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


person and his prescn, position before The Dis
uici and the Legislature, he would have q
commission in his pocke, in leas Than 2 months.
A MEMBER.
Is THE LEGISLATURE OF SOUTH cARo.
LIMA.
As The Protest OF the Minority IN rela-
iion TO the Fire Loan Bonds is published,
/ IL OF course duplicates the Maturity 10
having rejected IT aud the measure itself.
Ills therefore necessary To publish the 9TH
er side, aud when the public are ready
there is no indisposiiiou To meet the ques-
too a, the bar Of public opinion.
The maiority fthc House rejected the
Resoiuiion requiring the Bank OF The State
10 deliver up 10 The Comptroller TO be car
celled, all The certificates ofstock or oIhet
obligations in their possession under the
Act, &c.
Because. by the Ac, for Rebuilding OF
Charleston, The Governor Was authorized
10 issue bonds mot exceeding ~ all the
sum nt 81, ,Uuu, ,0OO." aud The Act also di-
| rected THAT the money when realized,
shall be deposited in The Bank oi sde State
| uf South Carullna. AMI shall become part
oil the capital thereof
The Act thus required the President aud
Directors 10 loan the whole two millions,
..It such be required. TO rebuild Charleston,
by which it is clearly intended, Isl, to in-
crease the capIlui NIT exceeding $1,000
GUO. I'd, 10 give lie ciiizens oil Charles
i ION The righ, to The FIRST loan, which, being
repaid punc,ually, would afford the means
ol extending loans to others. and this was
a clear understanding al the time OF tho
frrc Loan, without which, il would not
have been made, aud the application now
10 curtail this enlargement 0i capital and
| AZ the same time to extend The time Of
payment OF ins,alnents on the Fire Loan.
10 we'll calculated TO defeat tha! measure OK
| relief so essential TO the people OF Charles
lou nj this time; as the Legislature VIII
very naturally say, II you call in this cap
,tal, YOU must puIctuaiiy pay up the hrst
Loaf. thai II may be again ioaned loui TO
others.
Breasss,- sha- canrnI!ins tho Bonds held
BY he Eank would DC breach of faib Do
rogaIory to the honor Of the Stale. IN this
the capital aud income oil ,hc Baak Of
the State 3 and solemniy pledged 10 the
holders ur our State stocks, sgd these
Bends are non part Of the capital and can
uur be Withdrawn without The consent Of
The creditors OF the State. They are part
Of The capi al by act Of the Legislature, aud
were sold as will appear by the Report af
the Presideu, Of the Bank, Nuv. l6. 1870,
thus.
THE Bonds of rIre SIase which were 10
the hands uf Mcssrs. Bariug, Brothers
a. Co. IN London for sale, amounting 10
rwo hundred and seventeen .h0usand five
hundred pound. sirling, and which Presi-
deul Ru'e informed the Legislature in tho
last annual Report had been recalled. have
| all been ruceived al the Bans, aud in the
presence ol the Comptroller General de-
,,rnyed. Finding no purchasers for tho
| State stock issued in lieu thereof, except
| in small sums. which were sold at par. tho
| Board determined to close that account by
charging the Bank with the remaining
stock. That fund is DOW credited with
The whole amount ofihe TWO millions, snd
the Bank charged viii, the stock unsold."
The Legislature, by accepting this Report.
have confirmed The sale. The BaGds arc
now par of the capital aud morrsaged 10
the stockholders These Bonds have 20
and 80 wears 10 run from date. The Bank
has ihns made It's arrangement on the ba-
sis of this fund. II it is taken away, u
must press us debtors. The borrowers Of
the Fire Loan eau hope for no more
Planters, merchants, all It's customero,
mus, De pressed, az this fund is reserve
necessary 10 The safety Of the Bank al this
time.
The majority objected to the entry 0:
the Protest., becausr il is unbeamine. The
minority made a movement, and II was
mol su,,ained. There is nothing TO protest
against. II is only when lhe majority act
and the uiuariry wish 10 separate 'hem-
selves from this actinn. ,ha, a protest ID
proper. Blu, the pro'es, IS oblecuonaoie'
because
LAT. |, is deccptive.in stating il as a H'at-
,.r of nrs,est rha, "a public debt is great
,nblic evil" sc. as IL The maturity wefo
SO silly as 10 think otherwise.
Second. The secomd ground OF 'prn'esi is
eonoIIv inti.pu,abIe and undispuled. hu,
!, IA oi,ope,aer deceptive and calcu'a'ed
IN ;,nnose unon those wno are not aware
r. all the facts. The protest is IN these
words: -, ..a -
.. Because the public debt incurred 10
re build The City OF Charleston was eiea.
led, TO repn;r one Of The creates, ea'an','.S '.y
which The SIn'e has ever suiicfe'' aua
] even undc, so pressing necessity was 90
only permitted upon the express suaran'ts
of ihe CITY OF Charleston against all soss 10
The s,ole, which may lead people 10 sup
nn.r m ,ha, lie Civ is guarantee S't th'se
Bonds proposed 10 be called I'M when 10
NV" .,"a;nsr all loss 10 arise from loans TO
~ y naJe 10 the ririzcus of Charleston, IN.
%sr %s u ,he authority Of this Ae,, and .he
STATE always contemplated the 'ecu'''y''