Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, September 27, 1839, Image 1
CHERAW GAZETTE
AND
PEE DEE FARMER.
VOLUME IV. CHERAW, SOUTH-CAROLINA, FRIDAY EVENING, SEPTEMBER 27, 1839. NUMBER XLVI.
EDITOR AND PROPRIETOR.
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?l I'll
To the Editor of the Cberaw Gazette.
No. II.
Sir?The question is often asked ** why
is it you do not make more manure ?" and is
as often answered* a we make aH we can?
we cannot find time to make more." If this
answer was founu ed on truth, 1 h efforts of
your Agricultural Society would be fruitless,
and the proposed Convention need never as.
semble.
The making and application of manures I
look upon as a matter of tbo very highest importance.
Indeed it may be said to comprehend
every thing?it is the corner-stone upon
which must permanently rest the Agricultural
prosperity of every country.
For example, look to the bleak and sterile
hills of New England, where nature herself
eeems to have stamped her seal of poverty,
and see what mighty wonders an enligh-tened
system of manuring has achieved;
where its cost must be four-fold what it would
be with us. I will not draw a comparison, for
certainly it would be any thing but crediiablc
to us. We should, though, strive to emulate
her example, and profit by her experience*
Oiw neonle are not wanting in either enter
v *" I 1? o
prise or intelligence, but they require stimulating
and directing for the full developeraent
of their unbounded resources.
It is neither for the want of time or avaOable
means that more manure is not made, but
it is because we do not use either judiciously or
economically
The quantity of land under cultivation is
entirely too great,?the val e of the labour
required to cultivate it, bearing no proportion
to the value of its production?which has
given rise to the very common interrogatory,
" bow much do you make to the hand 3'* not
how much to the acre 3 Lessening the quantity
of land under cultivation may be looked
upon as the first remedial step, and employing
the surplus labour in making manure. I think
it can be demonstrated to be the very best investment
the Planter could make. If the crop
should be a little short the first year, it will
not be so the second. Having now the labour
to epare, by lessening rhe quantity of land
under cultivation, the materials for making
manure will be found sc&tered in profusion
every where.
There is nothing scarcely that may not be j
converted into manure,?if thrown into jour
etables and lots?leaves?straw?green vege ?ku
matfnr nf pvprv kind, and above all the
VQVIV UIU??V* J w
6uper-soil from the woods. The quantity that
can be accumulated in twelve months by on^
band with a horse and cart, would appear incredible
to those who had not tried it. Appro*
pos the subject;?A communication jin the
last number of the Southern Agriculturist
over the signature of aC. R. C." says, " I
selected the best hand on my place, the driver
himself and ordered him to see how many
loads of gum or oak leaves he could rake and
cart in one day; and though the leaves were
close at hand, the result was but five loads.
He might have carted more, but the difficulty
was in filling the cart. We have no utensil,
and, indeed, it would be difficult to invent one
with which to load; so in (my parts,' we have
to use a baskot, and trample the leaves in it,
and then in the cart." One will not be supprised
that "C. R. C." should have made so
signal a failure. To trample the leaves in the
basket, and then in the cart, would be, indeed,
a tedious process. I should oertamly have
not trampled them in the basket. Much more
Would have been done if the arms simply had
been used. But the most expeditious way
would have been to have incorporated a portion
of the surrounding earth, while the pile
was being made, and a large four-pronged iron
fork used, I have no doubt double the quantity
would have been done, and worth four times
as much when done.
To resume?It is a matter of much importance
how this accumulation in your stables,
&c. should be managed so as to make it yield
its greatest benefit as food to the plants to
which it is to be applied.
It is a very common practice to expose the
manure, to the dilcterious influences of both
sun aud rain, by which, the most valuable
portion is lost 1 am certain the injury f retained
is much greater than most persons are
aware ot. To remedy in the fullest degree
these difficulties, regards should be had to site
upon whtch you intend to erect your stabies
and lots. If you are compelled to choose a
situation not naturally adapted, you should by
all means make it so. It should be so arrang
ed that nothing could eecape from it?being tl
first levelled, then slightly concaved?so every v
thing will be retained. It is further necessa- 0
ry that your vianurt should be well sheltered. P
A very suitable place can be erected at the
extremity of the lot for that purpose. Chaptal
gives some directions in relation to this matter r
which I will quote. He says, M It is neces- ^
sary m producing the fermentation of dung a
and litter, to use certain precautions, by which t|
the inconveniences arising from the usual s;
mode may be avoided. Instead of heaping up h
in large massess, the collections of the barn tl
yard and stables, and allowing them to rot P
uncovered, and exposed to the changes of e
.1 .1 1 U i o
WCUIier? Llicy BIJUUIU UC piaixu UIIUVI a mi*,**,
or be at least protected from the rain by a ^
roof of straw or heath. Seperate layers should ^
be formed of each clearing of the stable*, cow j
houses mi sheep pens. These layers should fa
be from a foot and a half to two feet in thick- {<
ness ; and when the heat, produced in them ?
by fermentation, rises in the centre to more d
than 95 degrees, or when the mass begins to
smoke, it should be turned, to prevent decora- h
pjsition from going too far. Fermentation 11
should be arrested as soon as tbe straw con- j"
tained in the heap begins to turn brown, and
its texture to be decomposed."
It has been a subject of dispute among Agri- y
culturists and Chemists whether compost v
manure should be applied in a fermented or t
unfermented state. It is a question which t
has elicited much speculation and experiment, r
but does not as yet seem to be satisfactorily p
settled. *
Judge Bu 1, thinks that it altogether depends
upon the manner in which it is applied. ^
If it is placed upon the surface of the earth, it r
should be thoroughly decomposed?but if it c
is intended lo be covered, it should not have f
have gone through that process. Chaptal g
advances a different theory, and mentions that ]
it depends upon the nature ct the soil, and not c
upon the peculiar application. He says,? t
M Before deciding upon the question, whether t
dung and litter should or should not be made c
to ferment, it is necessary to take into consi- F
deration the nature of the soil to be manured, f
I f this be compact, clayey, and cold, it is better 1
that fermentation should not have taken place, '
as two effects will be produced by the application
of the manure in an undecomposed state. ?
In the first place it will improve the soil by a
soften ng and dividing it, so as to render it jj
permeable by air atxl wtn+ im tKa awt a
place it will, whilst undergoing the successive s
"f ,nrl flo^nmrwwitinn a
piUtCHB VI iUUlcumtivu uuu
warm the soil. If on the contrary the soil be s
light, porous, calcarious, and warm, the tho- )
roughly fermented manure, or short muck, *
H8 it is called by farmers, is preferable, be- ^
cause it gives out less heat, and instead of
opening the earth, already too porous, to the ^
filtration of water, it moderates the flow of r
that fluid. Long experience has made these r
truths known to observing practical farmers, I
Whether either or both of these different t
theories, may not in some degree be correct,? n
I will not at present undertake to determine! 1
but defer for a fiiture number. It is a question 1
of much importance and I should like to sec 1
it thoroughly investigated particularly in rela- J3
tion to the s ecies of manure commonly made
use of in this section of country. I
ARATOR. t
c
On Improving Worn-Out Lands. C
Dear S*r,?In your lust favor you say, j
" that about three years ago I published (
an article in yoar Journal, wherein I re. (
commended the owners of poor lands to ,
improve them, by planting a crop of small (
grain ; then peas, broadcast; and these to
be ploughed under before hard frost, for the t
next year's culture." This, I said, was the ,
practice in G -orgia. At your request I {
am uow prepared to testify to the excellence
of the suggestion, by my own, and the experience
of others* To any kind of soil,
green mat er, turned under, is ever an advantage,
because it returns to the earth what
it takes ; and much that it has absorbed
from water and the atmosphere. However,
a few general remarks are necessary before
I give you " my say." >
It seems that near every exhausted soil
in this State, there is some material in a p.
proximation to revive it?that, is clay or
marl, high sandy lands, and vegetable matter
in a state of nature, or to be produced
by culture, niglt all of them. And to one 1
or more of these materials, must we look '
for the renovation of the soil. By mechan- i
ical or chemical combinations, it may be *
made susceptible of improvement; but after t
all vegetable matter in decomposition, on e
any substance, that when decomposing, will
give out the elementary principles of vegeta- t
bles, such as carbon, hydrogen, and oxygen, t
constitute the food of plants. Moreover, it r
will be found in the culture of corn and cot i
ton, or in any other crop planted in as large t
quantities to the hand ; as we do, the soil d
must be invested by some material in ap. I<
proximity, or the yield will not pay for the s
cost of manuring. Manures that act as v
chemical agents, that is that ioduee the de-, c
composition of the vegetable mutter may be h
fetched from a distance ;but it will be found ti
that, for any other purposes, their expen- c
siveness will not pay the planter in the yield n
of short cotton. If these premises be cor- tl
reel, of which my attention to manures has o
assured me, the first questions for the owner il
of poor lands to ask of himself are 1st. n
VVhat is the nature of my soil ??is it chiefly r
clay, or marl, or sand ; or combined of c
liose three original earths ? 2dly. What
egetable matter have I nigh me, or if none,
t not in sufficient quantities, how shall I
Toeure it?
To the first inquiry, after he is answered,
e will then say?that soil which absorbs
aost moisture from the atmosphere, and
eadily gives it out, is the best for cultiva.
on; and that a due admixture of clay, sand,
nd marl, presents the soil desired ; and if
lere is no marl at hand,?Clay, mixed with
and, and gravel or sand, mixed with clay,
e may use as next in value. Now, to make
lose combinations of soils, either of two
lans may be selected. The first and most
ffi ctual would b'>, to cart into the fi dd, that
ne, or more of "the original earths" recured
and plough them in : the second
rould be to mix them in the cow-pen and
table with the manure, to be carted out?
fating In thislfray created a soil suscepti.
le of being improved by manure, the planar
should then look to trie second question ;
rliicli because of its importance, I shall
well on somewhat at large.
To the second question. If the plamer
- I? ? ? f -JIaaM<UI ft* Kltnd Uo
as au auuuuiiiice ui uij icatcsui auu, *?
iay use them ; if not, he may plant rye or
rheat; which, being winter growths, can
ie turned under, for the spring crop. And
s I am satisfied thai the planters of shor*
o'.ton in the middle and upper country will
ooner or later have to use dry or green
eg'Mable matter us a manure, to the relaive
value of each, let me call your attenion.
J must also request you to bear in
nind, that I intend my remarks to be ap.
died chiefly to the middle country, the dry
egetable matter of whose high lands is
an decomposable than that of the sea.,
loard; and, therefore, must be used with
nore preparation for instunt crops.
1 have used dry leaves both for corn and
:otton beneficially on sandy lands: how
nuch more so then would they bo on cold,
tiff* moist soils, you may easily conceive.?
i have noticed that those leaves which pro_
luced the most potash or the most gum, are
>est. Not because of the greater proporion
of the ligneous matter in them, but, be:ause
such leuves are more readily decom>osable
than others, and their nutritious
)articli>s more soluble in water, in whicn
orm, the roots of plants consume them.?
The gum leaf, for a present crop, is the first,
hen trie hickory, then the oak; and, lastly,
line trash. The leaves of the yellow pine
cannot be used for a present crop, for they
ire resinous, and for nearly a year insoluble
a waler, or in othor mdecumposu.
4-, U.j leaves yield one seventh of tliemelves
in manure ; warm the earth in their
ict of dccomposi:ion ; and, by opening figures
in it, admit air to the roo s of plan s :
et, they are by no means so valuable, as
ho turning under of green vegetable matter;
>ecause, they cost more and do not afford
ht same nourishment.
I selected the best hand on my place, the
Irivcr himself, and ordered him to see how
nany loads of gum or ouk leaves he could
ake and cart in one day ; and though the
eaves were close at hand, the result
tut five loads. He might have carted
nore, but the difficulty was in the filling of
he cart. VVc have no utensil, and, indeed,
t would be difficult to invent one with which
0 load ; so in " my parts,*' we have to use
1 basket, and trample the leaves in it, and
hen in the cart. With pine trash, we might
se the ordinary fork, but the oak leaves
all through its prongs, i allow then that
he driver, horse and cart ore worth fifty
:cnts a day ; I would not hire the same unler
one dollar. Now 1 am satisfied by ex>crimenr,
that not less than one hundred
:art loads of leaves to the acre will benefit
:otton land, so as to make an impression on
t; and to cart there, it would lake twenty
lays, and therefore cost ten dollars.
Now, let us plant rye in September, #o be
urned under in J one or July, while injlvwtr,
vith a broadcast of peas ; and (hen to be
doughed in before hard frost, for the,spring
culture.
Dne single plough, planting an
acre or more per day, is $ 37j
rlalf bushel of rye to the acre,
or less, 50
3ne single plough, to plant peas
broadcast, 37 J
-v - L -L i ?i? i im
jne ousuei p?us, ui ica?, * w
3ne double plough to tuio under
pea stuble, 02 }
*2 87J
Two 87} dollars deducted from ten,
eaves a balance of seven 12} dollars in fa*
or of green vegetable matter. And this is
tot all, it has been discovered by chemical
inalysis, that while green vegetable mater
contains one-fourth of manure, dry vegetables
contain but one-seventh.
But let me take another view. Suppose
hat by some indention or improvement in
lie construction of the cart and fork, a hand
night increase the number of loads carried
n a day, could one have the smallest hope
hat he would accomplish twenty ; or if he
lid, that is, reduce the price of certing,
eaves to $2 87 1-2 the acre, would it be
is valuable as gr*?en vegetable matter,
vhich turns out nearly double the quantity
if manure ? But it may be said, that one
lundred cart loads of leaves, though conlining
relatively less, will turn out on acount
of bulk, or quantity, or weight, more
nanure than a crop of rye to the acre. 1 o
his I reply, that to produce the same effect
n the acre as rye, the leaves must be double
:s weight; and, that they are not, you
lay decide, should you have ever seen the
ye in flower, compared with one hundred
art loads of leaves strewed over ao aero.
The one may contain more bulk, but the \
former is heavier, and will afford more manure
to theso'l, independent of the pea stub,
ble, the nutritious qualities of which have
been too long known to bedened. ,
However, I need not inform you how
much green vegetable matter is valued as a
manure : the books are full of its praise,
and none presents a greater number of
proofs of its effttet than Chaptal's. Whoever
uses this manure should not forget that j
green vegetable matter should be turned under
while in Bower, or before it goes to seed.
Chaptal says, page 94?"In order fully
to understand this doctrine, which appears
to me of great importance to agriculture, it
is necessary to consider the success.ve
changes which take place in annual plants
during their growth ; first, they produce
gjfiaa leaves, which hf coming in Contact
with itio a!fr f? tK? nnnxinla*
MfV ui|| BVWIVV II VIII ?% IIIU I'llllVipiUtf
of which I have spoken; subsequently the
stalks increase in size and number, and are
covered with numerous leaves, which absorb
from the atmosphere a degree of nourishment
suited to the increasing wants of the
plants; the strength, fullness, and depth of
hue of the leaves and the stalks, particularly
of the latter, increase in proportion to the
richness of the soil.
" This state continues till after the period
of flowering, when a change, worthy of
note, takes place ; the roots dry up, the
stalks wither, and change their colors ; and
when fructification is at length completed,
both roots and stalks have become mere
skeletons, which answer but little purpose
either for nourishing animals, or manuring
eurth. During this period of vegetation,
what becomes of the juices that were so ab>,
undunt in the roots and stalks? They have
been consumed by the formation of the
seeds.
To illustrate this, he gives the experiment
of M. Matthieu de Dombasle. Tiiis gen*
tit-man on ihe 26th June, 1820, at their time
of flowering, within a small space, selected
forty wheat plants of equal size and strength,
each having three stalks bearing heads ; he
pulled twenty of theui, with all their roots,
and left the rest to complete their fructification.
Having carefully freed from earth
the roois of those lie hud taken up, he cut
the stalks two inches above the base, and
dried separately the roots, aad the stalks
surmoucted by their heads."
The roots and the portion of
the stalks remaining with
them, weighed, grains, 627
The stalks, heads, and leaves, " 1946 6
Total, 2603 5
On the 28th of August, the time of har
vest he plucked up the twenty plants which
had been Iqf; for seed, Separating the roots,
and cutting the stalks as of the first; of taese,
the weight was as follows :
GRAINS.
Roots, 419 53
S.raw husks and beards, 1318 75
Grain, 1025 60
Total. 2763 97
"During these two months, t e
roots and the portions of stalks
adhering to tueni, had lost 237 52
The s.alka, heads and leaves had
lost 624 67
Total loss, 862 19
u But as the seed weighed 1025 69
grains, the whole had increased in weight
160 47 grains troy. From tnis experiment
we may conclude, that the juices contained
in plants, at the time of flowering, contributes
to the formation of the grain in the
862 19
proportion of ?nd that the excess
of the weight of the grain, which is 160 47
grains, arises from the nourishment which
the plant absorbs from the air or soil, during
the two months of fructification*"
From this exjierimeni, we at onco see
the impor auce of turning under green
crops while in flower, or before they go to
...J Tl.u off.mtn riP ikir nHIKMa nPP thfll
A 11^5 v/1 una J'l uiw
1st. Green matter returns to the soil nearly
double that of stubble. 2d. By ploughing
it under in flower, wo have less grass to
contend with the next spring. 3d By exposing
their roots to the sun or the coming
frosts, many paras'ic vegetables are de?
stroyed ; and decomposing, udd something
to the productiveness of the soil. 4tn. By
the destruction of roots and parasitic vegetables.
less manure is taken from the soil
during the winter. 5th. This matter decomposes
and is absorbed by the earth for
early crops. 6th. The earth has not only
received its first required ploughing, but is
beneficially exposed to the winter frosts.
Your's, truly, C. R. C.
So. Agriculturalist.
From the South Carolinian.
GEN. M'DUFFIE'S LETTER.
Sir The numerous and incessant denunciations,
to which the " Cotton Circular"
has been exposed, ever since its publication,
and the misapprehensions in which those de.
nunciations seem to have originated, render
it in some sort, my duty, to explain the true
object of that paper, so far as I understand
it, and to state moreover, the exact relation
that I bear to it.
While remaining a few days in New
York, on my return from Europe, I met
with two of my friends, who were cotton
planters; and the extraordinary and arlificiaI
state of the cotton trade, and its consequent
exposure to the mercy of adverse combinations,
on the other side of the water, and of
every great pressure in the money markets,
either of London or New York, became the
subject of frequent conversation between
us. We concurred fully in certain leading
features of a pian, for restoring the trade
in that staple, which is the actual currency
oj onrforeign commerce, to something like
the stability and uniformity which should be.
long to an article performing a function so
highly important?a plan which would, at
the same time, promote the interests of the
cotton planters, give to our southern banks
that control over the foreign exchanges, that
naturally,and rightfully belongs to the States
which produce the staple upon which nearly
all the foreign bills of the Uuited States are
drawn ; and by this means give a powerful
nid, to the direct trade of importation and
exportation, through our southern cities, in
which all parties among us take so deep an
interest.
I will now, very briefly, stale the out-fains
offheptsn, tn ajgph I hwv?
far as my views and opinions tie involved
in it.
1 propose that the existing banks, in the
cotton growing States, should discount the
notes of cotton planters and others, upon
tho security of cotton, actually deposited in
a neighboring warehouse, every paper being
in posession of the bank, necessary to the
completeness and security of its lien. That
the notes should be discounted at 90 days,
with an understanding, that if the proprietor
of the cotton determined not to have it
shipped to Europo in that time, the note
must be punctually paid at its maturity,or
the Bank be authorized to have the cotton
sold, holding the surplus, after paying the
note, as a deposit to the credit of the proprietor.
But if the proprietor determined to ship
his cotton, which it is presumed would be
the case, in most instances, the Bank should
be authorized, at the end of the ninety.days,
to- draw a ninety-day bill upon Europe
against the cotton, having been at the time
of the shipment, placed in possession of all
the documents necessary to make that authority
affective, the planter or proprietor,
retaining the control over the time3 and
terms of selling the cotton, provided it be
sold in time to discharge the bill drawn
against it, at its maturity.
This is the whole sum and substance ol
the pian, so far as I have had any agenc)
in it. In setting down ninety days as th<
time that the notes discounted, and bill:
drawn should have to run, I have merelj
adopted what I suppose would be convenien
pfrKwl*. subject of course to such modifica
tio is as experience may suggest
This is a very simple plan, entiiely unin
cumbered with new or experimental ma
chinery ; and though it aims to work ni
miracles, I will point out in a few words
whut I consider the plain results and obvious
benefits it would produce, to our banks
and our cotton planters and our merchants
Ii would place our banks on a more solic
foundation than any other banks in the Uni
ted States, by giving them a constant sup
ply ol foreign exchange. For example, I
send my cotton to Charleston, at any con<
venient periods. I apply to one of oui
banks, to discount my note at 90 days, upoi
the security of that portion of mycottoi
actually in the warehouse, instead of per
sonul security ; the bank having the cottoi
inspected, its current value estimated bj
competent judges, and discounting ray note
for such an amount as will render the transaction
perfectly safe. At the end of th?
90 days, I pay off my note, not in the bilii
of iho bank itself, which it cannot couver
into specie, but in an unquestionable bill ol
exchange on London, which I authorize i
to draw, payable ninety days after sight, or
Baring, Brothers, &c Co., with whoso houst
in Liverpool, I have in the mean time,cau
sed my cotton to be deposited, subject to th<
lien of the bank. Now, every welLiuform
banker knows that, a bill of exchange upor
London, is to a bank here precisely equiv
alent to so much specie in its waults. Foi
all practical purposes, therefore, I pay of
my note to the bank in specie. It follow:
that a bunk, that would go largely into thi:
business, would have a constant supply o
sturling exchange, of the most unqu<stiora
ble kind, that would render it perfectly im
pregnable. So much for the immediate
benefits this plan would confer on our south
em bunks.
The benefits which the planter would de
rive from it would be, in the first pclae, tb<
prompt conversion of a large proportion o
his cott n into cash, as soon as it reachet
the market, without selling it, and witnou
asking any costly favors of his factor o
any body else ; for the transaction with tin
bank, however, beneficial to the planter
would be conferring a favor instead of re
ceiving it. In the next place, the plante
would have six months and a half or sevei
months, from the time he received the ad
vance upon his cotton, to avail himself o
any favorable changes in the market, if h<
should choose to ship it to Europe. A bil
drawn on England at 9l) days sight, couk
never be presented in less than 15 days, an<
often in not less than thirty, after its sal<
here ; so that this much would be added t<
the two fixed periods of 90 days each
which the noto and the bill bad to run:
But another advantage would result t<
the planter, from the proposed plan, less
direct, but not less important?an advantage
in which every class, on both sides of tht
water, would largely participate. That ad
vantage is, its strong tendency to prevent th<
extravagant fluctuations in the price of cot
ton, we have heretofore experienced, so ru.
inous to all concerned, by taking the cottor
trade, to a very great extent, out of the hand:
of mere speculators, who generally, have
very little capital, and rely almost entirety
on bank credits for the means of operating
The people Have no idea bow large a pro*
portion of our cotton crop accumulates
every year, io the hands of speculators, on
both sides of the Atlantic* I was informed
by one of the first bankers in England, that
it was a common occurence, for a cotton
broker, with a capital of ?20,000 to have
on hand cotton to the amount of ?200,000.
The matter is even worse in this country.
A speculator, who can by any means, get
a credit in one of our banks, for ?20,000, by
repeating the operations of purchasing, shipping,
and drawing rapidly, can soon have
in his possessien cotton to the amount of
$200,000; resting on no other basis than
the original bank loan of $20,000. While
trade is seemingly prosperous, money abundant,
and loans easily obtained, this accumulation
of cotton in the hands of specula*.
l -loci and hnokaifc uadoubledljteoda to enhance
the price. But the moment there oe.
curs a pressure in the money marked and
the banks have to call in their debtsand cur*
tail their discounts, the whole of this accumulated
mass of cotton it necessarily forced
upon the market at once, in quantity, three
or lour times exceeding the existing aemana
for it; unavoidably producing an extreme
and unnatural depression in the price. It is
much more the interest of the cotton planters
and regular merchants, that the price of
cotton should be steady and uniform, than
that it should be occasionally very high. But
mere cotton speculators have the same Interest
in the fluctuations in the price of cotton,
as money brokers have in the derangement
and fluctuations of the currency.
I was very much surprised, therefore,
' a hen 1 saw that your intelligent correspondi
ent, ** A Cotton Planterao very widely
1 mistook the matter, as to ascribe to the
, u Cotton Circular," a design to force a
i confederacy between the banka and the
i speculators ! Heaven forbid the bancs of
I such a union. Your correspondent would
.* have come much nearer the mark, if he
, had supposed that about nine-tenths of the
I assaults made upon that paper, have pro;
cocded directly or indirectly from this latter
i class of persons.
No banking operations can be morelc.
f gitimate than that proposed by the circular,
r Besides the stability and security it will im:
part to the banks, it prescribes a safe praCi
tical limit upon bank circulation. A cur*
f rency never can become redundant, which
t is issued upon the principle proposed, for
. every dollar of circulation thus issued,
would roprescnt the actual annual income
. of the country. This would not be a mere
. nominal repr< sentation, as is the case when
3 it is said that bank bills represent specie,
i, The cotton is actually there to the full a.
mount of ihe bills issued and advanced upon
, it, when every body knows that the specie
. in the vaults of all the banka does not a{
mount to one.fourth of their aggregate cir*
. culation. So that, in, fact, every paper
- dollar represents only twenty-five cents io
[ specie. 1 shall be very naturally asked,
. " if these are your views of our system of
r banking, how is it that you signed a paper
* DioDosinir the issue of Dost notes navable at
t o t r ? r v
remote periods 7" " I answer, that my name
was signed to the Circular, by a friend several
weeks after 1 left New York, upon tbe
implied authority, derived from a very
strong and intimate personal friendship, and
from my known concurrence in the general
principles and objects developed in that doc.
nment. The issue of post notes, be no doubf
considered a matter of detail, which the
' Convention would adopt or reject as its de.
liberate judgment should dictate. I am
very sorry it was suggested in the Circular,
as it has given rise tu much of the opposition
to a call of a Convention, and is a measure
to which (should, as at present advised,
be decidedly opposed. I do not think the
proposed post notes could possibly be mader
to answer the purpose of a currency, and as
a cotton planter, I urn sure they would not
' answer my purpose.
As to the sixty million cotton Bank,
which some lively imagination has foisted
' into the Circular, the people of South Caro?
lina do not require to be informed, that I
am the very last man in the State, who
would give it the slightest countenance.
. They cannot but recollect, that in my last
annual message?as Chief Ma gisti ate of
. South Carolina, 1 used the very strongest
> lunguage iu opposition iu uie cua'vci vi
f u gigantic Bank then projected, urging in
1 opposition to it the general redundancy of
t the currency, and predicting the commerr
cial explosion which took place a few months
3 afterwards, to those who were utterly dca*
t to the warning. That bank was chartered
. by an ovorwh Iming majority ; those who
r are now for a U. States Bank, and those
i who are for a Sub-Tresury system, seem*
- ing to vie with each other, who should con.
f tribute most, to swell the torrent in its favor,
3 while 1 should have stood solitary and
| alone." if the venerable Judge Colcocs,
j whose loss South Corolina has so much
J cause to deplore, and a few others, had not
i stood firmly by my si ie. It would be ex)
traordinary indoed, if under these circum.
f u r?-r ....L . k.^1.
, SlUIHJUS, 1 tilluUiU W?J ill wtui vi su^u m uuuit
as has been recently suggested* Iamono
> of those who believe, that the issue of one
i hundred millions of bank paper, m addition
, to the present circulation, so for from ad?
> ding one cent to the wealth or capital of the
. country, would be the greatest evil that
$ could be inflicted on it; operating as an in.
sidious transfer of that vast sum, from the
, pockets of the people at large, to the cor*.
\ poration issuing the paper. I believe our
i currency is now redundant, and that no teak.
edy can ever cure its diseased condition,
' whether it be the sub treasury scheme, or
I national bank, that does not reduce our