The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-27
say ,tha, the friends of the Bank labored under

say ,tha, the friends Of the Bank labored under
great disadvantages in discussing The question.
He had no knowledge OF the Bank except
what he obtained from the reports of the Direc.
tors; he, also, like those who opposed it, had no
interest in it; was not Director; and if the
rule of law was TO apply, his testimony should
be considered competent, as be was in no way,
interested. He desired to offend no man by
what he should say, and if offence was taken,
/, WAS not intended; but, nevertheless, he would
state his propositions boldly and fearlessly.
And though the discussion here was carried on
without personal considerations entering into
it, yet they had entered into it when discussed
before the people, and the effect had been to
impair public confidence in The gentlemen en-.
trusted with the institution. Grave and serious
charges had been made against them; imputa.
tions of NAL administration of the affairs of the
Bank, had been cast abroad; and yet we are
told that they are all honorable, high minded,
gentlemen. If these assertions are true, this
cannot be so; and if they are hut surmises and
suspicious, the matter should be known, and
they should have verdict in their favor.
As to the correction between the Bank and
the administration of State affairs, the Bank is
as much a private institution rs any in the
State, and il would stand the test of the high
tribunal in the country on this point There is
no legal connection whatever; the Bank can
sue and be sued on its own responsibility; and
can il be said that It is connected with the
State, because the State owns stock in that
Bank? IF this be 40, then the Bank of Charles.
ton is also connected with the Stale; we own
stock in that Bank. The very terms Of the
Charter Of the State Bank, and the decisions Of
our own Courts on this point proves it to be
entirely private corporation. The State is
no more liable for the bills of the Bank of the
State than il is for the bills of the Bank Of
Charleston. 1t might as we'll be said that the
State is politically connected with the Railroad,
and other companies, because she owns stock
in these companies. With respect to the as.
seItion, that the Bank is insolvent, and will in.
volve the State in ruin, and create debt which
can only be paid by taxing the people. If this is
So, why are not facts adduced in support of it?
This opinion prevails throughout the country,
yet where is the proof! The institution should
be investigated and the Legislature put in pos.
session Of the facts Of the case, so that they
may know if these charges are true; we may
be acting without sufficient enlightenment; but
If the charges could be suhsiantated proof he
would willingly lend his aid to break it down.
A large portion Of the public debt has been
paid since the Bank went into operation
$780,, 1000 has been paid into the Treasury; and
The result Of these operations has been to re.
1uce taxation, and if the public debt was due
tomorrow, it could be paid.
The resolutions offered by him, apply with
equal force to all Banking Institutions; while
he argument Of Mr.. Memminger may be ap.
,'ied with more force to private institutions,
han to the State Fax. The interest of these
private Banks is antagonistic TO the Bank of
he Stale; why not destroy all these private
Banks and put their funds into the hands of the
State? 1t would pay The expenses of the State
'ver and over. and leave large surplus in the
Treasury. The taxing power is not in the
Bank Of the State; it is in the hands of these
'rivate institutions, who exercise that nnwer !
'aaefy within their purview. As to The opera |
ions in which the State, through the Bank, may
re engaged, why are the operations of the pri.
ate Banks always advantageous, while those
f the State Bank are injurious. The power
in their hands, and not in ours; the ruinous
rces of cotton may be attributed, in a great
leasure, to the operations OF the Bank of
charleston; which, wilhou, the antagonislic in.
uence of ihe State Bank, would have in their
ands the interests Of the whole State. This
ank, from its large capital, necessarily pos.
'sses influence over the other and smaller
anks, who are dependent, in a great dep-.e
BON It. Ii the power to expand snd contract
g circulation, is an incidc Mt to all Banks,
ould 1t be wise 70 place the whole of that
'wer IN TIC hands Of one institution, which
QUO De done by destroying the counter inau. {
Ice Of the State Bank. .
The Bank of the State has given aid in I
any cases to objects worthy of that aid; par. a
ular instances might he given in which many y
We been saved from insolvency, while no O
lvate Bank has ever done the same. L
The argument of complesity and difficulty of Z
mPrehensi'n, which has been urged against i,
Bank, may be applied with equal force to o
other similar institutions. The President i,
Directors are capable of understanding il,
80 are the direction Of other Banks. @
The first resolution OF the series, declaring ~
Bank safe fiscal agent, is sustained by ie
's. Through period of thty.fve years, Of
the course of which fourteen millions of dol. y,
S has been disbursed, not one dollar has been IA
!. The bank does regulate the currency, m
subserves the purposes Of its creation by Of
nshins that relief 10 many, which was con. OF
'plated in its erection. n,
has been said tha, the Bank may lend as it B.
ases, and to whom it pleases. May not IN
er banks do the same? The only differences de
hat the President and Directors of The State w
TX are responsible to the Legislature; while pa
'e Of private banks may lend as they please, b.
none to supervise or regulate these loans. pa
State must have lis agents; and all that In,
be required of those agents, and they only ,hi
stion that can be made is whether the dis. In
rye their duty as honest men. The secresy an