Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1849-12-08
NO3O

Bank has not accon p'shod the hieh purp, 90
for which it was cr,n,ed that it is a dangerous
institute an;ir,pIu icJn in its character aut
tendency; md the evils il ii,aby arising ftom
the connection between aInoncyel corporation
anil the state il C ;sc and ra nifv, tho Ion Yer
the rights md prvicg of he former are -
tended The resolutions of Your last session,
adopted by very decided majortie,, ami the APP
parcn' a'quic .ccucc of the people IN DC dcci;-
ion of .hc;fi rulcr-, would sceh to have definite
lv settled ticqnCs,ion ofa recharier an that
nece sariiy al minor ard collateral is sues have
bccn nb crbcl By it.
The political history Of South Carolina has
too long wospnted The anomalous spectacle of
is constituted authorities pc!tnNciously up,
hol, ng Il State corporation, wli'c il denounced
auyunion betweuna Bank and tIv EctleralGov
,rEheNt. Tome il is obvious that, except the
uucuNstitu;ionalty Cf United STATES Bank
il poses ion ola wider icll of operations, ev
cry argument which might be wicldclagamst it
wou,dfll with equal ii not greater force.
against Site Bank From experience,
moreover. we learn that The tabls hmcnt of
such an Institution, pos ossin.s the right OF sub
shtutin{ fictitious currency for determining
the value Of the produc OF labor il not easily
diyc,Ic OF it, established authority By In,
!anucH1e ii in'cnsibly acquires itmea surAlly
p1rpatuatcs It's own existence. The fitaiblUw
10 the Federal Bauh wa, given by The Execu-
tive il the exercise Cf M Ulwarrantable pow.
cr. Iiayrkc the Legislature then 20 profit by
the ndmon;;iou1 which the pASt has written on
thc legislative history of oar ccuu III. ! also
desire, in II, place TO eXprcss my settled con
vc'iou, that thc Bank ofthe StU'cwa' founded
on false and pcra:ciou9 principles that to
grant % the mombcrs ola community tlmosa
cXc'uiyely devoted 10 rural pur9uits ppusu,d
Mcit'c- E| commanding mcne,, j. SO inAict
upon 'hcsn and their po-tority an wntigated
evil, and thH more numcrous and difficult tbs
Oh tacic' ~ 'hc way of receiving l}ank accom-
moda;ion' b. thNt ella : the greater their con-
tcn.mcut aHl hcmora certain ;hc success ia
'hejr Vocation. Wien Yer thc asrct'tCrist
subs i'H,cs pcoulaton for tho result OF indus
trT. his pro osrccts mav seem brilliant FRA sen.
SON bu; the day cf darkness and Disaster will
Inevitably follow.
In sUb@.t'Eg ap,an fnr winling II the
Bank | scarcely need assure you that subject
has rec ivedmy most attentive cxahiination.
nn that in sugCcsting the necessity fer your
action uponit | have been influenced solely by
Il high sen OF oliral duty. .... rs -.
Iti> pr,plr Should inform you, that Messrs
Barring, Broth, RS Il Co. Of l. ndon, have ad-
dressed To me communication substantially
protc ting against closing the Bank on the
ground that TINT in 'titution was voluntarily
offered by the State us one of the securities for
the loan negotiated by them will only here
rcmnrk, that il is not pro osed to destroy the
Bank but to deprive il Of its banking power.
1t will continue IL n corporation until 1S6O-+s
toWr wears beyond the period to which its duT
ration extends liy the existing law Atthat
time, only NISS,SSS IS cf te foreign and S39S,
6l9 80 OF the domestic debt will be due, while.
the assets ofthc Bank will amount to o'about
two and haifmillons. But, in truth the for
cgn dcht will then have hccn paid il thc'plan
t,..,