Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-12-02


Court was held in Charleston. as well as
Inc demands of their respective Circuits.
would necessarily deprive The State OF
the able service Of some. if NOT Of all. of the
Solicitors. I had no authority to command
their presence and services 10 Charleston
aud under such circumstances of inconve-
nence, as those under which they would
hav. been rendered. could not presume
o officially 10 request them, The arduous
.lnlies which would therefore hnvc devolv-
ed upon the Attorney General, could not
have been performed, even by his indefa,
tigabIe zeal and industry, but at The ex-
peuse Of every other duty and engagement.
And although having every confidence in
the talents and altainmenis which have so
deservedly placed him a, the head of his
profession, yet the grave responsibility OF
advocating the Interests OF tho people. and
the dignity Of the Stale, 90 question o.
such vital inpnr;ance, regarded as too
serious. fund it was even deemed so by his
modest seuse Of his own merit,) TO be de-
VOWED on the abilities Of single advocate.
From the manner aud ability with which
their duty has been performed. have de-
rived the greatest saris(aclinu; and the peo-
pie aud the State trust. lasting and es-
seu,ai beurhI. from The arduous and able
efforts with which their rights and inter
ests have been viudicaie,l. aud discussed.
IN connection with these remarks, rela-
tive TO The controversy into which this
State has been so unfortunately drawn, Ivy
he recusaney Of some Of her Banking in.
sti,uliou.. it may not be improper for you
40 direct your views to the consideration os
some permanent and prospective mode. of
regulating our currency. assume, OF
course, that this State can never acquiscr
in the existence Of "a National Corporation
or admit the necessity of subjecling lis mo
nelary affairs to the arbitrary and exclusive
control Of such ON institution.
Much Of the pressure nnd difficulty un-
der which our community has !abnrcd. has
arisen from the cons,raini imposed upon
the operations of our Banking institutions.
by the disseulions, necessarily incident TO
an inequality of Banking Capital. There.
is pr,bably no fact in the ecoaamy of
Banking operations more incontroverible.
Than that The business Of a moderate capital,
under ordinary circumstances, il usual,
productive of the highest rules Of profits.
And IT, 10 our experience. their exists any
exception to this rule, in favor oI the larg-
er Banking Institutions. it is because the
late policy of the State, in creating SO vast
u d;spToporticn of capital as now exists.
has sub,lituted the dominion OF the few,
for the honorable competition Of all. and
thereby produced strife and discortI, where
nothing but generous emulation ofprofiI
aud usefulness. should prevail.
The greatest pr 6S of the Banking sys-
tenn are presumed TO be derived from its
operations 10 exchanges. In proportion 10
The exorbi,ancy Of The rates produced by
the deraueemeu, OF the currency. and the
pressure and difficulty of the times; and
10 proportion TO The advantages Of The cap
iial hg which an institution may 7onopo.
iize TIA, branch Of business, SO n: its in
fsfea and tendencies be directed to pro-
ir;lcf, ard even TO increase that state Of
disorder, from which j, acquires lis gre;
90 Eairs. Il cnnuoi :hereiore be wise
policy which supplies TO private corpora
lions, in excessive capital, The power. mo-
lives, and inducements to profit by the en-
or 10 exlort from the nec,s-
sites aud inconveniences, OF the people.
| do not mean by these general pnposi-
lions. 10 imply ceusurc OIL the conduct.
or illustrate The abuses Of any Que Of our
own institutions. The example Of one Of
lhen. ut least. during the late suspension,
80 far from nranifrs,ing snch policy. can
nul be too highly commended for lis for
bearance iu the use of It's advantages as
well as its wisdom and firmness, in main
tanning The faith and credit Of Tho South.
Still, an uudIo and dangerous power over
our currency. is necessarily incideu' 10 the
position Of financial au,ocracy which i, oc-
cupies. And if that power has nol been
lyraunically or corruplly used to its injury.
or the deIrilnenl Of the public, it has been
owing solely to The discreet fo'bcarancc of
those Who welded il. and not 10 any snfo-
guards provided by the laws to restrain it.
4 reduction of The capitals Of The several
banking institutions nf this Stale, (wcre
their charters 10 he rcncwcd,) to some
common aud moderate standard. less than
Inn, of our State institution. would pruba.
bly prevent The recurrence Of future evils
arising from this cause. But in the mean
lime, 10 strengthen the influence of our
Stale Bank, either by IN increase Of capi-
tai or Of lmmunities. is perhaps NJ present,
The most eificnclnus, and the only means,
of correcting existing ills, which Legislative
action caunol otherwise reach, without vio-
ating The charters which sanction them.
Whether this State should participate in
banking operations at all. cannot now be
regarded as an open or practical ques-
lou. But whether she should not use her
in tho language ofa Distinguish
ed statesman, TO "unbauk" the abuses Of
hc system, is policy that deserves TO be
well considered. Such position it is pre-.
;umed The Bank Of this State would occu-
py. with most dignifed, salu,ary aud ju.
iicious effect. Certain il is, in my esrima-
tion, tina, 50 long rs The Staic engages and
,ompeies in barking operations. her ins'i-
u,ion should at least exercise controlling
influence OH her monetary affairs; or else
present the strange political anomaly of