1836.J 



FARMERS' REGISTER. 



675 



1 cannot be persuaded that God's holy laws are 

 violated in the innoc^ent recreations ol" l\is crea- 

 tures. But no more of this at present. 



I have now, Mr. i'idilor, coiiclutled my notions 

 upon the mana<fement of nej^roes. I feel that I 

 ];av3 said (iir less than the importance of the sub- 

 ject demands: but I hope that the little I have 

 said, and tlie very imperfect manner in which it 

 has been said, may induce others to give their no- 

 tions likewise. We live by example, and, let me 

 adil, that much which is borrowed in this way, is 

 imtnt'nsttly valuable. That every planter may 

 recollect this, and that we may all do more than 

 we have done, is the earnest wish of 



A PLANTER. 



For tlie Farmers' Register. 

 CO.-MJIEUCIAL llEPORT. 



The extreme punctuality with which your Re- 

 gister is issued, caused my last communication to 

 be too late for your Deeeiriber number^ and as 

 what it contained applies in some degree to the 

 present slate of affairs, a part of it may be em- 

 braced in the present report. 



The cry of "scarcity of mone3-," which has re- 

 sounded lor several months at New York, is now 

 heard in almost every direction throughout this 

 country, and is even echoed back (i-om England. 

 The commercial relations which exist between the 

 two countries, are so intimate and extensive, that 

 whatever affects the one, is soon felt by the other. 

 The change made by us in the relative value of 

 gold and silver, causing im[)ortalions of the Ibrmer, 

 has created an alarm in England, and induced 

 counteracting measures on the part of her monied 

 institutions. The high rates of interest current in 

 New York, (1^ to 2| per cent, per month,) tended 

 to attract capital lioin other quarters. Large 

 amounts of American stocks were sent to Europe 

 lor sale, and the great demand lor ftioney on Ameri- 

 can bills, &c. created some alarm in London, where 

 the rate of interest advanced li'om 3 per cent, per 

 annum, to 5 and 6. The mere assertion, that 

 money is scarce, tends to verify itself. Monied 

 men are induced to withhold it, or to ask more for 

 the use of it. I do not intend, however, to enter 

 into any argument on the subject, but merely to 

 state the fact, that a severe money pressure exists 

 in the mercantile communfty generally, from which 

 the commercial towns in Viiginia are not exempt.. 

 The best paper cannot be readily discounted. Spe- 

 cie is drawn by one bank from another, and thus 

 kept in transit, at an expense, but without benefit 

 to either party. With a larger amount of specie 

 in the country, than at any Ibrmer period, there is 

 less facility in the transaction of business, than 

 heretofore. 



Remittances cannot now be made from one part 

 of the Union to another, unless at a great differ- 

 ence in exchange. As much as 3 or 4 per cent, 

 exclusive of interest, being paid at New York, to 

 negotiate bills on Virginia, and 5 to 6 per cent, on 

 Mobile and New Orleans. Our internal exchanges 

 are again totally deranged — the traveller li-om one 

 part of the union to another, finds no currency 

 which will pay his way throughout. Gold is not 

 to be had, silver is too cumbrous, and local bank 

 notes change their value according to distance, and 

 to the tariffs of brokers. 



Through the medium of foreign bills, a system 

 of usury has been introduced in the larger cities, 

 in which it is suspected that some hauKs, and even 

 of those which are patronized by the government, 

 par!ici|;ate. Bills on England, which are current 

 at 8 or 9 percent, premium, fur cash, are sold at 

 12, 1-5, IS, even 20 per cent, on time, exclusive of 

 interest — the same bills are probably thrown into 

 market and sold at 8 or 9 per cent, lor money. 



The distribution of the enormous amount of sur- 

 plus revenue, (to be taken fi-om an accumulation 

 of nearly fifty millions of dollars,) is looked to as a 

 source of relief, a cessaiion of speculations in 

 lanils, in city lots, or in cities to be founded, will 

 doubtless tend also to relax the pressure. 



The preceding remarks were im^de last month, 

 and although it is stated from high authority, that 

 the rates at which infernal exchanges have been 

 negotiateil, previously to the passage of the depo- 

 slte act of last session, were generally below the 

 rates charged during the existence of the United 

 States' Bank, the experience of those who have 

 had to make such negotiations, does not confirm 

 •this statement; on the contrary, it is well known 

 to those who have had to translin- funds from one 

 part of the union to another, that it has been at- 

 tended with great difficulty, and sometimes consi- 

 derable expense. 



The causes of existing difficulties and derange- 

 ments may bef")und in an exposition from another 

 source highly intelligent and more experienced, 

 than perhaps, an}' other, on the subject of financial 

 arrangements and exchanges. 



The crop of cotton in the United States is vari- 

 ously estinmted at 1,500,000, 1,550,000, and even 

 as high as 1,600,000 bales. Should the lowest 

 number be realized, it is not reasonable to expect 

 that present prices can be iTiainlained. During 

 the month of November, the price declined in Pe- 

 tersburg, from 17J to 16 cents ; and in the early 

 part of this month, it was fijrther reduced to 15^ 

 for the best; but the planters having withheld their 

 crops from market, a temporary advance to 16 

 cents was gradually attained. Tiie demand has 

 consequently abated, and a decline will probably 

 ensue, unless the home demand shall require all 

 that is brought to market. No advices have been 

 received from Europe, later than 26th October, 

 and shippers are entirely in the dark as to the state 

 of markets there. 



The low stage of the rivers in Alabama has 

 prevented supplies reaching Mobile; but in the 

 aggregate receipts at the various markets in the 

 United States, there is already an increase of 

 •50,000 bales, on those of December last. 



Until within the last few weeks, the arrivals of 

 grain from Europe were very considerable, but no 

 statement has yet been published, to show the 

 quantity. The profits to the importers were ge- 

 nerally large; particularly on rye, which has been 

 sold in some instances at (bur or five times the 

 first cost in Germany or Russia. The quality of 

 the grain is good, and the condition much better 

 than could be expected, after being so long kept 

 and subjected to repeated shipments. The ports 

 from which the principal supplies are obtained will 

 be closed by ice until the spring, and as it is 

 thought that the wants of Europe will require all 

 the grain which remains there, no decline in price 

 can be expected in this country until after the next 

 harvest. Wheat, of fair to good quality, com- 



