The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1848-02-09
From the HAMBURG Journal.
TIE BANK OF THE STATE.

"C PooiiSh ~ udy, IToEn the CndrleStOn
Mercury, the concluding number of Anti
Debt OH the Bank of the State. No 20
will appear next week The proceeding
numbers, on the same subject, refer to the
origin of this Institution, and in abstrusc
figures, to the various funds entrusted to
it by the Legislature, and their repeated
transfers. We defer them, until sufficient
interest is awakened by the present article,
TO induce our readers to give them the
careful and thorough examination, they
demand
Public men, generally, have heretofore,
either deemed it supercrogatory TO probe the
concerns of the Bank. or dared not moles,
tho mon ster power, that could blight their
aspirations. Its political influence has usu-
ally succeeded in crushing oppostions. and
silencing complaint. A Governor of the
State made the first serious attack upon it
in lS43. This attracted universal alten.
ton. Intelligent men every where, not
won by the lavors OF the Bank, nor seduced
by lts Establishments, nor terrified by its
frowns, prepared themselves for the contest.
B It the retirement Of the leader suspe nded
oil effort. They only naOait noac, a raNying
point amdo signal, for umiica and vigorous
action. The author Of "Anti.Debt," while
deiying the malice of the Bank, institutes
seaching inquiry into its operations and
present position !; such as has never been
done before, during the thirty-fve years of
Its existence. With a mastery hand, he
exposes its hollow condition, its corrupling
tendencies, and its vast power-rarely if
ever exertcd for the public good. He has
taken the bu!l-the object hitherto of so
much dread-firmly by the horns: and holds
him steadily TO public scrutiny. We are
reminded forcibIy, Of the conflict ofGeneral
jackson and the United States Bank, an
Institution lii most respects siinIarto OURS
yet less dangerous, because operating upon
wider sphere-and if the people come to
the rescue ..cw, IS on tha: occasion, there
will be the same success in its overthrow.
The funds ofthe Bank constitute a part
Oft has almost wholly absorbed-the
Public Treasury. The people are the
source of its supply. 1t is, therefore, their
privilege and their duty, to watch jeaiously
the guardian Of their money-to inquire
minu'ely into its conduct-to know every
deviation from the rules they prescribed for
It's government, and every perversion of its
funds from the purposes, for which they
designed them. On the evidence ofmis-
conduct, as there is before US, it is their duty
likewise, to enforce the penalty. The
creature of their will, ll,-and with no le
gal impediment to It's adjustment, it is for
them to determine, how much longer an
Institution shall exist, which labors under
the grave charges. That for eight years
past has made annually but l-2 per cent
on its capital-that has pretended las it was
directed) to pay the debt of the State,
while it abstracts indirectly from the
people, more than dollar, for every dollar
it tpays,-lhat by deceptive reports stimu-
lates the Legislature to lavish and profitless
expenditure-that disregards the terms OF
It's charter, whenever its interest prompts,
that "wlelds power fourteen times greater
than that of all the other departments of the
State Government"-that IL irresponsible
to the people or the Legislature, and subject
ed practlcallyto to no control, but its own will"
that by favoritism in loans,-thus being
converted into mammoth political ma
chlne-it preserves and extends its power
with influential al-classcs-and most astound.
ing OF all, that has now actually due from
its own PRESIDENT AND D1REcToRs, the
enormous sum of $765, 1000 lover TWO
THIRDS OF its proper cAPlTALii If satisfied
of their truth and that the Bank is an evil
rather than q benefit-and we think these
papers demonstrate it conciusiyely--it is
for them to apply the remedy, which is in
their hands, and which resides no where
else. They can make it test question at
the coming election for the Legislature.
They can demand the opinions of their can.
dida,es-compel them 70 investigate and
understand the subject-and if desirous of
being more fully enlightened themselves,
can require discussions at every election
precinct, and on every underground. 1t
is great practical question, for present con.
sideration, and early decision Nor can it
be long deferred, without incurring the ha-
gard Of disastrous consequences We in.
yoke the people, the arbiters Of its fate, to
action. Let not smother Legislature con.
yene, without your explicit instructions. to
purge the State Of this blot on her L.egisia.
.tion.-.o wind p,hs Bank, aand approprii.