The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-19
VOLUME II.
MR.. YANCEY'S SPEECH.
COn"lulc;l.


i, the creation of the Bank WAS to accnmmo-
da e IllilterS. farmers and mechanics on long;
M q. than t..c silc.t discounts and regular re-
unct:,rs @, tic 60 GAYS 80 u':tre:si't" ad'i'te
TO-. culniacicia! accommodation. OwiH2 20 DE
commercial cnnvui-ioa during the past year, III"
notes of Banks went raI idly back upon them
for specie, and i has been assumed rs fact
mt the business o:the WHOLE State has been
done on Il circulation contracted tn one halt oi
tie year prrcettii. =. ~ Il necessary sequence,
the yaI,,c Of ,N0>G., .,..i produce isH III" cot.
ton crop wa5 held back and i!lr Plaster debtors
to tie Bank were not al,lc 10 pay without sac
rfcing their property. The Bank was not
disposed to distress the country: ard III adtl-
ton had to pay a large amount of the public
debt last January and interest on the balance,
and to advance to the State Treasury, to cry
on the government, a considerable sum.-as the
taxes do not come in till June" There was alb
stracted from the Bank from these causes, du-
ring the active business season, about S 400 600.
Under all these circumstances the Bank has sWs-
fained itself, and is proof of the ability with
which it has been conducted. 1t has demon
strated that it can foster In. agricultural inter
. est of the State by accommodations, and yet
discharge the functions of u Bank of circulation
promptly redeelning its notes in specie as it
likewise demonstrated i'll 1882, when of the Sc
ven Banks in Charleston (six of which are cn-
tirely commercial, rejecting bonds and planters
securities,) fire suspended specie payment
while the Bank of the State redeemed in specie
nil its notes, as presented, and ut the same time
paid of more than million of dollars of other
liabilities. As to the losses of the Bank fnm
its various branches of business, it appears that
what ,cay knorn "as commerciar up to lS43,
amounted to 253,55l GS dollars; as agricu'-
tu,dl," $4,000 III dollars; "0x Of mechanics and
tradesmcn," 1921 %. The commercial bu-
siness is the quickest, and, giving more frequent
transactions and bringing the capital more fire.
quently under control, affords largest profits,
and is essential to Banking operations. But it
is business where credit often stands for cap
ital and from which greater losses are TO be ap-
pretended, though more mcratiTe. The dgi-
cultural is slower, though less hazardous us it is
based upon lands and tangible property.
He admitted the Bank was not in perfect or
der as a machine, during the past fiscal year. 1t
could have placed itself in far better condition
for means as Il mere money maxim, machiac,
the only light in which its opponents are dis
posed to view it. But how could it have been
doue! It could have covered all liabilities and
have filled its Golfers with coiu-bv refusing
discounts TO every body and thus adding TO the
unexpected and almost unparalleled distress of
merchants, planters and mechanics. 1t coul |
have forced payment OH notes, sold negroes and
lands under mortgages and judgments, and by
these means have filled its vaults with coin and
the country with ruin. Property forced to sales
would have deprecated, aud men i'll business
have been sacrificed. But the bank pursued no
such mcrcilpss course, it reduced no property,
it ruined no citizen and the State is unaarmcd.
The bank is abusc'i, but the people have been
kept from distress!
The property of South Carolina is worth Two
hundred and fifty millions dollars. There are
$4,000 slaves alone, aud mt 800 dollars ronnd
.thcy arc worth one hundred and five millions
nine hundred thousanddolars. Ift:,e bank had
played solely the character of the mcrcilrss
creditor and closed generally upon its dvbt;:s,
negroes alone would have been deprecated from
Is to % percent, rs WIS the case III Alabama
and loss of value inflicted on the %ta:c Of 10
to 90 millions Of dollars. Now the bank was
created to prevent, not cause these rrinonS de-
precautions Il brcak-watcr against, not Il food
for ruin: Il sca.wall to shelter and protect, aud
not to pour ont its pent up streams ofpatic, cx-
ccutions, mortgages, judgments and d"sti'c-
ton, when alarm, distress and anxiety already
approached despair. 1t sured milli,ns to our
citizens by diminishing tic profits OF the year.
The weak were protected against tc strong,
the unfortunate from the Shylock. And it WIZ;
such time, that the enemies of the bank, aidet.
bv demagogncism and favored by political com
bination, seized upon to add to her difficulties
and cast Oil her all OF doubt, discredit and obi
um in their power. They may have persuaded
many ofthe people to turn on their i;icnd and
shield and cut her .iugular vein, But when life
shall ebb with the flow OF her blood, and ruin
follow and the storm come, where will tic pco-
Tie find refuge?
The bank Of the State belonging to the reo-
pie is identified more closely than private banks,
with their interest; and would ever exert its in
fuencc to regulate the currency, and preserve
us far as possible the value of produce from the
spcculations of private banks. TO illustrat.
this position, he would but advert to an opera.
zion during thepast summer. Sterling exchange
was worth in New York from 10 to 10 II per
cent premium the baul; of Charleston iu,:,rdi,
atcy depressed it ia Challe.t,n to 6 J.. par
cent, so Us To make greater =" .,t by the re,
sale l., Nc,y York ~, b,uI ,r - ...,, ,.,,,,