Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-01-19

there are no new discounts? Do tbcv
suppose that the debtors pay up every
GO d Us?
With regard to the extension of time
to the debtors: the bank will not bc pre-
vented from discounting renewals, but
there will be no new loans to renew. and
the old ones callcdim to meet its engage
mcnts. All special debts, bills ofcx.
change, &c, will be probably paid at ma
turity, and will put the bank in funds to
pay doposltors. I'hc credit of the banl,
will not be affected; their bills, he said
would pass current for years after the
charter.
The fourth feature of the plan pro-
posed, he said, seemed to mvstlfy more
than any thing else, and that was the nav
mcnt of the public debt. Why said the
gentleman, the bill provides that The sur
plus funds on hand shall be applied in
that manner. if the bonds cou d be pur-
chased at Or below par; if not, they
were to be invested in State stocks. If
the bank should have one or two hun
Cred thousand dollars on ha d, .hc hi
directed it to apply it to the debt.
The gentleman did not like foreign in
terfcrcncc, like the Bariugs' letters. But
what do they say? the only mode to
wind up the bank without violation of
State faith, would be to employ the
funds IN purchasing the bonds, The bill
OF the committee says the same thing. If
the Barings had drafted bill agrccaJly
to this view, they could not have drawn
one more in accordance with the bill be-
fore the House. Mr.. Bates says we can
buy all the bonds up from to 4 per cent
under par. That gentleman proposes
lotteiy-the prizes to pay the State debt
at par On the face of the bill we offer
dollar for dollar. We will employ an
agent to oascertain on what terms bonds
cam be bought. Is not the bill then lust,
iaiF and honorable to the people, the
bank, and the foreign creditors? If not,
the gentleman said, every objection
would be met.
MIR. Nemmingcr then proceeded to
answer the objections in the report of the
minority. He demonstrated that the
foreign creditors were now in better DO
sltlon, and better secured than they were
when they loand the money. Gen. Nc
Duiiie told them when the loan was con-
tracted, the debt of the State was $I,7-
100000. But what was the case now?
that sum was reduced to $482OOO and
ON the second of January next would be
S206,0OO. JIr. NJ, said if Mr.. Barine
was OH the floor now, he would say he
was perfectly satisfied. The public debt
would be one million one hundred and
scvcnty-four thousand dollars less than
when the loan was contracted; and there
fore, rhe lenders had that much more Sc
curlty. He said that it could not be
meant that the State could not change
her investments. The bank itself had
sold the stonk of the Bank of Charleston.
Dld the bank consult the 70 cieh credi
tors, did the Legislature consult, when
they invested the money in our railroads?
II the faith of the State will be broken
by the proposed plan, then, he said, we
have broken it again and again, But it
was not SO, the State had right to
change her inycstmcnts-the State had
done right, only she sold her stock when
every one else held on.
We do not interfere with the pIedpe of
the profits of the bank. The position is
assumed that the profits will be less.
Let us see; the bank says all the capital
is there now, and four hundred thousand
dollars more; but the gentleman would
be content to get the one million seven
hundred and forty-two thousand dollars.
The whole debts are one million seven
hundred and forty-two thousand dollars.
This sum, if loaned out at simple interest,
will bring in 222,O0O. What does the
bank say? 1t has made and braes of the
result, 100000: consequently we have
lost nineteen thousand dollars by the op-
Grafton. The gentleman was anxious to
stand upon the truth---the friends of the
bank assert thatit has one million seven
hundred thousand dollars, which we
have shown, if invested, would produce
one hundred and twenty-five thousand,
niue hundred and ninety dollars, and the
bank report tells us they have made one
hundrcndred and three thousand dollars.
But let us disabuse the people of all mys-
tery--let us relieve the the question of
the cumbrous way they make out their
n NJ