Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-02-09
REPORT
"F NE Jo1N7 SPECIAL CoMMI1TEE OF fN-
SEC c1oS FOR me pA>K OF THE STATE
OF sou II CAROLINA IL CH\ELEi on.

We S'N ~ NNkcLlNA IN CHAELEi on.
(Hopfnpr1.)
The p"a"'inr Of llnwiny iscountcd
noes +" be renew cd in fun, his p,cvricd
to too gent IN OK cnt na>much rs n. nv
noe have hncn c"n'inurd for wears with
GU; any con>ilcrallr mduc ion nf trci.
mount. This pncii~c. ifgcnc'al would
be uttcIlv inco sis'ent with the rc"dv
command and cont ol of is funds, WI ich
are essential TO TIE p'orer mnn"wpmcn,
OLA B"nk, and If pnrti and corfincd to
few. is open TO the impuiurion of part;
alitv and favo i;ci m Among The dis.
counted notes, the Commi'ice observed
some NOES "f persons residing in the
neighholing States Of George, Al,bnma
and North Carolina, endorsed hv and dis
counted foH commercial house, in Char
lesion. These were generally for small
sums, seldom if ever as much as We
hundred and frequently less than ore
'und ed dol airs, and THEN ngn crate
amount was not We V ln'ge; but the prnc.
tice appears 10 hive been only recently
introduced, and if rot arrested in time,
my grow from sunll beginnings 10 n
much greater extent. The Committee
believe that the notes of Iii; desc ip,ion
now held by the Bunk will We i'll ut ma.
turl'v Such of them as became p,vn-
bile during 'hc progress of trcrxnmina.
ton wee paid. INDEED, if they wee
not n id hv the mixers, the cnd.r>crs
would no doubt take item IN. r,hcr
than allow them TO he protested. while
they themselves wr"c in good g IL md
TN ms But the objection I, III com
tins sn"t Of pnpr" is. that Ire ,crui o.
the hnnk rests almost exclusively uron
the cnd""ScrS. As long as they n~c p'o
reH'ns, II i not only moe pro!nl lr thu,
the m Ike = will 'cdrcm l. 70 the pnrro @
OF Keeping un their c dit wi the cndo
*c'S. hut in d"frul' or prvmcnt hv 'hrm
u VIII he p id bv the rndo",eS. Rn' in
c'Se o. the b,nkruncv or tie pn,!or ,r
the strongest motive on IL pnrr cr T.
makers wnnl / he tHkru nw.v. md il ne
Bank wee o'li.rl 20 r... q Z ,oromnrl
nv process "g"inst the w kr.~ 60 emo.
cl1g n'vm'nt. tie "Xrel e nF rnl'r. t'u,r
SIN II h"h'* IN o h"r%'.t"S wo"ll y o.
aeon il""hl" . Vt Of ,hc monn, rnlbc
ten, hcHi los N" 400 ioGs i k Of los, Is,
agents "mplov"d fr' thn' nu"ro.c lii
~" h'ns.'r "r" 10 did. th,' n" ,..> o.
- ''s rlI ION apnrr q NV b = lis
com eel Fo' any ~ h"r rc..on nan Di
reclo = of the Bnnk: md that they me-
all what are crll%l hu mess note>---that
~" Sav. notes tax. for merchandise @
sold III he regulir conr>c of bu. mess
IN" Committee have | G. dv ndveYtcd
t" II" INrgn 'moun' oF me of the lo,rs
on b'n i md mortgage an the lrnr'h
o! IN" fo" which 'hrv we extended. The
S'n" 'e'n TX applies wi h nearly equal
tor" TO he lonnS on di+rountcd bills and
n'f"N ~" "v'ent 30 which ihiS abuse
ha~ be n rird mev g tma'eI from
IN" fu''. IN nrH,lv $500. 600 nf the
t'nl' ~ Ne b'nk IRE il he hands of
i'"r' nj indi,lul ho.rowcd from
IN" btnNin Chrtr 'on lone: und some
o! thr same prr<ons are l,o la,nr debt.
o"S 20 he hrn"chcS.
In is nn'ch:.se Of fo crrn c>rhurrc
me '}Hnk, III tho orinion thc Comm
ter, 'r"S no. alwnvS ohsrrvr thu. p-ccu.
'h0r hec"SSarY and n~orcr 20 secure i.
'P''o%t los. The Hills of cychnnpr
r'N ~ NhHrlr,'@n nrc g"rr.9lIv founlrd
lNpl h'DneN'> of rro luce. They are
wn un'n the "on ignrr and sold hv
MI #'wr"S 10 rlie The mems of Dnyinv
10 ~" n""tnrc purchased fO" shipment.
l. Is well known that m NV Of the mr..
cniS"'> n' p'o Inc" Np persons of no cop
t'l ." SubS'rnr". and whOse me @ pc,<o
nil "h!it lion furni hes no security what
eve. bev"1d The nSSu rmre, Sumo i,,r
th"m 20 hc men ofn'eg itv, ihnt The Ils
w'il ne 'cren'rd bv the persons on whom
they '"e@ @'lwn. ND % whom p.oduce
ms hcrn consigned, md who are them
selves to be "rlird on. Itis. therefore
the usual snl prudent course in purrbo.
<int such bills "nui.c them to be forli
nj Nv letters Of rrrdi'. equivalent to
D'Nio1s nrc"D'nncr from houses of
known G 'eli' and responsisilifv. or fo he
nc '"nn'ni"1 wi'h the bills of ladinr of
~" 30 luce. On The Shipment of which
lh"v re founded. and 20 send the bills of
l'ding fo'wtrd with The bills of exc',s nac.
to he ret"i,ed hv the agents of The Bank
nnil tn" lr'te' ncrcn."l. Bills or tho
ch'"'r'"~ 'hore men'inned arc purcbosed