The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-27
NUMBER so;
DEBATE ON THE BANK QUESTION. s
- ABSTRACT OF sssss - sts5syst
MR.. MENMINGER'S SPEECH. >

te, ne desired 10 disembarrass the. question q
certain personal considerations, which shoHt
not enter into such discussion. Itssbodd bs
discussed upon high and elesaied groopds, ~ q
great question ofsState policy, and altogether
disconnected with private ,indiyiduaI sconsidera.
tons. He expressed ths highest regard and
personal friendship towards the President ofshe
institution, which has been conducted az ably
and as perfectly as such an institutions could be
| conducted; and as far as his Individual eenncc-
ton with other institutions Of similar charac.
| ler was concerned, that interest would NOT De
injured or increased Ave hundred dollars And
| now, as on former occasions, he was ready
when these private institutions proved recreant
to The purposes Of their charter, to brina them
before the Courts Of Justice of the country.
His first proposition was that the Bank Of the
State is founded upon vicious princples-,in
other words, erroneous principles. All Banks
in connection with State were an evil, and
based upon principles repugnant to our system
of government. He then entered into histo.
ry OF the Bank from the date of its charter down
TO the present time, with various statistics aud
statements Of the amount Of capital, &C.. and
ITS several loans to different persons and for
various purposes. With reference 10 the firs
loan, that was safe, beyond all questionable
property OF those who were relieved by it, was
mortgaged to secure the payment of il; but With
respect TO the loan to private individuals, that
was more uncertain; and should the Bank not
be able to pay the money borrowed, there was
no other fund out Of which it could be paid, ,,aud
The consequence would he, a resort to iaIatiou:,
The second proposition was that such insti.
tutions are contrary to the principles of a; Re.
publican government. Its difficult and compiler
nature, and the fact that long acquaintance
with the operations and business of banking
and knowledge Of fnanciering, is necessary
before its workings can be UNDERSTOOD, rendsr
it an institution totally opposed to the theory Of
our government, which proposes that the pep.
pie shall know and understand the operation
OF matters in which they are directly interes,edt
The resul. was that the condition of the tfea-
sury was shrouded in darkness, except otko
very few who had the necessary acqaintance-
with the subject to investigate that condiion..F
Again: the Bank exercises the Legislaiipe
authority Of this State. 1t may lend money to-
whom it pleases; the Legislature must deliber-.
tie and discuss at length any such measure 10.
&c pursued by them; bot this Bank may doit
n moment. We have given them the aut
hori;y TO issue bills, and we are bound for.
heir payment. They may subscribe to stock,
n make loans, without the permission Of the.
legislature. 1t is true that they have this
20. under sss!! safsasi II q ss9sE g
sked TO make that subscription, have done it,
The Bank, by possessing the power to contract
debt, possesses the power Of taxing the people
o pay that debt and though it should contract
Or millions, yet that debt can only be paid by
aging tax OH the people; and this is a power
otally inconsis,en, with the first principles ofe
Republican Government, and our own Consti.
ution, which has denied even to the Senate Of
he tate, the right to originate bill to raise
upplies. The House OF Representatives isthe
nly body who can legitimately exercise this
ower, and then it is exercised openly-the
course of every member is known and scruti:
Used but with the Directors Of the Bank the
ase is different. Their course and their ac.
ion is unknown they are sworn mol to reveal
heir proceedings except on reqnsition' of the
legislature. And this power to levy taxes; the
Unlawful exercise of which was resisedby this
and led to our National lh5epen.
lence, has been tamely yielded UP into the
lands of body Of men elected by the Eegisa.
ure. And again The danger of ar over issue
an important consideration. God'forbid that
le should impme any such conduct, Or the pro-
,ability Of any such conduct, to the: gentlemen
low entrusted with this matter !; yet on this
,reat and vital question of State phiicy, there
we're pers which no human forecast could pro.
,ide against. Cases had occurred where off,
ers Of Banks had conspired and issued bills
without receiving value for them, and without
he knowledge of the Directors. And frauds
# this kind it was very difficult to discover;
here were so many facilities offered, that in
many cases it was impossible to punish the Of.
ender. Our State Treasury is guarded by
provision of the Constitutions The officer
'acatcs his Office every four years, at which
ime an investigation is made, and his accounts
before he enters upon the duties,
le is required to give bond and security; the
Comptroller Generals duty is w. examine and
upcrvise his conduct white in office: On the
Nhcr hand, the Directors of the Bank give no
,ond; they are entrusted with much larger
amounts on their honor and the President, II
le be man OF ability, may be considered as
elected for life. The Constitution provides that
10 money shalrbe drawn from the public Trea-
ury except by order of the Legislature. biHs
must be read three times in each House before
M" cent can come from the Treasury jet in
his Bank nothing Of the kind ishecessary;
mere warrant from the Presidentis sufficient;
md he, with the Directors, have absolute con.
roi over it. Before any appropriation, how.
rdy small, is made by the Legislature, the
natter must be discussed fully; We. the Bank
nay make any appropriation. and for any pur-
ose. These various circumstances renderthis
institution virtual violation. Of the Constitd.
ion. But this is not all. In addition to this
he Directors have the power to divide this mo.
icy amongst themselves: and they not only
ave this power, but thcy exercise it. AT the
,st re,ort thor wero S7o0 nm thus anplisds