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who have paid their creditors by loan:
from banking institutions, will soonest
kquidatc their debts to the banks by
increasing the nett profits Of cotton
planting, by discouraging an expand
ed circulation. The question of crea-
ting a national bank, was presented to
me as Senator from this State, as a
question regarding the permanent and
settled policy OF the country. The
question was, whether sould aid by
my vote in establishing at the north, to
exist during the present generation, an
immetise banking establishment. pene-
trating with its branches my own and
every other State in the Union, and
maintaining through its instrumental
ty and that Of the State banks, an ex-
panded paper circulation. | was ask
ed to re-enact a bank tariff, operating
by its Increased prices upon all we pur.
chase, as tax more onerous and oppres-
siye than the tariff of 1923. That tar
iff diminished the prices ofour cotton,
by increasing that Of the imports recei-
we'd in exchange from Europe; but the
bank tariff system, whilst we have seen
it added nothing to the price of cotton,
taxed the planter most oppressivcly, by
increasing enormously the price of pro-
visions and all the expenses attending
the purchase and conducting Of cotton
plantations. was asked TO thrust my
hands into the pockets of my consti-
tuents. and take from them a tribute
for the benefit of northern capitalists
equal, as can be demonstrated, to one
half the expenses Of the cotton culture.
! was not willing to sacrifice the per-
manent interests of my constituents for
the benefit Of banking corporations
The present cost Of raising cotton in
this State, including the interest upon
capital invested in the plantation and
slaves, is not less than eight cents POI
pound, whereas with metallic or near
ly a metallic CURRENCY, it ought not to
exceed two celts per pound: thus crea-
ting the enormous loss to the planters,
of six cents per pound from the bank
paper tariff. At six cents per pound,
the loss iipon the entire crop of the
State, estimated only at three hundred
thousand bales, would be seven millions
two hundred thousand dollars annual,
| ly, or alta loss of three cents per pound,
three million six hundred thousand dol,
lars. The price Of raising cotton in
other countries which have only d spe-
Gle currency, does not exceed two cents
per pound, and in the great and pros
porous island of Cuba, with retchue
nearly equal to that of this Union, with
no banks and only a metallic currency,
sugar has been raised at the expense
of one cent per pound. Thus, when
our tariff upon sugar was three cents
per pound, and freight from Cuba and
other expenses at least one cent per
pound additional, sugar has been re-
peatedly sold in the New Orleans mar
ket at six cents per pound, and allow
ing but one cent of profit to the planter,
the cost of raising the article would
only have been one cent per pound.
So much for the beneficial influence OF
limited currency in an island within
FIVE days sail Of Mississippi, and with a
similar currency, cotton could be rais-
ed here at an expense not exceeding
two cents per pound. Cotton is the
real representative of specie, and in
debasing the value Of specie, by intro
ducing another and rival currency. and
precisely TO the extent Of this super
added currency, do we diminish the
value ofcotton, by increasing the prices
of all that we purchase with the pro-
ceeds ofour crops. Ifthe cotton grow
ing States owned all the mines Of pre-
cious metals, and coined all the mon
ey in the world, nothing could be more
prejudicial to their interests than to
superadd another species Of money as
arrival currency, consisting Of bank pa
per. or any other circulating medium.
By such an operation, the value of the
specie would be diminished exactly in
proportion to the extent of the super
added currency. The same thing is
true in relation to cotton. 1t is the
only articlewe raise for sale. II is the
real equivalent Of specie, and will com
mand 1t abroad, and we debase its val
uc by substituting another fictitious
equivalent in the shape Of bank paper.
Nor is this the only injurious opera
ton. We surrender the trade and
commerce Of the south into the hands
Of northern capitalists, by erecting
there a vast and oycrpowering bank
ing corporation, penetrating by its