Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1849-12-05

twenty.o .onc, Of whom twenty are bench
ciarics; the lumber in tho Citadel Acade-
my has averaged sixty five, in the proper
tiun Of forty bene6ciaries to twenty FIVE pay
cadets. BY The additional rooms which
the new Story to the Citadel building has
provided, one HUNDRED aud thirty cadets
may be accommodated.
BANK OF TIE STATE.
This ips,irulop was chartered in iSl2.
To the rccuniary pressure Of the times. in
duceh hy The restrictive policy Of the Fed
eral Government, It owed its existence.
The dstressof the planting community was
SO general and paralysins, that the lee!s'a'
ture, altey investigating every mode ii re-
lief ultimately adopted The scheme OF a
system Of public loans, in The nature OF dis.
count, on real or perscual properly. The
accommodation furnished on mortgage TO
individuals, limited at frs, TO S,2OOo each.
but the act af 20, increased 10 $4,000.
The 7.h section of The original law pre-.
scrbed should he distributed in proportion
ate amouuts among the election districts.
This provision. believe, hes never been
carried into effect. Its execution, If. re-
ouired at The time, was soon rendered un-
necessary, as it is well known, that our az
ricultural population recovered from the
consequences Of tho sudden revulSlon in
their condition, al all early period subse.
queut To tho war.
In 1920, The capital Of The Bank was
pledged for the redemption of the public
debt. This was done TO meet The expenses
consequent on the establishment Of sys-
rem of internal Improvement, then COM
mencei by The State. The immediate ef
fec, was TO convert the Bank. for many
years practically only luan office, into All
Institution to be conducted on purely COM
mercial principles. by The usual accom-.
modation on bonds. j, Incurred embarrass-
menls and hazards, and the operation was
loo slow TO attain the end, which, by vir-
tual modification Of the principal, it not
exclusive. design Of The orig Sinal act, II was
henceforh to fulfil.
I'm 1883 it was deemed "eSpedieht and bcn-
eficial, both to its citizens and the State, TO re-
charter the Bank" 1t now becomes the solemn
duty of the Legislature TO inquire whether It's
existence shall be prolonged beyond the year
'56. 10 which by law it is limited. On this SUBJ
iect a great diversity Of opinion has for many
years been entertained. The cpubic mind seems
at length 10 have been brought to the conclusion
that lhc Bank has not accomplished the high pur.
poses for which il was created; that it is'a dan-
gerous institution, an,srepubcanin its ctarac-
ter and tendency; and that The eSilslnc' ltably
arising from the connection betweena moncycd
corporation and The State, Increase and ramily,
the longer the rights and privileges OF the for
mer are extended. The resolutions Of your last
session, adopted by very decided majorilies, aud
the apparent, ncqucsccnce Of the people in The
decision of their rulers, would seem 10 have de-
fnilely settled the question Of rccharter, and
that necessarily all MINOR and collateral ISSUES
have been absorbed by it.
The political history of South Carolina has
too long presented the anomalous spectacle OF
its constituted authorities pcrtinacously uphold
ing State corporation, while il denounced amy
union between Bank and the Federal Govern.
mcnt. To me it is obvious that, except the un-
constiluonaily ol n United States Bank and
its possession Of a wider field of operations.