Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-03-02

government should be, in the language
OF John Randolp ph. n hard-money govern
ment. The people had seen and felt Sc
verely the effects of the old continental
paper. and were disposed to guard
against a repetition of paper money on
the part of either the general or State
governments.
1t was proposed in the feueral conven-
ton to give Congress the power of incor-
porating bank, and rejected. 1t was
then proposed to give Congress the pow
er granting interpretations, and RI jec-
ted, on the ground that this would ena-
ole Congress to establish bank
The federal constitution declares that
no State shall coin money. What is
money? 1t is u medium of exchange.
and may be paper, or iron, as it was in
| Sparta, or shells, asst is now amongst
the South Sea Islanders. When the
State of South Carolina stamps licce
of paper, and sends it forth as a medium
of exchange, is it not to all intents and
purposes coming money. The stamp is
on paper instead of gold and silver, 1t
Is nevertheless money, stamped and coin
ed by the State, in violation of the feder-
al constitution.
No State is permitted to emit bills of
credit Is not the establishment of
bank with the authority to issue two mil
lions in bills, on the credit of the State,
with only two hundred thousand dollars
in specie to redeem the bills with, to all
intents and purposes emitting bills of
credit by the State? The State is
doing, by an agent of her own creation,
that which she could not do directly by
herself
Again, sir: No State Gun make any
thing but gold and silver tender in pay
ment of debts. But when State issues
her bills, gives them the stamp or coin of
money, and declares that her revenues
shall be paid in them, is she not making
them tender in payment of debtsP
They arc obliged % he such in spirit and
effect.
1t is said that the bank has provided a
safe fiscal agent for the State, and that in
the disbursement of millions of State
funds, not one 'ollar has been lost. This
may be true. But whilst disbursing the
funds of the State; the bank has lost
FIVE hundred thousand dollars of its own
funds! These, too, are the State funds.
How much more may he lost before the
charter expires, and after the bank is
wound up, no one car tell.
lam not disposed to attribute this
heavy loss on the part of the bank to the
he"d of that institution. The greater
part of this loss has been owing to the
d fvlration or bankruptcy of the Direc-
tors. The Directors are chosen by the
Legislature. and havea ,igh. to TO row
from the bank We must then attribute
all losses, on their account, to the Legis-
lature, wha elected them and placed
them in the hank. We are to blame, and
not the bank. for choosing such Direc.
tors.
In the election of directors, am sure
every member of this house must have
witnessed enough TO excite his disgust
and Indignation The candidates present
themselves to the members and election
eer with as much zeal and fierceness as If
they were canvassing before the people
for the ofiire of sheriff or tax collector,
The memhersgive pledges to support
the different candidates without any re-
gard to qualifications: influenced by mo-
tives of kindness or friendship, or perhaps
some other feeling not so honorable
Nothing can show the impolicy of gov
ernment attempting to carry on banking
operations more conclusively than the
election Of the directors by tho Legisla-
ture.
1t is owing to the wisdom, integrity
and sagacity of the eminent men who
have been placed at; the head Of the
bank, that the country has not been over
whelmed by the Indebtedness Of that In
lsiituticn. This may not continue always.
| The management of the bank may fall in
to other haLds, when we shall experience
the losses sustained in Alabama. Ken
lucky, and other States, who have at-
tempted to carry on a similar system Of
banking. do not pretend to say that
no errors have been committed by the
Pre- ident and board of directors. Like
all men, they are liable to make great
blunders in their financial arrangements.
Some of these errors have alreadyal.u-
ded to, and shall have occasion to sneak
of oilers. But congratulate the House
and the country that they have not been
greater than they are. No other gov
ernment bank In the United States has