The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-09-07

LUGH -
one of,he recusant banks, and so rioLert and but
Jer M, assailant of the Bank Of The STATE? The
denies these facts or any Of them, ,ciN he author
ire as 10 use his name in achaterer 1oay may De
necessary 10 Prore uem!'
Ianswer: never did, either verbally, or in wri-
ting advocate the Bank Of the State Of South Caro-
lima, as either constitutional wise, necessary or pro-
per; but on the contrary, ever since my attention
was called to it, and to Banks generally, have regnr-
ded it as having originated in false uicDs Of finance
and economy, deceiring the people 'oith nominal
but delus,ue sho,o Of profits and advantages"
did, however, in the spring Of 1910, give the in
terror Banks, and especially the;Bank of Camden,
Shlast of my "ram's horn" touching their arrogant
unjust attempt to compel the Bank of The State
10 6ohvert their notes n or about to fall into her
hands for taxes, hen at discount of four per cent?
at her own expense, into specie for the use OF the
public creditors; and also, for their audacous thrcat
(as I regarded it) through the Camden Journal 70
crus, the whole community, by contraction OF
100000 dollars IN sixty days, if the Bank OF the
State psrsevered in compelling them 10 maintain the
integrity of their notes, which she had been or would
be constrained to receive under q resolution Of the
Legislature-assuming in the communication refer
rcd she could righfHAy pay the public cred
itors only in coin or its equivalent. But sir, l was
egregously humbugged here, also, by the hard mo-
ney, sub-trecsury divorce of Bank and State men,
and was disposed to give them blast loo, when
found they did not consider "sauce for the goose
sauce for the gandcr." had insisted, in the Cam
den Journal, the signatures OF "Premontor" and
"Juscc"* that the Bark Of the State being enjoncd
by heresoIution Of the Legislature to receiue the
notes of the interior Banks at par and HAVING NO
RIGHT to pay them out to the public creditors, while
ut discount (or per cent? must demand their re-
dcmpon in coin or its equicalent, or "convert them
at the brokers' counter at loss of per cent to the
State" But sir had the modification TO find, Us
had boon tauntlngy told) that it mere specula
ton of the Gsc; that aficrall her show of maintaining
asound currency, she actually did, as am informed
: and believe, withhold from the public officers or some
ofthem, or per cent by giving them the "leareS,"
whilst she kept the 'snuts." / was not then CALI
didate for dictatorship in the Bank of the State.
Somesmenths before the appearance of "Prcmoni-
tori and ,"Justice" had addressed letter TO the
President Of the Bank observing that had sereral
times been elected director Of the Branchhere, but
had declined accepting; bcing when so appointed,
cne aged in occasional brokerage transactions which
II deemed, ifthe lau0 did not, incompatible with the
position of director in any Bank; but that was
then, and meant 10 continue, entirely free from the
.'taint of usury"-owed no man any thlng-was 10
speculutor in property, and 40 BORROWER. tender
ed him my services from wish to be useful TO the
State i received reply; the matter passed out OF
my mind.
When the articles in question were written, had
not the rcmotcst expectation ofbeing candidate for
dictatorship. There was lore 10 the Bank OF
the State in the mind of "Prcmontor" or Justice"
but the mere appreciation Of the course which he sup
posed she could not aroid. The motive was astrong
,indignation agains, the refractory Banks. Suhse-
ouen.ly, however, did become q candidate Tor
*IIr. Editor: I learn from an editorial article
in your last paper, that by Resolution OF the
Legislature, the State Faxes are required to oe
celccted in specie, or the notes Of specie paying
Banks.
Does that Resolution also require that the
public creditors OFFS. Carolina shall rcce,re pay-
ment in the notes Of specie paying Banks! and
could the Legislature consttutlonaliy, and IN
good faith have done so! lpresume not.
Are not the salaries Ol our JuuSes sthu diI ol"Si
public servants fixed with reference to specie,
and payable at the public treasury accordingly!
Arr the notes of any interior Bank equiralent
to Convertible into) specie, at the Treasury OF
South Carolina al Charleston, Ghe Bank OF the
State) or any where else, in Charleston!
They are not so; but on the contrary, are, no.
toriously, at 2 to a per cent. discount, compared
with specie
Would any public creditor voluntarily receive
such note from the Treasury, (the Bank otthe
State!) or ought they to be rendered at all!-
Surely not.
What, then, shall the Bank of the State do!
She is, mperatively, required to receire the notes;
but caunot pay them out to the public creditors.
7 repeat, then, what shall she do, There is but
one alternative-she must convert them into
specie at the brokers' counter, at a loss of from
2to per cent or convert them at the counters
of the Banks whence they came, into that, which
they promise to pay, and which will be legal
tender to the creditors Of the State.
But there is to be great difficulty and distress,
you say, in consequence of such conversion?
Well: who are to blame! Not the Bank Of
the State, certainly-her duty is Imperative
Not the Legislature, for an act of common hon.
esty-Not the public creditor, for requiring his
honest dues.
Who, then! THE BANKS! who, recklessly
promise what they cannot perform without con-