Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-05-20

minated bytegislaliye action, aud although
The peoplemight, by tlargemgjoriiy, ,0ilt
that it should cease, YET if The banks could
fiud favor with either brancliyof the lesis-
lature, orwith the Executive, it would be
impossible TO carry that mill into execu-
ton. .ss=e.
"Is it wise, is it just, TO surrender such
power as this, to the banls, whenin all con-
tests heretofore had between these institu-
lions aud the people, they have proved vic.
lorious? But, by the bill before me-, they
are 10 enjoy these exemptions not only uuiI
further legislation, but until The legislature
provides for the repayment Of this large
loan. How will it ever berepaid, if this
bill should pass The banks control and
regulate the pecuuiary transactions of the
country, Id. which so large an amount of
capital as this is involved, They are di.
reclly interested in preventing the re-pay
ment Of this loan at The eud of fve gears
or often gears, because they enjoy exemp-
ton from thesforfeilure.oftheir charters as
long as this loan remains unredeemed. 1t
is not al all likely at the end of'fiye years,
or even ten years, The Commonwealth will
be able to pay off loan of three millions
Of dollars, without making another loan
for that purpose. From whom can this
loan be procured !! Surely not from Eu-
rope, for thai market is .glutied with our
stocks already. Not from our own banks,
for If they were TO make ailoan to the state,
it would be to deprive themselves of the
valuable privileges they enjoy, under the
exemptions already mentioned. Not from
our own capitalists, for they are so deeply
interested in the banks, as 10 be restrained
5y that consideration; or they can prob
ably find. as they have heretofore done,
more profitable investments for their mon
ey. |, is idle, therefore 10 say; that this
loan can be repaid at the end Of FIVE years
or even great length of time, with such
strong interests ia the way to prevent it.
"An act Of the Legislature authorisins
a loan 10 be iaken for the repayment OF
this loan of three million one hundred thou
sand dollars, would be fruitless, the mon
ely could moi be obtained upon II, aud until
it was obtained, the banks would be be-
yond the reach Of the legislature, and
would enjoy their right Of suspensions, in
defiance OF its action. Itscarcely requires
prophet to foresee what would be the
issue of a law like this. Atthe end Of the
FIVE years mentioned in the FIRST section of
the bill there would be renewal of the
same loan, and the same system of opera
tions for another period OF Eve years, or
perhaps longer and we should thus have
suspension which might be well considered
as perpetual. We cannot foretell its con.
sequences we cannot foreseeits end. The
moment it is engrafted upon our system,
we may despair Of all other reform. 1t
will be fastened upon US until the system
itself, by lis own excesses and corruplions,
is annihilated. The specie still remaining
in the vaults ofthe banks, and in the hands
of the people, will vanish, and a dreary,
hopeless era of firredeemable paper money,
open upon this Commonweaith, Tcannot
bring my mind 10 contemplate This scene,
without feelings of the deepestJspugnance.
No can I believe it is right to Nsten. such a
condition as this upon nfeasdae indispen-
sably necessary TO tho bealttfal existence
the functions Of government.
"The authority given 10 the stockhold-
ers Of the Bank OF the United States TO
I make an assignment; and also the exoner-
alton of the trustees from giving, as is usu-
al in such cases, security for the faithful
execution of the trust; and also from ma.
king out an inventory, and having an ap.
praisement taken Of the property assigned.
seems to me to be dangerous and an uu-
necessary surrender of the proper control
over persons entrusted with such all i'm
mense amount of property. II is true the
manner of regulating the conduct Of the
trustees or assignees, is vested in the stock
holders of the Bank, but from sundry re-
cent Developments in that institution,
it seems doubtful whether the slockhold-
holders are, at all times, the safest and best
repositories Of such unlimited power. The
temptation to abuse it, on the part OF the
trustees or assignees would be great, and
the security against il, is literally nothing.
very much question the policy Of pas
sing such sweeping acts OF legislation as
this. Why introduce the Bank of the Uni
ted States into this bill at all? That insti-
tuition had surely very comprehensive and
indugent powers granted to it at its crea-
ton, and deliberately accepted byits stock
holders at the lime.
ut has very recently, before the Court
of Common Pleas Of Philadelphia City
and County, succeeded in escaping from
the provisions of the resolutions Of the
third Of April 1910, for the resumption of
specie payments, by pleading that its act
Of Incorporation was contract between
the bank and the state. If it be so, let it
abide by the terms of that contract and
stand OF fall upon its own voluntary agree
ment. The influence of this institution
upon the other banks and upon the general
prosperity ofthe country, has been abun-
dainty dele,erious, and can ,seeno spe-
cial reason in favor Of fexoneratingthisBank
and its Trustees from obligations that are
imposed upon every man, without dlstlnc.
ton, who is invested with the same kind
ofimportant trusts. The powers given to
this bank at the time Of its origin, were
considered ample for every necessary pur-;
pose, and do not perceive in its present
condition any good ground for this unqual-
flied enlargement of them," -
ILL.,. .r.,a.n., ba,,;n, ,hvo dated hie