The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-05

dollar of this loan over CAN be lost to the State
But by the interference of the Bank, the deb
of the State wasdoubled, and the second million
instead of being lent on real securities, was y
be loaned on mere individual paper subjectto
all the casualties of banking. And what%as
still worse, the Bonds of the State wereAnade
to run ten years longer than the LoaVto the
people Of Charleston, and for these @n years
the Bank was expected to have the benefit OF
the other million also. Surely it's hazardlng
little to say, that in making syh an arrange
ment the State was altogether SERVED IRON her
true cohse.
In the following year, 1870, the embarass.
ments of the times compelH the Railroad Com
pany to ask aid of the Sate, by advancing her
subscription to the RAILROAD Company. 1t will
be remembered, that ne State had received in
cash upwards ofa p1lion of dollars, which she
had devoted to pg this subscription. But for
the Bank, nothing could have been more simple
than the aid which the State had it in her power
to furnish. she had only to take her money al
ready in hard and pay it to the Railroad Com
pany, if shs saw fit to aid them. The State did
deem it wise to aid the Company; but the Bank
had losned out all her money, and was unable
to capit in at her desire. So the State was
conpelledto 60 into debt again, and issue her
Bonds to pay her subscription, when she actu-
oily had in the hands OF the Bank 500 900
more than the money which she was obliged 70
borrow. Is there the least hazard in affirming,
that in incurring this debt tho State was swery-
ed from her true path of duty and interestY
The same thing in substance occurred with
the subscription to the Railroad Bank. 1t was
supposed by those who favored subscription
by the State to this Bank, that the subscription
would be paid from the annual profits OF tho
Bank of the State; and although q clause was
put in the Act, authorizing Loan to be taken
up, in cuse the Bank did not find it convenient
to pay, yet few supposed that this was anything
but mere precaution. In fact, can say for one,
that it could never have received my support, il
had not supposed that the Bank would pay
the subscription in money. She did pay the
subscription, but it was with money borrowed
in the name of the State; she first aYaled her.
self of the power Of creating new debt for the
State, and thus another link was added to the
chain.
Finding the debts of the State increased on
every side i'll this manner, and perceiving that
the state of the times had prevented the Bank
from disposng of all the State Bonds which the
State had authorized under the Fire Loan, some
of US thought this fitting opportunity for try
ing to diminish the State Debt. 1t appesredby
the Banks own showing, that she could not
make six per cent profit; and as the Bonds of
the State when issued would bear an interest Of
six per cent, it was evident that the operation
must result in loss. A motion was therefore
made in this House, to instruct the Bank to can
eel such State Bohds as were onhand, and thus
diminish by SO much the debt of the State, and
save her ;hl annual loss of some five or ten thou
sand dollars This motion was resisted by all
the friends of the Badk on this floor, and was
laid upon the table by vote of majority
And when the minority appeared at the bar of
the House, and humbly requested leave to enter
Oh the Journal the following Protest, they were
treated with uncercmonious rudeness, and their
request rejected with some harshness:
PROTEST.
The undersigned, Representatives Of the Peo-
pie of South Carolina, do hereby, in behalf of
themselves and of the People whom they rep
recent, solemnly protest against the order ofthe
House of Representatives, laying upon the Ia
BILE the following Resolution
Resolved, That it is expedient that this Leg.
islature should diminish as far as possible the
public debt of the State; that no occasion exists
for further sale of State Stock, under the Act
for rebuilding the City Of Charleston; and that
the President and Directors of the Bank of the
State are hereby required to deliver up to the
Comptroller General, to be cancelled, all certif-
icates of Stock or other obligations in their pos
session, issued under the said Act, which re.
main unsold.
And these Protestants, considering the said
order as equivalent to rejection Of the Resolu'
ton, beg leave respectfully to enter their solemn
protest against such rejection, for the following
among other reasons
l.Because public debt is great public
evil, and ought to be incurred only in cases OF
great and urgent necessity.
2. Because the public debt incurred to rebuild
the City of Charleston was created to repair one
of the greatest calamites which the State had
ever suffered and even under so pressing a
necessity, was only permitted upon the express
guarantee of the City Of Charleston against all
loss to the State.
3. Because the President and Directors OF
the Bank of the State, having been appointed
the agents of the State to sell the public bonds
which might be required to raise money to re.
build the City of Charleston, have already sold