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

and honesty Of the Managers Of the bank' is
only accumulative proof to the facts so amply
testified to by all who have either investigated
=. its affairs, or had any knowledge OF ITS ~trausac
tious--and ought 10 silence forever the asser-
tiops and clamors of the enemies OF this lns1lIu'
lion. ssrs1ys.-,-.,.--,
The gentleman from Abbeville had asserted
ilthat. the Bank was insolvent, that her circuia'
otion was s9l9,6l5 rs, and that she had 10 pay
5 II only S94,624 40 in specie-in bills OF otner
j Banks Sl7l99 90. In Foreign Exchange
y %. .86s s6, and Domestic Exchange, Az, 40 To-
J, Now what are the facts? From Exhibit A.
j. brinu;na up the affairs oflhe Bank TO lst oe'.
i, 1s4s. tiued in the Annual Report OF The
president, and Directors Of the Bank now on
i. ,your tables, which Report is verified by Comp
:, troller Generals Report, 1t appears Una. @ .ne
=. whole amount Of Bank Bills Issued is Sl'oso''
!; $50 90.
Ofthis amount issued s9le,6l5 IS, remains
in the vaults of the mother Bank at Charleston,
$50, ,20s 25 remain in Branches, and 53oo'ooo
are DESTROYED and lost forever-(ths last amount
being clear gain TO the people ot this Stale.
These three amounts making an aggregate oil
81, ,275,sS4 90, must be deducted from the a.
mount issued-and it will leave in actual cir
g ,culaiion only s4l6GO6. OF this amount the
one half is in ONE, rwos and THREE dollar b'!ls'
and could be redeemed blythe Bank ofthe State
len times over, before theyc9ud be hunted up
s. and presented at her couhterss But the gen.
Itlen,an does not in his calculation regard as
worth ANYTHING the numerous other resources
the Bank amounting to upwards OF S3,o0o'-
. iOoO-which might be brought in to pay off It's
bfiahitties. which he would then proceed 10 ex.
Sbihit 10 the Senate as abundant proof not only
ofthe soIyency Of the Bank, but its very health
fol and prosperous condition.
<, He had said that he would proceed to show
that the Bank was solvent and able to meet all
its liabilities OF every description, leaving
large surplus Of clear gain after paying all The
CAPITAL the State had invested in it, and dis
charging all the other numerous Liabilities i'm
posed upon il by the State.
Over and above the amounts ofcash, Foreign
Exchange, Domestic Exchange and Bills OF
oifier Bauks--,here was due to the Bank ny
bills and notes discounted, S2,66s.22s lS.
sBy Bills and Notes in suit, S244.O79 76
Bonds secured by Mortgage. 53s, l3o 81
Bonds under Act, rebuilding city
Of Charleston, 7o2'93o ~
Stocks belonging to Bank. 434'oo3 ~
SBauk Estate, o', Ia o'
Real Estate, 5o'soo 80
oYndomen,s S,025 90
sT)rafis in transitu, = 5000 81
f's These sums added to the amount which the
gentleman from Abbeville, (Mr. MarshalD had
sadmittedio be equal to cash, wonld make the
whole amount OF the assets Of the Bank, S4,.
'9s2,4lO 90. Did the gentleman wish 10 make
that House believe, that all these assets were
Swortbiess-that the notes and bills due 10 the
Bank were of no value? Would he persuade
the Senate that the drawers and endorsers ot
these notes are insolventl Did he not know
that these debts were due by South Carolina
gentlemen, and that they were vel! secured.
Had they no, the testimony of all their ezamln.
ING commi,tees--that these debts were in gen.
aeral we'll secured. He could INFORM the gen.
tlernen that when he had the honor TO he on
the examining committee, that he had looked at
all the notes in Columbia at least, and had
found them as safe as any paper ot the Kind
could be made in this or any other State ny
by this, or any other similar Institution. The
5oiher assets enumerated, were all available,
what these are the gentlemen woulo readily
perceive, by ,urningto the table, A. contained
in the Presidents Annual Report to the present
Session.
Would the gentleman, in defiance of all the
Reports of all The Presidents and Directors OF
this Bank from its origin To the present day, in
defiance Of all the reports Of all the invesiga-
ting Commi,tees-siii persist in decrying the
credit of this Bank; and notwithstanding the
'i!nmcsse sums paid for and 10 the State by this
Bank, will he still persist in dishe!ieving its
Inability to discharge the obligations imposed
upon il by the State. If he does, he must be
niHed with no common share ofincredulity, but
cannot inoculatc others with It, in the face OF
proofs so strong. The annual taxation impos-
ed upon the people Of this State has only, and
can only pay the expenses ofi;s Government.
Ou what then can we rely TO pay of the public
debt, and the inieres, accumulaling thereon, as
Il becomes due. hut the Bank, which has here
tefore so successfully paid the millions of debt
already liquidatedl Is il not clear as the noon.
day sun, that II you destroy this Bank, you de.
s,roy that which enables the State to pay lis
.debis-and throw this source Of income into
the hands ofprivate companies, in place Of re-
tanning it for the benefit ofthe people, to whom
II properly and legitimaiely belongs! They
would have to increase the taxes to an enor.
nous amount, TO repudiate fully repudi.
ote-and would the people Of this State submit
to the degradation either Of one or OF the other!
> This brough, him 10 the consideration of an
other point, which would prove to the Senate
mos, conclusively not only the impolicy of de.
stroying this institution, but the dishonor that
would attach to the State Of South Carolina.
we're that object effected. To prove this, he
submitted the following facts:
% The bonds Of this State had been sold in Eu.
rope by the agent ofthe State, Hon. Geo. Nc.
Ilnfie-ihese hnnds under al act Of the Legis.