The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-19

by wine, AAaluS gave uttcrance to his wish that
the gods would crown the marriage of Philip
and Cleopatra by the birth of Il Legitimate sue
cessor TO the throne. Alexander took fire at
this expression, and cxclaiming, do YOU then
count he Il bastard" hurled the goblet out OF
w!iic!, hc WAS drinking at his head. Philip
started from his ccuch aid instead OF reukng
! ittaIus, dew his swold, and rushed at his omn
son; Luibeiore he rc1cheh him. StumJicdandfeW
Alexander, before he withdrew, pointed to his
father rs he lay upon the floor, aud said, See
The man uho wou1d pass orcr from Europc, 10 the
conquest of Asia, upset IN crossing from one
, couch TO another" He world say Of his dstin-
g,l;shcr fiiend-scc the mau who leads his or-
sIaucht to the destruction Of the bank, "upsct'
by the doctrines OF his own Reports and Rcso
lutons!
lie would dwell for a moment upon the con-
structon of the fire loan Act of 1888. AS Il
question of legal construction he differed with
those gentlemen who contcnded it imposed no
obligation upon the good faith of the State to
continue the bank until the ultimate redemption
of the fire loan bonds The first section author.
lied the Governor to issue bonds for 100000
dollars, payable at the expiration of 20 or 30
years, for the purpose of procuring a loan OH
the credit of the State" to rebuild Charleston,
DC, and that the said bonds or contracts be is
sued III such forms, for such sums, and payable
at such times and places as should be most cf-
lectual in the procuring said loan in Europe or
America "and Aat The faih and tnnAs Of the
STATE Of South Carolina Jc,' dc. "pledged TO
secure the punctual payment" &c. Tans fur,
the gentlemen are right that there is no other
pledge than the general faith and funds of the
State, and that the bank is not connected with
that pledge. But they have asserted their opin-
ions without looking beyond the first section-
to the whole instrument, which is the only pio.
per way to arrive at its true construction. +. lie
! would advert very briefly to other sections.-
Section third provided that the money, WHEN
realized in Charleston, shall be depositedi in the
bank the State Of South Carolina, and shall
brcomc a part Of the capital Mercof." Section
10th cnjonsit "as the duty of the President
and Directors cfMe bank Of the State of South
Carolina to make proper provision for the pune
tual payment of the Interest of such loan," &c,
sand aiso, for Me ultimate paymca: Of the prin-
palhereof." Section | lth makes it the duty
Of the bank to keep Il separate account of the
profits arising out of the additional capital crc-
atcd by the two millions fire loan, (Which said
fund, with its annual accunulations, shall be
considered solcmnly p'cciscd aud set apart for
the payment of the interest OH the said loan, and
the. fnal redemption thereof; and it shall be the
duty of the President and Directors of the said
bank annually TO report to both branches of the
Legislature the exact state of that fund" But
section 18th goes still farther, and pledges to
the holders of these bonds the profis Of the ori"
IN capiial of the bank likewise, when the
profits Of the said jaak of Me $fmc of South
Caro'ina shall have paid the interest OF certain
stouNs, and redeemed the said stocks for which
they have heretofore been pledged and srtarait,
! Tie sail prof'S shall also be coasiicrcd solcmrly
ricdged anl set apart far Me paymcal Of ihe IN
terrsi oil sHl loan, and the faM rctirmpiian
h,rcnc' The fire loan bonds fall due in 1858,
| 80, Us, 10; of the stocks to br redeemed by
the profits of the ori gnal capital there remain
ont -standiugabout 4SI,69 50 dollars, ofwhch
| 3GO 600 dollars will Ie cAtingaisllr'l i'll 1850
and 1852; after which the l2ih section solemn
! lv pledges those profits also towards payment
of the interest and ultimate redemption Of the
fire loan bonds. He regarded the mere state
mcnt OF the proposition and the law, an arSn-
mcnt so conclusive that tpr State had, by sol
cmn Legislative ciactncmIs, pledged 10 the Fire
Loan Bond holders the existence Of the Bank
rs fiscal agent and trustee, to manage the
flnds mortgagcd for their security, till the ulli-
mate redemption of the debt, that he would not
vast time in celebrating the argument. Such
WIS the construction placed on the act by The
| fprci N crcditoss-as will be evidenced by the
perus;l of the letters Of tlambro q Son, Barring,
brothers Il CO., who placed much reliance on
such a fiscal agent, with sinking fund then of
G5l 600 dollars. (Scc Bam!i Compilation, pages
G5l.G5D
Our distinguished agent, who ncgotiattd lhc
loau-In able lawycr-Gcncral McDuiiic, in
his letter to the President in 1913, USES this Iln
guasc--" The responsibility Of the bank, not
only to the inn, bat to public opinion $" csScn-
tia to its success. hni much wcigM in rs'imn!'ng
thc raluc of the bo%ds." (i'anh Compilation,
pages 573 and GGl) This responsibility TO thc
"inm" m"--or in other words i.;Nil@ an agency
like the bank which could be surl in tine United
States Court, in addition TO the good faith o th"
State, right well be supposed TO haze rad
"mucn weight in estimating the r.nrc of the
bonds" Oft State, and in il" ,.rcins the foreign
capitalists to advance .,npir money to u*. Par.
ticularly as snr.r of the States oit!cl Union had
then bnt Recently rcp,;liaIcl tie payment OF
their debts. The State cannot l,c sued. That