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

ing a check on "privarr banks, stock jobbers,
shavers, and isurers. in diminishing the amount
! Of direct taxation, in giving credit TO the State
abroad, and Thus "rnahling her to rebuild
Charleston when in ashes"
81. They believe the Bank now To be in
sound wholesome, aua prosperous state.
4th. Because. allowing that the public will
and policy demanded such separation Of Bank
and State, the present crisis renders The attempt
at this time sunwise, impoIiiic, and dangerous,
as it would necessarily "disnrganze our tinan.
ccs, impair our credit, proluc" di>cord and dis.
scnsions among our citizens" and Tins leave
the State '.naked to her eaemes."
5>h Because the liQnidalion OF the Bank now
would involve a violation OF the faith OF the
State as pledged to her foreign creditors.
Tho Committe conclude by specifying some
objection to the particular plan Of the majority,
the principal grounds Of which objections are
lst. The number Of salared officers resi-.
dents Of one cy-Charlcstun.
81. The proposed concentration Of all the
resources of the Bank at Charleston.
81. The substitution single agents for the
Branches, thus giving to one man the power Of
passing on the credi, and fortune of the debtors
Of these Branches.
4th. The limitation Of loans proposed, as ere.
alng monopoly in favor Of the few who
own State .s'ocks and finally, that the scheme
provides no disposition for the surplus funds Of
the State, utier payment ofihe public debt. The
Committee recommended tn" adoption Of Sc.
ries of resolutions embracing the views we have
Indicated.
Fer the Information Of our readers, we pub.
lish the report Of MIR. Memminger, on behalf
of the majority of the Special Committee oil the
House. on so much OF Message No. as relates
to the Bank of the Stale:
To prouide for the approaching expiration Of
the Bank Charter.
Whereas, the General Assembly hath deter
mined that it is inexpedent 10 renew the char
ter OF the Bank Of the State of South Carolina;
And whereas, such determination renders it
wise and prudent that the affairs of the Bank
should be placed in a state of preparation for
the approaching end ofits existence;
Sec. l. Be it enacted by the Senate and
House of Representatives, now met aud sitting
in General Assembly, Tha, instead of the pre-
sent number of Presidents and Directors of the
elected by the General Assembly, as heretofore,
one President and four Directors, who shall go
into Office a, the expiration of the present term
of the President and Directors OF the Bank al
Charleston; and the President shall receive
the same salary as heretofore and each Of the
Directors shall receive a salary from the Bank
of one thousand dollars.
Sec. 2. The new Board Of Directors shall
order and conduct the business and affairs Of
the Bank as heretofore. excepting that they
shall make no new loans of money; they shall
reduce accordingly the number Of salari"d off
GERS at the Bauk and It's Branches; and may
Substitute an agent, one or more, in place OF The
Branches, taking care to require ample sec"r-
ty wherever funds are entrusted; and giving
such notice as they may think reasonable TO
such officers us may be dispensed with, 20 en-
able them totnd other empoynents.
Sec. 8. The Board of Directors shall collect
the business paper, together with all bills ofc1.
change. and they shall apply the same, together
with the cash assets, stocks, and other convert
ibIes Of the Bank, 10 meet the engagements of !
The Bank and of the State, as they may accrue;
and as TO all other debts due TO the Bank, :he
Board are authorized to extend the time of pay.
ment TO any debtor desiring it, to a term Of
years not exceeding ten; provided ample srcu.
rily be taken for the paymen, Of the debt and
legal interest, (the interest annnally,) and the
principal by not less than equal instanens, in
each year, Of such extended term; and in case
su,.h securifv he uot pypn the Ir ht sha II forth
with he collected in due course oflaw.
Sec. 4. The Board of Directors shall apply
any funds which may remain in their hands, to
The purchase and e1tingushment o the foreign
debt of the Stale, whenever the same may be
had at or under par; and if the same cannot be
had, then they shall invest the said funds, for
the time, upon the security Of stocks Of mis- State,
aud shall apply to the General Assembly for
further directions in The premises.