Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-02-07

the poor and Improbable purpose ofcramP:
ing and cripplng and running our local,
Banks, and with them tho people, who are
interested in Or dependent upon them. In
one word, he will not have tho power TO 10
i. In the third Place, the Insurance Bank
will be managed entirely by directors who
are citizens OF the State, equally Us much
interested il the welfare and prosperity OF
the people, as tic directors of other Banks.
1t is said that he will cut off the profits OF
Other Banks! lfhc docs this by reducing
. the ralG ofin:crcst, and bringing exchanges
upon the Nor'h once more to par. we hum
bly believe he will merit and obtain the
thanks OF the community who are interested
in no Banks.
But it is again asserted that if he mad aP-
plied TO the State for branch of the Penn
svlvania Bank of the United States, his ap-
plication would have been promptly rejected.
No doubt Of It. and very properly. We
look upon that as very different question.
The Insurance Bank will not be n Branch
of the PENNSYLVANIA Bank ofthc I. S., but
an indcpcndan; Bank of i;sclf.-Bcing own
ed in par. by the same stockholders it may
be made n medium for cffecting exchanges
between the North and South cxpediiiously,
uniformly and cheaply, and this we presume
is the real object of the transaction.-And
then it is urged again that the State will be-
ovcrrun with what is termed 'torei On capital:'!
Grant this TO be true and the arg lment
is suicidal. Money here sw)rih 8 per cent.
per annum, and if the citizens of other
States can send their capital here and loan
it out at 6 per cent, as we understand is the
intention of the Insurance Bank, we ask,
will we not be gamers just two per cent.
upon every dollar of such capital us may
be brought into the Sate ? We think so
clearly.
That this transaction is an invasion or
violation of the rights of sovereignty of the
State, as is asserted by some presses, or how
it has any thing 10 do with State Rights, We
arc utterly at loss to imagine. This opin.
ion VIC have no doubt has been produced
by the false and mistaken idea that Mr.. Bid
die ought not 10 be allowed 10 hold stock in
any of our Banks, because The State would
not allow him to have branch Of his opn
Bank here 1t is very different thing,
we opine, for him to hold stock in Bank
chartered by our own STATE. and amenablc
to our own laws, from having branch of
bank chartered by another Sta;c located
within our limits, and over which our laws
could have little or 10 control.
Much that has been said about this trans.
action, no doubt has lis origin in ancient po-
litical anlipatlics. There arc some men
among us who shuddcr at the bare mention
of NICK Bidde's name. They imagine him
to be the ghost Of the sdcad monster" over
whose grave they have been chaunting re-
QUEENS and funeral hymns for the last four
years. They will swear and swear that it
IS dead; that the General killed it with the
veto-and yet if they hear Bddle's name
connected with any money transaction, they
will unswear it all, and swear that il is sill
alive and kicking, and begin to call hastily
on the "Dcmocracy" to arouse!
| Our neighbor ofthe Consttutlonalls: says
tina, county meetings should be called, and
even an extra session Of the Legislature
For what purpose? We should like 10 he
shown the ':ut.Htarian cui bono" Would
he have the people harangucd about the
General and the "mouster," in order to raise
! a mob? Would he have the Legislature
attempt to annul the charter Of the lnsu-
rance Bank To visit it with the ven-
gcance of the agrarian doctrine of Dallas
and Ingersol and Fanny Wright? We
should like to know! Ifthe bank has done
any thiag 10 forGei. its charter, let it be tried
and condemned according to law! lfgull'y
! and convicted, we shall not weep