The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1849-12-05

first to $4,000 each, but by the Act OF '25 in
creased to $4,000, the 7tb section Of the or
| lglnal law prescribed should be distributed in
proportionate amounts the election districts,
| This provision, believe, has never been car
| rled into effect. Its execution, if required at
| the time, was soon rendered unnecessary, as
it is we'll known, that our agricultural popua
tion recovered from the consequences Of the
sudden revulsion in their condition, at an early
| period subsequent to the war. ID
In 1920, the capital of the Bank was pedg-
| ed for the redemption of the public debt.
This was done to meet the expenses conRe-
quent OH tho establishment of system of in
| ternal Improvement, then commenced by the
State. The immediate effect was TO convert
the Bank. for many years practically only n
loan office, into an Institution to be conducted
on purely commercial principles, BY the
usual accommodation on Bonds, it incurred
embarrassrnents and hazards, and tho opera
ton was too slow to attain the end, which, BY
virtual modification of the principal, il not
exclusive design of the original act, it was
henceforth TO fulfil.
In 1888, it was deemed ''cxpcdlent and ben
| ctica, both to its citizens and the State, 10
re-charter the Bank" 1t now becomes the
| solemn duty Of the Legislature to inquire,
whether its existence shall be prolonged be-
Sobu liIS ItdI cti W WHICH, Uy ldW IL Is iiUi-
ted. On this subject great diversity Of
| opinion has for many years been entertained.
| The public mind seems at length to have been
brought 10 the conclusion, that the Bank has
not accomplished the high purposes for which
! II was created; that it is dangerous; anti-re-
| publican in its character and tendency; and
that the evils inevitably arising from the con-
| nectton between moncycd corporation and
the State, increase and ramify, the longer the
rights and privileges of the former arc ex-
tended. The resolutions OF your last session,
adopted by very decided majortics, and the
acquicsccncc Of the people in the decision OF
their rulers, would seem to have definitely
| settled the question of rc-charter, and that
necessarily all minor and collateral issues
| have been absorbed by it.
The political history Of S. Carolina has too
| long presented the anomalous spectacle of its
constituted authorities pertinacously uphold.
ing State Corporation, while it denounced
any union between Bank and tho Federal
Government. Tome it is obvious that, cxcep,
the unconstitutionality o! an United States
| Bank and its possession Of wider field OF
| operations, every argument which might
be welded against it, would fall with equal
! It not greater force against State Bank,
From experience moreover we learn, that the
establishment Of such an Institution, possess
sing the right of substituting fictitious cur
rency Tor determining The value of the products
of labor, is not easily divestcd OF its establish
ed authority By the influence It insensbly
| acquires, IL mcasurably perpetuates It's own
| existence. Tho fatal blow to tho Federal.
Bank was given by the Executive to the excr
else of an unwarrantable power. invoke the
Legislature. then, to profit by the admonitions
which the past has written on the Legislative
| history OF our country. | also desire, in this
! place, to express my settled convection. that
! the Bank OF the State was founded OIL false
! aud pcrnIcious principle; that to grant To the
members OF a community almost exclusively
! devoted to rural pursuits unusual facilities for
/ commanding money, is 10 nliict upon them
| and their posterity an un'ntigated evil; that
| the more numerous and difficult the obstacles
| IN the way ol receiving Bank accommodations
| by that class, the greater their con,entmcnt,
| and the more certain the success in their vo-
| cation. Whenever the agrculturist substi-
! tu'cs speculation for the results of industry,
/ his prospects may seem brilliant for season,
hut The day Of darkness and disaster will in
evitably follow.
In submitting plan for winding up the
Bank, scarcely need assure you, that the
| subject has received my most attentive exam
NATION, ana that III suggesting the necessity
! for your action upon it, | have been influenced
solely by high sense Of official duty.
itisproper should inform you, that Messrs.
Barring, Brothers &; Co. Of London, have ad
dressed to me communication substantially
| protesting against closing the Bank, on tie
| ground that that institution was voluntarily
offered by the State rs one Of the securities
=! for The Loan ncgotlateJ by them. I'will only
here remark that it IS not proposed to destroy
The Bank, but to deprive il OF its banking pow
| crs. IL VIII continue as corporation until
! lS60-iour years beyond the period to which
It's duration extends by the existing law. At
that time, only $iSS,SS3, SO, or the foreign,
| SS39S,Gl9 80, Of the domestic debt will be
due. while the assets OF the Bank Will amount
TO about two and a half millions. But, truth,
the foreign debt will then have been paid if
| The plan OF hypothecatlng securities, or emit
| ting new bonds, should the ordinary means
| fail, bo resor;ed 10. In order to secure that
result, the Directors should be invested with
powers. BY this expeden,, the argument OF
violated faith will have no ground on which to
rest. The State will have discharged its OBJ
! legations in full, and that, too, before the peri
Oh specified in the contracts. In the mean
| while, let the assets OF the Bank, not required
for the redemption of the liabilities of that
institution, be solemny set apart for the ligui-
dation OF the public debt.
nc 'oSou'Ies VI ,h' Dahh, aPPNcaDic 10
| the payment OF this debt, amount 10 $53,SSS,-
36S 80, which is an excess OF available assets
over the liabilities OF the State of 81, ,532, ,Si3
80, or over two and half millions il the SUN
OF Sl,05l,0 received from the Federal Gov
crnment on deposite, be included
| In conclusion, allow me TO add that, as far
| as my personal knowledge extends, the Bank
from its organization to the present day has
been ably and faithfully conducted. Aiy OBJ
Jections are not to its administration, hut TO
the policy in which the Institution itself orig
mated.
| The accompanying letters from tho presi-
dent and Cashier were written in reply TO
certain interrogatorics propoundcd by me.
cArAwBA INDIANS.
| The Legislature, at its last session, conf
ded TO the care of tho Governor this whole
j I. IL. O. i...