Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-12-20
south Carolina Legislature.
IN SENATE.

yesterday.
Mr.. Caughman presented the petition
OF The Evangelical Lutheran Theological
Seminary, at Lexington Court House,
praying that students III literary aud pro-
tossiunal institutions, may he exempt from
Road duiyin certain cases; referred TO the
committee OH Roads, Bridges and Ferries.
Mr., Gregg submitted the reporr of the
Judiciary Committee, OH the petition of
sundry citizens Of Union District pray lug
an alteration of the Constitution of the
State, aud also an amendment of the Laws
of the State, in regard to horse stealing;
ordered for consideration Tomorrow.
Mr.. Patterson submitted the report of
The Committee Oh Privileges and Elcc-
lions, on the petition of a portion of the
citizens of Laurens District, praying that
a chBnge be made in the ;nanner Of exer-
cising thr Elective Franchise in this State;
ordered fnr consideration Tomorrow:
Mr.. liuger submitted the following Pre-
amble and Resolutions:
Whereas, the Resolutions Of the las,
Legislature, approving the establishment
Of an Independent Federal Treasury, have
been represented as at variance with the
opinions aud wishes of the people of this
State:
And whereas, the members Of the pre-
sen, Legislature have been elected since
the adoption of the said Resolutions, and
must he acquainted with the opinions and
wishes of their constituents, ON the subject
10 which they refer:
And whereas, il is important that all
measures affecting the monetary system of
the country, should be as permanent as
circumstances will permit; which cannot
be, unless the opinions and wishes OF the
people be known and consultcd:
Be ii therefore Resolved, That this Le-
gislature, also, is Of opinion, that the taxes
paid by the people, for the support of The
Government, should not be deposited in
Banks. and thus confounded with funds
generally employed inf,romo,ing individ-
ual Interests, and private spcculations; but
should be kept by responsible Treasurers,
appointed under the Laws and COustitu-
ton OF the country, aud used only for the
purposes to which they arc appropriated
by law.
Be it further Resolued, as the opinion of
this Legislature. that although system of
credit Is necessary TO a convenient aud
profitable exchange of the productions of
the country, and particularly Of The sur
plus employed in foreign commerce. yet
that this system may be SO far extended rs
tolead to the widest speculations, aud
most ruinous consequences.
Belt further Resolved, That when suf.
hcient credit cannon be procured TO effect
an active and profitable exchange of the
| productions of the country, (as was the
case in 1871, when the Bank capital OF
| the United States was no more than eight
millions, and the exports near twenty mil
| lions, and in 1916, when the Bank capitaI
was 6fty-four millions, aud the exports six
y four millions it may, be necessary and
witbln the c CONSTITUTIONAL powors Of The
Government.
he 1t Resofued, That when the system
| ot credit becomes bloated, and comment
tioh arises between The lenders, not rhe bor
r"wers OF money. (as was the case in 1886
when the capital employed in Banking
was two hundred and fifty one millions
and the exports but one hundred and
twent> live million,) The facility of pru-
curing credit must lead to ovcrrradiop.
ana extravagant speculatiOns. Thus in
1850 aud ~, more was imported than
could be consumed, and Cotton. th.. nr;n.
c'pai export of the country, sold for one
tiiiru mode IN America lhau it realized in
Europe. Under such circumstances il was
nei.ner necessary nor Proper,in the opinion
ol ms Legislature, to increase the capital
employed III banking, or stimulate further
the capital already in existence.
Resolued. further. That when Congress
nave coined money. fixed the value there
OF ana OF foreign coin. they have full
h'led their whole duty, and exhausted their
constitutional power, on the subject of ex-
changes between the States.
Be further Resolved, Tha, it is the O.
pinton OF this Legislature, that as long nc
eo'd ana silver are The legal tender in
every State, the currency Of no one con
he seriously impaired.
lie nJurthrr Resolred, That a common
measure OF value having been fixed nnon
ny congress, the exchanges between the
States should be left to the regulation of
th"se principles which govern EXCHANGES
between nations.
Be further Resolved, That credit 50
Tar as II depends upon banking capitaI NAV
oe safely ieit to the regulation of the diG.
fercnt States.
Ordered that the foregoing Resolutions
6e made the special order of the day for
Tuesday next.
The Senate then proceeded to the Gen.
erol orders Of the day
Inc President read favorable repor, of
the COMMITTEE on Claims, ou the rennrt NJ
the same Committee in the House of Ron
resen'atives, ON the petition of John Jones:
agreed TO aud ordered to be returned to the
House: '"o
Also. an unfavorable report from the
committee on CLAIMS, OH the accoun, of
oa''ey CorIey; agreed to. Adjourned.
II. OF REPRES ESENTATIVES.