The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-08

shades OF variance, as inconsistent with views
uttered elsewhere; but such construction would
be erroneous. The reflections of the Studio
had led to the formation of all opinion adverse
to our connexion of Bank and State mot upon
the question of constitutionality)-arising from
the possible danger of the political influence
which might be exercised by such an institution
And were we now free from the connexion, and
a proposition to establish State Bank present
ed amer, lie should be opposed to it on the
ground OF ilcxpedency- divine precept
"leai us not into temptation" But it is a
source OF proud congratulation, and striking
comment upon the iacorruptibisity of the distin-
guished men who have been placed at the head
ofits direction, that they have never converted
it into Ill engine OF political power. lntima-
tons to tilc contrary are thrown opt, but he
challenged gentlemen to bring the instances to
light; he had Never known one. But if the
Bank has exercised political power, it certainly
ilas been wise and beneicent dictator-an
ext rted tnat influence to elevate the sta..dard
and character of the State.
lie would now approach to the consideration
of the practical Operations of tie Bauk. In
1912 il was chartered inr term of % years
About two years before its Charter expired, the
State recharted till 1856. SO that for 36 Yeas
you have had Bank. 1t commenced its oper-
ations in the later part OF 1913. The State
did not give any liked amount of capital, but
set aside vario!is stocks and funds for the pur-
pose o; providing oae. The actual amount Of
capital then varied each year as these stocks
and funds were converted into caSh, till 1919;
at which time t:le whole anouut paid in on ac.
connt OF Capital was $5l,312,25O GO. See
Com ptroilcr Generals Report-Rep. and Res,
lS41, pages 246-7-S] In 1919 the Bank re-
deemed OF Revolutionary debt $l76,029 95;
in 1928, $4,000 II; III 1914, 3d., $50 10;
making in all paid on the Revolutionary debt,
out of capital S24s,S 1872 81. Comptroller Cen
erals Eepo't-Rep. and Res, 1917, page 24S.
Deduct this amount from 81 ,372,245O 10 leaves
81, ,l23,357 73 as the capital proper. so sta
ted aud reported to the Legislature, and pub
lished montnly since 1914. At the extra ses-
sion Of the Legislature, 1888, an Act was pass
ed for tue purpose OF procuring a loan OH the
credit OF the State, OF S2,O0O.OO0, to rebuild
tlat portion Of Tie city OF Charleston, then lay
ing iu ruins, from a most calamitous conHagra.
ton; which money wnla realized was to be de-
olina, aud become a pat OF the capital thereof
| [Sec section 3 OF The Act forrebulding the city
Of Charles;on. $i,U35,555 50 Of the Fire
Loan was negotiated in Europe in 1889; the
balance S3Gl,4 45 WAS negotiated in the
home market il 1871. The surplus revenue,
81 ,05l 4;,2 03 was receives! in 1887, fom the
| United States; the amount of dividends receiv-
ed from the South Western Rail Road Bank,
from time to time, reach $4,000; add thereto
Kali Road per cents, transferred 10 the Bah
in 1913, So, 1886 o6. You now have state.
.nent OF all the iuuds received by tle Gank OF
tae STATE up to tie first IOciober, lGiS. They
reach the suuot : ,43G,OU3 50.
Tne question arises, how has the Dak, tlt
iisc;, agent oi t.ic State, managed tAese iun,ts
lt WIS hi., purpose to proceed to answer tlc
question, ;lld ne invoked the attention Of t..y
House to the statistical anal lysis
1t is charged that the Bank has mslnaaagcd
the iunl--has wastcd the capital, aud beel all
unpuiituble concern to the State Ii such ALE
gatlou bu tue, there is no doubt but tllat the
people should refuse 10 recnartcr tiIe Bank, and
direct it to be wou't up.
But he would proceed to present to mrmbe.s
another view OF the p.ctur', which hc iounu
traced in the docuilout:ry history Of the Dau",
and the reports OF the Comptroller General
The Eank paid into the State T:easu y, p.eyi-
Gus to lo22, S592,GUl -. See Comp. Gen.
Rcpott--Ee;. AID Res, 1911, lasc : Is and uis
report under resolution oi tic oc.,.c, Dec. l7liI,
lo47, nG.u, Dec. 7, ISIS, exhibit No. 4. Since
1872 the profits OF the .,ank have been divert
ed, by tic Legislature, to pay the principal aud
interest OF your public debt This public debt
was contractc: " the Legislature il 1920, y,
81 and 1876, for Internal Improvements i'll
1888 to icDalL Charleatoa, anu i'll 1889 as all
advance lot State subsc ipiol 10 Inc Rail Road.
Its amount reached upwards OF S4,60O,0O0.-
Acts, Rep. au, Res. 1916, pages 33 anu 80 Of
Reports. This diversion of ,ne profits of the
Gudh from going into the Treasury was not tue
Bank, but the act of the Legislature. Had
these debts not been contracted, aud the Bank
profits gone into the Treasury, the people would
have been very g'catly relieved from Taxation.
1t is because tie p.oits have been diveltel to
the payment OF tic puc.:c debt, that the people
have not sensibly felt and appreciated lileadva
tagcs which tine Bank has conferred upon thelI,.
What has the Bank done in relation to the
public uebt! 1t has paid Of principal, includ-
Ing two hundred thousand dollars Rail Road
subscription, S2,4l3,92O 9S; it has paid of i'll
| iernst tnprcon ~ 1lij I2S OS Add thp omouut