Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-12-14
EAyshela Court Mouse, =. G., necember Al 4s4s.

- "sse tfa1tS pEOA
credit and currency, This which carried To the ex.
tent OF absorbing the entire business of bank
capital. Is perhaps the most fatal and v%i,iatins.
II prevents The temptation 10 create. and TO
perpetnatc HAT very stale Of inequality IN the
circulation, from which il derives It's greatest
emolu,nen;s. l,oo,npels, the borrower 10 receive
his accommodation from. aud meet his engage
mcnls with tho banks. in currencics of diieren,
and unequal value. 1t snpercedes a sound cir
culaiI"n, with deprecated paper: ~,raffics in the
dlslresseS aud exisencics Of the people: aud
converts banking capital into I system of brok-
erase aud ex,orlion. ~exaclins from the nrcessi.
ties. rather than accommodating. the comner-
cial requirements. of the community. IL sub.
jcc;s enterprise and credit. 10 the disastrous in.
iincrccs OF sudden aud unnecessary conifac-
lions. for selfish aud sinister pi:rposrs.
Tia, is Il practice which has obtained TO Il
considerable, although, | ,rI:s. nnt 10 so in,mo-
raj III eIicui III The business ami operations Of
some OF our own institutions. may b. inferred
from the great disp!oportion which, exists be.
tween their profits AMI circulation. Nor il it
unreasonable 10 presume that from this caiise
Chiefly the monetary pressure aud difficulties
Of the present year. ION the commercial class of
Our citizens especially have been uni,cccssa.
rily aggravated. and hayr derived their great.
est and :no.t unniiigatcd severity.
Under ordinary circumstances, i small Capital
with 4 liberal circulation, is usually productive
Of the Most profitable results. as well rs The
eisic:ts aud mos, prosperous condition Of The
monetary affairs OF 4 community. Bu, The
practice referred 10 has reversed tbs natural
r alton between bank capital aud its uses.
Oar experience presents the fiscal anouals. of
4 laT.e capital. with i siinied circulation. Up
ward oflwclve millions Of bank stock. realizing
m interest Of lnurc Than SIX per ceht. Oh the
whole capital. with II circulation nUl exceeding
Il million and Il halt, f,r The relief and accom-.
mediation of ,!:e people! From this view, il
would necessarily seem. that thu profits Of the
system, are now chiefly derived from other
sources than those which Legitimacy dow from
the ordinary business of banking.
In these remarks. however, justice perhaps
requires that I should s,atr. thu the conformity
of most of orr minor institutions 10 4 policy So
fatal TO the monetary interests Of tie Stale, is
believed To- be IN II great measure constrained,
BY the au;ocru,ic influence. US well as tue 50.
dac,ivc example. Of our larger moniea corpor-
atoms. BE this as il may, the %alinust entire d.
version Of banking operations into new chan
nels. the sudden abstraction Of the customary
bank accommodations from q community hnii-
lies ola r%edundan, circulation, would of issrs::
produce, rs well as agsravaie. much of!hat dis
iress. which has been so severely. and dcsolat-
ingly experienced, in our State.
The corrective Of these evils, and the respon.
slbilily Of applying or nesleciing 1t, rests with
YOU. How lar n prohibition to enci, bank 10
pay ont any but its own notes exclusively.
would impose 4 saln,ary restraint upon The
practices to wlici, | have alluded, | submit 10
your wisdom aud experience to determine. 1t
is suggested rs the Eiost moderate and equita-
bic Of those measures within the competency
ofa sovereign State 10 institute. III enforcing
,~alulary regulations 10 establish Il sound and
stable currency. Whether it should apply 10
all, or exclusively Ia those Institutions which re.
fused 10 c"mpiy with the provisions Of the late
act. Ito prevent the suspension ofspecIe pay
mrn,s." is u matter which 4 pr"pcr respect for
the patriotic conformity Of these institutions TO
the authority aud requirements OF I sovereign
State. render worthy of consideration. Ii there
by any thug onerou' III The PROVISIONS Of that
, acr; it there BE- ANYTHING invidious in It's re-
UulTn,nents. which exposes them 10 The cspio.
| mage. power, or jealousy of rival institutions;
il would certainly not c0InpOrt with the wisdom
and equity nl' the Legislature. Ia subject them
to 81 incnnycnicur penalty for II patriotic runl.
p,iauce " i,i In. wall OF the STATE. aud thereby
. nprI aud reward the rnr,uinacy of Others
b> increasing. the advantages "f their rcctlsaii-
cy. 1.-THE Stale has lost lis power To project.
Il should u, least abstain from the Tyranny of
i,npo>sin. partial. and invid.oUs restrictions. on
lis c.iizrEs and institutions. IL the result of III.
| present controversy shall. indeed. prove: that
he canno, enforce her laws. lei her retire with
iii. ully. Ii ON ri,. position Of asScrlin. but Il par.
licl aud divided supremacy; aud Ia such an
event. exercise the iEagnaniinIty Of removing
anv uliouS disabilities. which not!iin. but Il
wiliin. aud patriotic obedience 10 her authority.
NAV have enabled her 10 impose on The mos.
deserving nfhcr institutions.
1t is not a little gratifying to our State
pride and patriotism, 'hat amidst the uni
vcrsal dis.icss tina, has pcrvaled every
portion of the UnIon-tIic overwhelming
embarrasslncnls that have oppressed the
energies and resources Of almost every
| Slate in the Cunfcllcracy as well as our
own-our financial condition is coniiuu-
ously il no, progressively adequate. to
meet all The demands ut a just aud liberal
econorny-our credit scrupulously prescr-
ved-und the imposition uf the necessary
burdens flour STATE government as cheer
fully borne 10y the patriotism Of our peo-
pie. as in ordinary times Of prosperity and
abundance. In the midst Of calami,ies so
we'll calculated 10 suggest counssls the mos,
dangerous, aud cxpedients the. most dcs-
pcrnte, il is q subject of infinite gratiica-
ton, that The virtue and good sense OF our
people have looked To immoral sources Of
rebel. Neither the viula,iun Of contracts,
the evasion Of obligations, or the repudia
lious uititbls, have f.: a moment been
permitted In dclsde the hopes of our hon
est and vIrtuous yeomanry; relying alone.
Us ,ley have done, upon The alI.suhicicml
resources Of economy aud Industry. for ma
lional aud individual prosperity; and rca-
dy, should such an emergency ever de-
mand il, TO sacrifice all to preserve honor
aud faith.
Thi: view, however, Of The difficulties
under which the requirements Of an ade-
quate revenue are mel, should inculcaIc a
most rigid aud scrupulons regard, on your
pari, 10 tho objects and character of our
expenditures. No warning is. | trust. ne
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