Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1849-12-12


Carolina. MIR. Mazyck opened the debate in
the Senate, and MIR. Memni; -"r IN the House. Z
Beth spoke will, their usual h,.,y
Mr. Mcmninger address; l'! "a 18th d
crowded gallery, for more !!a.s
port of The Bill, setting FORT ',!..c.
enforcing the necessity OF ,.e.-,g
king array Of facts and s'.l.-'c<
not, he said, discuss the qao.'o
that poin, had been deeide' i.n
Of the Legislature, rs fart
sent. lie wished 10 nsl'.r i,'
as question Of State pt..g
arose for inquiry.
l. Does the vote OF the II '::-.t
recllarter, render nscess:" any
plan in regard 10 the Bank
2. Is this the proper time = 'i;; -
8. Does the Billbelore IT,, jou-. "a,
most suitable plan'
He could answer the frs. r-!;.
native. The Legislature, asl.r
decided that il was inexpedar'
Bank This was az much
Bank could not 60 OIL to IL
charter without cllange-w
alton to meet ihe great evenr
-jnsl rs partnership wUa
the day of its expiration by
to its business, or as the mar
direc, his course Of conduct .
period Of his death.
AS 10 the second inquiry
could arise. The country is q.
prosperity-pubic finances 80.
the nuney market easy-eoi'
price-pryaie affairs Of OF %
cund lion-all these things '.'
propitious moment for wind ,;E.
~ season Of commerce, ~
public disaster, The Bank conl'. =
with-no one would dare to
for fear of increasing the .,,:!
Hence now is the time.
Under the 81, inquiry, he w. =
Bill. What does itpropnsc !.lr-
Of officers. -Four instead Of -c.' .:a
, will he amply sufficient when
poses the discount business ol -
ses But they should receive.
be allowed 10 borrow money FRI
formerly.
Secondly. limitation Of loan, .;'''
carrying ont the Legislative ena M
las, Session. II is often The case IL:
loans are made for n cerain peril.
recors determine this themselves
deem the amount on loan sufliciei
And such is the case at present.
Thirdly, The Bill docs not prOp0
charter. This is to continue for it, "a, ,.....
until 1856. under the above prohil .a. as:
oans which limitation is O(ten mi =,
dance 10 The charter.
Fonrlhly The Bill INDUCES d .'.p
thc Bank. Instead Of forcing then .-aai-
their debts in 1856 when the cha -: :.r.s
i, nduIg those who give good security, Iour n
years longer, TINS allowing them ten years in
stead Of six 10 make payment. o
As to the other matters the business Of the N
Bank will 90 on untisturbed. u
Filhly. The Bill further prooides FIR the pay II
mcnt Of tho public deM, The plan proposed q
was suggested in the letters from Barring, Broth =
ers d. Co.-one of the European State CredI-
tors; in which it is stated that The pledge o. II
the Bank given them by the Stale can be relea> c
,ed by buying up the public debt. The pui> Fl
chase could now be made on gnod lerms-lor d
Of cents in the Dollar but he woulu give them b.
dollar for dollar. c' I,
To carry this plan into effect would be of u
mnch advantage to the Stale. Larger profits -
IL tl, "A |
saving Of numerous contingent expenses, and r,
by letting the fund ont al tcgu interest since y
the Bank now realizes much less per cent. lf
Mr.. NJ then answered all the objections 10 fc
the Bill but we have not space To follow him Ia
through the rest of his argument. II
We have been thus minute in the above sy>
nopsis in order 10 give yuIlr readers some just g
notion OF the change proposed in the manage =,
meul of the Bank. m
MIR. ]. p. Reed Of Anderson followed MIR, n
Mcmninger in opposition To the Bill. The oI
main burden of his Argument was that the :
Bank is pledged to the European Creditor and " !"
hence i, would he in bad faith and dernsatory ., .,
70 the honor Of the State To destroy that pledge II
before the creditor is satisfied: and That The d
scheme proposed in the Bill TO wind Up the d
Bank is rash and unauthorized. "
On Saturday Gen. Adams of Rchland l"l- i,
lowed in favor of the Bill Mr.. John S. Pres a
ton, of Columbia succeeded linn in an eloquent "
speech in behalf of the Branch Bank al Co. =, a.
Notwithstanding to prove it entirely solvent d
and judcously managed. He dweIt upon the c.
great benefits conferred npon the Stale by the "
Bank, showing how i, had sustained the public CO
credit IN most trying crisishow thad maintain S
ed the fallen fortunes esofrevoulonary soldiers u
and kept much of The best population Of The 81
Stale from cmigrating, &c.
CAUCUS.
Friday evening by candle light, an adjourned .
meeting Of the Legislative Caucus was held IN ~ ~
The Representative Chamber to consider inrther r