Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1848-06-28
For the Adtsrlissr.,

cerning the Bank oflhe STATE; and will
insly make such expositionFfroinxregard
as " well TO frankuess on my pare as 10 The
intelligent exercise Of the rishtof suffrage
by the people. My opinions onahis-sub-
jccr have been formed carefully, without
known has, and are not likely to be mate
rally changed; still it may happen, to one
80 conscious of defective infofmation and
iufrmiry Of judgment. that more mature
deliberation and consultation may produce
some modification of these opinions. TO
make an absolute pledge to support o
particular measure. Notwithstanding any
change OF circumstances or convictions,
seems 10 be inconsistent with the scheme
Of representative republic, and parlcu-
larIy with the usefulness and independence
of the representative. The people best
guard their interests, by selecting for re.
presenlalives men of judgment, that will
not yield 10 insufficient reasons, and Of
proLity, that will not yield from improper
motives.
The grea, issue concerning the Bank,
is upon its re-charler; and my opinion, on
general principles Of political philosophy.
and whatever may have been the past
management Of the Bank, is decidedly
ganst the re-charter. The experience of
the Federal Government, and of other
States in the Union, denouncesrhe policy
of government, banks. Such:inslitulions
improperly interfere with private mercan-
tile pursuits, stimulate The government to
Indebtedness, coucea from The people their
burdens 10 sustaining governments a
way their customers from economyand in-
duslry by delusive show Of relief jim times
of pressure, and are apt to become polili.
cal engines, controlling the whole affairs
Of the Stale. The existing charter of our
Bank will expire in 1856, after an exis-
tonce of forty three years; and, indepen.
IDENTIFY Of all general objections, it would be
prudent, after such a lapse of lime, TO wind
up the coacern, and ascertain its practical
workings. think ii would not be prema-
ture for the Legislature, al The next. Session,
to express by resolution the determination
not to re.charler the Bank; that the Di.
reclors may gradually prepare for the dis
solution, and that The creditors ofihe State,
Tie debtors ofytbe Bank, and aIlconcerped.
may have such timely notice as will pre-
ven, misconcepr;on and clamor. Such a
resolution would not bind future -Legisla-
lures, bu, il such an expression. of: opinion
can he once obtained, there ueed bc, little
apprehension Of its relraction. A,nronpt
expression Of the determination ofythe Le-
sisla,ure not to re-charier the Bank, is
proper, TOO. 10 countervail the intimalion
Of a contrary purpose in the Legislature
in some Of the Acts Of Assembly. especial
lylhe Fire loan Act. This intimatiou, as
a matter of legislation, no more binds sue
ceeding Legislatures, than aninumation
moi to recharter the Bank, wouldsbind -
That,tiere has been pledge on tie part
of the State, amounting 10 a Contract with
foreign creditors, that the SaIS should
exist until the dehstare Paid.qs:a sdelus
ssiop: for llIn L. cea!Srl'p
stion, aud apparently in actual fael, knew
tina, The charter would expire in 1856, and
aha. ,he grant Of "a new charter and. the
modification Of the existing CHARTER were
within the controIo The Legislative, authori-
'ty. suppose The creditors, when these
debts we're contracted, looked fa, payment
to the finds aud means Of the Stale, rather
than to the casually that the funds wero
then administered by The Banks
L am not, however,.on of,hose, il there
he any such, who would bring Iho Bank
to abrup! aud premature Iernipatinn, aud
thus put in jeopardy tho(unds df,he Slate
in the custody OF The Bank; and produce
great distress among the Bauk debtors.
The moderate and prudent course is to
leave The Bank te run out its chartered
term. under the general management Of
tho Directors, upon their responsibility to
The Legislature. aud the people,fgradualIy
preparing for its end, by purchasing in the
public dchr. aud making COLLECTIONS from
its own debtors. Iflhe funds or The State
entrusted 10 the Bank be secure, the cx:
linction of The Bank would not involve the
necessity Of Increased taxes on the people,
for these funds are adequate, 10 pay or pur
chase all The debts owed by the Stale
1t has been practicable 10 all past time, 10
buy the fore gu dctl under par, and no
serious difficulty in getting. it atpar, need
he anticipated for the future. The credi
tors, however, should refuse to receive
payment in advance, the funds ofihe State
might be safely invested in stocks bearing
interest. |, may be, that after the Bank
ceases, some fiscal agency must be subs,i-
,uled for the custody and management Of
the funds Of the State, but think Bank,
with authority to make loans and issue
bills, can meyer be necessary.
From The Reports made TO the Legisla
,uro by the Directors of the Bank, the
Comptroller General aud The Committees
of Inspection, trust that the assets Of he
Sale are still safe in the Bank. have
no such knowledge in the mailer, as aus
lhorizes mo 10 decry its past management
so far as the safety Of the funds is concern,
ed. Yet The large amount of loss appear.
ing in the profit aud loss account. the IN.
due proportion of this loss from tho debls
of Directors, aud The extravagant aggte-
gate of the existing debts to,lhe Bank from
It's Directors aud Officers. justify and
require The most rigid aud searching scru
tiny into its management. The ;nysleiy
alleged 10 be proper about the affairs Of
r l.