Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1848-02-09

gives me pain 10 advocate It now.5ss But II
The Bank is 10 stand. i l5sce no alternative.
The highest interests ofSihe peoplea-oi
strnlh and justice, imperiousIy demand Il.
There is no security not merely for the
public funds themselves, but for our insll-
iutions and our liberties,Tif tho officers OF
the State are under any pretences what
soever, to put their hands inlo The public
treasury, and help themselves, without the
consent, nay without the knowledge, Of
the people. If The people knew5to. what
extent this was done: 1T would certainly be
some check upon IL. But i am far from
thinking lhatit would be complete safe
guard. The only certain remedy for the
Seyilisto aniihilate the fund, which Is al.
ways corrupting. one. If we are to main
tain sRepublican Insiitntions-if we areto
preserve The liberties we hold so dear, /
know of no political maxim 10 which1the
people must 80 rigidly adhere at ail'tlmes
and under all circumstances: as lhat"e
should Keep the public Treasury dL,0ays
poor. Ittcan never overflow but:at tho
Isexpense of our own puckels; and every
dollar uo, demanded by the wants of an
economicalsG Government is cure to be used
lin some form or other for corruption. And
of. all the engines Of ofcorruption ever devils
ed, thalof a Bank based upon The Treasu-
ry, and distributing The peoples funds in
accommodation loans 10 its own lavorltes,
is The most complete and powerful. be-
lieye that all such Banks in this country,
save ou. own, have been either broken by
the plundering rapacity Of those who have
hadlhe management Of Them, or put down
by the people. That ours has stood so
long is a high hut dangerous compliment
10 The purity Of our public characters aud
the abiding confidence of our people ~
them. But in my humble judgment, we
have much TOO long incurred the hazard
Oft, and CANNOT too soon insure our safely
tbyiernlinahng its crietence.
Whenever lhe proposal 10 wind up the
Bank has been made, it has been uet.by
Two objections ID that it is plea for
the paymeu, ofihe public debi.. An. IDLY.
that il has proved safe and profitable in
veslrnent of. our, funds, As{to rs ,paying
the public debt, I have already show u
after what fashion il has dune that-how
it has Increased coniinually:inslead Of di-
minishing il, aud how ii. has forced the
State 10 borrolu in order TO pay. An odi.
Gus syslem, ever the forerunner Of bank
lruptcy, and slismatized, kite flying"
among commercial men. That 1t could
ever have had the . slightest influence in
inducing capitalists to purchase ourbobds,
OF that any bondbolder relies upon the
Bank to pay them, are utler absurdilies,
Messrs. Hambro g. Son TO The contrary
notwithstanding. The foreign bondhold-
efs know lessof the Bank than wedo oshere;
and what do trs kaolo lis solyency? But
Eifihe Stale should wind up the Bank,il
would Of course ofsrto pay all The debts
Efprwhich. il t:oow stands pledged, as:fasuas
2jie assets: were realised. NoSbondholder
)r0ni d6bjsct Thar N was q .5reaGh Of coa:
pay 6i,n his money before irbe:
81. hose ssl are now sci ling
Our siii a,siiion all would no,
/ Il I'D D. purchase there,
sass asss ss q Rss Y Hsasg
Elong ingsstmenls, would not, many Esol
ifhern .sinslsf alsSouth Carolina bonds in
II eTsrenseg an others, and if they did
lssfiaaing The choice TO take their money
esihsey could dIol complain Of losing the col.
Elateral security Of The, Bank.-There is nc
l5sortof doubt that satisfactory arrangement:
cou1d readily be made all round. The
Bank itself must be ofs,his opinion, since
This very year il has requested the Legis
= L., @
accept payments al periods differing from
those of the original contract. But u
pledsiug the Bank for the payment of the
public debt is 10 estop the State from H.
quidaling it, then the re-charlering il in
| 1888 was all rnockery, aud it stands char
tered, not unlil 1856. according 70 that &C,
but until 1870, when the last iustamen
Of our debt falls due.-Was such thing
as this ever contemplated by onr Lcsisla
,ture or our people! Is ii possible that the
Bank could have ever expected thus tc
purloin an extension of its charter? ? Are
our hands to be tied up and the Bank sad
died on US forever by such crude anc
thoughlless Legislation as this !? Certainly
moi.
Those bondhotlers who are aware tha
the Bank is pledged 10 pay them, anc
their number Twill venture to saJ is very
small, are bound To know The value o
their security, and to take notice lha, thi
Bank is the creature of the Stale, liable II
be wound up at its pleasure. Tho rea
pledge made by the State was Of the
FUNDS in The Bank, aud when these are
placed a, the disposal of her creditors, bel
faith 10 that regard is redeemed completes
Iy. Ii is clear, then, that this pledge con.
stitules no substantial objection TO iiquida'
ling lhe Bank at any momenl.
The other objection 10 it is equally un
lenabIe. How safe our funds are in the
Bark, no one save the bank officers do Oh
can know, and even they may be mistaken
Sume lest. far more< searching than any
yet applied. mus, be undergone before we
eau have full ass urance that they are safe
A half million is, we know, already whole
ly los. How mnch more, can Only by
ascertaiaed by reaising all her assets
And ii seems 10 me that ordinary prudence
apart from all sort Of suspicion, demand:
that at least once in Ihirty.fve years the
II