The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-06
port OF the Comptroller General, the Ilab'll-
les Of the Bank of all sorts amount to--

ana tne CltlZElIS VI tUC Sto'S' 1"
not the soIc are the principal debtors. The
credit system is unhappiIy so interviewer
with our habits of business, that even the Sc
we're lessons that we have been taught from
time to time by the Sudden depresslons in
the price of our staples and The consequent
arrangement in all of our productive pursuits,
have not been enabled to correct II. We
are therefore now, in consequence OF the
low price Of our productions, III the midst
of one ofhosc revulsons of commerce which
in 'viiablv brings with it scarcity ot cIrcu-
Ialing medium. and an increased demand
tor it. C.ose the Bank now, and stop its
issues and al least one source OF supply IS
cut off.
Voluntary payments to the Bank, and ev-
cry debtor that has the means would he dis
posed to ge, rid of that responsibility, would
to that extent diminish the clrcuIall"ns; ana
TO force collections, would be productive oil
incaIcuIabIe distress 10 the community.
There is another eensidratIon of equal, u
not greater Importance. The capital stock
and The profits OF The Bank are solemnly
pledged on the faith of the State tor every
dollar she has borrowed. frour The year 1929
down to this time. The act of 1888, au-
thorizing w a, is called The fire loan OF two
million of dollars, (2,000,0OO) which IS a
mongst the last, makes the same pledges
and the evidence spread on your journals
shows that The agent who affected this loan,
and the purchasers of The stock. had regard
to them, in the negotiation for The loan. The
character of the Bank itself is involved IN
these pIedges--her neglec, To fulfill them,
would involve her in disgrace, and compel
her to shut her doors. 1t is therefore reason
able to suppose. tha, it facilitated the nes"-
taiion, and increased the appreciation OF The
stock. can add nothing to what has been
said in the report of the COMMITTEE ol the
Serate. AT The session in December, 1916, to
show that closing the Bank now, and thus
cutting off the profits, would vl"late these
pledges, and be an act of mdla tdes-and
The worse that the creditor Is without re-
dress. The Bank is the mere creature "l
the State, which may dispose Of its innds as
might be lhonght fit. She is not liable to
suit, and the only securilywhich The creditor
would have. would be The faith OF The State
already violated. 1t is true, that by shut
ting up the Bank, and calling i'll the debts
due TO it, means might be provided t"r The
payment of The public deb. But The lact OF
cutting off this security for its payment.
wonld inevitably materially affect the price
of the stocks. and operate lnjnrlousy to the
hoders--a consequence which / am sure
every citizen of the State would deprecate.
1t may be asked, If this institution is to DC
perpelrated and rive,ed upon our Poslerlly
for all time to come! hope not. The
fine NAV, and hope will come. when 1t w'lI
be wise ard prudent to close it forever. But
would not have the State violate It's Solemn
pledges. and do wrong To its creditors even
at the risk The dangers to which believe
i, would be exposed. in The hands "f unwor'
thy and dishonest agents. Wehave l''tle L"
apprehen from this source. if past expert.
cnce is anv evidence nf what we may ex.
pcct in the future. The Bank has now been
m operation fpr thirty five years, and dur'rs
all that time It has been the depository ot all
Tive public trea ,ure; and if there has been any
one OF ITS numerous and frequently changing
officers (including the branchc<) wanting the
honesty and fidelity, any instance ot IndnI-
grng personal partially at the expense OF the
Bank, or the prostitution OF lis mcansior un
worthy purposes have not seen the evidence
il. Losses have occurred, and they are
inevitable in all institutions of the kind; but
the annual reports Of The Bank show that at
least reasonable profits have been rea''zcdi
and for the time to come. during whlcll we
must submit to what regard as an ev'l, the
Legislature is called on by every c"ns'dera'
ton of policy and interest, to keep at the
head of The institution, as heretofore, able.
nest. and faithful agents When the
rlcdges on The part of the Bank have been
P'."S' - -. ,l,so ITO d,,rs