Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-08-30

to the value of at least $500. The trunk
was found next mornig in an adjoining field;
having been opened and about $500 worth OF
clothes and other articles taken out. The
rog que opened box Of jeweiry but took no.
thing out.
Mr.. CHEvEs l.. S. BANK.-Dr. Cooper
published, in the last No. of the Southern Lit
erary Journal, paper on Banks and Banking
from which the following is an extract.
Captain Jones was compelled to resi- ign the
Presidency, of the U. S. Bank and on the
9th of March, 1919, Mr.. Cheves took his
place. In.his exhibit, about three years al
forwards, Mr.. Cheves stated among other
facts, the fraudulent discount and abstraction
ofnear Three Millions of Dollars from the
Baltimore Branch, while James a. Buchanan,
was President and J. w McCulloch, Cashier.
Security was obtained for about S9O0,O00 no..
minally of this deficiency, but really about
$5OO,0OO only. By calling in all debts that
could be made available, by a rigid contraction
of discounts and paper issues, and by procur-
ing supply of cash from abroad, MIR. Cheves
saved the Bank But he continued his sys-
tenn too long and too inexorably. Great pres
sure in the mercantile world, and many fail
ures took place. The Stockholders complain
ed of receiving no dividends, and the mer-
chants and manufacturers found all their ope~
rations paralyzed, and usury flourishcd: The
reductions made by the National Bank were
calculated at Seven Millions, and by the other
Bunks at half as much. The price of land
throughout Pennsylvania, fell at the close Of
1919, to one half of the value in 1917. "A mar
who entered into a contract in lSl7,-S paid
double in 1919, and 1920. Mr. Cheves at
length resigned the very harsh but really salu.
tary exercise of llis arduous Office. That the
Bank was saved by his eXertions, no one be-
lieve denies but the price paid for the bene-
fit, was very good.
Mr.. Nicholas Biddle succeeded him. Full
ly aware and torewarned by the recent events
ofa few former years, he proceeded with
few former years, he proceeded with a steady
and cautious moderation, till he placed the
Bank not only beyond the fear of failure, but
in condition Of prosperity beyond that OF any
other known institution of a similar kind
Mr.. Chevcs has published III the Charleston
Mercury a reply to this part of DR.. Cooper's
article and answers the charges implied in his
statements. He shews that the Doctor erred
in regard to the actual state of facts and
their connection with the Bank; and closes his
publication as follows:
If in the struggles OF the Bank to be rechar-
tered, my opinion was against it Gas in fact it
was) | nevertheless was silent. The rela-
tions in which had stood to it forbade me to
manifest opposition to it, in any way or in any
degree. 1t is now no more, and am free to
declare that | am opposed to National Bank
in any shape. always believed it to be un-
constitutional, and my experience and obser-
vation have satisfied me that it is ineXpedient,
unnecessary and dangerous.
The constitutional question has been so Of
ten and so ably discussed, that no new light
can probably be shed ON it by even the power
full and lucid mind of Mr.. Cheves, except i'll one
aspect; and here, it is most likely strange as
the language may sound, that experience alone
must decide. The constitutional question Is
involved, Cor at least none but mere conSoll-
dationists will deny that it isl in the question
whether Or not National Bank is necessary
and proper to enable the Government to con-
duct the fiscal operations clearly enlolned up
on it in the constitution.
That the State Banks are not the proper
agents for this purpose is now admitted by all
None will deny that U. S. Bank may be
made to answer this purpose perfectly Er-
pcrimentS PROVE it. The question Is, can any
other agency be substituted which will answer
the purpose as well, or which will answer the
purpose at all, and which will not be liable to
as strong objections as we'll regulated and
properly restricted National Bank. On thus
question the views of Mr.. Chevcs would be
valuable to the country at the present time
The reputation which he acquired as finan-
cer while in Congress, his experience and slg-
nal success in the management of the L. ).
Bank at a most critical period in its history,
and his pre-cminent talents would command
for any deliberate discussion of the subject by
him most respectful attention from all quar-
tcrs Great interest would be taken especial
ly in any scheme which he might, at this
time, propose FOR the safe-keeping and disburse-
ment of the Federal revenue
ELECTIONS
North CARoLINA.-In the only district