Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1849-11-14
From the Son,h Carolinian.
WINDING UP THE BANK.
By REQUEST


merce, and tho manufactures Of the Stale.
would sustain severe check were the ac-
commodations now extended to those
branches Of business oy the Bank OF the
Slate Withdrawn.
We have shown in previous number,
that the utmost range Of accommndatIon
that could be claimed as extended 10 the
agricultural interest was S3.456, ,462 26.
And that amount, there can be no doubt,
is the double of what can, with ruth. be
brought TO the debit of the agricultural in.
terest. Ii comprises all that can he churs.
ed to all those engaged in the industrial
pursuits Of the country individually. with
The exception Of foreign exchanges S29,-
665 96, domestic exchanges SlD,753 OS,
aud drafts in lrahsilu S6,002 81, which,
added to So, ,45S. .463 26, makes 1885,
S5S III as the entire amount; uf the transac-
lions of lhe Bank with all of those who
are engaged iu carrying on the business of
The country. Now, we have shown that
tho lands aud negroes Of the States were,
at moderate valuation, worth 1892, 2,6l6,-
800 90. We have no means al hand for
asccrtainng the value Of the rest Of The
property within our Limits. and therefore
shall not pretend 10 make even an approxi.
matf6n 10 an estimate. But. if we put
down The entire aggregate value Of The
property of lhe people Of South Carolina
at The above amount, it will be seen at a
glance how very inconsiderable The agency
of The Bank must lie in giving vitality and
aud activity 10 the entire mass of business.
That il contributes its fair share Of The
business Of the country is not denied. But
lha, share is very much overstaled. when
it is pretended that stagnation and distress
must ensue 10 many branches Of that
business when the day shall arrive for
finally winding up The affairs Of that Bank.
Ii can scarcely be possible that the leading
interest oflhe country are on so unstable o
footing, as not to. bear, almost scahless,
The gradual withdrawal Of loans. bearing
such a relation as this 10 the aggregate
value of those interests. There can he
no reasonable doubt that all interests will,
in due time, accommodate themselves 10
that withdrawal, without either shock or
delrimen,.
But even supposing, for the sake ofargu-
ment, that it should result somewhat other
wise. then we cay let it be even so. For
we hold it to be our du y to abide by our
principles, whatever the immediate tenn
porary consequences may be. We have
proclaimed 10 The world our advocacy of
The principles of free trade. II there he
any truth in The secret history of the free
trade triumph 10 Great Britain, the yea lous
fervor aud Intelligence OF that advocacy
by us mnistered moi little io-lhat ,ri-
umph. And in thus proclaimins. we de-
clared our hostility 10 governmental mon
opolies and governmental favofs. it was
moi simply that Congress had no right under
the Constitution, but that it was impolilic
and unjust to project or favor any set Of
interests by Ysi;IA IsTsqIi9a; We took The nn,
were the source Of all production. That
it was best TO leave il to The sagacity of
those possessed Of labor and capital TO de-
termine as TO the channels in which they
should be employed. And That il was no
part Of The business Of government, as
understood among US, 10 determine upon
those channels. 10 court them (labor and
capital) into one channel, or TO divert them
from others. That il was for each citizen
10 determine for himself as 20 employment
FOR himself or his capital; 10 choose the
profilless. That it was corrupling aid
every way Of very evil tendency that the
citizen should be taught 10 look 10 gov.
ernmenl Tor aid and support to bis private
undertakings.
: We say, then, if it be irefragibly true
that government cannot righlfully, By di.
rect legislation, aid or control the employ
ments Of labor or capital, it is not the less
true that it cannot do so by the establish
ment of a Bank. We say The establish
ment Of Bank Of the State is violation
Of the cardinal principles Of free trade.
For it must (uDless it is swindling coz.
Germ, which is not for moment 10 he sup.
posed,) be founded npnn something Of
actual value, which has been drawn from
tho people by taxation. And its objects is
10 recuudale certain branches oil business
al the expense Of the great body Of Tax
payers. lis advocates declare that without
It's favors those branches of busines must
|anguish aud drnop, if not be annihilaed.
That they arc The objects Of State favor
md State patronage. And so said and so
say the iron masters Of Pennsylvania and
Ihe woolen aad cotton manufacturers of
New England. But free trade says lais.
sez nous Jaire-miud your business and we
will mind ours-ir employment is mol suf-
ficienIIy profitable. change il; do not ex.
pecl Peter to make good the losses Of Paul.
Aud free trade will equally say to the far
ners and planters, The merchants and man.
Ifaclurrers Of South Carolina, if it be a
Tact that you cannot dispense with the
Bank Of the Stale-thaI you cannot in
Or 7 or 10 or IL years even accommodate
yourselves 10 the withdrawal of So, $780, |
700 Of loans, but insis, upon il that you are
untitled to that amount Of State, or which
8 nearly the some thing. Stale Bank pat
'onage, you are inconsistent in reproaching,
IN grounds of policy, your neighbors Of
Pennsylvania and New England in setting
up similar claims against the people Of the
If then we maintain The equity and poll
y ofsustaiuins by State patronage. admin.
stored through q Bank. any of the diver
;ified interests of our people, We must read |