The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-12-01

Estate, on question oil Sucl Hitdi ilPoi
tance, I regarded as too great, as loo Sc
rious, land it was even deemed so by ms
modest sense of his own merit.) to be de-
volved on the abilities of a single advo'
cato.
From the manner and ability with
which their duty has been performed, L
have derived the greatest saIislaclion; and
the people and the State | trust, lasting
and essential benefit, from the arduous
and able efforts with which lhet rights
and interests have been vindicaled, and
discussed.
IN connection with these remarks, rela-
tive to the controversy into which this
State has been so unfortunately drawn, by
the recusancy of some Of her Banking in.
stitulions, it may not be improper foriyou 10
direct your views TO the consideration of
some permanent and prospective mode, of
regulating our currency. l assume, OF
course, that this State can never acqulesce
in the existence of National Corpora
ton, or admit the necessity of subjecting
its monetary affairs to the arbitrary and
exclusive control of such an institution.
Much of the pressure and difficulty un-
der which our community has labored, has
arisen from the constraint imposed upon
the operations Of our Banking Institutions
by the dissensions, necessarily lncident TO
an inequality of Banking Capital. There,
is probably no fact in the economy OF
Banking operations more incontroverlible
than that the business Of moderate capt.
tai, under ordinary circumstances, Is usu-
ally productive of the highest rates of
profits. And if, in our experience, there
exists any exception to this rule, in favor
of the large Banking institutions, it is be-
cause the late policy of the State, in cre-
ating so vast disproportion of capital as
now exists, has substituted the dominion
of the few. for the honorable competition OF
all, and thereby produced strife and dis.
cord, where nothing but generous emu
Ialion Of profit and usefulness should pre-
vail.
The greatest profits of the Banking sys-
tern are presumed TO be derived from Its
o operations in exchanges. In proportion
TO the exorbitancy of the rates produced
by the arrangement of the currency, and
the pressure and difficulty of the times;
and in proportion to the advantages of the
capital by which an institution may mon
opolize that branch of business, so may lis
interest and tendencies be directed to pro-
tract, and even To increase that Siate:of
disorder, from which it acquires its great
est gains. It cannot therefore be a wise
policy which supplies to private corpora
lions. in excessive capital, the power,
motives, and inducements to profit by the
or to exlort from the ne
cessities and inconvenienccs, Of the peo-
pie.
do not mean by these general PROPOSE
tons, to imply censure on the conduct,
or illustrate the abuses Of any one Of our
own institutions. The example Of one OF
them, a, least, during the late suspension,
so far from manifesling such policy, can
not be too highly commended for lis for
bearance in the use Of its advantages, as
well as its wisdom and frmness, in main
tanning the faith and credit of The South
Sill, an undue and dangerous power over
our currency. is necessarily incident 10
the position of financial autocracy which
it occupies. And if that power has not
been ,yranicaIly or corruptly used to It's
injury, or the delriment of the public, II
has been owing to, the discreet forbear-
ance Of those who welded it, and not TO
any safeguards provided by the lawslo re-
strain it. -
A reduction of The capitals of the seve.
raj banking institutions Of this State
(were their charters to be renewedD to
some cGmmon aud moderate standard, less
than that of our State Institutions, would
probably prevent the recurrence OF iu'nre
evils arising from this case. But in lhe
mean time, to strengthen the influence of
our State Bank, either by an increase Of
capital or of immunlies, is perhaps at
present, the most efficacious, and the only
means of correcting existing ills, whicl.
Legislative action cannot. otherwise. reach,
without violating the charters which sane
toned them. Whether this State should
participate in banking operations at all,
cannot now be regarded as an open or a
practical question. But whether she
should not use her institution, in the Ian
guage of distinguished statesman, to "un-
bank" the abuses Of the system, is a policy
that deserves 10 be well considered. Such
n positjon if Is presumed the Bank Of