Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-04-28

NSiN " AOl lHG DSHGLI anu instruction
OF our community, a precious Hercu-
tanean manuscript, long forgotten, but
recently extracted in fine preservation
from the buried ruins of the u. S.
Bank. We allude to letter, written
by Ker Boyce, Esq, now President
of the Bank of Charleston, the four
million bank and money monarch of
our city, to the Hon. George McDuf
fe, that able and eloquent champion Of
the late U. S. Bank, and appended
by him, as valuable authority, to his
admirable and celebrated report of A
pril 1880, as Chairman of the Com
mittee of Ways and Means, in Con-,
gress, in favor Of the constitutionalitv
and expediency of the then existing
is. Bank, and against {" a National
Bank founded on the credit of the go
vernment and its revenues" the Sub
Ireasury-as calculated to reproduce
"the paper money of our revolution,
the assignats of revolutionary France,
and the Treasury Notes OF the late
war;" We invite attention to this let.
ter as well written and sagacious ex-
position of the great commercial adj
vantages of the late U. S. Bank, in re
gulating and facilitating exchanges,
and promoting trade, in preventing the
over-issues oflocal banks and the {" er
tOrtions of private Dealers" and in
infusing soundness and health through
out all the veins and arteries of our
monetary system, and building up and
sustaining the prosperity of our coun-
try; and we especially invite attention
to it as prophetic statement of the re
suits likely to follow the insane des-
truction of that admirable institution
a prediction made ten years ago, and
now in daily realization before our
eyes. Local Banks have been multi
piled to an almost indefinite extent, in
anticipation of the overthrow of the U.
S. Bank, and since the actual accom-
plishment of that event-they have
flooded the land with their excessive
issues and now deprecated paper, in
volving the country in extraVagant spec
ulations and ultimate ruin; shaving
shops are in operation all over the u
Mon, and the exchanges of the country
are in the hands of spectators and
| specializing banks, and are made the
source of inordinate profits, amidst the
general commercial arrangements and
distresses of the country and Mr. Ker
Boyce may be said, ifnot individually
at least as President OF the Bank OF
Charleston, to have carried out the pro
iect, indicated in the concluding pas
sage of his letter." III a0ere sure the
Bank avou'd not be rechartered, Ia0ould
cOnrert ny property into money, e0ith a
Uieao TO dealing IN exchange l could
male n u@st fo1t~ne-by It,"
Extract of letter from an intelligen
merchant in Charleston, South Car.
DINA, (Ker Boyce Esp to the
chairman Of the committee ofway'
and means, illustrating the exchange
operations Of the bank Of the United
States.
"This effect Of diminishing the vas
difference of exchange between the Vi
rious points of the country, was evi
, IDENTITY produced by the bank. Tn
advantages produced by this institu
ton, in the intercourse between the
f western and Atlantic states, can be du
. ly appreciated only by one who sees
passing before him, the actual opera
> ton ofthe system of exchange it ha
I created. For Example: Lexington
I in Kentucky, annually accumulates
large surplus Of funds to her credit i
! Charleston, derived from the sale c
' horses, hogs, and other live stock, d.
ven to that as well as other souther
A markets by her citizens. PHILADELPHIA
o IS indebted to Charleston for exchang
: RENTED, dividends on bank stock, 81
: and Lexington is indebted to Phlls
: delphia for merchandise. Without tn
: transportation Of single piece OF con
n Lexington draws on Charleston, an
q RENTS the check to Philadelphia
I'll payment of her debt there which or
# Grafton adjusts the balance betwee
4 the three points Of the triangle, almo'
n without expense or trouble. Coul
Y such facilities be obtained from any
n Their than an institution having brancl
If es in different parts oGthe union, actlr
4 as co-partners in one concern! Loo
" banks, whatever might be their willing
. ness, could not accommodate IN Il
! same manner and to the like extent"
i "This discounting of bills, on II
- low terms established by the brant
a bank at this place, is great benefit
at the agricultural interest, particularly
r. enhancing the price of cotton and nc
m and were the bank to stop Its oper
le tons, there is no saying how far the
l. staples would be depressed. The pl
n vate dealers in exchange would ia
ct place of the bank, in that business, al
er their profits on bills would be taken 0
ID ofthe pockets of the planters, as
,;s merchants would always regulate I
lie price, they would give, for an agric'
Ie. tural production, by the high or Il
- rate At which they could negotiate tn,