The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-05-12
FOR THE JOURNAL.
CAMDEN, May Sd, 1871.

CAMDE May on, lO9i
At a regular Annual Meeting of the
Stockholders of the Bank Of Camden,
South Carolina, convened, under the Char
ter, this day at the Banking House in
Camden, Col. JAS. CnESNUT, sr.Nbeing
called to the Chair, appointed HAYMAN
LEVY Secretary.
The Chair.then appointed c. J.,Shan.
non, Benz. Halle, and JIM. Desaussure as
a Committee to verify proxies.
The Chair also appointed W. E. john
son, John Springs, Geo. Reynolds, Benz.
Halle, John Robinson, and Hayman Levy
as a Committee 10 examine the affairs of
the Bank.
The President of the Bank made a Re-
port on the Financial state of the Bank
up to this period, which was received and
referred to the last named Committee.
The Stockholders then went into an:
election for seven Directors, when Wm.;s
Mcdowell, John Workman, and Hayman,
Levy were appointed managers, which
resulted in tie election of VIM. Melville,
Psf. VilIipigue. VIM. f. johnson, John
Workman, Hayman Levy, William Nc
DoweI, and Thomas Lang, for one year. Z
w. E. johnson then moved that the
provisions of the late act of the Legisla-
tnre, amendalory of the Charters of the
Banks of This State, be accepted by this,
Bank; upon which, some remarks were
made by the President, Col. VIM! McWil-
lie, in favor uf the motion, butslmply on
the ground that the amendments were pro.
per in themselves, though, in his opinion,
at one time, not likely to be necessary
hereafter. for the proper management OF
the Banks Of this State, which have here
tofore been conducted, upon the whole, SO;
well, and have given such indications OF
still better management for the future, that
no legislation was, perhaps, necessary.
As to the legal right of the Legislature to
impose the amendments, and as 10 the le.
gal consequences Of suspension, able ju:
fists differed. But legal contest, with
the State, minisiering 10 tho violent party
spirit with which it promised to be mark
ed, was to be deprecated, and he deemed
it the course of true policy and duty on
the part of this Bank to accept. We could
gain nothing, he. thought, a. all events,
and might lose by the contest. That the
very conditions on which the;meeting, OF
the Goth February last, had instructed him
to accep! the amendments for this Bank,
now actually exist, viz: the acceptance
by majority Of the Banks sof Charleston,
with majority of capital. 100
Mr.. John Robinson having made some
observations, in opposition, on the ground
of; the unconstitutional and tyrannical
character of the enaciments, the motion
was then put, and nega,ived-yeas no,
nays 562.
Whereupon, w. E. johnson moved the
following resolutions, which were unani-
mously adopted;
ResolDed, AS the opinion of this meet.
ing, that the peculiar utility of the pre-
sent system OF Banks of deposite, dis
count and issue, united, consists in the
substitution of their notes, as currency,
for large portion of~the coin, which
would otherwise necessarily be used, al
great expense,-thc superior convenience
of such notes TO coin,-and the elasticity
VI tHC toiutIlc VI tIie CuTItHCyS Wy WulCi
it can, at all times, with Promptness and
facility, and without cost, be adapted to
the Va lue and amount Of the circulating
capital of the country.
Resolued, That the advantages of the
system can only be realized under free,
fulland unreslrained convertibiliiy Of such
Bank notes into legal coin, at all times
and under all ci.cums tances, except those
OF extreme necessity; and that, if such
conVerlibility cannot be maintained, the
promised advantages of the system fail.
ReSolued, Tha: it is the right of the
community 10 be informed of the move
ments of the Banks,-their expansions
and contractions Of the circulating me-
dium of the country, &c. &c.
Resozppd, That the concealment and
mystery thrown over the transactions and
conditions Of Banks, is prominent cause
of their discredit with the pcople,-a
cause now acting with increased energy
from the astounding Developments which
are every day being made, in relation to
some of the most eminent, and, till lately,
unsuspected Banks in the Union; and that,
therefore, the true course Of policy and
duty of any Bank, conscious Of fdelitystol