan
eir~ bills whten they hiavei to pay 5 per cent.
iterest ont them. The State is worse olf thtan
is banks. Situated as shae is, I think it is eni
rely beneatht lher dignity to call upoitn the
ak< tot payi the forlbitture. Thec State is una
I to) pas hter bonds at par, The suspenadedi
atk ptaper is attre cuirreat thana State ,tredit;
a ani will gave thec sutspended banak bills ihr'
tate bonds at jnr. She is itn a state oif sna.
ensiont herself. 11cr own biank led off, andt
'as tbe first to susp~endl. Shte is paying the
terest on hter pulic debt in hter own irre
ceemable banik bilks 11er laiborers otn tihe State
apitol are paid in the istiae way ; anid, taside
om all thti<, shec has been inastrumnental hterselfI
a brinaging this state of thinags tauon the bantks,
y the creationt oh nw bantks wheni ail whtere
hte were no~t nteetded. I feel perfectly cotnfa
ent thtat if thae State htad not increased the
ak caipital of South Ca:roliana sinice 18-h0, our1
auks woulid now be payimng specie for their
ills, and' doinag all that any: sot of btanks could
e int sutch a calamitous stormn. I repeat thtat it
aot a mttatter for its now tou tisactass, ow we
e to get outt of this dillicaulty. We can dc
t.:ng to eliene tbne conntry from a nalamity
that a long series of years has brought upon iv
The people and the banks must work out thei
own salvation. The duty that we have to per
form is to provide for the future. Our bankin;
institutions must be regulated, so that if an:
future legislature should create more, and to
many banks, some wholesome restrictions wil
confine them to legitimate banking, and leav,
them no ground to act upon.
Every man must admit that this is a prope
time to consider the.ilject-of restraining ban]
issues. The subject is now being agitated every
where, and the public mind must be prepare<
to act on it with justice to thenselves, and wit
a due regard to the interests ef the1>anks. W
all know how easy it is to lbrget lesions of at
versity, and to run into ruinous extravagance
Only five years after the sad revulsion of I 841
a new inflation coimumenced, and fron that perio<
to 1851, no less than 211 new banks had beei
created in the United States; and, as early a
1847, people began again ito t;alk about suspen
sion,and such was the genera! distrust of b.nk'
that sispension, with its atteml.mt desolatio
and ruin. hauinted the minds oef all comercia
meni. At the early period of 184-7, such wa
the state of things that one of the banks of th
City of Charleston, it is suppoised, would hav
suspenIed, but for large and timely loans o
specte fund~ fron two other banks.
Since 1847, the wheel of speeulation and in
flation has been steadily proIgre.,ing, and up t<
January, 1.57, embracing a period of only 1(
Vears, neo le; th an 078 new Jaiks have beei
ereated in time United States; and from 1843 t<
18.51, the baki circulation was incereased fron
lifty-eight millions, to one hundred and iftv-fiv
m illionis ; and still further increased from on
hundred and liftv-five million.< in 1851. to tw<
hundred and fir millions in 18.54; and sucl
has been the danger. at all tillies, of a genera
suspension since 184I, that We many be said tI
have been all the time oi t he very brink of i
pnxlpree, re:ay to be puslhed over into b.k
ruptcy and ruin, by any wind that might ereati
a want of confidence in the bank4. There wer
Iperiods, in the eoiurme of any year .since 18 1
in which the. breakin. of a 1-i.nle bank wont.
haMve rai-Sed a stoIerm ; and, ubli:- sus1icion, one
arouel no hnian power -.ublH have allahved
Nothimi" but the constant flood of gold fron
C.diitbrnia kept up conlidence in the baniks ; and
although it went out. of tile conni ti y a. lais a.
it camue in, and geneerally faster, yet it led tie
people to blelieve that tile, country was fiilinu;
up with gol. I think it must be plainly seel
b all miitellign t men, that the great :eeret ha
ye'to le iulved, Iy which we are t- leari hoim
t egviu iaii L-1 tiurren-cy anl prevent excnt ev
Iank issiue.
.\n of our restrictions hav'e ~aterly. fraiied
Ou.-r lanks, whiei have a iinion of capit.1'mt)
is.ie thiree milions in bills, and not have ter
thousiancd dollars of specie in their vaults. Th
New York llanks were required tit deposit, ii
the hand.s of a Comic-ksioner appointedl bey ti
State, ais i:y doulhis i!!,otd siocks .Ls tico
iuink could issue of its noteo : that, was uppose
ti bt :Ip;e, and it was thlghtt aLt thee New
York b.ik circtlation Vas bet ter frititied thla
.1y in tile Union. B!t wih.t a signal iihlre 3
TIc bank all suee. anil whit won'.d thl
stock-s have sold fur, in New York, lhr har-c
mcn11 V .\n eort to redeem lthe suspencde
bank billk by the sale (it sich stoic-ks. woul
leave riniced both the b1:n ik a.and the: bill-holders
La 1S1.7, it Vais my l0t tO conuinceIICC inl earl
life to provide for :cnyself: the lave year.s alei
that. was a pertio.di of great depressiin in muonel
matters, when the cio.-e,t eononmy was necessa.
irv to the successf! developmlent of imcy eiter
perise. About the year 1,:.2, the cointry bega
toe shew signs of propuecrity. and things conctin
ned lit itiprove lip to .P8;3., whIlei a periode c)
bank inlItioen and.,pjweclatioen Cocmm ciencel. vheiel
in a l yerrun thle people of ioIr counatry
mcl. Norro fellews went ip. inl a sh-rt time
hom ii 15. to 8~1. aitl v, ii; everythim,
ie propeotieoIi. lvry ima1n expevt'e&d tee :
;-I..ure, :e'l there was scarcely a sieuctess-l
m e r, cit in the couitrv that was niot preprin i
to b:-ancich hin< ceelnc ,e'tl syn-e:vl his be-ice.+
to tee ien-Is. ;laickenit ha ande other tradlesnei
be. cue mierchants. Soaphl and eanctle-mitn ha'
beecme ereoY.:ore meerchiants.:med loo' ked ferwar c
to the dlay when they' wouhld lee ranikedl anin
the llothsoihls. 'The laudies ini Ne.v Yoerk were
floeutineg 8-:00~ dresses, dceratineg their shoul.
ers with 8,000( shawls. Thie benecs aned speen
lators, which latter emebraecd lemlf lee peele ci
the country, h:i'l so bloated up t he-ir affatirs, ilcal
anl exploionii /1"d to take phlice. It camne like:
whiilwin-l, to the surprise of everybody. Wit I
little or- no specie in cicutlatien, it was fonie
that the bank dleposi tes a"d bl aik (cienlatime
ien amuncted to two hundred and sevencty-eight
millions of dollars, wvith! a spci basis of bho
thirty-eight inillions, leaving a surpelus eef ini
debtedness of thce baiiks. of two hcudced ant
thirty-eight tuillioins, whlich had to bee cuta~ilec
as speedily as possible. The eflorts of the bank,
to bring themselves inito peositioni agin, spea
ruein and desolatioen bcroad-ea4t over ounr cnt ry
anl, lent fur thle bankrecpt laws, the counmtry
wiouhld not heave receovered in ten years.
I place the banck dbeosite~s acid thce notes it
circuilation toge-theer. fhr the reason theat everyv
bodv kinews that a depositei is nothing ccore
than sCo much piaper ioney deposited, to lee paie
out in the sauce kind oef curreney, ande all that
the banly have noet speceie toe reeem, cmucit be
rated as i rredeameale paper money.
In 184:3, the banek deposites and issue:
amounted to one hundred arid fourteen mnilliomns
specie in banks, thirty-three millions ; showing
that there was, at that time, but eighty-one
million of irredeemab~le bank bills in circulatior
and. on deposites, over and above the specie tham
was in thee banks-sthowing a centractione, in live
years. of one hunedrced acnd fifty-seven meillion
'f edollars, qiuite enouigh to~ ru~in aniy country
About this perio.l the country hcad got righi
agin;eo meonecy was comparatively plenty amc
interes-t low. All legitimate channels of trate
seecied to be fully supp~lliedl with means; amnd
what I wish muore fully to impmress upon the
nrmnes of mnemnber is, that all braniches of in
yeairsan until the new~ intiation hcad goet fah1h
'uder- wtay, ; acnd, singular e-nough to~ say, t hal
Ih five eas after 1843,tebnstruhn
cause of whbich was a snltlect of anxiouis enqiuir)
with thce bankks of Charletmn and Augnista. 'The
truth is, that the minds oif the people, at tiae
eaily dlay, hadl noit beomne imecbued with th<i
spirit oif speciulataion ; the day had not coim
when -very mcan wa< in a hurr-y to get i-ichl (e
uocr ; thc thil, which doutled ever'y mii
inovenieit. had not comnotenced.
Now, tollo~w me ucp, ande let nmo picture foi-th
the course that things leave taken, thuat I mna2
explaine, as far- as I can, the cause, the natureame
the extent, of thce pesenit cahamitous~ storm ii
ourc meoietary allairis.
As I have before obscervedl, in 1813:, we had
in llank depeosites ande paper circulation, eighty
oine meilionis (98 1.,000~t t) of icrredeecmabb
lank hpaper. '1 nat, with thce small anmunt v
gold and silver tueni in circulation, coenstitutee
ouer tr-gdineg capital. Eterything fitted itself t<
thfat state of things, andI the trade of thce coin
try wentr on without anuy tcapparet deficiency u
ieanis, to caery on vigorously the whole buii~
ness of thce cotuntry. ha .1851, just eight year
afterwards, we fined a very diffieent state c
and another sad revulW - tbat time the
r Bank circulation and de 'qe amounted to two
- hundred and seventy-si. sillions ($276,000,
; 000); specie in Banks:. 37,000,000; showing
that our working capital 7 irredeemable bills,
without any augientati" of bullion, hand in
I creased from 81,000,00O -1843, to S239,000,
000, in 1851, or nearly 3 per cent. in 8 years.
Everything was then pus g forward with the
speed .of steam, to keep' rade and speculation
.up to the workig,cpi at.had been thrown
- into business channels. very man felt that
I the California gold min V. ere.emptying their
I trenLures upon us, and and every individu
3 al was jreparing himself r an extensiion of bn
- siness. Every mind was bued with the spirit
of speculation. It is niotiknown exactly when
the inlation connnenced, but it is certain, that
I the business of the coun'ty fitted itself to it;
I all was well balanced, had the real metallic
money ba-is been right.
In 1854. we find the circulation and bank de
posites to be $392,000,000 with 859,000,00
specie in the ianks, thus ring u- $333,00,000
of irredeemnablle trading espital, against S2''-.,
000,000 in 1851. Things, by this tine, had be
Wicoe top-heavy, but yetAe constait floods of
"old fr omt California, indiioel us to believe that
idl was right. The circle of boisiness vperations
still widened, adjusting itself all the time to the
quantity of moncy at. corininand. Thing4 went
on swimmingly, and every man who coulid
throw ol his homespun coat was a trader. and
men of straw becane great nerchant.s. lit 185'6,
we fiud the deposits and oiErculation to be %407,
I 00,00, specie in banks,- 3000 000, thus giv
ine s a trading, c lpital 354,000, ofire
deelmble I paper, against thbsu of 333,000A00
in 1854. We iad, at thystage of aliirs, that
iverytiing that adlinisAS to our want had]
increased in value thrA-iohld; negro elo1
"1,00U it 1,20U; muleg 4200 to C'25 c
riage horie!, $1,000) to0l,500; in New. '.ki,
igl hurses $L,500; pairs 8:,000 to $3,000 ;
lLerLhialits buililing pialace to live in; the old
Astor flouSe. thIat was cotiidered I lie wonderi of
Ule age in i836, had to give wa to the St.
i :hicholas, and others, more extravagantly anil
uxuriously tittedl and idrnished. I -lies are
1- da.,ing aboutI the ,strew- and watering" llave<;
Iagain withm their $500 dresses and S'-iI.(tO shawl
im-ehanti are seen pullimgdon princely buil
ing- to vie wit eacti othgr in tile erction of
stores, at an expense of'three to live hundre'l
ihousand doll:ari; inen qre seon running, to ;ui
fro, to lind employent gr-money that Ilas ieen
borrowed at 10 to 15 uts premanmin every
raiioad project, howeve -idvonary. imiay make
bonds awl tid purch .. for tfhemi, and ge
reaIy ilioley at sioie priice or other ; nauiii
cent cities are built inl tkil wekt, and nitold nil
lions are male and lost:!b such speculatiuns.
iltonsui; wild spirit, oil,, .speculition that
wlas .o rfd1 andulvwinch ruined so nmy
omen in 1837, pi -6tmir cotntiy again,
aind more land iai been d paid for by
popuiation in fifty years. Indeed every thing,
wns bi taken holl of with avidity, except such
imive..tmlents as were necessary to develope the
indu.,trial re.sources of the country. TL'hey hI:'e
been thrown iii the shade, and nothing bitt dire
nececsicy. growing out of the incre.tsed consuip
til of 01ottini, prompli:s the world to purchase
our Ntaple, at prices tiat will reamner.ite, in t his
Ae ( extravagance.
Now I have given a sketch of the cour.:c of
thing from i14 t, to the sunnri- of I.~ , when,
:t a dead calin, the tormi of p:bli: ditruist
coimnences, aiid the banks begi to cointrict
their ciruilai ion. Meni t11d it di 1ieuil t to p. ocur1e
mon4.Jiley to imieet the cUnliioest e:g.Igewnilits.
ui.d maike -erims sacruiices to niai taa crelit.
It i.; sooni fouiindh that the banks have contiiracted
t'iirt v illions of dollars of their cienbition,:i
will l1ot 101an a 'uiht!:r to Well ios*e Il-gJhtimm:1:
oper.ttiln. reu(iire large sums every day. Verv
-AoMn bomtle of the stronlgest and hW it hlon-es ill
th* C.,untry are driven to them w:dl, hiel;il, :I'l
iav to give up a business (invlving iillion-)
,ipreol out over tle whole Ulitel State.-; tshi
'ailairs are faiL in consumission, wvil h good asti
to) sazew a .-uri.hiis oh a nullioi; th:ey are wann-i
up an und an l re-hit:-c'i ob;:::. y, frn no
uother caumse than a <mid~en contrael'ti .: ot 1a~mk
curteicy, the inflaution of which hadu in hicedi
t in~si :i~ ,ir ..s o f tue ipper-tea t ihun cir.
ele. where the mierchaut, were3 1 sing a prope
rouls buinesi.'s, to expand into a l:tr;er cirlwt
.tiK! retrpoecsot' success.
One ma alle anthrct~ks, the ba-irt12 t (~w
the cords tighter and tighter, until linial:y they
burst, andii t hien coi mnes a generiial sait-in ; and,
what is wor:.e, coties the reality tliar we have'.
to re trace oumr .step4, and the .-ad pictsuie :stire:
u in the thee tinat, instead of $854t001 ) 04o
11radimr caital, we have not a hiiiidred unilt:
of real mooney in the banks and in cir cultmion.
imilepi~i~eiiet of the sub,-trea~mury. Tlimis we i:n-e
to have ,mbleiniiy taken awvay friim us.$254p 0,
100 of ouhr traIing capital, and we hav e to ge't
back, the best way~ we canm, to the happy'' iool
tinw ciipied in 1845 and 18-lb. I say
(150 000,00 ir I am quite sure thair tli '0,00,
0001. of banmk pafper will now serve the counitry
quite as well Z, .$81,000,000 did in 18t t, when
tue undlertrata of our circuItntioni was larey
tilled up with small bank bills, which. I tru t,
will in future be supersededl bygold.
I repeatt that I will not fatvor any mneasure
which looks towards punishimng our su'penidedl
baniks; but I would th-row such guards around
them, by amiendmtents of their cihatters, as will
secure the country, at least South Carolina, from
futurte bank suspensions.
Thme 1.t .step towards this object is thme trepeal
of thec usury laws.
21. To "require all the banl.u to keep one
doll:ir ini specie for every three of circiulation,
toget hecr with ordinary depo.sites and other im
mediate liabilities.
3d. A pro-pective Act, which shlol sceutre thme
State againist the isue or circulation of buank
bills under twenty dollars.
4th. An Act to raise the limit of interest on
bank discounits to 8 per cent. on notes or. bIls
ot esch:mge, payi.le either in or omit of the
State. Nothling should be charged, mn thieshp
xchaniige.
5ta, Thal't ino bank in this State shtotild he
allowed to puchs the notes of' inidividuals,
nor to be concer-ned in such purchases.
tith. No bank in South Carolina shall lbe al
lowed to have her capital, or any psirtioii of it,
loaned on call to people out of South Carolina.
-7th. Every hank in South Carinua which
shall hereafter suspend specie payment, before
issuing any more bills, shall procuie new platies
andh have new paper struclj tqif, to dlesigiiate the
new from the olId bills; that tho banmks shall
pay to the old1 bill-holders 10 per cenlt. dlamnages
for the act of suspension amid its consequenices
to the ill-holders, anmd at then ratte of' 8 per cent.
per' annum on the bills, during the period of'
suspenisionm.
8thi. The cashier shall be required to3 state,
I on oath, with the monthly returnm, that the banik
had not violatedl its charter.
Such laws would put our curtencay on a smundl
basis, and secure uts against a superabumndance oif
I banking caphitatl ini future.
- Such retrictionls mayi~ appear to maniy persons~m
Sto e unmnece.,sardy 5trinigenlt. Uimt a little ex
f plaiation way regiove such impressions. ]Banks
are... u..ermd with a view to benefit particularI
localities, and to a1d to the general prosperity.
They are expected to constilt the best interests
of thle community around, while, biy.a motment's
reflection, if we take a general view of the sub
ject, we will pierce've that their interest leads
them in a diametricily oppoi-ite direction. The
country at large is interested in a soind, and,
as nearly as pos4itbb. a hard money currency.
The banks are interested in flooding the coun
try with paper inoney, and, consequiently, de
ranging- the currency. It iA th-ir interest to
drive out of circulation every hard dollar, and
put in its place three of paper money.
The first ellrt f a baztk, af'ter it is oranized,
i. to put out as large a circulation, as many bills
as it can putat fortli, and obtain in return. means
that seem to be reliable, fir I it redemtiplion of.
the same. ThiS ef4brt never ceases utril the
country becones overwhelmed with bank paper;
a reaction necessarily take liace ; whena a ,ne
ientary convulsion f.dlowz, and the whiole
country is called oi to participate in the general
enlbarrassmtettt and ruin that mus.,t inevitably
follow.
We have abtudant and pressing inducements
to guard ourselves, in everyway we can t.againtt
excessive bank issues. It demoralizes a country,
iakes every mai a speu:ilatrt. makes real :no
ney scarce. and raise., indefinitely the ratt. of
interest ; and t.ie best shiehgt that can be thlrowi
aLroundttl 0 pwoeole to pirotect tim itagailst exorbi
tant rate. of intere.st will be futdt to ber
restrictiinis on the Circulatiou o'f patper itoey.
wiih will reavi- tile object in idirectly, while di
rect laws aaminst usury will utterly' fidl'.
We have fir ten years lat.'t enjoyel appareit
ly a state of pro-perity unlirecedetnatdl blt is
nlot iluch of it fietion ? Have we not Ieen liv
ilg ont borrowed capital, that now, in our sober
.;enseW, We ha'Ve to pay ? Loiok at the hunlreds
itf miillion- of' bndts that htave. bieen inade am'ong
Its, and whieh iave pas1ed foijr real wealtti!
Look at ite va-.t .,umit that have been borrowel
Itoi fo'eiiti conities, :ildI whilill have heeft
spenat anal .nag 1ts ad ilt ONIg --iniee relitrned by i us
to the1 counltries from.1 wich-: they ectile. to1ur
tl'ba~e exi r4V:mrLlit hixIi'ies ! Tere c:n be lio
.bt-lubts WS Ill Onel n--d! p-eitfrth ut:-v
enl years4.,v r:h tvery 'giutrlarticle
but hate we not i ved that, ind'l si'a t Ow
borrowt~ved nu-mer- :')I.l.e lu real :i rii
Coveredll A1 1he i-me tinnler. :a p:lpercurn.
Whih hs h~mSo ei.ao 1im.ige -,Ilr
moA,-t. ir knt ainl ii'ertcct imeon. It la.= dbtoled
men; it ha1; deld the wi'le natio; 4.: put
at d..-liaiwe th:- u-ary hiws of' every Std,;mid.
I. trunt, co:ivincedl All sob1er-thilInking. nieni. that.
:tv- inaiet bi ten ate ituttery ii.:.dipiiaie to
re'vulalc thlt v d t 3-111-'Y att ll ivr th:UI ally
utiler coinminbity, a11111 1ii:lt Wippyalul 104n:1n0
will govern, a, certaildy . s tthat water will find
its level.
It is wCii known that a sliding SO'ede (f ilitter
e in the I-:mnk of. Enghanl, is the great regula
tor of* mone14Ctr '13air in thatCount ry"".
d a sa Fed. that.evgry State in tis Uion
TIftiindif interest in a Tneisng a ir aw,j
for the rate of, intereit ii the only sure index to
poinit Mut ie'ia ot inatiic and over- to iins,
ail, it' left uniicon'.role i bi Law, would .2erv tio
w'tain Its of alprouhing danaer.
Mtr the r ul.mition inl IS-M. intere:-t wa
Ilow t-r 1 severa l aS, Wnll mo1neVy apparenty1.11
more abuinitnt th:i of reeit Years. The
baniks of thi., State awl Gerii could not, fior
Ianty yeri.S, 'get out a ri'reni.aitn if their i
for the pit reason titt the oimtry affrdted no.
demru11.ii for it., and w.ts i-ill of p ail and silver,
wh ieh hal to be di-jaced bre tin Ipae
wuld Ilint its way out. Agriculturald awii ll
plilahiC intdu.lttrial eliterp'i-e<'c: ent. Stea-li2Lly ahtic I
in 1815 nn.1 '46, whea the bank e'.rculatti ir
the l'tiite:1 States W:- very liA . N.) mtana. whoa
cent. A< t'eii.f.t oth t :iie. ille Cota-i
av, I brrow...i large si:ns of Itmoney 'air that
'iaav. at ietr erit., ant tat., froi; ?.s-e of
the best finaiciers of tie cou:ti'. A'i i*I'
m11ne10 bee~un.- more11 abjtiuviant. 1w1-nlat1liOnl1m
mienl - . with1 i',7 ;., Ohal ill 1IS I ha.d t., rais'
mi' rite of' iittr t'4 p. cet., i:i 15.T,: to 7
ut'r**-y loansl, the in:;terec't r':mgcd tront o to 10i
per cent.
Ilave von not 'stice.1, that the rate of inltr
e.t ~in .\ew 'ao rk artah 11 uton s beetn 1eputedh in
lie newItSpaLper., tir five year's patt at fronii 10
.,r la pe centt., vibr'ating; withI tne lII k I-.sie.4 I
Nritheitr:tieit ie4. If' it were otherwise, thle conn
mtece of the cou~ntryV couild no't go tin. l),i yo
not kntow that. the llinks of this .%c~I e ha~ve
shown at rel ietancte ta I io:ut :noniey a:n pape;' that
I [ave yu noi' t tiottced~l.. tit any. mint h:p
that iu lii aJn~ ks iate driawia the icord's tight
romttl r'e..:nlar bn-iness, awtl thrown :idmo.st out
month-' loan. wh'ich all butisiess. ecepht, pro
dce tdealerts atnd spaeutt!or'' .1't tqield to ;a .- tt
do~ vout not kinowt thfat th uIi r tt'l awsi atre set at -
noti.h t' te Banik' oit ti-- Stte, :and so it
wil~ the wh'ienecver the lBank~s cant iniltl!e thle
countr tan md fill it withi specuilatorits thait aire a!
ways re:tdh- to give t wiee a; tomuch interedt mo
tey fot' hoiins, as anty tregutir bu'.ine. eau atLtord
to pay?
f)o y'ou know htowt the Newt#Taork lan~k~
evadle tan i ary l-ny'.? A cto-toer gote into ii
New Yorik Batnk to borro'tw $12i.'tt. Th'ie intk
is readyv to loant. but tequiiteS the barrow'eret to
give a 'note for $20,000, and pay intercst ott that
amount. lIe pays the initerest, *$1,400f. in al
vance, tand receives $10/f100, leaving 8f000 of
the nett proc'eeds, ott depoiisite, to lbe pliced to
the credit of the noto, amnd. loanted to .some ot her
customer. Now', this is am downright didge oft
the law, which a Northern man will uinht:ing
ly mmake, but tocht as waiu1li e entirely repug
nat to the nticer f'eelint.s of' a Siuthierni man.
But ontly change the natmure of the transactitin,
antd ia'se the inote, a bil11ltif exchange, a kite,
i' needs be, (tinr tthere is a echarmn in the wordls,
bll ot' exchange, which i.s mu ne to the tear ofC a
Sotthern bantket'.) Oat that kitnd of' papelr the
borrower can be as dlecent ly shavedl itn SomuthI
Caroinia as itt New York, or aiiywher'e else.
Notwithstanding t he nigh rate of itnterest tthat
evey tramnsaction wats b ased uiptmn, three mtonthIs
ago,~one deillar would taot pittchaise ineite ttant
33 centts of' what it would have d onme int 18 il.
Negroes, tmles, hiacon, and all t ite attlia~n'es for
agiclture, have risent itn tha~t prtoporttiont, anal
vou Itind a mian as willitng. nowt to borr'ow iiioney
at 10 per cenit, to purcbase a negtro for $1,200,
as he would have bieen to give 7 per' centt. ten
yeas atgo for' cash to purchiase a negro att $500m
This is not the result. of a Suat bun'titidatnce dir
tmoney.3' brit the eiheet aof tic prvil'inig spirit of
speculation. Money is ike every other met'
catile cotntanodity, it fohllows with great eat-e
and raipidity thet chaninel' thtat lead to the beest
m akets. The demnand has beent great int New
York for several yeatrs past, and mer'chants at
distant points have beeni otff~eed 10 to 1U pers
cent. primnttIt, for' advaniced paymetl~nts. 1ke
eentlv such off'ers hia'e beena raised to) twenty
pe. c'ent. You see what an indutcemeiit here is,
fo' sendintg money away. Ilanks arme imtpor'tunied
to loan, anad h ave Iiiated hiudredls of' thousanids
a igaist their will foret suc'h purpoIit~ts, to cu-toi
mes that they coul nt rehise. Everyt dollar
that coultd be dran into ourm tmecanutihe clan
nelhs has been seat off to meet that extraordina-,
...,,tmand, and ware our Rankm not laboring
under t! e pressure of suspension, their capital
woili go in flood.; in that direction.
I would abolish the usury laws, not to make
money plenty, or scarce, but to protect the poor
from the rich ; to put our capitalists on a footing
with the banks; to render it unnecesary foir
our banks or large capitalikt, to transinit their
funds to other States where the eu-tomary rate
of itiere.t rangcs above the limits of our legal
rates.
When tOe rate of interest is high all over our
colintry, nur coieiavil emporimils will be quite
as ItnIch in need of all of our moniey capital, as
when interest is low. I would, thercfore, repeal
the usttry htw is, give uoney cnpital a permIa
nent adil profitable homne in Charleston ; that
would tr'an.4er tmnieI ol oir capital. now in Wali
street, New York, to hlocate itself inl our com
(TeiLd empirium, to becemployed in purchasine
the IcIL111tile p.per received by j.obbing ho-e..;
trom the coutry trade. Il ab:iort, I woild re
Jeal our usury' l.a, to make legitimate bnI-inc..S'
for banking, that Chale.;ton 11111 ecilne thC
Cerll)! Ic:ial ontlet and inlet for Southeri trale.
and ts enaIbl) i.[s to disenthral .nurselves of :1
chi ildi.sh ttli~ de eene oni tImt ever-inIi atd.lloated
aM ..peculative citv, New Yo.rk, wiere we go to
purhast more twain half o o:ir .uilie, and
where tij be;t inerchant's paper is often sold at
froim 12 to 40 per cent. dietsint. Some months
ag',. lonl. belbre the susp.n -ion, I WasIii cnerig,
wi a nome gentlemen in Atit-i a. w eii onte ( os
theml. a Presdent of a baik, said lie knew of
Ile sale of a lirst rae (G;eorgia note ii New
York at 3'0 per cent. (d.5issomt ; that the citle
men who inade the :hte was as pOod and -ol-lent
aI Customer aS the 'tate Of Geor:zia coul pro
dI:e-so goA, thai if hI bank were lends in g
Iioney, he would not. ask hui for :ni endorser
In a oai of tell thou-and dollar-. This zalmle
miani went. to New York and purebatisel eig't
tho-ausnd dollars worth of g-ood's, gave 11s note
at :" and 6; inontii-, which paper was . id at a
(ui-Iticount of : per Cent. per anm. I rem ved
the impressioni tr'oI the way the batik Pre.-ilent
talkeoi abrot it, that his b:inik was the parchaser.
Now, let mlt a,lk yon of what, avail are tir
i.li: w haws ie t 1he. iot in Ile way of hr..n
le-itimate b 1ankin-. a pocitive evi ani a I l-rz
Ilnim the freedom (i rade? Who paid this .
pe: cenii. ? Cau any body doult iat, it Came
oILt of the conisinlier'. pocket ? I I doie semi to
MO liui ce .,trainiiu- at t guaf! and1i1 swall-msing. a
adt reine'to purnd mt a bank to lewd :er
imtley att it 8 per Cent., or an inTiiviuilal capitali.t
aIt 10. that a muereinutt, by ;so borroivmg, ni ay
go to'ireign counitries, far bey-oid wIt.re his
r.'1.dit woibl ro'eahl, to li'mreha,U his goodls on tile
est ein, that ca-u woiih 1 p'tI'iire, wihile it ii
pTerfct Iv lgitimate and fair, i:n the eyev o
body, to folltw i to N.-w Wrk, whee ie
cAN buy on credit, and' there puiirCha.ie hi isOte
at ;(; pter cent. di:?eouiat.
You kganhze cer'tain capiltlists to aas'oci:tte in
cOrloraLi., to deual in n try, by whole-ite,
while a poor fellow, who has to hile behindt the
gt- is W deIthru~g the key-hole, andh made
While the rich baiiking instititionis are allowved
to take 10 mi.1 121 per cent. inter'st at their
counters, and e.cape een.sure or piini-imi: a
poor fllow, wiiu has, by hlv-l labor, .i-ll
U.30, is novt :lhi-ed to takie 5.) or.:0
L yea' ihr ii., altholitt it InIAy b o'!!rNe. to hi1
bV at do IImen. whaeale and1 -w~iln- Il ~to pa
uat maiea foir the ne of -50%) oaf ui r one
T.er i h tw says he .,/ int receive IIi'ire
I i.an *.,.5, ailtuusn:;hit mayil lbe a poort masn loaingt
'o the rich, aid this is t..e XVia- of IiCI Wi
knt know how to evadle the law. .1 man ik no
ot iaing IrI a ih't)ItItI. 1Te ierm s .re, ....,
AM on a iet of 12 mi..t ihs2 . With intere.-t frui
hite, or Sl11.0o0 cash. I lie n I-1g pri-e lhne
i s or l . - sake of the ur'llt. it ! ali i..rbt in
ue eve e t the luw. hut shiii. a neighoilr Si'p
or wsVi. w it h 9.-!I 1,(11 i.. that he~ u.a ti i -ps !::.1 i t
ni Iat. iler c thle h.i ' -t-s- in aenoisr
.meeS jiudglent , aii:t it, a..-i 10l it-o' t t.
hi loal, alhhou gh611 tile b-rr 12 h cainr.
Vs t hie ls It~lld eCa1 biireiie Io t1e 'i I oliit '11
to .i d s it Sc t : it . 'le Acif itr.ai
rfithr eh ainr?I, ty Tii r i- nt one
't ile t . lc il i Ce iiird t St wOijtii t't ins l., i i 0,'
t-rthethast thvey ear', moreiil tan 10 perl cntj.:
iiiii-renesl tb.i-:ein uea- evelnilath icredit.
\i teh his .--me oface it btraj i t note:;l ht~i..e
ritl iur .ttut books~ f .Thotual beL~L ~ eneniered
ln:ptit eberet d a ue is ors- of it-.i
us~tsii . hat ai is whor wo.s t hi' tak e wssn~ag
. i,-:it ~liishe ain na:b h.ed t l f it
set :oi~i s.t TIe ar 'i'opo-sii to. ca.iu or
:age hat talhy arej .enyii in-l, i ie u
olited, a~nv thoniuit wues iver nayii mst tslir
tat y men t the ";ihs~st' iidaiu tl iteg
JTui.:g .u'n Nw.-!nii Jansui r las Iii hi gtll'
luhere ere--sh ani d gthe, itptsd iei..:. t
mte ~reioudir at so pobter on. pirt,.nthree ry
tii ijet an re icititer!. uelriitie.it t bt o:
illsh.-tit sjinil te contrary, P :11 thithebte.r.
bAy rellto ii l hrier ofks :.ri::hllh. N. Y
hreeo e. ag h-t1,>-' Titl shueutiu wht he4
wihled ai-- heth:ri wiemeth ini tti~kh tipee
Idil 1o g sik.tti oi aer , ais buge hbstie.
andtat~is.s the tttSo de liseys areC uMking Sin a i2Cg
;hieji.It showns.l to the ''weli -'fc" is
tit'g ielspaenit, leathe Iewe frigsni g~~ otd
ek ide hins and id glesa , d n%'gesito
tie t g on' ot set'i gtten! in prtand t fer .
i iailof amite' a ater etrenseinnetihra mnd
wnihuisoon ealathm tuis pay ageirnebth.N Y.
Ah woseltod Marke of Spinew 1N Y .,i iusi-~~
wife, acuidet whe onvrsingr wth hos,' itotr
pti t gio atir oeh wasteli iilyn bs tiece
awake ne te fears of hishru w iS wosusptedha
vat oied tohat heit hafado n n ofiiom ilife byd
ehrwin hsislf ii ioa int the l.Tewel wak
t arket The ifArinly ms-inhbtrs ind.usom'a
Ssiougtdit for hnden tres oef him.uigs
wriee quie hi'setly ind weat en. the unlm
aers on hoitaad u ito oint orwual phil e, n
itdon to thtitnel t'be as i: n otin -ad htiop
pened.i re had been gton uit threea yths alear
hois paio wilter, n hado iite Cantity ad
Asrlia ftadhdtrndn ganwt
I SOIIGiO SUGAR.
About threp nmonths ago, the possibilitv of ob
taiing er:stilliz-l sugar Iroma the Chinese cane
wasi puiiiely denied by autimber of persons who
haid made expernients with the juice, some 1c
whon were ki.own as scientilie miitand praicticaL1
sugar reiner.s. Sich opinions natturally ledi astray
those who had no means of i makingi ex i-rinents
fCr themselves. It is a euriotus fwet, however,
that at the very time when such opiions were
beinAg proagzatd, the most eetive shot and
shelf were being prepared for their demolition.
We hail thoug1ht, fr.mina what we have alreadv
publishl on this subh1ject, that but. littl' if* any
tling useull col'uld bie adde'd to our stock of' know
edge until expc-riieul s wero imade with the fu.
I re crop of this year, but in this opinion we
have ibind oursilves mistahen. We had re
ceived some excellent samples of this sugar front
various iarlties, but nao certain data. as to the
quaittyt i1ad quality' of tIle SUL' to be0 obtinned
'rou the cane per acre: but ne have now re
ceived very satisfactory iniorimation on this point.
Mr. Josieph Lovering, of' Oakhil, Philadelphia
county, Pa., a very scientilic and practical sugar
refiner. has sent usa box contatnng as beautiful
smapli's of loaf', white, grammihaed and brown
Sor ho sugars ns any cane stgars wlLteVe'. He
hal p'lantel half an acre of the seed oa his farn,
and with the stalks of' this he male correct and
scientifie experiients. Before proeeliing to re
hie the jtice, he wisely ckaumined it with the
polariscopte- to see ii it gave the iUsual indications
of piossessng crv.ilalizahle sugar. This exani.
nauou) afflorud the proof' thatt it. contained 5.57
lie)r ceit o'f sugar; and fron ihis data lie went
iln, and made those experilent watli the juice
which resadted in the samples of beauittid s igar
lie has sent us. Mr. L. his also given a leikd
aeCoiuit of' his elfarts inl at well written pallpildet,
anld 11rom11 tht'e lie has arrive'd at the conclusions
that an acre of this caiv, inl good season, will
yield about 1 ,-tr; pound1s f sug' arand 7-1 gallons
of mOilasses-4 result corresponding to that ob
taine.d oi the Louisiana platiations wid the real
sigar cane. The exriients of Mr. Lovering
alr: 01' :t relii chairacter, bmanse t-y werI
pe vrfrimed with care, a.- he Li i; it a mere them
rist. bt wie a.:laciuiainted with tugar-relining
io all its iranches.
We appreheii.i, from the fats now spread out
heiore the Coiulnuaity regarding this plant, that
it will be extensively cultivated during the next
sea'onu. A conveition ol' lirmers was held on
the I I th inst., at Spriaglieid, M., to Consult on
meastur-S as to its iuturi eiultivation. All pres
eut Ixlpressel ieniselves gratilied with their ex.
prnce v.iaih lie cane. ani re-solvel to give it
mlOrle aiientionl ne..xt Season. One I..trmer presen:It
statel that it., wved maitde flour equal to buch.
wheat in every rYSpect, nnaid the yield wa., twenty
Iive busliel to the aer. It was also atsserted
thaa we had I plant .md to it, iin all things,
b).:cause it couki fled us with bread made froni
i:s lne;', os well as pro-,iL ts with our siripa...
li eonniection with this part of the subject,
iie.s AgrT'cltai.tl Societv, held at Washington
i41 the I.),t iIst. viz., that, about two yearS ago
he Ihad obtaained a large percentage o' erystalli
Z.miabie sugar from the jdice of soume Sorgho sugar
ne gro .vni aL the Umited States Arsenal, Massa
Chn.,ects. It is surprising that We never heard
of this bfow'kre, and that lDr. Itives, of Boston,
.a.,. was uunactuaintel with it when he pub.
fished hi.i views as to the' non-ert stallizable char
aeter of' the So'rho juice.
a iutr net tmaiber we will have sottme re
.a:-!., t. nake ,n anmther sigar-prodtuing plant,
the A.riean hmp.ea. re-ardiing which we have a
iette; ruh I rom ihveraor li..:moud, of South Caro
I:.:- - CA-S O I-'iOn-.-.\bott three
0'1l4;0 oi Oh ma.i ii the i 1.h instant. two
V ..nair iui~I were' il'i~i ri m 1i 0 to EaSt Co
i.ih, t.. ill a li'L sigh, to ..iin %. s attahea'd
a e IA... mre. lie i'..i'e secomii fri ghtele)d
r.'in, iL getting loose :oni the .ilia? . diterged
"roa i lii iad. and broke into the hi> Se of -Mr.
. .\'. Blake. ami ipasdt through three doars be.
fore st.pinag. She jimanie.f uveri on.: be-.. in whicht
cou.e tim: lightt stal. and ext in :ai-hig theii
iaght, lie the burao~ike dlown a cmr ib in thle iother
eurner~h. Mri. ii Iake dre~w laU .ife and onet hil-l
frt'nn theiir be..l.tead, whlich fas ben dem)olishdil,
arr'iedl tun-i intIo nut~ah.:r r'O.)iuland stru nck a
light. It ws not until his reinra that thei cause
of the accident wvats ascertanined.
6Gion T'.tsi: as 1)o css.-A youn; :mdy' in one
o' the leading circles at Wash~inpma: una compjli
mieintedh by a ?leiah-:: a on u me simple: ity and
g.od tane iof her'i Liresm at iin ese i'nig p arty. She
'..p1ied : -' I am gl.,' i iu l i y dre-a-; it cost
j ,n't e.vet; doihars. atad I ma.!e er:-ry :,itch of' it
m- . a maen vonouig ha-ie idL e lthu ~ eumeves
i jOiilie laimnie iaialtiittdl'i :ahti elsaupatess of
to-ar attare, inastead of' theu e'xpnsiIness tund
lr.:i.in imporittioni we shadll ave e wer - brol.cia
fahers anad husbatnds.''
Trr yoii T.I':.-Somel of the English joturals
la yiag publ!ie aritiei..s L((acenig ttiuia of a de
sign to a.-Sume) an': a.:.:re'.vu i . f alitd in Asiai,
thae St. i.rbiar'r tj..se-. ina . .eries.. of ari'a
eles u pail - ahe amis.,li n of tii a."ahldly atvaws
.0iad ehiaai thai as il the a misio.. of ci gilin.ing Southa
ciri .\..ia beclmng to Etaghnd, si.o the. miassion of
civiliahag :. orth':ra Asia beL-mmwi' to Russia fate
rasons)i assigned. It adbl thait atny attempt to,
to inaterrupht iissia in the fuliihument of' that mis
sion woul endl in the destrucetion, not of' Russia,
but of' the power making the attempt, and that
-Ruissia~ will finmre be vfait.;uine by England
on~ this arromyd than ehe~ was ini thme histluropi'ntn
yat." Preny plaiu speaking.
The way the. i' t Uni f I erauh Napoileon taakes
his atirig' is a. '.hnw 1 ay hV nie to see ; thugh
all m~ay not rg ai it in the snmia wnyv. ile idm'
in a ha-'e c),;i: cariage, drawn1'I by tour)) horses,
condimi':"i lit Iw'o pos-tmiiins late nilrsehoi~ldk
harimup at tla i n, thatm thea people mayv see'
thtis re'ally finae Imooking~ baby. 'Two liv'er'cd .ser-"
a ias e on'hibnk pr'ecdel thme carriage? aliunt.
two hunidrei.d vuards anud aire f'llowtet ivb half' a
dozenila hi't'rs, bearaing, oft coturse, thec sall mumi
fomaa Ihag upin ech lanic als it to amtiuse the~
yon.:ster. Ilmmuedialtely' ina front ofnt time laig
'earriake horse is atnthier' tmnated servanit, and
wo others arei senated ini the r'.ar. At the sidhe
of the carriage rides a getleman in phanu chthieS,
called il Elim.-hl an equerry', andi in thme rear
is a detachmencit of lanicrS-perha~ps hten or
I weve in nluamber-undeor the eba~rge of' an ofi
er:; the whole catvatfeart~ amoving at a ratpidl
pce. To oiie whoi hats hadm several bmoy., qutite
as pr'omisinmg ats this prince, (enrtedt ait this atge
bya sile ui.'5. thli C expemnve sihott sei:us
'seless, if' ntt ridieulous ; bat it is nolt so conl
sidered by' the F~rencih peiople.
A rotarv bmriek mtachai foar amaking bricks
fom rudie'or unteoamer'd eiayi ha.' been invenmted
lby a Mr. Wagmneri, of' Pennmsyvianiat. Its novelty
emsists ini the facet that there are no mnoumlds, tile -
temaie cotnsistinig simlply of twio notchued whaeels
r volviing towvards each othler, eatch of these notch
s r'epr:esentinag the shaft of' a half brick. Theo
iventtort cli~ama that withl his m:tehine lie cant
mauilfare one hunmdre~d thmousanid bricks per
any atnd tha.t the briek lneed no dr'ing, buit ma~y
betransfered itmmediately fromn tihe machirne -to
the 1k1ine orbening.