Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-12-23
LEGISLATURE OF SOUTH CAROLINA

MI. Elliott, of The Senate from the Conn
mltiee on Banks in that house on "Wednesday
made the following report which WAS ordered
t0' cohSidefatCn on yesterday, aud VI deIed
to be printed. viz:
That they have atteDtvely considered The
same, AID are ofopinion that the Bank of tie
State, has neen so administered, as TO secure
the credit OF its paper and at the same time
to give every indulgence 10 the debtors OF the
INSTITUTION, which at moment oft peCular
pressure was consistent with its safety
Your committee have mark ed with regret ,
the career Of the Branch Eank established I'M
Charleston Far from having adopted Il con-
cillatOTy condnct towards the local Ranks
far from having paid specie to those institu-
lions, the Branch Bank has OF the contrary
exacted large specie payments from the local
Banks and has pursued such system as has
forced them to withdraw their paper from cir
culation, creating void in the circulating
medium Of the state which, il has snpulied
by no issues on itsOwu. As "A consequence of
this scarcity. your committee have seen the
bhhk n0tes OF other statcS--nOtes Of whose
actual vaiue onr citizens can form 10 esti-
mate-torccd into circulation 10 meet the
necessary wants Of the community
heN conceive trat no depreciation of the
biiis OF the Bank OF the State OfSouih Carroll
ia, mas taken place, as is satisfactorily proved
nv tbe state OF foreign cXchauges-bV a COM
pdrfon OF the prices which our commodities
bear, IN our own and in foreign mark ets-and
coHcinsively, by the fact, that the Bank has.
Ior me last two years. never refused TO meet
ITS engagements ia specie. They believe The
ability OF The Other Banks of this state, TO puy
specie, can he proved by The same tests.
lhcy are satisfied that every sudden aud
violent reduction of the circulating medium
OF country, is injurious to that country, as
81 virtually produces a depreciation of pro-
perfy in etiecling an artificial appreciation OF
mo6dy and, IL alters the condition and de-
SIcys the equity of all existing contracts
ihry therefore advert, with deep concern
to Tie conduct oithe Blanrh Bank in Charles
ton, which HAS certainly been nnpresSiye TO
oar local institutions; and which. from the
facts before ibFuI. the, are bound to consider,
as not Cssenfidt 10 lie preservation of specie
standard Of value ir This state.
While your committee lament the necessary
check w.icb ~ thus giving to the prosperity
OF The community, tbey feel themselves called
on 70 consider more particularly, the bearing
winch tbsse measures have had on the Bark
Of the State Of South Carolina.
ltappears, that under existing circumstance
es, the business Of the Bank must be dimi-
nished - That The directors are Withdrawing
their bills from CirculatiOn-and that they
can pursue no other course so long as tile
Branch Bank maintains IFS present attitude.
IL appears, that the first object of the di-
feCtOts mast be TO secure the Banks against
attacks, iinPaifing It's credit that 10 declare
large dividend, must Of necessity be "A secou-
dairy obJeCt--and consequently, that the sums
required 10 prosecute our Internal improve
ments cannot be supplied from its profits
That the treasurer Of the lower division
under the direction of the COmptroller-Gene-
raj, be directed 10 issue, on the credit Of the
slate, SIX per cent stoCS, ifiedt enable for
(2l) yeaTs-inieiest payable quarterly--the
proceeds Of which stock shall BIZ pledeed for
paid into tlle Bank of the State Of south Ca
rOlIBa, 40 deposits, aud not a. capital
IN. ELLIOTT. ChairJr0n
Of INC C0mWltos on Btrqks.