The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-01

SuCn Il HlaCIule, VIII proeeeu " oho'2 10
contrary to the spirit of our Government, and to
the principles of constitutional liberty.
l. 1t isso complex in its nature, that few have
time or opportunity to underestimate It, In a gov
ernment like ours, which is to be conducted by
the people, all its arrangements should be made
as simple as possible. All experience proves,
that the more completely any department IS re-
moved from popular scrutiny and inspection, the
more certainly does it become corrupt. Even
mode of collecting taxes which is complex and
removed from observation, is found to be oner-
Gus and repugnant to republican principles. But
here is an institution vastly more extensive than
the whole State Treasury, which has absorbed
all the funds of the State, and involves her III
matter of five millions; which has drunk up the
original State Capital, Sinking Fund, Fire Loan
and Surplus Revenue, and must needs be man,
aged by men expert in particular science, and
which makes out its annual accounts in state
ments which few ever read, because few only
can spare the time to examine and comprehend
them. What contrast to the simple machine.
nv of the State Treasury, where couple OF
Treasurers receive the taxes of the Upper and
Lower country, and pay them out as directedby
the Representatives of the people at the annual
meeting of the Legislature.
2. The Constitution Of South Carolina vests
the Legislative authority of the State in the Sen.
ate and House of Representatives but the char
ter of the Bank vests larger Legislative "u-
thority in Board of Directors sitting in Bank
parlor in Charleston, yelled i'll the mystery Gre
ated by an oath of secrecy.
| If an appropriation were asked from the Leg
islature for any public work, the State Constr:
tuition will not permit grant to be made until
bill shall have been read on three seperate days
in the Senate, and on three separate days in the
House of Representatives. Of course upon
each reading, public discussion of the measure
NAV be had; and as each House is required by
the Constitution to keep a Journal of its proceed.
ings, and by its rules to record the yeas and
nays when required, the people may be kept full
ly advised of all that is done by their represent.
atves- land so jealously does the Constitution
watch over this Legislative authority, that its
great right arm, the taxing power, is expressly
retained in the House of Representatives, and
the Senate is not permitted to originate bill to
raise taxes.
But the power which is thus SO jealous:ly
watched. as to be refused even to the Senate Of
the State, is given at large by the Bank charter
to the Directors of the Bank. Nay, they even
have power which the Legislature itself cannot
undo They have power to contract debts to
the extent of twice their capital, and can thus at
pleasure impose upon the State debt of seven
millions, which the people would be obliged to
meet, whether they approved it or not. And
that too not upon open discussion upon bill
to be read three times, but upon mere order OF
Board made in half an hour, without any dis
cussion, or If upon discussion, the reasons veil.
ed by the inpenetrable folds of an oath of Sc
crecy.
Here then is a clear surrender to an irrespon.
sible oligarchy of the great constitutional pow
ers of Government = the power to borrow mon
ey on the faith of the public, and the power to
apply it ut pleasure. The only barrier which
has ever been yet found against the invasions Of
tyranny-that with which Hampden and Pym
and their associates, combatted the first inroads
of the tyrant Charles that shield which John
Hancock and our brave Revolutionary fathers
retained at the expense of a death grapple with
the mighty power of England-is surrendered
to small Board of Bank Directors, in the hope
forsooth, that we may make money by the op
Grafton; thus bargaining away the liberties Of
the people for mess of pottage.
But not only has the State surrendered TO this
Bank the power to borrow money, and thereby
to tax the people at will but she has actually
allowed them power to Patronize schemes of ell
terprise, which the Legislature itself would
scarcely venture to exercise. The Bank may
without consulting the Legislature, or the peo
pie, engage in any scheme. commercial, man
ufacturng, or speculative--which it may see fiji
to foster. While we are gravely debating here
whether we shall cut of five hundred dollars
from the salary of tho Adjutant Genera, ol
whether we shall save for the State the salary
of Superintendent of Public Works, this Other
Legislature may be subscribing hundreds Of
thousands to Georgia Railroad, or embarkine
in Bank speculation of millions, or creating
any number of Bank officers and salaries, to be
paid from that large treasury which the State
has PLACED in the keeping of the Bank
Gentlemen may suppose | am indulging in
pictures of the imagination, or drawing upon
far.fetehed possibilities Unfortunately, speak
the words of sober truth and reason. Take uI
the Bank Statement now on your table, and
you will find that near half million of the pub.
lie money in the hands of the Bank, is now IN.
vested in Railroad securities and Bank Stocks
We have been discussing here in the Legisla.
| turo for mora than t,yn yeara uhnthcr wa CHI. III