The Spartan. [volume] (Spartanburg, S.C.) 1843-1852, 1849-02-06

40
creases ~ interest, wienI see that the iudicious
measures heretofore .adop,ed by; the State. are
likely to be perfected, these grea, and uscfut i'm
Provements, without adding one ao1zay 10 me bur.
thfns orthf tax payers. 1 trust that, si,c rcpre.
sentat'vcsot 81. The people will pause long. end de-
this promising perspective.
l have heird withsurprise, the attack upon N,
bank. on acipunt OF its loan to the Georgia Rail.
road--a loan which IN connexion with that of tho
other Banks has brought to the city large and
lucrative trade, which trade now constitutes orr,
OF ts pr,nciPt sources of prosperity. Had I, d.
rePreseute,iyS ofs mountain Dstf;cr. msrae.sia, !,
~ 1ne .st, f56 eflfs Of sf{II8 |&<5 e.
iiiibeN But corfstg from CIV fns x,til
acqnais ssd. dohbfess with ALI the cises, sispccs.
is stsusa 70 strike Us country Fo.ss danp with
he been requested by several, r. mel ,nru.mub of
this Hssc, to give The details OF this transactiop,
and shtii do accordingly. tf'fSN>'SH
ihepCen'rai Railroad Of Georgia. had been
omlt tItm Savannah to Macon, 1877 miles l think
the augusta road wns also, in operation, 172t
miles, 10 place called Social Circle 'l The road
'ntendS to have its terminus az the Tennessee
river fd been built from Marriefta 10 Aialanta.
d'stace OF so miles, since eStended 10 3altob
i"S m{es from Atalanta.. and destneef beyohd
DOUBT, 10 reach tho Tennessee. Nov he yreae
points Y the ocean terminus. were Charleston and
oavannts and the great question: was which CITY :
should Becure this immense tfade. and that dc. Z
pcndedtmainly as the result has shown, upon apo the
tact otkvhch road first interseeicl w;ih A,a-
lan,a. The Augusta road had about 60 mics str,
construY, whilst the Central bad something over
100. Int unfortunately the Augusta road was
unable Pr the want of means, To extepd iiselfio
Ataantg Thus the Augusta road, as wen as the
South Qhsolina were ia great dagger =! !!@ssssas.
this lar carrying business as we'll as that Savon-
nah shotu rno9opolize The trade at tie cxpense of
Ch"rlcsth. This was SO clear, thar ON appca-g
ton the1 followiog umoants were sloaped by tho
following Banks. 70 ihc Augusta Company,
BY BY ,hs Bank of Chariessan, 'sass' sl5o,ooo
Byy y a;lraad Rai'r,a nans, oesp5g5 lrSsSS 600
By M Bank Il Tie siais. aasa e,1i 10000 10000
The rYsdr rwthihis aid was b TO Atla.ta. and
CharlestSn, according TO my ipfarmaton, ~ rcap.
ing ric4 harvest from the trsde thus sccnred to
IT.. VIII not loan the money br rather len .me ask
ylsh all ns respect why should Czarkesfos reps
sentatEe oiJsctf Is loan insecure . No..
Its rs IS good as fhr debt guaranteed on
"aN.s ny ths city Of Chatlestpp, which
ss REessa1sss isss Sss ss.s ssS2S
SodtR c3f5lMs II Gnnpa aHn has 5sso:s
: 20 ssd &c i..sss Ct ssss and sss s sSa 0Sv
rSs ssiieh Bilf ny Nv 80 ~ iiab as
ysssd. Itis the not q. .fssf, ihs kfSn.
gentle Gets TO, 1 obisat .ienei-
sfta5s' eDay seen, look 8flss-
tfeu,ssS assass fs Bank al shs,es sab b.d,ysson 80
AIS psints, % Sns thaf 40 beyoni its
available ncans, aud thNS lss< i}3e Bxnk is
biarnable Cor This Expansion az its issues tkat la
10 say. the liabilities are l.lo0. 900 stA ;tSeash
assets on hand IS only $3.50, 900. NewS sir, ae =
FIRM that sound banking principles, establiihed by
to a tabular statement | hold in my hand and
will read the House, the Bank is in just as safe
"a condition mo'o, 1t was in 1888, aohea the gem
teman said, and said understandngly. i doubt not.
that lis circulation might safely be extended 10
50, ,0O0,0 l trust the gentleman will pordon
me, for quoting himself against himself. however
inconclusive he may regard the authority,
The difference, according 10 the statement, be.
tween the supposed liabilities and cash assets
is S1.220,oOo
But from this should be deducted the
well ascertained fact of the loss of
Bills. and which is clear profit to the
Bank of 100000
Also. Bills Of other Banks on hand, $4,000
The deposits rarely ever reduced
| below 551, 900
and in the time Of panic generally,
would be much more likely TO be in
creased shan diminished. The utter.
most that, i'm all human probability, the
Bank would he called upon Cor. is 446,Oc0
Fully one half of this circulation is in Bills of
81, 50, and So, submit TO the good sense and
experience of this HOUSE, that the Bank has moth
ing to- tearfro this class Of Bills Then with all
the slsiIss'rif sf"-'s' 49, ,, H. 49,, ..
'Ewould be extremely difhcut to swell the sum up.
the Bank. beyond $3.50 900.
To mret ,isis contingency, the Bank
has in available stocks, S434,65
In Bondsand Mortgages. 53s,l3O
And due it on it's discount line 2elo aO7
Besides the Fire Loan Bond, amply se-
cured, 1se oes
VIII the people ask better showing
than this the part Of its Bank for one Il ink
not. "@s'
Another objection he made to the Bank, was.
and am sorry he borrowed this idea, its sophis-
try was so transparent even when first given to
the public, that the Bank was unable TO nav
promptly the subscription Of the State Of 5000, 900
to the Railroad. To this charge, have only to
say the s6Oe,o 900, as we'll as the other deposits of
ihG ,otate, We're made for the express purpose Of
banking upon Had the Bank let this large sum
ne ln" w It's vaults, nta loss to the State Of from
S3OOOO $4,000 per sorn1, ~ ,,.o,,ll ;,,.,l,.