The Spartan. [volume] (Spartanburg, S.C.) 1843-1852, 1849-02-06
zen. be paid as j, falls due.

tcntonaiiy OF course, nj about double tue real
truth ot the case. 1t often happens that two or
three Directors are inhorsrrs Tor the same debt,
and in this way the supposed liabilities doubled !
ana triplcd. 1t also Is often the that DIrcc
tor is secoza hirl lndurser, thereby mourning !
but very slight responsibility. obtaining II" part
oil the money, yet standing represented before this
body as a b0rTGirer, To erroneous amount.
According to the best "f my mtnrm4'ion the
Full Indebtedness Of the Presidents, Officers and
Directors Of the Bank and it, branches, is as fol-
was,
In Charleston, 100000 |
In CoIumLi,. $4,000 !
In C,mden, $4,000
Arsrcea,c, S3Sl l,OcO
Arc these debts unsafe I Are they sufficient
1y secured The Hon. gcnreman does not pre-
tend that they dou1EW. bot lMttmdtcs
that the Presidents, Officers, aud Directors ought
not to have borrowed muth 0I the public mo
ncy. Well. sir, let Us sec, god customers I" u
Bank, whether for discount orieposit, certain
ly desirable. If these gertercn secure their !a-
b'lI'ics, then they desirable cusloners-it they
make their deposits in the peoples Bank. then the
people are hencltied. | have had occasion, in
Inc discharge of my duty, asa Legislator, to en-
frsee into these saaiess- ssl ~ nSsS at ny en-
qairics has been tosatisiy me i6sS fiiso
clusion may ariso from supcrfciSfexatninatcn OF
sthc fact Of Indebtedness.
factor Director makes advanoements to his
numerous class OF planter customers who are, IN
point OF tact, the only debtors. Tie factor and
MS indorscrs, appear in the reporu as the only
borrowers from the Bank--but the painters get the
money, and are the class principal, hcnetiitcd-
Their rec. cotton and other produce the posses
sion OF the factors. is the security the factors
and to the Bank. One Director nay therefore
represent many planters, and this Vi ~ wipes ou,
tho allegation of the gentleman tha the Bank Of
the State is Directors, Instead Of planters
k,rt Il.
,lcman does not understand this m,dc of opera.
tion On the contrary, give him 'rcdit for
derstanding the details much betts than myself,
only he thinks proper to leave this vew out of the
argument. Whyl I.e, the gentleman or his
friends answer If they choose.
y We'll, sir, shall have To pass onis briefly and
rapidly as possible In taking tho lad, IN reply,
! feel that may weary the House ard exhaust my
physical powers. ! admit that the Hon sen'!'.,
man has, with admirable tict. learning, and M|e"t
presented the argument in opposition to the Bank
of the State and that have accrprd an Ilcrcu-
lian task in taking the lead in reply. shall have
much more to say, and trust. shall, ,'e considered
7ruaeni, in touching lightly upon many Of the
points" Of the scn,lcnan's very able and we'll
considered argument.
believe have not said, that fev years since.
had occasion to look into, and examine the casts
of the Bank Of the State in salaries. and found
that IN proportion to its capital "th' B'nk WAS
the most cheaplv administered OF any III the State.
VIII the gentleman or any Of his friends deny II (!
suppose not, unless l have been greatly IN cr-
Y Alt sorts Of denuncia:ions have been heaped up
onethc Bank by its opponents--all sorts of nrSu'
'mepts huye bcen submitted to the people against
n-ali sorts Of statements in referenee t" tacts'
been ado by tho fe ann Bank
Hcasures, until plain people hcgm TO Il ink there
Is no hath, even at the bottom of the well, To
ASK loi the proof, is TO bc met Ly o sreer and an
aEered by assertion f,nt il the very nature
G' Things, thar the Bank should be ao--or,,.'.~l
dele,cnaus influence, if they were SO disposed-
tho mach'nery being too ponderous aud complex
for their arrangement and honest control.
And these arc the arguments by which. wheth-
or Tor good OF for .~.a great is to be erra-
tcd-,he policy of the rSSru,e -si,anued--its fund.
and hanaing capital turned over into new and per
haps Irresponsible hands-the property Of the peo
Pe and the faith OF the State, subject to risks nee
81. css"f''y incurred IN the collection and renvest
ment OF these millions OF money. Bat the plar
o' inc cd''ioc to he reconstructed on the ruins of
our State Institution. What is it The gentle.
man has not told us. except in part that par,
iswoll calculated to win the hearts Of the debIo
20 the bank-t"r he proposes by law, to give them
ciSSt years TO wind up their connrxion with it
they paying annually eighth Of their in,Ieb,-
cdncss. Bat what is 10 he done with the money
ns 1t comes in ; Pay on ,hc public debt a, an
u n
at the certain loss Of interest, uu,l the public debt
tails due or deposit Tor sale kccpng with some of
the private Banks of tie Sra'c-or rc.invesr in the
stocks Of some other Bank He has no, told US,
and any horn Of the dilemma seems to Ine eanallv
Objectionable.
This, sir, is grave question for the tnx payers
ot the State. wh" arc not party mad, and resolved
Oh the destruction of the Bank. If lock up
the MONEY. the loss nf the interest will double the
taxes-it pay OIL the public debt at once, the
premium vii. double tie ;dxes--if we deposit IN
some other Bank or r2-Ivcst the stocks, take
the risk Of losing principal a"d n,cres, both, and
that would lie ruin To the State.
AT al events, the proposed change IS pregnant
with matters of the highest importance, and de-
rauis the most calii"ns hAl,h""-';on- demands: ]
say again. tnat Inc people should be consulted. and
have the opportunity OF rendering their verdict
the ISSUE row pr.'s"a!ed to Tie House. | ,o not.
hlr. Speaker. by any means. feel and realize the
s'rnn,;& O.! the Argument Submitted, In relation 70
tho impocy and danger OF connecting the Affairs
Of ,l,n R,t,t Il ~, 81, lrt,l