The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1849-12-05
CITADEL AND ARSENAL ACADEMIES.

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of instruction, merit the epi,het Of Normal. to
your fostering care and protection: The best
commetary on their value is the fact that the
graduates, without an exception, are now engag
ed in honorable pursuits and in spreading over
the State and elsewhere the Intellectual treas.
ures gathered at these institutions So deep in
my mind is the conviction of their usefulness and
unreasonable superiority over free schools in all
that relates TO moral, mental and physical cul.
ture, that, independent Of grave reasons Of pub.
lie policy, am Induced to recommend the
establishment Of another Military Academy, to
be located in one of the upper districts; also,
that the accommodation for quartering the ar.
senal cadets be- doubled, or by additions made
sufficient for sixty. -four young men.
To increase the utility of the Academies. ell.
evate the moral standing OF the cadets, and rem.
der more certain the prospects Of their future
efficiency, submit the following proposals TO
your favorable notice:
l. That The Governor Of the State, and the
Boardof Visitors and Faculty, he authorized 10
confer the degree Of ofgraduate Of the institution
upon such cadets as may be found qualified 10
receive it."
2. That, in future, every beneficiary cadet
shall be required 10 serve in the capacity Of
teacher for two years alter graduation, unless
excused by the Board of Visitors.
8. That the number Of the Board Of Visitors,
10 be appointed biennally by the Governor, be
increased to nine, and tha, these be selected
from different pursuits, and not confined e1clu.
siveIy to the military profession.
In roprlueion nf ,ph hot ho on1o oofod ifeo nm
this subject, would state that the number Of
students in the Arsenal Academy is twenty .one,
ofwhom twenty are bene6ciares; the number
in the Citadel Academy has averaged sixty.
Eve, in the proportion of forty benefciaries to
twenty-five pay Cadets. By the additional
rooms which the new story to the Citadel bull.
ding has provided, one hundred and thirty ca.
det, may be accommodated.
BANK OF THE STATE.
This institution was chartered in 1912. To
the pecuniary pressure of the times, induced by
the res,rvtive policy Of the Federal Govern.
ment, it owes its existence. The distress of
the planting community was so general and pa.
ralizing, that the Legislature, after invesiica-
ting every mode Of relief, ultimately adopted
the scheme Of system of public loans, in the
nature Of discount, on real or personal prop.
erty. The accommodation furnished on mort.
gage to individuals, limited at first to $4,000
each. but by the act Of rs, increased 10 1000
the 7,h section oflhe original law prescribed
should he distributed in proportionate amounts
among the election districts. This proviso,
believe, has never been carried into effect.-
Its execution, if required at the time, was soon
rendered unnecessary, as it is well known, that
our agricultural population recovered from the
consequences Of The sudden revulsion in their
condition, at an early period subsequent to the
war. . s
In 1920. the capital of The Bank was pledged
for the redemption Of the public debl. This
was done to meet the expenses consequent on
the establishment OF system Of internal i'm.
provement, then commenced by the State. The
immediate effect was to convert the Bank, for
many years practically only loan office, into
an Institution to be conducted on purely com.
mercial principles. BY the usual accommoda.
tons on bonds, i, incurred embarrassments and
hazards, and The operation was too slow to al.
tain the end, which, by a virtual modification
Of the principal, in no exclusive, design of the
original act, it was henceforlh to fulfil.
In l543, it was deemed "expedient and bene
fetal, both TO its citizens and the State, 10 re-.
charter The Bank" 1t now becomes the sol.
emn duty of the Legislature to inquire whether
its existance shall be prolonged beyond The year
'56, to which by law il is limited. On this sub.
jec, great diversity Of opinion has for many
years existed. The public mind seems a,
length TO have been brought to the conclusion
purposes Tor which il was created; that it is a
dangerous institution, anti.repub!ican in It's
character and tendency; and thatihe evils inevi.
tably arising from the connection between q
moneyed corporation and the State, increase
and ramify, the longer The rights and privileges
ofthp former are extended. The resolutions Of
your last session, adopted by very decided ma.
jorties, and the apparent acquiescence of The
people in the decision of,heir rulers would seem
10 have definitely settled the question of re-.
charter, and that necessarily all minor and col.
lateral issues have been absorbed by it.
The political history of South Carolina has
too long presented the anomalous spectacle Of
its constituted authorities pertnacously up.
holding State corporation, while it denounced
any union (between Bank and the Federal
Government. To me it is obvious that, except
the uncons,ilutonalty ofa United States Bank
and it, possession of wider field cooperation,
every argument which might be welded against
it would fall with equal, if not greater force,
against a Stale Bank. From experience,
moreover, we learn that the establishment Of
such an institution, possessing the right Of sub.
stituting fictitious currency Tor determining
the value of,he products of labor, is not easily
dives,ed Of its established authority. By the
influence it insensiby acquires, it measurably
perpetuates its own existence. The fatal blow
to the Federal Bank was given by The Execu.
tive in the exercise Of an unwarrantable power.
invoke the Legislature then 10 profit by the
admonitions which the past has written on the