The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-06-04
politifal Department..
From the Newberry Sentinel.


through your columns by "Many Voters" to
the candidates of Newberry for the next Legis-
lature, are, or should be, of no ordinary inter
est to the people of this District And, per.
haps, it may be expected should answer in
full detail; but to do so, would be to obtrude
from your columns other and perhaps more in,
teresting matter to your readers, will say,
however, that have never doubted the correct
ness of the policy of the Bank of the State Of
South Carolina, in any view that have had of
the subject No one, presume, will seriously
doubt the right of the State to have Bank,
and, through its instrumentality, furnish her ci-
tizens with a currency No one can have a
doubt as to the character of that currency.--
And every rejecting man, of any experience,
knows how to appreciate currency Of the
highest credit and most uniform value, such as
we have had from this institution. No one can
look through its business, vouched by the annu-
al reports of its officers, who are men of high
standing and unimpcachable character the re,
ports of the investigating committees, chosen
from your Legislature, composed, very often,
of the most efficient men of the State, friends
and foes to the institution and the reports of
the Comptroller General, all corroboratng the
testimony of each other; and not be satisfied
that it has been profitable, convenient, and Of
almost incalculabe benefit to the State Govern,
ment, as faithful fiscal agent, and to the peo-
pie, by furnishing them with the best paper cur
rency they could have, at the same rate of in.
terest that they would be compelled to pay, for
the use Of money, to capitalists in the absence
of their own Bank; which would not 60 into
their treasury, leaving it deficient to the amount
of the annual profits of their Bank; for every
cent that is made by that institution, as nett
profit upon its business, is directed to the pay.
ment of State debts and State expenses, that
would otherwise have to be paid by an increase
OF taxation upon the people. The people pay
about 100000, by their direct taxes, to defray
the ordinary wants of the State Government,
and the Bank pays about three.fourths of the
same amount, annually, to meet the engage
ments of the State otherwise; which, in the
absence Of the Bank, would have to be paid by
the people, sooner or later. For. if the capital
and assets of the Bank, as has been suggested,
the State, it would soon be exhausted, and then
we must fall behind our sister States in the ge,
neral improvements of the age, progressively in-
creasing, and in general prosperity also, or the
people must be taxed to raise money to accom-
pllsh what we have hitherto been able to do, by
the agency of the Bank, without taxation 1t
keeps all the funds Of the State proftably en-
ployed, whereas much of them would be often
idle if there was no Bank, 1t advances money
for the State very often with great saving to it's
government. 1t is obliged to furnish good
currency and keep its affairs in a sound condi-
ton, or the Legislature will fail to perform its
duty; for the Bank, its officers and business,
are all under the supervision and control of the
Legislature. And when hear that the Bank
has done this or that thing wrong, | am ready
to believe that the thing done is misunderstood,
and not wrong, or else the blame ought to be
laid at the doors of the State House. | will
dismiss this subject, for take it that there are
but few men who will doubt the correctness of
these statements.
In reference to the annual profits and the AL
nual capital of the Bank, though laboriOus
task, will eudeavor to respond in detail. And
that the people of Newberry District may un-
derstand the operations of the Bank correctly,
and the precise annual profits as well us the
rate of interest received upon all the funds
placed in the Bank by the State, will calculate
Interest upon the funds so furnished and to be
used by tine Bank, from the time it received
them until removed again by the Legislature;
notwithstanding it is unfair to charge the Bank
with that part of the Fire Loan borrowed in
Europe, as capital, for the reasons that the ex-
traordinary expenses attendant upon that fund,
(which the Bank has to pay,) will amount to
near $:,20 900; while the Bank is restricted in
its use OF it as capital, and was ordered to leud
it to the sufferers by fire in Charleston at a rate
of interest not exceeding what it cost the State,
and upon such time us rendered it totally un-
fit to be called Bank capital. will not regard
what is called the Sinking FUND as capitaI as it
has sometimes been done, for that is nothing
but the profits Of the Bank laid by, from year
to year, to meet the debts of the State, and is
applied, in part or whole, to the payment either
of Interest or principal, or both, every year. 1
presume Many Voters" want the naked truth
and nothing else, or to know what rate Of in.
terest the funds furnished the Bank by the State
has produced, The Bank was chartered in De-
ccmber, 1912, but having to procure house
and every other outfit necessary to banking
and being delayed by the existence Of war at
that time, it did not commence its operations till
the fall of 1916. Its capital, according to the
act of Incorporation, was to consist OF certain
Il, .,,d