The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-20

have maid the interest ofcertain stock, for which
they have heretofore been pledged and set a.
mart, the said profits shall also be considered
solemnly pledged and set apart for the payment
of the interest OH the said loan and the final
redemption thereof"
CouI: this State violate this solemn pledge,
without the blush of shame tinging the cheeks
of every viruous, hi gh minded, honorable cIll.
zen? Well might J. e. Hambro GS Sons, of
the great Banking House in London, declare in
their letter to the President of the Bank, under
date Nov. ls, lS43, in reference to this very
matter that .'your stocks will sink in value, even
though the security might be ample and sutti'
cient, without the additional guaranty of the
Bank and its profits. Capitalists would con.
slider that the State had broken its solemn
pledges, which would be the more to be regret.
ed in State that has supported from its earliest
settlement by its old families, until this day, the
highest name for honor and nobility OF charac-
ter.'-See Bank Compilation, page 654.
Barring, Brothers q Co. writing to the Pres'-
dent on the same subject, makes use OF Ian
guage quite as strong, to the same effect
page 665.
Our Minister to England Hon EDWARD
EVERETT, declared that "the first effect OF the
measure would be a serious shock 10 the value
of the bonds'-and "that while it lasted, the
Stale would suffer reproach, and individuals IN
the alarm Of the moment, would he apt to make
sacrifices" But gentlemen said that no value
WAS attached to this guaranty! Hear the an
swers OF Hon. GEORGE M'DUFFIE 10 specific
questions put TO him by the President OF The
Bank. ..... .. .....r -..
TO the first question::
"ls,. Was any value attached by Messrs.
Barring, Brothers Il Co., to the pledge OF the
profit of the Bank and the security offered by
these several clauses, for either the 'punctna
payment ofthe interest, or 'for the hna! redemp'
ton ofahe principall'
lie answers:
81 ran say that very great value was attached
by Messrs. Barring, Brothers & Co. 10 lhe
pledge of the profits of the Bank, and also TO
the agency Of snch an institution i'll paying the
interest, believing that it would insure more
certainty and promilude than any other descriP'
lion of agency. This was urged by me and ad
mitted by lhem." .-e
II appears, therefore, if any credit can be
given to the declarations of the Hon. GEORGE
MDuFF1E, that very great weight was attach
ed TO this guaranty Of the Bank al The lime OF
the sale both by himself and the purchasers.
w ould it not be dishonorable in the highest de-
gree, to destroy or cripple this Institution, the
capital and income of which the State had SO
solemnly pledged to its credtors-and that
without their knowledge or consent! What
RICH, had the debtor to withdraw the securities
from the creditor, upon The faith Of which the
credit was in part extended? IL nothing had
been pledged hut the faith ofthe State which
cannot itself be sued) is it not likely, that IN
stead OF receiving 95 per cent we could only
have realized 80 per cent. on the sale oil our
bonds! But as the guaranty OF the Bank IA
corporation which can be sued) gave confidence
to the purchasers, he repeated that II would be
most dshonorable TO take from them this sc
curity.
Mr.. Back concluded his powerful and elo-
oucnt ef1nr! (of which we have given but a
meagrc and imperfect abslrac,) by implorinS
Senators to examine this matter before deciding
10 weigh the proofs, and decide solely on the
evidence submitted 10 them. He appealed to
their reasons not to their passions sand had
made no assertions which he could not sustain
by proofs, cirar as tuc ''S"' vi o"y' nv N
upon them therefore, AS Senators and Caroline.
ans, no, to heed any clamor that might be rails.
ed, but to sustain, protect and defend the plight.
ed faith of,he Stale to her own institution, and
to those who on the faith Of her guarantees had
been Induced to give it credit. l'o save to the
people an Institution which had already saved
lhe.n millions oflaSa,nn and which would con
tinuc To save them many more, or (what was
still mere nporlant) from The dlshonor oil RE
PUDIkTIoN.