The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1849-12-19


on England and France. ,h" greater part OF
which they sell again in New York, whereuP"n
they ac, Fnl> lbpr" up'n which they draw
and sell bills. generally pa,ahr at sight bni
if!hrr became b;i: mrrchant<. they mn>i r'n.
inrm 10 the natural laws which govern that as
well as every nlh-r trade. and which rrGulr"
that the wishes and demands of buyers rs well
as those of sellers should he consulted. Il does
not always happen that the purchaser ot hI:i
wants ono payable al sight. 4 person who de.
sires 10 have funds at New York al III" cyplra
ton of 80 or 60 days, vii! not place them there
mach earlier, because in the meantime Ii"
would lose the interest of his money: he would
not therefore buy Il bill payable at sight. tut
prefer one payable about the time a which h"
desired to have his funds at New York. And
he would have OF course to pay less price Tor
such bill, because in the mcan'itnr the seller
would have the Use of The money. There Is Il"
more reason why a Bank dealing in Exchange
should not sell q time bill than payable at
sight, provided il can make q profit by the tran.
sac,ion. They cannot of course. hc sod at as
hiph a rate for the reason which has been sta.
ted, but the profit may be tn" same, though the
stitutes this item, was sold TO one Of the Interior
Banks. Those banks keep finds in New York,
and sell checks drawn upon them; hut as they
cannot purchase foreign bills in the Interior
Towns, to he rrmil;cd to New York as the
means Of placing funds there. they must either
purchase them in Charleston, through agents, to
whom they would have to pay commission, or
purchase bills directly from New York. from the
Banks In Charleston, which they often it not
generally prefer to do. For this purpose time
bills suit them better than checks at sight be-
cause they must he supposed always to keep
sufficient supply to mect their immediate wants.
and buy in anticipation, to maintain the supply
at the proper level That this transaction did
not psrtakei in any degree Of the character ol a
shift or expedient, is apparent from the lact that
the Bank had at the time the bill was drawn,
funds in New York to muEh larger amount,
and could with perfect convenience have drawn
it payable at sight. But those funds could also
be used to advantage by selling checks at sight
and purchasing other foreign bills TO be sold
again at profit. and apply the funds tor meet.
ing the time bill. The same thing is Prac'i>ed
by other Banks which deal in exchange and OF
itself furnishes no ground whatever Tor any an.
favorable infereace as to the condition ol the
Bank.
After an examination of the affairs OF the
Bank as thorough as time and circumstances
permitted, and, they believe, quite sufficient TO
ascertain substantially lis true condition. the
Committee are of opinion that by proper sys
TEN OF collection, steadily pursued, in few
years, after redeemng all the other liabilities OF
the Bank, the capita! and other funds Tor which
il is accountable 10 the State, could be realized,
and put in form to be applied as the Lrgsla
ture might think proper. Such course oil
proceeding would, no doubt. occasion nconve.
nieuce and embarrassment to a considerable,
though comparatively smal! number of persons,
and few would probably be compelled 10 part
with much. If not the whole of their property.
but these are the natural consequences ofincur
ring heavy debts, and can be avoided in no 9th
er way than by indu!ging the debtors until II
suits their convenience to pay. BY The reso.
luton under which the Committee we're ap
pointed, they were instructed 10 ascertain and
report, without mention OF names, what amount
is due in each State, and by how many debtors
in each District, classifying the Debtors accord.
ing to their business and occupation. \ labu.
lar statement Of the Information required by the
resolution is contained in the schedule g., ap.
pended hereto.
RESPECTFULLY submitted. =
A. MAZYCk. Chairman Of Senate.
F. ID. RICHARDSON,
Chairman Of House. J