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

factors, for illustration, the loan stands charred
to the Director whose name is upon the notes
us endorser or acccptor; while in reality it is
ior his planter customers, being for advances
on their crops. A factors account for "liabi]i-
tics" is almost always based on cotton or other
produce in hand, Or to be received; and is moss
generally an acceptance of drafts drawn bv the
planters to anticipate the sales of their crops
These debts are really the debts of great mum.
Der ol planters, and are to be paid out of their
crops when sold. Now the publication of the
names and liabilities of Directors would not
show the nature of the debts, or the names, or
sufiic!ency, or insufficiency of thc security, or
the amount OF money deposited in the Bank by
the Director. Thus the publication Of names
would give no substantial information, while at
the same time it would unnecessarily cause the
accounts to be misunderstood, and the credit.
of such Director to be brought into question
when the debts might be perfectly secure and
aftording profit to the Bank. 1t is admitted by
all financial and banking men in the world, that
the Director who brings to the Bank the best
and largest account, and best and safest GUS
toners, Is the most useful and profitable to the
Bank. The charter Of the Bank forbids the
exposure Of the names and accounts of the cus
toners, except to the committees of investiga.
ton and Comptroller General. 1t forbade it
on rule of pecuniary interest because no man
in good credit will allow his namc as principal
or cndorser, to go into Bank which publishes
his transactions with it; subjectng them to the
idle gossip and misconstructions of tie world,
who are not acquainted with the value of the
security furnished. The proposition of the gen.
t!cnan, f'adopted, would Introduce a practice
rcpudlatcd by all Banks in the world, and in.
evably tend to drive off all good customers
and responsible Directors, retaining such only
as could not get credit in other banks. II would
jdtahy affect the business and credit of the
Bank. As means of information, then, the
proposition is delusive and absurd; stripped of
its gossamer disgnisc, its real object is to cut
the JuSnlar vein of the Bank. SO far as mem.
bcrs were concerned, it conveyed an indirect
lmputation upon the integrity of the Legisa-
ture. lie charged no such design OH the part
OF his friend from Barnwell, (Mr. Ayer@ but
the inevitable result Of the adoption of his reso.
luton will be to place lever in the hands of un-
scrupulous and designing politicians alike de-
mora!'1ing to the public and injurious to the true
interest of the State. lie was opposed ON this
intricate financial question, as well as all other
great questions OF State policy, to the use of
unworthy collateral issues by political dcma.
Sngurs son the hustings," or with the goose
quill, for the furtherancc of private or any views
incompatible with the public good. All great
questions should be discussed before the people
fairly and fully upon their leading principles and
policy. Government should commence in tho
breast of virtue, and its foundution be laid in
the command Of our passions.
But to return to the main argument Refer
cncr has been made to the State Bunk of Ala
bama, and other States, us Illustrative of the
evils OF the connection of Bank and State. He
was not inclined to enter upon this argument
Ll'thcr than to show there was no analogy be-
tween the principles on which those Banks
were conducted, and those upon which ours
was g"Yerncd The Bank of the State of Ala
banGl for Il number of years WAS conducted sue
cesstully and relieved the people from all taxi-
iion, until the Legislature diverted it mainly
irom Il Legitimate banking business and ordered
it to become Il mere loan and accommodation
oilice, i'll fact to the extent (he bclevcD Of five
millions of dollars.
The money WAS to be loaned to the Counties
in rropo ion to the population, without refer
rIicc To the wants of such counties and the COM
mrrcIal interests of the country. The members
of the Legislature thus become virtually, CT ne
CcSSi'0ic rel, assistant Directors of the Bank
The members from the respective counties to
certify and recommend the notes from their
county. This at once introduced the elements
of corruption, and was forcing pump to direct
the business of the Bank from legitimate and
profitable system of banking to the dangerous
and irresponsible plan of a loan Office.
Put the Bank in liquidation now, as coutcm-
plated by the Resolution of Ike gentleman from
Charleston, he would ask what was To be done
with the lu":'.s, collect and put in an iron boz!
L""" nj your pnhic debt yet unpaid, the prin-
rl ,.al OF which exceeds two mcns of dollars.
The accr'ing annual interest thereon is about
l:S22. 200 dollars; which will be gradually lessen.
ed as YOU rcduca the principal. Eut when the
In t instamcnt is payable and paid, according
to the present contracts, you will have TO pay to
get rid of this debt, b,,wccn four ant FIRE 4HM-
j"ns of dollars: would you then place yonr fun
in an iron box, drawing no interest, Will" -
have to pay such heavy annual interest! cyo,
i polry would be sricidal You" SuI
would nearly be catcnu up hy the ;n,l" ."','i" i'
have to pay, anI You would ,,.o ~ w.. ,I i'
aud:. ard negroes and M r.j'.",,;' "v u" 'rA M 'n
people heavily to meet the Balance or vm,r DOH,