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

time or opportunity to underestimate. In gov.
| ernment like ours, which is to be conducted by
the people, all its arrangements should be made
as simple as possible. All experience proves,
that the more completely any department is re-
moved from popular scrutiny and inspection, the
more certaiuly does it become corrupt Even
Il mode of collecting taxes which is complex and
removed from observation, is found to be oner-
Gus and repugnaAt to republican principles. But
here is an institution vastly more extensive than
the whole State Treasury, which has absorbed
all the funds OF the State, and involves her In Il
matter of five millions; which has drunk up the
original State Capital, Sinking Fund, Fire Loan
and Surplus Revenue, and must needs be man.
aged by men expert in Il particular science, and
| which makes out its annual accounts III state
mcnts which few ever read, because few only
can spare the time to examine and comprehend
them What a contrast to the simple machine
ry of the State Treasury, where couple OF
1reasurers receive the taxes of the Upper and
Lower country, and pay them out as di:ectedby
the Representatives of the people at the annual
meeting of the Legislature.
2. The Constitution of South Carolina vests
the Legislative authority of the State in the Sen.
ate and House of Representatives; but the char
ter of the Bank vests larger Legislative au-
thority in Board of Directors sitting in Il Bank
parlor in Charleston, veiled in the mystery ere
ated by an oath Of secrecy.
If an appropriation were asked from the Leg
islaturc for any public work, the State Consti-
tuition will not permit grant to be made until
bill shall have been read three seperate days
in the Senate, and on three separate days in the
House of Representatives. Of course upon
each reading, public discussion of the measure
may be had and rs each House is rcquiredby
the Constitution to keep Journal Of its proceed
ings, and by its rules to record the yeas and
nays when rer,ired, tic people may be kept full
" advised of all that is done by their represent
atives- -ani SO jealously does the Constitution
watch over this Legislative authority, that its
great ight arm, the taxing power, is expressly
retained in the House of Representatives, and
the Senate is not permitted to originate a bill to
raise taxes. =
But the power which is thus 50 jealously
watched, as to be refused even to the Senate of
the State is given at large by the Bank charter
to the Directors of the Bank Nay, they even
have power which the Legislature itself cannot
undo. They have power to contract debts to
the extent of twice their capital, and can thus at
pleasure impose upon the State a debt of seven
millions, which the people would be obliged to
meet, whether they approved it or not. And
that too, not upon open discussion upon a bill
to be read three times, bnt upon mere order OF
a Board made in half an hour, without any dis
cussion, or if upon discussion, the reasons veil
, ed by the impenetr,ble folds of IN oath of Sc
crecy.
Here then is clea- surrender to an irrcspon-
sible olgarchy Of the great constitutional pow
c:s OF Government = the power to borrow mon
ry on the faith of the public and the power to
aI;;ly it at pleasure. i'hc only barrier which
has ever been yet found against the invasions of
tyranny that with which Hampden and Pym,
and their associates, conl5atted the first inroads
of the tyrant Clall,s; that shield which John
Hancock and oar brave Revolutionary fathers
retained at the expense Of dealt, grapplc with
the mighty power of England-is surrendered
to a small Board of Bank Directors, in the hope,
| forsoo:h, that we may make money by the op-
Grafton; thas bargaining away the liberties of
the people fora mess Of pottagc.
But not only has the STATE surrendered to this
Bank tie power TO borrow moacy, and thereby
| to tax the people at will, but she has actually
allowed them power to patron.e schemes of en-
terp:ise, which tic Legislature Itself would
scarce V venture to exercise. The Bank may,
without consulting the Legislature, or the peo-
| pie, engage in any schcme- commercial, man.
ulacturny, or spcculitve-whicli it may see fit
to foster. While we are g?avely debating here
whether we shall cut of five hundred dollars
from tie salary OF the Adjutant General, or
whether we shall save for tie State the salary
of Superintendent of Public Works, this otAer
Legislature may be subscribing hundreds "i
thousands to Georgia Railroad Or embarking
| in Bank speculation of millions, or creating
ali; number Of Bank officers and salaries, 10 be
paid from thai large treasury which the State
has placed in the keeping of the Bank.
Gentlemen may suppose am iadulging in
pictures Of the Imagination, or drawing upon
far -frtchcIpossihili;ics. Unfortunately, speak
the words of sober truth and reason. Take up
the Bank Statement now on your table, and
you will find that near half Il million o! the pub
lie money in the hands of the Bank, is now in
vested in Railroad securities and Bank Stocks.
We have been discussing here in the Lcgsla-
ture for more than two years, whether we shall
aid the great public Railroads from Columbia
to Greenyille and Charlotte, and with Il great
effort we have at last agreed TO subscribe TO