The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-09-25

"'"u privileges, ny the continuance ni
winch. his interest pu%nctunlly, md his
principal ultimately, would be pnid2
They cannot. Blu, il MN be asked il
the money Otherwise employed or in.
vested llnn in banking, would no, DO
us productive, mud us good n security,
ms ii is when thus employed? This
question may be answered by PROFOUND.
ing another. Is twenty five dollars
worth MS much in u private gen,leman's
pocket us it is IN the stock of the Com.
mcrciul Bank Of Columbia? Is i, as
good security for the redemption Of n
ionn in the OF c rs in the oihcr?- Every
body knows 1t is not; in the form of Il
Bank investment, il is more available
and moro valuable; if i, were not, acute
and sensible men would not give large
salaries TO Bank officers TO MANAGE
Their wealth in,hat way. Capital, then,
employed IN banking, is more produc.
tive and more available us II security;
gives a greater and safer crcdi, than
when invested almos, in any other wav;
and those who arc Stockholders in n
well conducted Bank, such rs the Com.
mcrcial Bank Of Columbia. have IA bet.
ter credit, md in fac, are richer men
than they would be with the amour, OF
their respective shares in money ia their
pockets. The foreign creditors of the
State looked 10 the increased security
and facilities oflhc State III the contract
OF loan in question, in n practical light,
and us practical mrn, and whilst they
d"d not doubt her ability to pay any
debt she might sec fit 10 incur, without
n liank, they nevertheless placed great
reliance OF it, and doubtless made The
loan more readily, and on better terms,
on nccoun, of It's agency. In consider
ing n accepting our proposition to Dor
row money, every n who looks prop
crly lnlo the question, must sec, that The
foreign capitals, was induced To lend
us money, not only upon The ultimate
security Of The capital Of the Bank, bu,
also on account Of the facilities in The
management Of a loan disccrnib!c in it..
we presented no only our actual
means, but we also submitted our Gn.
n%ancial policy for his consideration.
ny - w ffHh. "lI' tht tltilc
scheme Of The Ac, Of 1898, was con.
>'r'ic'rd upon 'ha, policy, and presents
internal evidence on that point which is
clear as The light ofdav. hllusion has
already been made to this evidence,
where the duties uf,lc Bank concerning
the Fire Loan have been commented
on. II may be Of service, however, 10
refer to the Ac, Of lS3S, II li,.lc more
explicitly and poinlrllv, in His view Of
the question.
When the loan orS2.OOO,C Goa should
have been effected, by The 81 clause of
the Act of 1893, it was directed 10 "bc
deposited in The Bank OF the State Of
South Car"lina' and 10 "hccomc par, Of
the capi.nl ,lcrcor!" During,ic whole
tlnic Of The loan, and down 10 lis re.
denp'inn? Or was j, 10 be 50 only 10
the expiration Of The charter, in 1856?
!Fhy, nnQncslionabiy, tho intention of
The parties Is obvious that il should be
BANKED upon under the cav or The State
OF South Carolina down 10 the ,nolneu,
when II was 10 be redeemed. In any
o'hcr view OF HE transaction, Tie dulles
imposed upon The Bank by the Lr9i>ln.
lurc, in connection with il, cannot be
performed. are unreasonable, moro. i'm.
possible. TO talk about requiring a Bank
OF lie State 10 make arrangements tnr,hc
Iilnc,na' payment Of The in,crrs, un'!
The ultimate payment Of the principal Of
Il debt which does not malur, for twelve
Years after The cxpirniiou Of the charter
of lI!at l;an!, is stupidity itself, and the
Legislature which authorized tn: loan.
never dreamed Of mixing ANY suc!, re-
QUESTION OF III" IiAnk.--No, i, VAS the
policy. and as was universally sl!pir>.
ed, III" fixed, linniv.Sri!rl ppliry OF!
South Carolin;. in 1888, 10 bank. Sncl,
had been her policy since 1912. She
had nryrr effected foreign loan from
the frs, creation Of The Bank, without
presenting is security and facilities as
an inIucclncnt TO the capitalist 10 part
with his money. Ilrrin,rrnai improve.
men. loans were all flciliin,rd iv her
Banking policy. some Of these loans
were moi rcdcrmablc until the cxpira.
ton Of her then Ba%nkchnrlrr; and let me
enquire, wta, estimate would have been
placed upon The integrity Of any public
man who would have said III tia; time,
!hal The capitalists who loaned money 10
tbs State, upon Tic pledge Of the capital
and agency Of h"r Bank, llcli Il worth
less security, because lis chaflcrc>pirrd
before the loan was rctlccmablr! There
Is sucl, n thing as n moral obligation
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