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


ofthe State. the South Western Rail. Road
Bank, the Uninn Bank, and the Planters
md Mechanics Bank. with cernmenda.
bic desire TO conform TO the wishes and
objerse Of the State, have, in good faith.
and sincerity. accepted It's provisions.
10 executing the instructions oithe Leg
isla,ure, in tina, spirit Of rnildness and for
bearauce in which aH sure they were
conceived. I deemed it proper TO overlook
the delay Of a few weeks, aherlhe precise
period fixed by law, Cor tho acceptance OF
the ,wo latter institutions; apprised as
WINS. thar it had arisen from unavoidable
circumstances, and not from wilful neg
lee. or refusal TO comply with the requisi.
lions of the law.
Its due 10 ihe high character which
these institutions have hitherto sustained.
and am sure reflects 90 injustice upon
the motives Of the Legislature, 10 state,
,ha, the object Of this enartmenr was TO
prevent anticipated evils, rather than to
punish past or eristing abuses. TIE Fed.
eral Government having. ia The exercise
of n wise and sound policy, abandoned
Iha, control over The currency which it had
hitherto usurped, The necessity Of IA siricier
supervision over she monetary afairs OF
this State, had become more obligatory
upon thtsc, TO whom the people have en-
trusted The power of regulating them.
In such slate Of things. il could not be
deemed an unnecessary or otiicinus acl Of
caution. upon The part of this State, ifsic
rcsorted to all the ordinary and legitimate
means Of rendering her own currency.
souud, safe, adequate, and stable. The
exercise of these means she has hitherto
delegated. 10 great (and perhaps all i'm
prudenr) extent, 10 her Banking institutions,
by the extraordinary privileges aud immu-
mites with which she has endowed them.
IL the trust has heretofore been faithfully
aud ably executed. the merit is TO be ascri-
bed to the virtue aud fidelity of The agents,
rather than 10 the want of any power or
opportunity, tn abuse il; or 20 any provi-
>ions in tho laws. to restrain or punish it,
Uuder these circumstances, this State was
perhaps necessarily forced to entertained
ihr queslion. whether she had irreroeGbty
parted with all poircr to regulate her own
currency. ordeIesa,ed that power, with
out reverse, restraint. conirol. or supervi
sion. on her part, for the term ofyears for
which she has chartered her mouied insti-
'urious. Hin fact ihere does osisi this
imperium in traperio, fnr the exercise Of sn
.mpor'an, power, the people oflhis State
nigh, well ask, upon what coustiiu,ional
principle sovereign right, which can only
be exercised iegitimatsty ~ their owu
Government, has heen delegated TO agents,
politically irresponsible 10 them. An such
an issue. it is not very remote or laucifui
anticipation, that if SO important q right
were indeed improvidenlly lost ia law. it
would but too probably, in the absence of
any other resort be reclaimed by revolution.
The wisdom and propiety Of retaining
some checks aud guards, similar TO those
which have been proposed, upon tho ex-
'raordinary privileges with which ilsis
State has endowed her chartered iaslitu
,ions, is presume universally saitied.
in reference TO those heraasier, se risar4
tered. lt;will readiiy hosgapsF sn,curstos
every reaectins mind ,isas
legislation in tbs res iiecfs e3aiH remedy
uuuc of the existing evils.
The Banking Capital Of tho State Is
more than equal its exigencies ard "a
quiremenis, aud the most or those eorpo-
ra,ions in which it has been vested, have
many years to complete the term for which
they were chartered. Such discrimna
tim with regard TO future and existing in.
,tilutiors. would therefore be as Inefficient
rs il would be inridious.
Ill have n just ard proper conception
.f The objects Of The proposed amendment.
II vas with these views and conceptions.
tina, the State thought proper 10 require
these suluiary concessions from her char
tered institutions, 10 her sovereign authority
aud supervision. Deriving extraordinary
privileges aud immuniies from her liherali.
y, she has prc.eminent aud irresistible
rains upon their confidence and gratitude.
Trusted for long course Of years, With
he exercise of rights and powers and fran
chises sovereign in their nature. and which
,an appertain to none Of her citizens iudi,
she may well urge moral. as
well as political right. 10 be trusted in turn,
with a discretion. which she cannot exer-
Use fur her orn interest without promo.
ing theirs. That she has generously sus
aimed them in all past nisforIunes and
10 The liichrrt evidence of her
uiure kindness aud literally; and should
re the last irelrxt invoked. To sustain eth
r. present. or future acts rf conrumacy.-
And while the interests Of her citizens are
70 intimately connected with their stability
md success, the restraining influence ola
usr aud enlightened popular feeling. will
De ever ready To iuterpose, 10 preven, the
,apricious exercise oflrgislulive auhori,y
TO the high considerations. may per.
haps be added another. Of not less grac,ical
iha, the salu;ary influence Of
State authority would perhaps greatly
'onduce. in times Of extraordinary caumi
y, TO prevon, lhnsc controversies and dis.
'ensions between the Banks themselves,
which were so unhappiiy exemplified in
he history Of some Of our own institutions,
during The disastrous events Of tho late sus.
pension. Tint il has already exercised
'alu'ary and judicious influence, may be
inferred from the fact, ,ha, under tho one