Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-09-13
VOL. II NO. n.

has, doubtless, caused much OF the emharraN
ment to which the commercial Transactions ~
the country have latelysbeen exposed. Bank
ing has become a.political topic Of tie highest
interest, and trade has safafld in the conflict
ofparties. A speedy termnla;ioa OF this state Of
things, however desirable, is scarcely to be-
;eIfeetcd. We have seen for nearly half q
century, that these who advocate a national
bank, by whatever motive they inay be influ- {
epccd, constitute portion of our cainuuhty .
too numerous 10 allow us to hope.for an early.
abandonment of their -fayorite plan. On tifs {
other hand, they must indeed form an errone- z
eous cstimate of the intelligence ard temper /
ofthe American people, who suppose that they
have continued, on Slight or .,insaficjept
grounds, TIER perseveysng opposition to siscf.
IAN institution or that they Can be INDUCED hy;
pec"niary pressure, or by any other coihbinas.
ton CT circumstances, to surrender principles
they have Sc. long and SO inaexibly maintain.
ed. -. 8.
M.;.asn views q he subject are unchanged
They have bseas pssissa aafescrveiiy
announced TO my ielloW-citizens, Who with
full knowledge of them, conferred upon me-
the two highest offices Of the Govc; c;1fhent.-
On the list OF these occasions, ieit It due to-
the people 10 apprize them distinctly, that, m .
ths event of.myepctoa, lw6lid aot be- able
to cooperate in the establishment Of nase,
tional bank. To. these sentiments, | have &:
now only to adat4 expression of an increased
conviction, that the re. establishment OF GGcha
bank, in any FORM, whilst II wosla not .accom4
plish the beneficial purposes promised by It's !
advocates, would impair the rightful supref1a !.
cy Of the popular. will injure the ,Character :
and dimir;sii the inhuencc Of ollfsp obtical syss
tenn; and bring once more into existence a.
concentrated moneyed power, hostile to. the :
spirit, and threatening the permanency, Of onr !.
republican institutions. - 80
Local banks have been employed for the s.
deposte and distribution of the revenue, al
ak tines partially, and ON three different oc.;5
cas:ons exclusively first, anterior &, the es-
fa5!isinent. Of the first Bank of the United
States secondly in the interval betMeensths
termination of that institution and the charter
Of ns' successor; ard, thirdly, during. the fmi- .
ted period which has now SO abruptly closed
The connection thus repeatedly attempted.
proved Unsatisfactory on each successive Qc,e2
casion, notwithstanding the vasions measnrss
which were adopted To facilitate or misuse It's
success. On the last occasion, in the year
1853, the employment OF the State Banks was
guarded especially in every way which, ,eSpe-
ricnce and caution could suggest. Persohil
security was required for the safe.keebiDg and !
promp. paymensof the moneys to be received, 2,
and full returns Of their condition were, from
time TO t:nc, to be made By the repositories.
IRthe first stages the measure was eminent
ly successful, Notwithstanding the violent op-
position of the Bank of the United States, and
the nnnceasing efforts made to overthrow it,
The selected Banks performed with hdelity,
and witlioat any embarrassment to themselves
or the community, their eng nsagements tothe
Government, and the system promised to be
permanently usefal. But when it became
necessary, under the act Of June, 1895. to- (
withdraw from: them the pubic money, for
the purpose of placing tin additional n,stita-
ticiss-or OF transferring Il to the States, they
found it. iii many cases, announcement to coni--
DIV with the demands Of the Treasury, and
numerous and pressing applications &efc
madaf0r indulgence or relier. As HE i:ss-s;rl-
men:s under the deposite law beca,ue paya-
bic, their own cnlSarrasslasnts, faDd the ns.f
cessity under which they lay of, r;aIiingg
tbeif discounts and calling in Their debis, in.
creased the general distrsss, and contributed,
with other causes. to hasten the REVISION III
which, at length, they in coElnlon wi.h the.
other banks, were fatally involved. :. -. 3.
Under these CIRCUMSTANCES, it becomes Our
solemn duty to inquire whether there are Bot,
in. any connection between. tie GoyeFnmsnt
and banks OF issue, Of great magnitude,
inherent ir It's very nature, and against which
no precautions can efectuasly quart. z.
Unforeseen in the organization OF tic Gas;-z I
errInent, and forced on the Treasury ~ p..stiy
necessities. the practice OF employing bank:,'
was, in truth, from the beg!Bnihg, more a.paea-.
sure Of emergency than q; sq.nd policy
When we started INTO exis:eilee, as asnatou;
IN addition to the burdens OF the .ncw Govern.
rsnt, we assumed all thciarge but honorable
load of debt which was the prcc. of cur iiberty:e
but we hesitaied to seigb dpwiethe infant in..
lustry of the country by rasortirg to adequate
taxation for the necessary revenue. The Ia
tct:es OF banks, il return for the privileges
they acquired, were promptly offered, and per.
haps TOO readily. received, BY an embarrassed
Treasury: During the long rontinuaacsof q
national debt, and the interfering difficulties
of foreign war, the connection was continue,
ed from motives of con"eaeaee; J; but these Z
causes have long since passed away. We
haveno emergencies that naaise banks necesr.
sarv.to aid the wants of tie Treasury; we
have no load OF national debt to. provide for,
and we hare on actual depcsife a large sur
plus. No public interest therefore, now re-
cures the renewal of a connection that CIR.
cu,nstouces have dissolved. The complete
organization of our Government. the abiiir- :
dance OF our resources, the general harmony
which prevails between the different States,
ard with foreign Powers, all enable Us noW, to
, selec, the system most consistent with the
Constitution, and most conducive. the public
welfare. Should we, then, copnect the
Treasury for fourth time with the local
banks, it can only be under conviction that
past failures have arisen from accide.fai, no;
inherent, defects.
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