Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-01-19

4
loanrsl. and that too ailer Il was repaid,
g Rseause The Sd ground is not admitted
a, L,,y,,a. ihat only so much was 10 be
ra;sod 80, ,niaf,t SO required 40 rebuild
,ie Ci,ycf Charleston n"--oilier and further
obiec.s y csc Ia view, TO wit: 10 increase the
capital Of tho Bauk. and so it 10 stated, else
.is,hs fire loans are paid in. tho Bends
should be taken up; whereas the fire loan
Is Cor ten years. and the bonds run twenty
o, thirIv years, leaving tho Bank ten aud
evenly years.
Because. the statement Of the security IS
made for effect. aud gives no Information
not possessed by the the Legislature, who
directed The money to become part ct the
Bask, and Of course secured as otlIer capi-
tai.
Because, the 5th ground is a nero ab-
s,rac, proposition, not disputed Sy any ,one'
aud quite idle "a, this time, when Tue s'ate
has already borrowed money ,oiend ou.,
and hns created Bank aud niorsgased u
40 nav her borrowed money. Besides, 10
trp.h' j, is much more jusli6abie 10 borrow
rnonsy ON the general credit, and comina'
;,,o a Bank 10 loan out sucecsslvely in
an,a,i aur,,s. 10 relieve the planters aud me
shunics os The State. ihau TO suhscrIhe as
tbeStaic has done goo, 600 To Rail hnad
Bank; $500, ,OO0 TO pay in advance kall
Road shares, aud lhen plight the same
r,ublic faith for two millions more, aA 10
one company Of individuals, and ihls al
by IN. advice. persuasion and cooperation
~ ,huse who indite homilies about ioaniug
,nonry 10 bank lpou.
Because, the Sih ground Is eaualiy use"
lens excep, to mislead. Every body KNOWS
that " perc the public faith ispledsed' eiica
citizen III proportion 10 his wealth 70 plea.
aed, and il Is o pity that was not thought
Of when the State involved i,selfthree anil
lion 10 ..,he lavoured few" who were en-
barLcd in the grea, Ohio and Kentucky
failure, BUT the loars by the Bank are
secured by good names, good mortgages,
and The ultimate security Of the State, al
ter all the Bank capital sunk, is 80 remoi,
as to be Of iiilie value, except for an az
eGpsandum argument.
Because, the 7th ground IS equally
mere ,ruistn, except the insihuation as to
che .,uew poicy now proposed OF raising
money for the Bank by increasing the pub
lie dsb,," which has no warrant IN fact.
THE policy is not new, neither IS any such
opefauoa proposed. The aci was done
in 1893, and we'll or uuwell, was par OF
the FIRE loan Act. and the money 50 raiaed
is morIgag.d aud canno, he withdrawn
without breach oi public laitfl.
Because. the 9Th ground IS q mere gen.
cral principle which might have been weil
urged in 1912. when ilie Bank was cr'.a-
ted. ba, is wholly uaayaiiiug in lSil WREN
contracts have been made ami the pu0iic
faith is 10 be kept.
Because. the s,t ground il also unfairly
slated. The lasi fopr years Of unlocked
for calamily afford M fair criterion 20 judge
,be o.ers,inns of The Bank; and no new
nroposa, is nov made % borrow ut 8 per
cent, and bank al 81 per cant; bot. on The
contrary, 10 a series oil years the Bank mas
made more than per cents aud will re-
deem the whole stick aud actually pays
fhe tut.i csi TOR the State. and although u
be true ,hat the increase OF other Banks
has diminished the profits Of the Bank oi
the State. vel the sialenen'that The pre-
sen, staes 5fihai Bank ''cannot fail to re-
sul, ia loss aud must eventually be made
good by taxing the people" IS the merest
scare-crow thar conld be set up. There
;s no reason for believing thar the Bank
will fail, NOT only 10 pay the interest, but
redeem the principafof all the debt and
have her capital lef,. and but loe the inn
,r,yiden, Rail Road speculation she could
now pay the public debt years before it is
due. The majority therefore deemed The
oro,es, irregular, the grounds frivolous and
deceptive, and calculated to injure The in
,eres, of ,hs borrowers under The Ere loan
bv deusing 10 the rest ofshe9taie any Of the
f5c Ties which had been SO freely sraui
10 .harlesiou. Tha, il was calculated ,o
;n;ure the credi, of the State, as these
Bouds were pledged with The res, Of the
eap for specific debts outstanding.
That nj this time was peculiarly i'm
pr5per to do any thing 10 diminish The re-
scurcss OF The Bank Of the State, as il
wouM lay il a, the mercy Of the rival
Banks, destroy pubic confidence in It's
circulation aud perhaps prostrate its basi-
meas: aud then. indeed the citizens must he
taxed to make up The loss. Tha, no call
was made by the people--uo suggestion
frnm The Executive. and although no doubt
the movement proceeded from pure pa
,y;o,isn; sliiI it was ill.timed. And when
the storm is over and the money marke,
caluYsand settled, q seduction Of Bank cap
itai by, all the Banks won be very
reasonable pgopesition-and the Bank Of
the State would come down with the rest.
The dividends Of ahe Bank Of ih- State in
stead of being expended By the Stock
holders is placed in the sinking fund aud
thrs il is that the public debt 10 paid Of.
The whole affair was .small, feeler--to
see ifthe Legislature was prepared at this
time 10 disturb The Bank aud after electing
proper directors 70 permit every mem
bes Of the Legislature 20 administer
his nosirum. The Bank was established,
It's capital norrgaged, It's debtors like all
others. suffering under the eurfailmenf of
che circulation. It was no time TO try ex-
perimeuts. The names who rejected the
protest were forty nine
Nays: The II n. w. r. Es!eock, Spea-