Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-03-02
NO Al

and domestic institutions without the con-
sent of the stockholders and money,
holders of Europe? Shall it be said, sir,
that the sovereign State of South Caro-
lima must humbly ask the permission of
Barring & Brothers before her Legislature
can determine whether or not a bank
shall be rechartered? This, sir, is state
of dependence and servility which / never
expected to hear urged on this floor. For
myself, sir. scorn it as a foreign inso-
lence, when the proposition is made er all
luded TO by Barring & Brothers.
If / could be induced to believe that
there was any force or weight in the ar
gument, rs much, sir, as / detest the
word "rp,adiation," l would not only
use it, but apply it to the agent and 'he
Legislature. who. by their acts had bro't
such deep and damning disgrace upon
the State Of South Carolina. | would,
sir, deny their agency AID their legisla-
tion, and appeal to the constitution as a
shield against their sewili'y and their ig-
norance. If, sir. the honor If tie Stat,
is not like that Of her daughters, too pure
and too sacred to be dis cussed, as was
said bv the honorable member from Ricl-
land, hope, sir, it is equal TO that of her
sons, who are too proud and too spirited
to brook foreign insolence or interference
in our legislation,
The honor of South Carolina is no
more involved in this question than it is in
the appropriation bill. which the chair
man of the Committee of Ways and
Meanc has just reported for our consid-
alton. The question is simply this
South Carolina has borrowed money of
Messrs Barring & Brothers, and has di-
rected the bank to pay the Interest, and
declared that the profits ofthe bank. af-
ter discharging other liabilities. should be
pledged fo' the payment of this foreign
debt. We now propose to pay these
foreign creditors their demands in full,
and that, If they will not receive the
money, to Mv it invested to meet their
demands when they become due. This.
is y strange breach of faith and honor,
Offering to pay IA debt before il falls due,
and if not received. making an invest
mcnt OF the money, TO have it ready when
will be obliged 10 be received!
We are informed by the agent of
these foreign creditors that the bonds of
the State may be purchased at three or
four cents below par. Surely they will
take par value, and be glad to get it.
We are making arrangements to pay
them. and where is the ground for sus-
picion Of dishonor in the matter? This.
sir, is all re""ence on the part of the
bank and her friends. They have the
sagncity to perceive the strength of their
appeal Is they can induce South Car
oine to believe init. They are sons Of
South Carolina themselves, and know
how dear her honor is to the humblest
citizen of the State.
This grave question of honor, Mr.. Spe-
ker, which has been thrust at us so often
during this debate, came not from Barring
and Brothers in the first instance. 1t
was suggested by the rank in certain
questions put, several years since, to tho
Hon. George McDuffie. The foreign
creditors were reminded of it, and have
since made use of it to accomplish the
purposes of the bank.
In regard to the mismanagemento Of the
Nesbitt manufacturing company, feel
it due to the bank to say, that the mis-
management com Nenced with this Leg
slatu NY honorable friend. the SEN
ator from Union, submitted to me the
resolution which he offered 10 the Senate
some years since, proposing to sell the
iron works on credit of ten years, in or
der to secure the debt which the compa-
nv owed the bank. / told him it would
be better to let the property be sacrificed
and sell for what it would bring. The
State would get large portion Of her
debt if not all But thntif the payment
was postponed ten years, the works
might diminish in value, the ,laveS who
were, mechanics would tc WON out or
dead. and the whole property of little
value. Every one must now be satisfied
Tint this course would have hcen better.
But sir, If the arrangement has been an
unfortunate one, the blame lies at our
door. The scheme oiigitR ell and nos
with The bank.
NV friend from Pendleton says that
the bank has saved, by iis profits, the
people from taxation. Ths chairman of
the committee of wavs and means has
shown conrlu,ivcly that the simple inter
est on the bank capital during the past
year would amount to thirty thousana
dollars more than the nett p ofits Of the
n, ,oYa,;o,.. f,, tIic