The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-01-06

never Have Uccu ubSu, dllo uaS AssSA
to deal in exchange between nation and
nation. The quantity of exchange de-
pends on the amount of property trans
mtted, generally speaking, and bills or,
ginate with the merchant. If merchant
IN Charleston transmits thousand bales
1. of Cotton to Liverpool, he has funds to
! draw upon, and the importer who owes
for a cargo of English goods, seeks that
bill to remit in payment. 1t is the pro-
per duty of Bank to discount the bills
coming to maturity, where its own capl-
tai IS located. Thus the Bank of Eng
land discounts bills, payable in London
but a bill payable at Charleston. would
not be discounted at the Bank of England;
neither should a bill, payable in London,
be discounted in Charleston. 1t tends to
swell the current of exchange beyond the
actual transactions on 9th October, 1889
and most of the Banks, South and West
did the same. The statement of the stu
alton of the Banks on lst January, lS4O,
will prove that this general suspension
can be traced tc total disregard OF the
principles of safe banking, and the most
unjustifable use made of Bank capital.
On that day the whole Bank capital OF
the Union was $35s,442,692, of which
but $33,lO5,l55 was in coin; yet their
immediate liabilities, were, for their cir
culation, slO6,96s,572, deposites S75,-
696, s57, making an aggregate OF Sls2''
665, ,429. 1t is not astonishing that they
suspend specie payments when they owed
sl49, $685. ,274, more than their specie:
vet the public owed the Banks at that time,
s4e2, se6,522. If the public had paid
their debt, the Banks would have had am
pie means to have redeemed their circu-
culation and deposits. But no small part
of this enormous debt due to the Banks,
was for loans to Governments and to
Corporations. who were trying experI,,
ments, and individuals who borrowed
money to buy property on speculation, at
prices sweled out Of all proportion by
these very loans, which augmented the
circulation beyond the exchanges, and
thus gave fictitious value, not by ma.
king property dear, but money cheap
These fcticious values have given way,
but the notes of the borrowers from the
Bank must be paid in specie or its equiva-
lent. Hence that pecuniary cmbarrass,
mcnt, which, by being falsely ascrlbed
to the measures of the General Govern
;aent, enable the old adversarles OF De.
mocracy, under the new disguise of
Wings, to delude the debtor portion OF
the community into the belief that a
change of administration would restore
that redundant paper circulation which
swelled the nominal price Of property,
and enable them to extricate themselves
from their cmbarrassments. They are
promised United States Bank-a mea-
sure which, if it was possible to carry it
into effect, would not fail to bring every
State institution and all their debtors, to-
immediate bankruptcy. But short time
is necessary to expose this imposition, and
bring down upon its authors the bitter de-
nunciations of its victims. There are but
two modes Of creating a United States
Bank. The first is new subscription,
which would, if taken from the specie
capital of the present Banks, about
s33,OOo,oOO, effectually destroy their
ability to continue specie payments. The
next is by a species of Legislative Cal
vanism, to resuscitate the old Bank, give
it Federal Charter, and constitute it the
depository of the Public Revenue, under
some guarantee to be furnished by its
foreign Stockholders, for the safety Of
the public monies. This necessarily sup
poses the resumption of specie payments
by that Bank, and her control over all
State Banks. This measure will give the
control of all the Revenue of the Union
to the foreign holders of that stock, and
thus perpetuate the Federal dynasty who
have so successfully employed the means
placed intheIr hands. Itwould enable the
wealthy capitalists to bring the property
of the debtors of the State Banks to the
hammer, at deprecated prices, and thus
swell the fortunes of the rich at the ex-
pense of the public. Such an institution
IS so utterly at variance with the whole
name and provisions of the Constitution,
that it is to be hoped the Representatives
of the people will resist it. 1t is clear
that the new dynasty must stand or fall on
the Bank question. If there is created