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

/ SbSuld i find that my confidence in the Bank
lia~ been abused, the managers: past and pre-.
ssitf ftonal The highest to the lowest, will find
lhl< US sfiincoinpromising an .SoppoBent as any
Epian on the floor of this House, eor else,cjere.
But never have nor neverlwill, pernitsuay3
self TO condemn those, 1 have long known
! and estcemcd, upon vague surmise, unsup-
i Iisofled charges. or darkfy insintiatcd siispi-
iclgnse 81 hope T. II the friends and die oppo=
'lnentSpfshe Bank, will with entire inanimifp !
vote tofthe resolutions oftIie gentleman from
3t3hesferA-if If the anti Bank mcT do not, shall
5tpke he liberty here and elsewhere Of chuas
fsR stit;T they shrink from an Investigation OF
4 4 ftsSir causes, of complaint. The ppople]
says the right, aud ltrust viii feel il 10
/ 9g staty 10 investigate thissspe lhenl-
g declare sAs,ssslssisis5Is
lcaftyS on this issue, fall in full harness, Mnd
shall never complain that my ,,constiiuents4
decide against ipe.a I,pray God, they may
| never have cause to,repentany decision they
may make. Now, sir, l. am readyito meet
the propositions submitted. Has any man
soid, will any man say, rs affirmed i'm my
FIRST resolutions, that the Bank OF the State
has not proven iseifa safe fiscal agent of the
State? This proposition will not be denied
| by any one acquainted, even in the smallest
degree with the financial ope rations of The
Bank andState. More than fourteen millions
lof dollars hive been received and discussed
by the Bank, without the loss of q single dol.
1inr-and without the expense of single cent,
TO the State. Is this nothing to, the tax pay
/ ing portion of the community? Is it nothing
to them that their accredited and approved
agent, has saved upon common trust princi-
Piles 100000, in the disbursement. of this
immense fund Would you destroy this most
i useful and profitable agent without a trial /,
lxUI ,l,x
ht? fear, whilst 1 hope TO the controry, TINT
some are prepared for this course. Admitting,
/ will be the argument of some, that as n finan-
ciai agent, the Bank has proven itselfaH sou
say, yet any other Bank would have dOnes
the same without fee or reward. Indeed, and
doubtless they ,Youid, most gladly would ftoni
the monster Bank Of Charleston, down tatbc
humhlest institution existing by legislajrFe
grace. We should only have had to risk The
funds Of the State in a private corporation,
over which we have, and could have no legaI
control-permit them TO take the profits whilst
successful, and the Stale the loss, In case of
failure and Bankruptcy. A moro sci fish yiew
ofthe snbjectcould notbn:presen and vet
4 the friends of thcpeopIes.@fhe representatives
lof lhepeopie, will ptnbnbly adopt those oisns
lsufes HhiehYil3, suhsfhpiisi y riS Tvs
e 2'f|sE'S 2|'||e M |I,|I 4 ~ 4 : : s.
m mesl'sF 'l'oyi SSe ssY 53Is ~, ,S,
from The Z y fesoItli s. H n,,.l
the pfipciplcs involvsd, i sl,oii lesff ve ~
Il tht of ying Anore efa aborofcy.
than 90 az first, 10 sush points as think
] most worthy of notice. -
i The great leading featire in the argument,
! has heeh thatpall connexion between the Bank
/ and the State, ought to be dissolved S If the
Bnnk and the State were legally or even po.
a In al Il A
4 siion for reasons hereafter 10 be given in the
course of the argument But the State is not
lconnected with the Bank of the State, in any
Illegal point Of vcw-thc, are both asindc
pendent of each other, for legal purposes, as
lis the State, and any other Bank ii has char
itercd. aF
The Bank OF the State is private irsttu
4 ition, known TO the world as such, chartered as
such, and sustained as such, on constitutional
grounds, by the unanimous opinions OF The |
] highest Judicial tribunal, known to the State |
of Sonth Carolina. 1t is true, that the State
Is the sole stakeholder in the private incorpor.
aion; but il is also true, that its sovereign |
power could not successfully interpose be- |
tween the Bank and its creditors, foreie and
domestic. 1t was chartered as u private in
stitutioD, The President and Directors are an. |
/ thorized to sue and be sucd in their corr,oo,e
name and character, and the State had the
unqueslonabie right to pledge the Bank 10
answer the purposes ofState policy. To say
that the Bank and State were iegaIiv con. |
nccted in consequence Of the stock owned in |
the Bank, would be TO admit the connexion
between the State, and any Bank in which
il owned stock. II does own stock in The Bank
OF Charleston, but has no legut orrpolilcal
conncxion with it. III were asked whether,
| if the Bank Of The State should fail in its re-
| sponsibility to bill holdcrs-the State was
bound TO redeem its liabilities. answer yes.
unheslintingly. The moral, not the legal re-
sponsibiIity, is self evident, and so far 1 give
\ its opponents the advantage. But, sir, in
4 making this admission, I adhere to WHIT
have already said in favor of the Bank. NV
object is to show the House, tha, if the Leg
islatnre chose TO pledge the funds and profits
of the Bank, they had n right TO do 80. and
that the foreign creditors, especially, were very
likely 10 be influenced by the collateral seen
rity ofsthe funds and profits of the Bank, as
a banking institution, supposed by them and
our own agents, to be offered i'm pledge by tbn