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

n;thf ully and ably executed, the merit Il
60 be ascr bed to- the virtue and hdeitty o
,the agents, rather than To the want oil any
. mower or opportunity, 10 abuse II; or u
anv proyisions in the laws, to restrain o
nanish it. Under these circumstances
This State was perhaps necessarily toreet
to entertain the question, whether she hat
irrerocably parted with all poaeer to re-
pulate her own currency, or delegated
that power, Without reserve, restraint
control, or supervision, on her part, for
The Term Of years for which she has char
tered her monied Institutions. IL in fact
thsre does exist this imper,um in impcTto'
far the exercise Of so important power,
the reople of tbs State might well ask, up.
ON what constitutional principle SOBER
eien right, which can only be exercised
legitim otely by their own Government
has been delegated to agents, polticaiiy
irresnonsible to them. In such all issue,
II is MT very remote or fanci(ul anticlpa-
ZION, that if so important right were IN,
deed improyiden,ly lost in law, 1t would
bat too probably, in the absence OF any
other resort be reclaimed by revoluton'
The wisdom and propriety Of retaining
snme checks and guards. similar to those
which have been proposed, upon the ex-
trsordinary privileges with which ms
State has endowed her chartered institu.
,ious, is, presume, universally admitted
in reference to those hereafter TO be char
tered. Ii will readily however occur to
every rejecting mind, that prospective
legisla,ion in this respect, could remedy
none of the existing evils.
The Banking Capital of the State is
more than equal to its exigencies and re-
ouirements, and the most Of those corpora
lions in which it has been vested' have
many years to complete the term for which
thew werechartered. Such discrimination
with regard to futue and existing 'nst'tn-
tions. would therefore be as INEFFICIENT as
i,would be inpidiouS.
III have just and proper conception
of the objects of the proposed amend
ment. il was with these views and conceP'
lions, that the State thought proper to re-
uuire these saulary concessions from her
chartered institutions, TO her sovereign
authority and supervision. Deriving ex-
traerdinary privileges and immunlt'es
from her liberali,y, she has Pre.e'a'nenn'
and Irresistible claims upon Ms'T conn
dence and gratitude. Trusted Tor long
course of years, with the exercise oi rights
and mowers and franchises sovereign IN
their nature, and which can appertaln TO
10 none of her citizens individually. she
may we'll urge moral, as we'll as political
right. 10 be trusted in turn, with dis:re'
ton. which she canuot exercise tor her
own interest without promoting the'rs'-
Tha, she has generously sustained them
in all past misfortunes and aiihcuIlies; IS
the highest evidence of her future KIND
ness and liberality; and sould be the last
pretext invnked, to sustain either present
or future acts of contumacy. And whlie
the interests of her cilizrns are so lntl.
mately connected with their stability and
success. the restraining influence of just
and enlightened popular feeling, will be
ever ready to interpose, to prevent tne
cspricious exercise of Legislative authorl-
~. ...-..
10 these high considerations. may per-
hans be added another, of not less practl-
cal importance: that the sautary influence
of state authority, would perhaps greatly
conduce, in times of extraordinary calaml.
ty. to prevent these controversies and dis.
sensions between the Banks themselves,
which were 81 unhappily yexempllhcd in
the history Of some Of onr own institutions
during the disastrous events OF Inc 'a'e
suspension. Thatit has already exercis-
ed a sau,ary and judcious influence, may
be inferred from the fact, that under the
operation ofits provisions, the Banks of
this State alone, Of all the institutions
South of the Pntainac, have in good faith
and reality met engagements or demand
for specie, without pre,ext or evasion.
Whatever may have been the motive,
or necessity which induced to the enact
ment Of this statute, The rejection of its
provisions, by some of these institutions.
has made it question of the gravest i'm.
port. frnm the discussion and decision OF
which, ibis State cannot. without sacri.
fee of her dignity and self-respect, shrink'
or recede. In this aspect of the question,
fel, constrained, by every sense of duty,
as we'll as of allegiance, to exercise all
the authority with which was entrusted
by the Legislature or the Constitution to
al L., Al |,