766 



FARMERS' REGISTER. 



[No. 12 



In our commercial and monetary system, a si- 

 milar power was many years airo found necessary, 

 and was introduced. Its efficiency was proved, 

 and in no country was the currency and domestic 

 exchauiTes more unilbrm than in this. It has been 

 removed, and the state of thintrs which existed 

 previous to its formation has recurred. 



A vast amount ot' bank capital has been created 

 in some of the states, and with the increase of ca- 

 pital the irreiruhuity of exchanires has increased. 

 The tetupfaiious of larire discounts and premiums 

 -induced individuals to compete with the banks for 

 them, and successslully in so far as to obtain a con- 

 siderable portion, but most unsuccessfully in the 

 general result. The issues of paper were uncon- 

 trolled, if not unlinnted. and havinjj^ reached the 

 utmost possible expansion, the inevitable conse- 

 quence has eusueii. Failures of a few of these 

 large operators have, occurred, exceedinor in 

 amount any thiu'T of the kind heretofore known in 

 this country. Millions is now a famili;ir term. 

 The effect on the large stock markets wr.s an im- 

 mediate liill in prices, which on the aggregate of 

 the stocks, amounted to several millions difterence 

 between two successive days, although the previ- 

 ous prices were extremely low. The current rate 

 of interest in New York, has recently been 2, 3, 

 even 4 per cent, per month lor short [leriods. 



To add to this disastrous state of affairs, the re- 

 cent accounts li-om Europe are most unfavorable 

 lor our great staples, cotton and tobacco. The 

 price of the former declined in Liverpool Id the 

 first week of Februar}^, and had previously decli- 

 ned nearly as much in January. The quotations of 

 uplands, January the Isf, were 7.V to l\d, and the 

 16th of t'''ebruary,6| to9.;^f/. In our markets the price 

 has fallen 1^- to 2 cents — but the demand is so in- 

 considerable, that quotations are nominal — 12 to 14 

 may be near the mark. The receipts in the vari- 

 ous ports of the United Slates, and the arrivals in 

 Liverpool greatly exceed those of any previous 

 year. The high prices which have ruled lor some 

 years past, will not, in all probability, be again ob- 

 tained for as many years to come; and as so many 

 things are influenced by the price of that article, a 

 great change in them may be anticipated. 



The supply of new tobacco has as yet been lit- 

 tle more than sufficient for the home demand of 

 our manuiiicturers, and prices are good compared 

 with the value of the article abroad. Luirs .92 to 

 $3| — inferior and common leaf 84 to ,^5 — mid- 

 dling ^5 to #6. Of the higher qualities none have 

 yet been brought to market. 



Flour has declined. Country brands may be 

 quoted i$9 to i^lO. Foreign wheat is the only sort 

 in market. Large supplies continue to arrive in all 

 the northern ports; but the stock in Europe is still 

 abundant and prices in the great grain markets on 

 the continent are lower than our firmers are accus- 

 tomed to obtain in years of abundance. 



X. 



March 24th. 



THE RKCENT ENACTMENTS OF THE LEGIS- 

 LATURE OF NORTH CAROLINA, IN AID OF 

 THE IMPROVEMENT OF THAT STATE, BY 

 RAIL ROADS, AND DRAINING THE SWAMP 

 LANDS. 



The state of North Carolina, so long taunted as the 

 Rip Van Winkle of the confederacy, has at last been 



awakened — and has adopted highly important mea- 

 sures, and offered liberal aid, for improving the physi- 

 cal state of the country, and the moral and pecuniary 

 condition of its population. It may be said, by those 

 disposed to detract from the applause thus accorded, 

 that it required the great and unlooked-for treasure fur- 

 nished in her share of the surplus revenue of the United 

 States, to make North Carolina commence the noble 

 work of aiding her great improvements, and develop- 

 ing her great but dormant resources. This, it must be 

 confessed, is true. Nevertheless, in thus using this 

 chance-acquired treasure, ISorth Carolina has shown 

 both good sense and liberality — and that is no small 

 merit, when we compare her course in this respect with 

 such schemes as are strongly urged, and possibly may 

 be adopted in Virginia and some other states. 

 Subscription to Railways. 

 By recent enactments, the state oi North Carolina 

 has adopted, for certain works only, the plan which has 

 been general in Virginia, since 1316, of paying two- 

 fifths of the expense of all such useful public improve- 

 ments, by roads, railways, and canals, as shall have the 

 remaining three-fifths paid by individual subscribers. 

 And the great works to which this state bounty has 

 been extended, are, the Central Rail Road, proposed to 

 run from Beaufort to Fayetteville — the Fayetteville and 

 Western Rail Road, (from Fayetteville to the Narrows 

 of the Yadkin, and thence by one branch to Wilkes 

 county, and another to join the Charleston and Cincin- 

 nati route) — and the Wilmington and Halifax Rail 

 Road, which is already in progress. While heartily 

 applauding the liberal aids otf'ered to these works, we 

 must also condemn the refusal to extend the like mea- 

 sure to the l^.akigh and Gaston Rail Road and its con- 

 tinuation towards Columbia, both constituting a most 

 important, and, no doubt, a most profitable part of the 

 great northern and southern line of mail carriage and 

 travel, which will, before long, be complete from Bos- 

 ton to New Orleans. Every link of this great chain, 

 (unless requiring great expense on account of peculiar 

 difficulties of construction, or unless very badly man- 

 aged afterwards,) must be highly profitable to the 

 stockholders; and therefore, these roads can, as well as 

 any, do without the favor and co-operation of the state 

 which were refused to them. It has indeed been sup- 

 posed, that the belief in this opinion operated on a por- 

 tion of the legislature to refuse aid, where it was so lit- 

 tle wanting. But the refusal was, nevertheless, both 

 unjust and impolitic, and will operate to injure the in- 

 terests of North Carolina, putting aside the interests of 

 her stockholders. Another and far more poweiful rea- 

 son for refusing to subscribe to the Raleigh and Gaston 

 railway, was owing to a great part of that stock hav- 

 ing been originally subscribed for, and is still held, by 

 persons who are not residents of North Carolina — and 

 an unwillingness to confer benefits on "foreign capital- 

 ists." It is true that North Carolina owes this first 

 great railway that is entirely in her territory — and 

 which has led to the success of all the other schemes 

 now proposed — to the citizens of other states having 

 more confidence in the value of such a work, than the 

 government of North Carolina, or many of her citi- 

 zens. To the enterprise and capital of these "foreign- 



