Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-01-10


state legislature, was liable to he amnuled
by any subsequent lcgisla,nre-and still
more et1rcluaIly by any political meeting
called a cOuventiOn-wtich is only anoth-
er form of extraordinary legisIation-and
an attempt was announced to carry that
dogma into efcct.at a convention then APP
preaching The assertion of such right
by the state government to annnl all its en-
gageinents To foreigners pui forth at q
'no,nent when The country wa, lahoring
under temporary inability To pay it's
de"tS, was calculated to destroy all conf
drnce IN the Integrity of our American
institutions, and | therefore said 10 YOU i'm
my letter, "'FhIs must moi he. Ii must
he decided whe'her This Pennsylvania Of
ours, IS n vtriuous community, or n mere
society plu ,de:ers-nor will the honor of
the state he relieved, either at home or u.
broad, from the stain which few small
politicians wished to fix upon her. until the
convention adopts some solemn .leclara.
ton, that there is opower in this nation
capable of violating the sacred engage
menis Of the state authorities That should
be done, and if any efforts of mine NAV
avail, that Sh al be done for The h0nui of
this state. for The character Of her sister
states, and for the stability Of our popular
institutions"
Accordingly. when the convention met.
one of its most decided acts was the follow
ing resolutions passed on the 2Ist of No.
vemhrr, 1887,
ResotUcd, That it is The sense nf this con
v"ntiun, that u charter duly granted under
an at Oi assc,nbl to Il bank, or other
private cOrpuration. is, when accepted, Il
contract with the parties to whom the grant
Is made; and if such CHARTER be unduIy
granted, or subsequently ,nisuscd, II may
he nvni,ied by the judgement of a court of
Justice IN due course of law, and nor other
wise, unless in pursuance Of il power ex-
pre,sly reserved i'm the charter.
The nb!i,a ion of the state Legislatures
tn fulfil all their engagements m ,dr will,
fUreiSurrs-anh the anxiety of individuals
to pay their foreign debts. being thus cs.
tahliShed, the next care was To enable hol IN
to comply with their contracts a, as little
sntriiccsas possible. 1t was due to for
eieners that every dehI should he pai,l-ir
was due 10 ourselves TO III Ike the most oi
our resources in the settlement. Now
these resources consisted mainly in the
public securities. and The staple productions
of the country. The shock of suspension
'wpt,el Of ,c,alrse sink both To ',lies lowest
FIufiT Uf'foljr. st
cut tu save thcu from sacrifices, bv two
measures appicth!" t" each.
There ca. 50 ,rcelv b. ary form ,f se
cnfity noe afe thar III. p .cum,arv ell
gagemen oi the States. They have Il
most luxuriant soil valuable product,
infinite natural irin:
industry in developing them. They
have every thing hut ,nomcv-and for thar
fhny 1ra :lltlf. In, ,,I
much more tlIam The less productive indus
try of Europe can ltlorl to pay. Their
loans, too, instead Of being wasted in wars
T extravaganza, 90 TO The direct improve
'nenr of the borrowing ST .tcs-so that there
cannot me no better application Of The
means of anv European capitalist than IN
double his iLcnrne bv American invest
mrnis. Yet all these require knowledge
local intormalion-ihe means of excl
Ting confidence; and it was thought most
expedirnt to establish an >merican agency
i'll London. ns the common centre and the
general support % all American securities
where. in addition to the appropriate bm
sincss of the Bank itself all The public and
cnTpurare stocks "f the State, might find
| shelter and prnrcr, on.
In like manner the deramgrmrn, ofihr
entirely at the mercy nf Tie foreign our
chaser, who could have dictated The terms
of sale To the pr"Slrareh planter II wi,
| thought proper 10 avert tn It evil. hv EN-
ploving n large portion of the capital of
the Bank in making advances on SnuIh-
crn produce. This had Two ellrcl>-thr
first was To provide rcmiriancrs to pay its
own hond~ in Ens issued to The New
FnrE IN, Ib,,;r 4.
for as the Bank could nor of course pur
chase these staples, it made advances up
OF them in the South, receiving in ex-
change bills. on Europe. The second ef-
i"ct was to in,rnduce inIo the marker, a
new coinprii'ion. and thus prevent the un-
| conditional suhjec.ion of the planter To the
foreign purchaser. These advances were
mnhr. MOI as in past wears on the mere
| personal security of the merchani>-w IIirh
the confusion of all private credir would
| have rendered too haZar'lOu>-bui on ,hc
actual shipment of The produce 10 an 4 :
merIcan house in England. willing and
| able To protect American property from
the reckless wasIr with which il has been
too often thrown into The market. wih an
entire disregard to all American interests.
The combination Of these causcs-tllc .lr-
, plication of capital on this side, and the
| prudent reserve on the Ulher-llavc saved
| to the planting interest, an am unit which
| IL Is difficult to estimate below ten or lif
| teen millions nf dollars. | believe. too,
tina, nearly one half of the commercial
! debt Of This country to Euro "a. has been
paid by the mere difference between the
! actual sales Of the securities and staples
and the prizes they would have realized,
had they been thrown unprotected inlo