The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-08-31
From ilc ScW'b CHroliHiGn.
TIE BANK OF THE STATE.
TO TIE PEOPLE OF SOUTH cAEd1INl

TO TIE PEOPLE or SOUTH CAROLINA:
! ir''"'c Cih-cm%: Tie time !or ciectng mem
bers to the Legislature is la5t approaching, AID
We ought 20 take the matter scrici;*Iy iliu con-
s.:icrili.n.
We C::,nt 10 know; the opinions of tho Candi-
d:,,2S, Oh al! Important questions which arc 20
coma ncior2 tie Legislature; AID TO elect such
men as VIC know will nc trnc 10 the planting in
tcr2Et {! the country; for consider ,I< tic NEST
important interest, and that ii i!as crc&tcr cla!.ns
! 10 thc fostering care Of ilc Legislature, than al!
o;"cr interests put together.
| The planters and farmers COMPOSE that class
OF IT, coiri;nu.:ity, out Ci whom I'll oIlcr procs-
! SONS make t!.cr living; and il stands them in
hand 10 ;akc care OF themselves.
lily principal object, fellow citizens, on the
present occ; sion, is 10 invite your attention 10
the consideration OF a question which, in lhc
course o! a few years, must and will be decided
| by the Legislature; viz: whether our present
Banking system in this State shall be continued
or abolished
1t is question Of rrcctt Importance TO Tie rrivi-
legged order OF Stockholders: and fellow citizens,
|; is OF greater Importance 10 yoI. Your liberty
and independence as trCcmclI, depend upon il;
your prosperity and safety depend upon it;the iu-
turc price o! your labor and PROSPERITY depend
upon il; and, Ill short, your very existence and
salvation as an agricultural people, depend upon
il. ---- ...-...~
That the question is one of great importance
TO the privilctrcd order Of stockholders, | pre-
sumo al. who understand the privileges they cx-
crcise and enjoy, will readily admit The lcgis-
lature, in charicring tie Banks, gave them tho
right to create and make money! and also allow
ell them The privilege of issuing three or four
dollars OF paper money for onc OF specie in their
vaults.
Let Us for moment, examine the history Of
these institutions
The termination Of the charter of the United
States Bank, furnished the excuse for c chartcrlng
row banks: and what was the rcSa!l! Why, IL
tie place of ii Branch OF the United S.aIcs Bank
in Charleston with capital of one million OF
dollars, The Legislature chartered the Banks OF
I Charleston, Chcraw, Camden, Columbia, Ham
burg, Georgetown, and Tie great Rail Road Bank;
with al increase Of Bank Capital in the Stale OF
so;mc twenty millions Of dollars!
This was the great error Into which our State
ra.!. and which gave rise 20 tic wild speculation,
and the shaving operations that have ovcrrun
! tie country, and involved the people 80 largely
III debt Soon alter these Banks went into opera
ton, they had the country flooded with their
! promises to par; and spirit OF speculation was
produced, which lar exceeded any thing ever
kEoW:I before III this SHE. Immense profits
were realized in Bank div.'cndS, and in the sales
OF Bank stock; and after ali the IN ans 0! srecu-
latine, shaving and skinning, were exhausted,
then came suspensions, pressure, and rum; ard
tic Banks stopped their accommodations. They
are unable OF unwilling 10 continue their former
accommodations. They have the command OF
so large an amount Of Bank Capital, that they
control tie whole monetary concerns ui the S;atc
'In,. iItn .rn
OF yoir produce, and actually now control the
pr.cc OF all the property oi tie country. Their
, funds, instead OF heing used for the legitimate
purposes OF Banking, or for the accommodation
Of the great interests Of the country, arc used TO
accommodate spectators; and in shaving and
skInning, IL every way their magInal!ons can
devise.
And now, let me ask, why were these institu-
tiu:!s ever chartered! Can tlcy carry on l.ank-
mr better, or sa!cr lO- tbs, interests OF the peo-
plc than your own Stale institutions! Are their
PROMISES 10 pay, aIy better, or arc they a$ good
AS those Of the Bank OF the State! Or 10 they
rive better security 10 the country against sus-
pensions, md ultimate loss! | apprciIeild that
these .n;crra@aiorcs must all be answered in
the negative. Why, then, shall we continue
institutions, whose operations have had the eli
fec; 0: enricAng the prlvilcdgcd order of stock
holders, alid running or inlurng almost every
body else! Why should they hot Ic abolished!
Wio can give ANY good reason why this should
NO; bc done! Who would object! ] answer,
non" but the priviledg ged order OF Stockholders,
vino ike in iinc houses, and ride i'll their car
ria.c?, amd l;yc easy; while the poor and hard
\, working Glasses are tuinS TO pay them interest
.n.uncy, Or rccliars TO be cheated out oi portion
of Their earnings, by sonc oi their shaving opera