The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-01-27

entirely failed to cure, | consider it wor-
thy Of the grave and solemn consdera-
ton of this association. For if there be
any question in the whole circle of our
general economy, in relation to which
sound public opinion should be brought to
bear upon individual imprudencc, this, in
my opinion, is that very question.
If we consult the experience of other
States, we shall find that all the advan-
tages of fertile soil and genial climate
have been blasted by the mistaken policy
of which l am speaking; and that whole
communities, which industry and prudence
would have caused to flourish almost be-
yond example, exhibit one general scene
of pecuniary embarrassment, bankruptcy
and ruin. The experience and observa-
ton of every planter will sustain me in the
assertion, that we pay for credit, in the
mode in which it is usually obtained in the
purchase of property, from 10 to 20 per
cent. interest. Every one who is accus-
toned to attend administrators and other
public sales, must have been struck by the
extravagant prices men are tempted to
give by years credit; and not less by the
fact that such men are perpetually in
volved in pecuniary embarrassments, and
that the very efforts they thus imprudent-
ly make to get forward in the world fas-
ter than their nejghbors, keep them al
ways in the rear. In fact, it may be truly
affirmed as a general truth, that planters
who are largely in debt, are, to that ex-
tent, the mere stewards of their creditors.
Life is with them an anxious and slavish
struggle in pursuit of an object which al
ways eludes their grasp. But there is ano-
ther form of credit, fortunately not so
prevalent in South Carolina as in other
States, of which planters are but too ready
to avail themselves, which is equally at
war with sound economy and sound cur
rency. I allude, Of course, to bank dis
counts. 1t has been so fashionable Of late,
to. pronounce extravagant eulogies on what
is miscalled the credit system, that it will
probably be deemed quite hcretical to say
that credit in any form, is public
and private evil. 1t is, nevertheless, my
deliberate and we'll considered opinion,
that one of the greatest nuisances that
could aflict an agricultural community,
would be the establishment of agricultural
banks, so located as to enable every plan
ter to obtain credit to the amount of one
third part of the value of his estate. The
fatal experience of other States has con-
clusively proved that such establishments
have been the invariable causes Of em-
barrassment and ruin. Owing to the pc
riodical fluctuations inseparable from such
a system, it has generally happened that's a
credit obtained by planter, to the amount
of one third of his estate, ina period of
expansion, has required the whole estate
to redeem it in period Of contraction
And VIC have been but too inpressively
admonishcd that it is the very genius and
instinct of those institutions, to grant cre-
dts in periods Of expansion, and exact
payment in times Of contraction. One
motive for calling your attention to this
subject, will be found in the public mani
festation of a desire in some parts of the
State, to convert the Bank of the State of
South Carolina into an agricultural Bank,
and with that view, to give it central To-
cation. Such change, made for such a
purpose, should regard as great public
calamity. Every one practically acquaint-
ed both with planting and banking, must
be aware that a mere planters bank can
be nothing more nor less than a loan Of
flee. The planter realizes his income an
nually and periodically; and it follows, that
discount granted to him, except in rare
cases, must be virtually a credit for
year. In practice i, would be generally
for longer than for a shorter period. 1t
is selfevident, then, that such bank
could not maintain the character of spe-
Gle paying bank for single month. Now,
if there is any one measure which public
opinion and the true policy of the State
concur in demanding, it is the rigid en-
forcement of specie payments by all the
banks. Let me warn my brother plan
ters, therefore, against involving them
selves in a state of things by which they
would either be the means of defeating
this measure of salutary State policy, or
become themselves the victims of it.
To be concluded nert peck.
WEBsTER's D1cT1oNARY.-A new edi-