The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-08
SPEECH OF BENJAMIN c. Y.ANCGY, ESQ
OF EDG ;FtGLD,


OF EDG IFIaLD,
Ia relation TO the Bank of fhs State Of Sou n
Carolina. in Committee Of the
Whole House, December Session ot the Leg
islaiure. lS4S.
Mr.. Yanccy said:
He was convinced Of the importance and
magnitude of the subject and approached to s
discussion with difidence in his ability TO do 1t
Justice. Complex and abstinsc as'tkis financial
question has been correctly represented to be by
the honorable chairman Of the co"Enlttee CT
Wavs and Means, (Mr. ,demmAycr,l lie felt as
ifhe were about to tread upon qucksand 'in
which he might be submerged. lie felt that,
like the benishted traveller, he might be posi-
bly led towards the light which seemed TO prom
ise to his wearied limbs the abodc OF civilization
and hospitality and find that it recedcd before
his advance, until encompasscd by morasses
and lost in ilpcnctrabl. gloom he realized the
sad reality that he had been i'll the parsuit OF an
Ipnis.f,tuus Yet he rcgalrl led il duty alike
to himself, and the public whom in part he rep
resented, tocxprcss his opinions onthe questions
involved in the Resolutions on the table. They
were the honest convictions Of bis Judgment,
and in giving expression to, them he asked nel.
ther favor Of the bank nor feared the effects of
external influence.
The gentleman from Charleston (Mr. Mem.
minger) has made an argument of great power
and eloquence; but he invoked members, be-
fore voting for the stringent measures involved
in his resolutions, to examine and analyze that
argument, and to perceive the ingenuity and
soDhistrv with which it is characterized. 1t is
alleged that the Bank has Legislative power Of
taxation, and isirresponsbe to the people. He
would not consume time in following out the
different phases in which this position was elab
grated, as its sophistry would be apparent to
the reflection of the House No analogy can
be traced between the Treasurer and other min
isterial officers of the State who are required TO
give bond, and the Directors of the Bank. The
President, Cashier, Teller and Clerks--all who
are intrusted with the handling and safe keep
ing of the funds of the Bank, a:e required by
the Charter to give, and do enter into bond and
security (see Charter, sec. !, art. l4th.) But
the Directors stand in the poaition of supelvi-
sors, and advisers in the exercise OF such pow
ers and authority rs may be necessary for the
well governing aad ordering the affairs Of the
Bank, and of promoting its interest and credit
In no bank in the world are Directors required
to give bond, because they are not the agents
who have charge OF the fun l.: aad cl:ry the keys
of the vaults. They arc coEnseilors selected
for their capacity and inteSrity-wich are ev-
er surer guarantees to the faithful discharge Of
their duties than mere mani d penalty. Char
acter is valued by those who have it, as the dear
est Jewel which man can possess and rs afford.
ing the highest possible incentive 70 a correct
course of action. No Liector is entitled to
draw dollar from the Bank but upon the con-
dition of all other men of offering paper secured
BY endorsement, and its approval by The Board.
True it is, that loses have occurred from the
notes OF Directors; for they ard their endorsers
like all men, are liable to ieyc.se of fortune
But if bond and security were cXactcd of them
rs Directors, would the gentleman hold that
such parchment would prove al ciirctnal tails
man against all errors OF Judgment in the man.
agement Of the Bank. i.e had never heard of
bonds to sccare nG:ibity o. Judgment. He
.ould not enter u;oa the details of the argu-
ment as to the cOnStituionaliiy of the Bank
That question has been practically d' "ided by
the action ard acqucsceuce OF our Leoi: llture
for thrty-six years; its constitutionalty has
beenrdeciLcd by Our courts, and it may be re-
garded res adjndicata.
1t had been said that tios;tate OF South Car
olina has ever been opposed to the establish.
ment Of United States Bank, and yet, with
strange inconsistency, has established! 4 similar
institution. The reasons for, opposition to the
one do not apply to the other: in fact, they may
bcused in favor OF Il State Bank Whence arose
80: A., 4 - S,n Trpa