Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-07-19

"s 'S'"SS "Fou " VIII. IN n lew years, a
mount to 4-6 millions. What will he the
effect o: this No Que will venture the
opinion that the experienced and able gen
tleman AT the head Of that Institution, will
not realize the usual Bank profits 1t is
not the nature Of Banks to make nothing,
and the success Of the Bank of the State
proves its ability to manage it's own con
Germs proGtably. 1t requires no depth Of
reflection TO conceive Of the probable u
mount of profits Of Bank which burrows
two millions Of dollars at 3 per cent, and
issues from four to six millions. II lis Il very
plain prop"sition, and AT an ordinary rate
OF profit it will nearly, if not quite, extin-
guish the debt of two millions i'm 20 and 80
years. With all the opposition to the hank
ing system. who of us will object to an i'm
crease Of the Capital of the State Bank
Who are the Stockholders! Every tax
payer in the State and none other. The
profits of this Institution belong alone to the
People, and they serve bu, The purpose Of
relieving them of the burthen of taxation.
Every dollar made by the Bank, is dollar
saved to the People.
1t is the part Of wisdom for our Leoisla
ture to make the Currency Of the State as
sale and stable as possible. How can this
be better done, than by increasing the Capi
tai of the Bank Of the State to such an cx-
tent as to give IL Il commanding Influence
over the circulation! We hesitate NOT 10
say, that we would prefer that our own
Bank should furnish the entire paper me-
dunn to our cilIzens. The elect would be.
thai :he currency Of the State would be
placed beyond tine reach of contingency,
that the Peoples Bank would have a mo
n"poly OF all tie hank profits, and that the
citizens oi the Stale would in short time
lie relieved entirely Of taxation. Wecould
say much more upon this point, but our Oh
ject is to be as briei as possible. The ci,i.
zens OF EdgeIird will see, ,ha, thus far,
their monied interests lave been consulted
aud protected not only against injury. but
advanced and promoted"
And now we will lurn To the other br, cb
oi the SUBJECT. Is il Il fact that this great
end OF which we have been speaking, has
been defeated by the liberaI,ty Of the I.c,is-
Inturc to The People Of Charleston! Let
It's look at it for "a moment. The President
anu Directors ol the Bank are authorized To
loan to such applicants as will rebuild that
portion oi the City which was consuulc,
ny the late hrc, upon the following terms
nd b..
cost of The building proposed to be erected
and an abstract Of,hc title to the Lot, are To
be set forth in the application to the Bauk:
| the Lot Is 10 he valued by five Commissions
t-"rs,5.-~ozai'to;utv,tby -.I,s Back. two b., TN,
Ciiy Council, aud fifth TO be chosen nv
The other tour. The money is made paya-
| "'e III ten annual nstaIments, and is secured
oy oo"d ana mortgage Of the prtmises, the
form and nature of winch, are prescriucdbv
the Bank, under the advice a,, dir.c,;nr
OF the Attorney G,neral. 4 nc buildings
| |" DC erected, are to De of brick or stone: The.
property Is to be insured und The Cty Couu-
cHcj Charleston guarantees the State uoujus,
ali loss.
we have only limited at the very full and
ample provisions of The Act, but the sincere
inquirer alter truth, will, we think, perceive
the most perfect security against danger
ana loss 1t would be trespass upon the
reaocr, 10 consume any more time upcn q
matter $50 plain and obvious. We will only
remark IN addition, that the profits arlsinu
out OF the additional capital are solemuIy
| pledged and sci apart for The paymcu, Of
Tue interest On the said loan, and the final
redemption thereof; and as a further pro.
vision Tor the payment, it IS enacted thar
when the profits of the Bank shall have re.
de'hled certain stocks for which they are
pledged, the said profits shall also be con
sldcred solen'nly sci apart lor the paymen, o,
the loan.
Aud now we close, aud we trust forever
IL Is with p'ide we express the conti,Ieu,
opin'on' that the opposition to this measure
Is confined to obutfew among us. Few how
ever as t"cy are, we are sorry for il: and i,
our imperfect defence " i'll have the eflert o
feciaIninG these "irom the error of ,h.i,
ways il will be to US a source or rc,l
salistactiOn
| nv, COMMUNICATED.1