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

to assist various manufacturing companies by
loans, all Of which may have been made upon
just views Of expediency; but certainly are
much bolder measures than could have been car
ried through the Constitutional Legislature of
the State.
Allthesc transactions were made by the Board
of Directors; and us far as that is a check, had
the benefit of it. But there are othe: transac-
tions of the Bank in which the State may be ill.,
volvcd to the extent of thousands, without even
the intervention of the Board OF Directors The
whole issues ofthe Bank are under the control
of the President and Cashier, and by any COM
bnation between them, or even at the will Of
the Cashier alone, the circulation of the Bank
may be increased to any extent he may please.
1t is unfortunately too true, that both Presidents
and Cashiers have been found who have betray
ed their trust; and although | have no doubt
but that the present officers of the Bank are per-
fecty honest, yet in establishing great nation
al institution, we must take it for granted that
twill be managed by men of like imperfection
with those who have managed ether institutions
1t is within the knowledge OF many who hear
me, that two OF the private Banks have suffered
considerably by notes surrcptitously issued
through the fault or negligence of the Cashier
The same thing may happen with the. Bank of
the State to any extent, and the people are thus
exposed to danger which few people arc
aware of, aud which unfortunately cannot be
discovered until many years Acknowledgements
bly not until the Bank shall have been wOundup
3. In the third place, it will appear that the
Bank OF the State is the real Treasury of the
State, aud as such, it violates tie spirit Of all
those guards which the Constitution in its wis.
dom places around the peoples Treasury.
From what has been already said, it is appa-
rent that much the larger portion OF the funds Of
the State is il the keeping of the Bank. The
Capital of the Bank, the Sinking Fund, the Sur
plus Revenue, the Dividends from the Railroad
-cvcn the general taxes themselves, all fall i'll
to the hands of the Bank, and are administered
by men who hold Office indefinitely, frequently
for life. When we consider the jealousy which
the Constitution exhibits OH this score, it renders
the Bank still more anomalous. BY the lst
Section, 9th Article of Constitution, the Treas
urers of the State are to hold their Offices only
for four years, and then they are ineligible for 1
term. The Constitution evidently thought it
unsafe to place the public moneys in any hands
for more than four years. But il the Bank,
where ten times as much public money passes,
the officers remain for life. The President and
Cashier are reelected as a matter of course !;
and when Director is changed, it is merely
because either some more urgent competitor has
losted him from his place, or because he is tired
ofthc continued struggle to keep Himself before
a nominating Committee.
a.. ,}s. Ia l
ton II, cnacts that no money shall be drawn
from the Treasury, but by the authority of the
Legislature. But from this other Treasury,
money is drawn at the will of the Directors, to
buy houses and stocks, and to pay salaries at
their pleasure And what's infnitcly more DAN
gerous money is borrowed OH the public faith,
to be loaned out to themselves or their friends,
at their own absolute discretion without check
or accountability.
Icannot exhibit this extraordinary feature in
our State Institutions in a more striking light
than as it is depicted by Que of the warmest sup
portars of the Bank, the late Comptroller Cen
eral Elmorc, the brother of the present Presi-
dent. "Ihe State (he says) presents the anon
ally in finance of placing not only a large Bank
ing Capital, bat the whole of its Treasury, in
the hands of few individuals, with no other Sc
curity for thcir faithful and honest management
t..an their individual character. Character is
certainly one of the best securities which can
be obtained for the discharge of public duties,
but can see no reason why others should not
be added 1t is III vain to say, until the human
character undergocs thorough change, that
YOU can fill the direction of your Bank with i'll
dividuals who will serve the State from disinter.
estcd motives alone; and it is question yet to
be settled, whether you are not paying your Di-
rcctors the highest price for their services, with
out possessing Il corresponding security for their
fidelity and honesty. 1t is known to be the prac-
ticc of the Bank, to extend to each Director a
! credit to Il considerable amount. As the State
gives no compensation for the discharge of this
very import;lE, trust, this cannot be considered
unreasonable But it is to be feared that many
bad debts may be contracted thereby, and the
State become alpser.to an amount which would
have exceeded Il proper direct compensation to
the Directors, &c,
d. Should thea an Institution having such
powers, and governed in this manner, be con-
nected with the State! Surely it must be OBJ
vious to every one, that il the Bank OF the Uni
ted States was dangerous to the whole Union,
Bank of the State must be doubly dangerous
to the people of "a sing gle State. The whole pub
lie Treasury is equally involved in all the casu-