The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-27


for its payment. And while it Is admitted on
the other side that the debt in the hands OF the
Directors is good one, and one from which
no loss is to he apprehended, yet it is asserted
that it is ,srong that it should be thus situated
and while there are large sums standing 10 the
credit and in the name of the Directors. In
very many Of these cases the money is advan.
ced on Cotton and other produce, and is for the
benefit of private individuals; and as for trust
ing to tho honor of the Directors, good char.
acter is sufficient guaranty.
If the Directors, in the exercise Of their
powers under their charter 10 appoint their Off
GERS and fix their salaries, abuse those powers
and give exorbitant salaries and incur unneces,
sary expenses, they deserve and should receive
censure; but is it so? The truth is, that in
proportion to the services rendered, the saIa'
ries of their officers are less than those Of any
other institution in the State.
The tendency OF such an institution to mis-
lead and influence the Direction, as we'll as the
Legislature, has been sdvertcd to. But why
is this tendency greater here than in other
Banks? lf the Directors are not able to resist
this influence, they are 10 blame, aud The illus.
tration Of the vessel whose bottom is unsound,
is mere figure Of spercb, unsupported by
proofs, and goes for nothing. The system oi
electioneering and solicitations for office, to
which it has been said the election Of Directors
gives rise, is a necessary consequence of the
nature of our government. What evil can it
produce? May not the same thing he said Of
all elections? Men must come here and urge
their claims upon the suffrascs of The Legsla.
iure for this as well as other Offices; so that
those in whose hands th' election is may have
an opportunity of judging for themselves Of the
respective merits of the candidates. The fear
of giving offence. operating mutually upon the
Directors and Members of the Legislature, has
been urged as an evil does il not apply with
more force to the Bank of Charleston, which
possesses infinitely more power TO crush and
deslroyl
If it is proposed that the duty of the State is
TO regulate its currency, how can that be done
If il has not the means to do sol The history
of the operations of the State Bank shows tha,
it is now in sounder state than il has ever
been. The re charter of the Bank is ques.
lion not to be discussed a, this time. 1t has
eight years yet to run. Why crippes il ener.
gies and agtate The public mind with doubts
and anxieties as to its condition? The case of
North Carolina, so trumpkantly alluded to as
illustrating the ruInous efscls Of connection
of Bank and State, may be easily explained.
The panic which was said 10 be prevailing on
that subject in that State. arose simply from
political excitement. The contest was between
the Wings and Democrats, the latter of whom,
mounted The Bank as a hobby on which to ride
into power. There was no serious intention of
breaking down The Bank; and when the thing
was proposed it met with opposition from the
very men who had advocated it.
As for the probable condition of the State if
we had not the Bank, the Fire Loan to Charles.
ton, and the loans 10 the Railroads, may have
been the cause of involving US in debt. But it
WAR e'nshh-su grsat +. sar 1hat We s. ere IN
taincd. Charleston now would have been in
ruins and we could net point to our Railroad,
and see the blessings which il is conferring on
Dur people, and which makes US great and
orospering State.
Mr.. Henry said ,hongh he might never again
'aise his voice in this House with reference to
his matter, yet there were young men here
Who should be charged to use their exer,ions
o prevent the re charter of the Bank of
Charleston: 1t night, and probably would
xist til! the expiration of its charter; but no
ich stain should be permitted TO remain upon
ur Statute book and exert its pernicious influ
noes upon the State.
1t had been said, that at the expiration Of the
harer OF the Bank combination of other
'anks might be made to secure renewals Of
harters. Can they force the Legislature 10
xtend or renew their charters There is a
iIrd party rising up throughout the State, who
re opposed to all Banks-lhose institutions
'hich hold the means of depriving the people
The fruits Of their labor, and are calculated
bliId up the few TO the ruin of the many.
very one who is interested in private Bank
interested to pull down and destroy the Bank
the State. After all ,ha, has been said, The
Auence of the pocket is fil, and has its effect -.
MIR. Henry was followed by Mr.. W. A. ,
wens, who said, tha, though he could not eS. =
ct to throw any additional light on the sub. =
Ct. and did not possess the necessary degree ::
information to add anything to the argument, 4.
I he must he permitted to say that he was in .. .
'or of the resolutions offered by Mr.. Mem. =
niger. Either the Bank had perE,rmed the y
lect of its creation and was now unnecessary,
it had failed of that purpose, and should no, .
W be allowed TO sit as an incubus upon US. -
It for tho fire loan and the surplus revenue o.
Bank never could have paid the public !,
bt; aud it has been furnished by The State ~ "
III several thousands morn than It has ever u
id Of the public debt. The officers of the OF
nix say that the funds are pledged for the u' a,
'ment of the public debt; and yet, some of ~ u:
So same officers took million or more of Jo
} pledged fund 10 enter into speculation. :" ~
es,isa,ng Committees always end in smoke; ~ ~
: act Of inquiry is characterized as indelicate IN
improper. The delusive hopes held up by TO- TO-
Bank have led the State into insolvency us ue'
ruin, and ii is time that this state of things u' o..
uld cease. th'