Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-06-06
longer such a class as the Silk Stocking
Gentry par excellence. There is no longer
a parry bearing this name:

Bunk SPecufdttonS.-W w e.commend toE
the attention OF our readers, the subjoinedi
remarks, copied from the Western Caro-
linian, and the Ohio Statesman, on the
speculation of banks. This is becoming
great evil in our country. In large
number of the States, the banks have de- /
parted from their legitimate sphere Of bu-
siness, and have entered into competition
with the merchants and general specula-
tors, IN the purchase OF cotton, pork, and
nearly all the necessaries Of life. In some
places, by their superior privileges and IA
ciIities, they have acquired perfect mo-
nopoly, and driven all their competitors
from the field. Can such course of con-
duct be submitted 10? Does not general
speculation, entered into by banks. defeat
the very object for which they were crea.
ted Would any Legislature be so insane
as to gran, these mighty corporations ex.s,
elusive privileges, for their own benefit, &
aud to the manifest injury Of the commu. !!
nily? Tis monstrous to suppose so! This I
evil demands rclorm-insaut aud enlira4
reform. A northern paper says, that 10
New York, the speculation of the banks
in provisions, has raised the price of al!
the necessaries Of life! The rich, tho !
middliug classes, and especially the poor
are now experiencing the dreadful effects J
of these uuhallowed speculations! Some
of the States, feeling The evil, have res,rie.i
ted the banks TO their legitimate business.
In the new Constitution for the State Of
Florida, will be found the following clause
on the subject of banks and corporations: Z;
The Charters of Banks granted BY tho
General Assembly, shall restrict such.
Banks to the business of exchange, dis
count and deposit; aud they shall not spe-
culate or deal in real estate, or the stock H
other corporations or associations, or in
merchundize or chaltels, or be concerued
in insurance, Manufacturing, Exporting,
or Importation, except of Bullion or Spe-
cie; shall not aci as Trustee in anywise,
nor shall they own real estate or chaItels,
except such as shall be necessary for their
actual use in the, transaction Of business,
or which may be pledged as further secu-
riiy, or received towards, or in satisfaction
of previously contracted debts, or purcha.
sed at legal sales to satisfy such debls; Of
which they shall he required 10 make sale
within TWO years after the acquisition
thereof"
Would not great restrictions imposed
upon the Banks, hereafter 10 be chartered
III the several States. be of vast benefit 10
the community We commend it to the
serious, earnest attention of the whole
country.
"BANKs SPEcULATINe IN PRODUCE
The bad efferts of the EXAMPLE sci by the
United States Bank in irs cotton and tobac-
co specula,ions by Banks, have been most
ly if not wholly confined to the U. States
Bank, and certain Banks in the West,and
South West. The Banks in the Atlantic
States have carefully abstained from all
such doings, and, it is to be hoped, will al I
ways continue SO 10 abstain. One Of the
last things that Bank oush, TO do, is to
become buyer and seller of produce
Whenever Banks turn Out specializing,
they depar from their legitimate sphere Of
action, and the farmers OF the country may
always expect to become sufferers. The
Banks in this State, are expressly prohibit.
ed from dealing in any thing but pronissa-
ry notes, bills Of exchange, and gold and
silver. Well would it have been Tor the
people of the South West and West if
their Banks had been placed under like
prohibition. In that case there would have
been no ground for such complaints as ne
see in the following article:-West. Car.
'SpEcuLATING BANKs.-Grea, COM
plants are made in several parts of the
country that certan' banks have abandon
ed their legitimate business, aud entered
the field Of speculation in competition with
the merchants. The Chicago Branch Of
the Illinois Bank, has entered extensively
into The pork speculatious. By withhold
ing all accommodations from the mer-
chants, il has vast amount of nancy at
its control, and is enabled completely TO
the market. No one else hav-.
ing money, the farmers are compelled TO
dispose Of their pork to the bank, or keep
it, and The Bank can Sc, its own price
After it gets the property in its possession.
il can hold it until purchasers are obliged
4 Ip
N"Biddle set the example,by specializing
n cotton.
1.-The Wisconsin Bank has become The
monopoIizer Of lead. The people Of that
Territory assert that it is the greatest
curse that was ever inflicted upon any
people.
"Sevrral Of the Southwestern Banks
!, ,,,a ,Ion conyortod themeeIveS int0 Snec.