The mirror. (Florence, Ga.) 1839-1840, October 12, 1839, Image 1
a-
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July 20 15
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Jhgly 6, 1930 **
the: mirror.
, PROSPECTUS
or THE
SOUTHERN LITERARY MESSENGER.
TEA HIS is a monthly Magazine, devoted
-I- chicdy to Literature, but occasion
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pj e . Every spring should be set in motion,
to arouse (lie enlightened, and to increase
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of them, than human weakness usually
makes Practice fall short of Theory.
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Richmond. Virginia.
' 7
TAKEN up anti to Jail at this
place a negro man who calls himself
Jim, -shout thirty five years old, who says he
beltings to Bartly Cox of Jones county and
that he r.uu awav from his plantation in Ba
ker county. The nwoer is requested to
come forward and comply with the term
of Law and take him away.
SiittksviUe, I*«e co. Ga. 18-
, a j?y3oN4*aj
Q-A, '©CJPQBajB 29* &3U9,
.'DOSftelSu'lSa
To the Pditor of the South Carolinian.
Sir:—The numerous and incessant de
nunci..tions, to which the “Cotton Circular”
has been exposed ever since its publication,
and the misapprehensions in which those
denunciations seem to have originated, ren
tier it in some sort, n y duly, to explain the
true object of that paper, so far as I under
stand it, and to state moreover, the exact
relation iha! 1 bear to it.
While remaining a few days in New York,
on my return from Europe, 1 met with two
ol my Iriai.ds, who were cotton planters;
and the extraordinary and arlifical state of
the cotton trade, aud its consequent ex
posure to the mercy of adverse combina
tions. on the other side of the water, and of
every great pressure iu the money markets,
either of London or New York, became
the object ol frequent conversation between 1
us. We concurred fully in certain leading
features ol a plan, lor restoring the trade io
that staple, which is the actual currency of
our foreign coniine ce, to something like Hie
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 interest of the
cotton planters, give loour southern banks
that eontrol over the foreign exchanges, that
naturally and rightfully belongs to the
States, which produce the staple u on
which nearly all the foreign bills of the Uni
ted States are drawn,; and by this means
eve a powerful aid. 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 outlines
of the plan to which I have alluded, so far
as my viewsand opinions are involved in it
I propose lhat the existing batiks, in the
cotton growing S ales, should discount the
notes of cotton planters and others, upon
security ol cotton, act- ally deposited in a
r> i hbDiing ware hunse, ey-ry paper being
put in possession of iho Bank, necessary to
the comepleteness and security of its lien.
I at the should be discounted at 90
days, with an understanding, that if the pro
prietor of tfie cot'nn determine or not to
have >t shipped to Europe iu that time, the
note most be punctually paid at its maturity,
or the bank be authneized to have it sold,
boi ling the surplus, af-er paying the note,
as a deposit to the credit of the proprietor.
But il the proprietor determined, to ship
hi , cotton, which it is presumed would be
ihe case.in most instances, the Bank should
be authorized, at the end of the-ninety days,
to draw a ni.e.y days 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
effective-, ihe planter or proprietor, retaining
thecontrol over times and terms of sel
ling the cotton, provided it be sold in time
to discharge ihe bill drawn against it, at its
maturity.
This is the whole sum and substance of
the plan, so lar as I have had any agency in
it. In setting down ninety days as the time
that the notes discounted, nrul bills drawn
should have to run, I have merely adop'ed
what 1 suppose would be convenient ceriods.
subject of course to such modifications as
experience may suggest.
Tiii.s is a very simple plan, entirely uti
iiicumberned with new or experimental
machinery; aud though it aims to work no
miracles. 1 wiii point out in a few words,
what 1 consider the plain lesultsand obvious
benefits it would produce, to our banks, and
our cetton planters, and our merchants.
It would place our banks on a more solid
foundation than any other banks in the IJ
.States, by giving them a constant supply of
foreign exchange. For example. ] send my
cotton to Charleston, at any convenient pe
riods, 1 app'v to one of our banks, to dis
count my note at 90days, upon the security
of that portion of my cotton ac’ually in the
ware house instead of personal security, the
bank having the cotton inspected, its cur
rent value estimated bv competent judges,
and discounting my note for siitli an amount
as will render the transaction perfectly safe.
At the end of the 9J days, 1 pay off my note,
not in the bills of the bank iiseif, which it
cannot convert into specie, but iu an un
questionable bill of exchange on London,
which I autlior ; ze it to draw, payable 90 days
after sioht, on Baring, Brothers A Cos . with
whose bouse in Liverpool, 1 have in the
mean lim-e, caused my cotton to be deposi
ted, subject to the lien of the bank. Now.
e7ery well infomed banker knows that, a bill
if exchange upon London, is to a bank
here, equivalent to so much specie in
its vaults. For all practical purpose, there
fore, I pay off my note to the bank in specie.
It follows that a bank, that would go largely
into this business, would have a constant
supply of sterling exchange, of the most
unquestionable kind, that would render it
perfectly impregnable. So much for tl e
immediate benefits this plan wou’d confer on
our southern banks.
The benefits which the planter would de
rive from it would be, in ihe first place, the
prompt convertion of a larce proportion
of his cotton into cash, as soon as it leached
the market, without selling it, and without
asking any costly favors of his factor or any
body else; for the transaction with the bank,
howevpr, beneficial to the planter, would be
conferring a favor instead of receiving it.
In the next place, the planter would have
six months and a half or seven months, from
the ti ne he received the advance upon his
cotton, to avail himself of any lav rablt
changes in the ma’ket, if he should cln ose
to ship jt to Europe. A bill drawn on Eng
land 90 days sight, could nevtr be presented
in less than 15 days, aud often in not less
than thirty, afte its sale here; so that this
much would be added to the two fixed
periods of 90 days cash, which the note and
the hill had to run.
But another would result to the planter,
from the proposed plan, less direct, but not
less important—an advantage, in which every
class, on both sides of the water, would
largely participate. That, advantage is, its
strong tendency to prevent the extravagant
fluctuations in the price of cotton, «e have
heretofiire experienced so ruinous to all con
cerned, by taking the cotton trade, to a very
great extent, out of the hands of mere spec
ulators. who generally, have very little capi
tal, and rely almost entirely on bank credits
for the means of operating. The people
have no idea how large a portion of our
toUon crop accumulate every year, in tb»
liauds of speculators, on both sides of the
Atlantic. I was informed by out el ih<
first bankers in Kuglaud, that it was a com
mon occurrence, for « cotton broker, w .tli a
capital of r£20,000 to have on hand cotton to
the amount of c£200,000. The matter is
even worse in this country. A speculator
who s an by any means, get a credit in our
banks, for $20,000, by repeating the opera
tions of purchasing and drawing rapidly,
can soon have in his passesion cotton to the
amount of $200,000; resting on no oihpr
basis ti.an the original bank loan of $20,000.
While trade is seemingly prosperous, money
abundant, and loans easily obtained, this
accumulation of cotton in the bands ol spec
lators and brokers, undoubtedly tends to
enhance the price. But the moment thee
ncci rs a pressure in the money market, and
the banks have to call iu their debts and
curtail their discounts, the whole of *his
accup illation, of cotton is necessarily forced
upon the market ai once, iu quantity, three
or four times exceeding the existing demand
fur it; unavoidably producing an extreme
and unnatural depressing in the price. It
is much more interest of the cotton
planters and regular meichants, that tin
ptice of cotton should be steady and uni
form, than that it should be
very high. But mere cotton speculators
have the same interest iu ihe fluctuations in
the price ol cotton, as money brokers have
in the derangement and fluctuations of the
currency
1 was very much surprised, therefore,
when f saw that your intelligent correspon
dent, “H Cotton Planter," so verv widely
mistook the matter, as to ascribe to the
“C otton Circular,” a design to foi.ee a con
federacy between the banks and the Spec
ulators! Heaven forbid toe banns of such
union. Your correspondent would have
come much nearer the mark, if he had sup
posed about nine tenths of the assault
made upon that paper, have proceeded di
rectly or indirectly from this latter class of
persons.
No banking operations can be more legiti
mate than that proposed by the circular.
Besides the stability and security it w ill im
part to the banks, it prescribes a safe, prncti
cal limit upon bank circulation A curren
cy never can become redundaut, which is is
sued upon the principle proposed, for • veiy
dollar of circulation thus issued, would tep
resent the actual annual income of the coun
try. I his would not be a mere nominal rep
resent e.tic.n. as is thecase when it <ssaid that
bank bills represent specie. The cotton is
actually there to the fufJameunt oft he hills
issued and advanced upon it, when every
body knows that the specie in the vaults of
all tlie banks does not amount to one lourtli
ol their aggregate circulation.. So that, in
tact every paper dollar represents only twen
ty-five cents in specie. I shall be very nu-
I rally askers “*u these are your views ot
our system of banking, how is it that you.
signed a paper pr posing ihe issue of post
notes payable at remote periods,” I answer
that my name was signed to the Circular,
by a friend, several weeks after l let* New
\ ork. upon the implied authority, derived
trom n very strong and intimate personal
friendship, and from my known concurrence
in the general principle and objects develnp
ed in that document. The issue of post notes
lie no doubt considered a matter of detail,
which the Convention would adopt or reject
as its deliberate judgment should dictate, l
am very sorry it was suggested in the Circu
lar, ns it has given rise to much of the op
position to a call of ;i Convention, and is a
measure to which J should, as at ptesent d
vised, be decidedly opposed. Ido not think
the proposed post petes could possibly be
made to answer the purpose of a currency,
and as a cotton planter, 1 am sure they would
not answer my purpose.
As to the sixty million cotton Bank, which
some lively imagination has foisted into Ihe
Circular, the people of South Carolina do
not require to be informed that 1 am the ve
ry last man in the State, who would give it
tlie slightest countenance. They canno!
but recollect, that in my last annual message
—as Chief Magistrate of SnuthjCuroliua, I
used the very strongest language in oppos
ition to the chartering of a gigantic Bank
then projected urging in opposition to it the
general redundance of the currency, and
predicting the commercial explosion which
took place a few mouths afterwards, to those
who were utterly deafto the warning. That
bank was chartered by an overwhelming
'majority; those who are now for a United
States Bank, and those who are for a Sub
Treasury system, seeming to vie with each
other, who should contribute most, to swell
the torrent in its favor, while I should have
stood “solitary and alone,” if the venerable
Judge Coi.coci, wlio«e loss South Caroli
na has so much cause to deplore, and a few
others had not stooon firmly by my side.
It would be extraordinary indeed, il under
these circumstances I shorn! bn in favor of
such bank as has been recently suggested.
I am one of those who believe, that the is
sue of one hundrad millions of bank paper
in nddifon to the pressent circulation, so
far frot.i aiding one cent to the wealth or
capital of the country, would be the
greatest evil *.h<,t could be inflicted on it; op
erating as an insiduous transfer of that vast
sum, from the po'-kets of the people at lnrge
to the corporation issuing the paper, i be
lieve our currency is now redundant, and that
no remedy can ever cure its diseased con
dition, whether it bs the sub-treasury scheme
or national bank that does not reduce our
Imrik circulation to its proper limits. To
suppose, as multitudes vainly do. that it is
within the compass of human power to re
lieve the embarrassed, by making money
plenty, and by the same agency, to reform
the. currency, by making it scarce, is to sup
pose a miracle, such as divine power has
never performed.
It is very remote from my intention
therefore, to do any thing to promote the
interest of mere speculators in hank charters
or iti any thing else; my views are of a more
homely and practical kind, looking to the
restoration of onr trade to its ancient chan
nels. In this view the encouragement of
our importing merchants, is a matter ol vi
tal interest at the present moment; and I
know of nothingthat would place it more
co opletely in the power of our banks to af
ford that encouragement, than the plan pro
posed.—Having always a supply of sterling
exchange, they would be enabled to meet
the wants of our importing merchants ; and
, having iu like manner o large credit in ifilF
tope, they would he at all times able to give
these nierrhanfg a credit there, better for
them than hills of exchange.
Indeed, our Banks having the control of
the foreign exchange, would, by that means,
acquire thp coi.tiol of the domestic also, and
the exchange between ths North and the
South would be equalized or turned io our
favor.
Afler this brief exposition of the proposed
plan of restoring the cotton trade to its iiatu
ral channels, I will notic° a few of the object
ions urged against it
A great apprehension is expressed, that
this movement on our side, will produce
counter-combinations on the other. Most
assuredly, the charges made against the
• Circular,” and the tone of the articles pub
lished in some of our own journals, aie cal
culated to encourage and invite such com
bination. They charge upon us hostile •tid
offensivecvmbinatiems, when we propose on
ly to assume a defensive position, to resist
such combinations abroad, aud to avoid the
necessity ol glutting the markets iu tnomen's
and panic or temporary and uunaturaldepres
inn. They proclaim our weakness, and
exaggerate the power of the adversary, as
■ituch as to say to the European mantifac
mrers. now notoriously combined to force
down the price of cotton, in the face of the
most deficient crop ever made, “go ou— gen
tlemen, regulate the price of cotton as you
please, any effort made to resist you by the
poor dispersed planters will be impotent and
redie.ilous.” If there be either nationality,
patriotism, or truth in these statements .itid
sentiments, it escapes my perception. If it
terre to to a war of combinations, which
(!od forbid, it is utterly undue, that we
should be powerless in swell a contest. We
possess the locks ol Sampson. Our cotton
is absolutely indispensable to the manufac
turing and commercial nations of Europe
anti by withholding a single crop, we could
spiead and rebellion over all the
manufacturing pnrtionsof Europe, and eause
the lordly capitalists, so much dreaded to
cry our for quarters, A pretty story to pro
claim abroad, that the producers of our an
nual export of $80,000,000 of a staj ie, ad
mittedto he equal to so much bullion—ar.a
ple too jvhten sustains nearly one half of
the entire commerce of England, are too im
potent to guard their own interests. If with
such resources, our planters hare been feeble
because, as your correspondent justly says,
they ar widely dispersed—it is the very rea
son why they should assemble together, to
devise the means of controlling their own
property, which every body else has been too
long in the habit of controlling, and usiug
for theirown purposes..
's to combinations abroad, they exist al
ready, and have recently carried theit power
to ’he utmost Stretch. They have had to
give way and re-action is already commenced.
The idea that other cotton countries w'ill ri
val and supplant ns,, is utterly visionary. I
said to an intelligent merchant of London,
intimately acquainted with the East India
trade, “how is it that England has never been
able to obtain a huger supply ot cotton from
her East India pr ssessions ?” He replied
“tile diffidence ol (reicht alone, to say noth
ingot oilier causes *s sufficient to account
for it.”
But the combination ofslave labor, with
bin lily intelligent proprietors, present, to di
ie< t their operations- a combination which
exists no whe e else in the world is the great
and sufficient cause of that superiority in our
cotton planting, which will forever dely all
coin petition, until f.'inHticisrn .‘• hull reduce us
to the condition of St. Domingo, and Jam
aica. I will notice but one or two more ob
jections.
One writer exclaims “let trade albne, to
iPL'uLiiPilseil ? ’ and another is so very ab**
surd, as to consider this effort of the plan
tc: s to place their property out of the reach
of foreign combinations, by preventing his
accumulation in the hands of specul. tors,
without capital as a gross violation of the
principles if free trade ! Verily, these are
new lights shed upon the world ! Because
forsooth, tlie planters choose to select their
own agents, their own lime for bringing their
cotton to market, a tremendous hubbub is
forthwith raised, as if the pillars of the con
stitui on were about to be torn town. The
planters, quiet and dispersed as they are,
have been so long and so habitually shear
ed, that those who have enjoyed the golden
fleece, sevni now to regard it as a vested rit:lit.
It is high time to break the ill"®ion of this
proscriptive right, and teach all such, that if
the planters have been picked and fleeced
they are neither geese nor sheep. And if
any class in our Southern communities
choose to take, sides against us, and even
become the advocates of the foreign manu
factures, as the extraordinary course ofsotne
of onr journals on the sea coast and the
Gulph, would almost warrant us in suspec
ting—they must be taught that the planters
constitute the first estate in the iniptre of
Southern commerce, and are not to be driv
en, or flattered, or wheedled, from their just
purposes, by the combined forces of specu
lators and editors.
1 trust, therefore that the proposed Con
vention will assemble at Macon, and that the
planters at least, will be fully represented,
by the very ablest men they can select. It
is no ordinary occasion, but far more impor
tant to the Soiuh and South West, than
ad the presidential Cqnventioofi ever brought
together. -
GEORGE M'DUFFIE.
Anecdote.— Som° years ago a lady no
ticing a neighbor of hers was n p t in her
seat at church on the Sabbath called on her
return home, to enquire what should de
tain so punrrtial an atte'-d.int. On entering
the house, she found the family busy at
work. She was surprised when her friend
addressed her thus. -Why la ! where have
you been today, dressed out in your sabbath
day clothes?’
‘To meeting!’
‘Why, what day is If;’
‘Sabbath day!’
‘Sal, stop washing in a mioqte !-.-Sab
bath day! Well I did not know, for my hus
band has got so stingy he won’t take papers
now and we know nothing.
Well who preached ?’
‘What did he preach aboutf’
‘lt was on the death of our Saviour.’ .
‘Why is he dead ?—-well, well, all Bos
ton might be dead and we know nothing
about k; it vtvft’t do tvs annst fa&Ve the
IT&
the newspapersjaguin, for every thing goes
wrong wit'out the paoer; Bill has almost
lost bis re du g, and Polly has got quits
mopish again, because she I.as got no-> oet
ry stories to read.— Well if wi have to take
a cflrt load of imtatoes and onions to mar
ket, 1 am resolved to have a newspa
per.’ y
HOW TO CHOOSE A GOOD HUS
BAND.
M hf n yon see a young man of modest
respectful, retiring manners, not given ,o
pride, to vanity or flattery, he will make a
good husband ; for he wdl be the same
• kmd m*n” towards his wife atier marriage
that he wax before it. B
When you see a young man of frugal and
indi.i ious habits, no “fortune hunier.” but
would take a wife for the value of herself,
tlnd man w ill make a good husbane ; tor his
affection will not d<cre?se neithir will he
bringhimself nor his partntrto i overtv or
want. 3
When yon see a man whose manners are
ofs U'u:, -,..s and disgusting kind with brass
enough to carry him anywhere, aid vanity
enough to make him think cv«y one inferior
to himself, don't marry him, girls, h c will
not make a good husband.
V hen you sec a y oung man using 1 i* b*. st
endeavors to rai e himself Item obscniitr
to credit, marry him ; lie will make a good
mibhand aud onr « erf h Lavuf.
When you s.e a young man depending
solely for » s reputation and standing in so
ciety upon the wealth o f|,j s rirh or
his relative, don't marry him, for goodnees
sake ; lie will make a pourliunband.
When you sec a young t, an ahv’tys em
ployed in adorning his person or riding
throng) the street, j„ gig., H j lo lcaves h £
debts unpaid although frequently demanded,
never do you marry him. for he will in every
respect, make a bad husband. 3
M lien y. u see a y oung man who nev er
engages m afliays <r qoar.els by day, n or
folhes by night, and whose dark blank deeds
are not of so mean a character ns to make
mn wish to conceal Ids name, who does not
keep low company, nor break (he Sabbath
nor use profane language, but whose face is
seen regu arly at church, w| jei e he ought to
be, hew,l' certainly make a good husband.
W hen >o u see a young man who is below
y ou in wealth, nfler to marry you,don’t deem
i .idisg,a<e but look into l,r character;
at and if you find it corresponds with these di
hu C rnd. iin ’ ,andy ° UWin « et ; ‘B*° d
T k n mon ! y anob j*« of marriage
for if you do, depend upon it as a balance
to good, you will get a bad husband.
W hen you see a young man who is atten
tive and kind to his sister or aged mother,
who is not ashamed io be see,, j n , hp s ,, €Ptß
with the woman who gave him birth and
nursed him, supporting her weak and torter
mg frame upon his arm, who will a „ e ,:d to
all her little wants with filial love affection and
;tendernesfs, take him, girls, who can get
nm, no matter what his crrcums.ances in
ide, he ,s truly worth the winning and Uv
mg aod will m certainty make a good lnis-
When a young man is known to visit ta
verns and ate houses, o, use strong drink
even the smallest degree, g„ : a do not n.ar
’ertv'nnrl >' OU will < OUIC Pov
erty and rags.. 1
La fly. Always examine int'o character,
conduct, and motives, and when you find
hese good m a voting man, then you may
be sure he will make a good husband. *
Lowell Souvenir.
1 THE END OF “GREAT MEN”
Happening r 0 cast my eyes upon some
miniature portraits, l perceived that the
four persons who occupied the most con
spicuous places were Alexander. Hannibal
Ciesar ,iml Bonaparte. I had -e-„ the
unnumbered tithes before, but .ever
did the samesensstroßs nn«e in. nn bo on: as
my n md hastily glanced over their several
histories.
Mexavder after having climbed the diz
zy heighis of ambition, aud with hi* tem
ples bound with chaplets dipped in tlie Mood
ol countless nations, looked down on a
conqueird world and wept (hat there was
not h not 1 1 or world tor Imu to corujurr,—- set
a city ou fire, and died in a sccno ot de
bauch.
Hannibal, after having to the astonish
ment and consternation of Rome, passed
the Alps alter having put to flight the ar
mies of this “mistress of the world,” and
stnpped three bushes ot golden rings from
the fingers ol her slaughtered knights, and
made her very foundation quake, was hated"
by those who once exultingly united his
name to that ot their god, and called him
'Httnni Baal, ’ and died at last bv poison
administered by his own hand, unlatnent
cd and unwept, in a foreign land.
Ca-sur, alter having conquered eight hun-
Gy ing his garment in the
blood of one million of his toes—after hav
ing pursued to death the only rival he had
ou earth, was miserably assassinated bv tlios*
nc considered his nearest friends, and at the
very place the attainment of which had
beeu the greatest object of his ambi
tion.
ilonaparle, whose mandate kings and
princes obey, alter having filled the earth
with ths terror of his name, and after hav
ing deluged Europe with terns and blood,
and clothed the world in sack cloth, closed
bis days io lonely banishment, almost
literally exiled fre-m tlie world, yet wherw
he could sometimes see his country’s ban
ner waving o’er the deep, but which would
not. or could not brjng him aid.
Tints these four" men, who from the
culiar situation of tlreir portraits, seemed
L m stand as representatives of all those whom
tlie world calls ‘great’—those four who
c rverally made the earth tremble to its'
eentre, severally died—nns by intoxication*,
the second by suicide, the third by assasK
sination, and the last in lonely exile!
‘‘How are the mighty fallen!”—-M«U©»
Farmer.
Industry. —lndustry prolongs life. IV
cannot conquer death, but .can defer hia
hour; and spreadsoier the interval a th mss
and enjoyments that make.it m pleasure to
live. As rust and decay rapidly consume
ihe machipe th*t is net kept in use* so di»-
ease apd sickness acomholata on the frnrrfc
of ■ individuals, until existence beet e g
Pfcurdejt, and th# a bed of few.