The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-12-27
calculations, and statement. which but few can

calculations, and statements which but few can
understand.
The NEXT proposition was, that from the very
nature Of the institution, it was calculated to
mislead and influence, In wrong direction, not
only the President and Directors themselves,
but the Legislature also. He did moi mean by
this any personal reflection upon those gentle.
men; but it was the nature Of the institution
itself to produce this effect. The secret infu.
ences which were used at every election Of
President and Directors by those in Office who
desired to remain there and the solicitations OF
others who were anxious to occupy the same
station, gave rise to system of corrupllng and
dangerous influences, which we're calculated to
d destroy the personal independence Of man, and
sap the very foundations Of society.
The State, by chartcring an institution ot this
kind, gives itself a MASTER; aud the exercise OF
power thus placed in the hands of such an in.
strument, leads TO consolidation of that power,
AMI the exercise Of an influence which will al.
ways be exerted 20 prevent the payment Of the
public debt. II is the prerogative of the sover.
eign power Of State 10 keep souEd the cur.
rency of that State and it is unwise 10 bring
into operation any influence which will disturb
N"ot IL VIZ Ddnh oi tne Ctdtc su"o'o
suspend payment, aud the available assets
should not be sufficient to discharge the public
debt, the only mode of discharging that debt
would he by system of taxation.
As to the rechaher Of the Bank, the expert.
ence Of nations proves, that these institutions
are disastrous in their consequences when con.
ne,ded W tn Government. The case Of the
United States Bank-North Carolina, Ken
lucky, Georgia, Alabama. and Mississippi illus
trate the truth Of this proposition. IL it should
be said that the Bank of England is an excep.
lion. il may he replied, that that institution is
connected with Government only in one fea.
ture and even under these circumstances il
has received the appela,ion Of dead ,reigh,
and the people Of that country would he glad to
get rid Of it. And when our whole country
was laboring under the disastrous effects of the
United States Bank, South Carolina credit was
superior to that Of any State in the Unior. And
why? Because we had never depar:ed from
true currency. The State had passed resolu.
tions declaring that institution to be built upon
false principles. Yet while we maintain these
doctrines on questions of general politics, we
permit il among ourselves, and have established
an institution directly opposed to these our de.
sciared opinions.
Whenever an occasion has arisen, the influ-
enee Of the Bank has been felt; and it has
operated TO induce the State TO swerve from
her true and Just positions. What would be
the condition of South Carolina, if we had not
this Bank? But for this connection, the Sink.
ing Fund, If in our hands, would be S600,0OO
more than our debt; independent of the Fire
Loan, loans to Railroad, &C., the State would
be clear Of debt, and there would be 100000
surplus money in the Treasury. When the
application for the Fire Loan was made, it was |
not the purpose of those who made the appica-
fion that the Bank should have been embraced
in that provision and the bill which was pass.
ed, was totally different from the one which had
been originally drafted; and if this bill had
been resisted. the objects Of the loan, which
was to repair the evils Of most disastrous con.
aagration, would have been defeated. The
-..,>aAx.-of ihA n.--------aa-Aa--i.-.so L. .sonassEy,
and every cent Of this loan is perfectly safe, and
will be paid. But how is it with the other mil.
Hon which went to the Bankl This has been
loaned out upon notes, whose only guaranty is
personal security, and which may not be paid
Attempts like the present have always been
smothered; measures similar to the present
have heretofore been dispo: ed of by being or.
Tered to lie on the table. Some years ago when
measure oftAis kind was proposed, its friends
we're not even allowed to enter their protest to
he proceedings Of the House on the journals. g
1t is dangerous principle that State should
" engaged in operations which may prove q
dangerous and disastrous. The Bank has en-. {
aged in speculations in which the State, y
hough stOckholder, has not been consulted. D
ho 81
ia Railroad-,he Atlanlic Railroad, and the
arious incorporated companies to which loans
ave been made. The State Is involved in
perations of this kind; and she has no right ii
} speculate with the public funds; and which h
'ay lead to an absorption Of all the money she d
ad in the Rank.
mr. lEMhINGER, afer aluding to the loss c.
hIch the State had sustained by loans TO the II
irectors, proceeded 10 refite some of the argu. al
enis which might be adduced against him. al
It should De said that the Legislature cannot a,
ind up the affairs of the Bank because its funds
'e pledged to our foreign creditors, it may be III
piled that the surest way to provide for the "a
syrnent of that debt is by arresting the State in
her career Of insolvency, and placing that Ia
nd where il may be forthcoming when it he. To-
mes due. Partnerships are not indisaoluble an
I'd when the debt was contracted the contract. Gu
g party kaew full we'll that the charter would TEL
pire at certain period; when we bound
rselves to pay the debt we did not thereby plt
come pledged to recharter the Bank all that otl
are hound to d. Is TO have the money ready is
hen the debt becomes due and this is the full Ba
tent Of the obligation. the
1t It should be asserted that this is an attack wi
on the planting community, and an effort to Th
prire them fthe.convcniences afforded by the ca,
nix, the true state of the case is that the ou,
mber OF planters who apply for loans and to CHI