The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-19

be desirable, let the consent OF the other parties
to the compact be first obtained. He would
dismiss this branch of the argumentby rerl ling
TO the charge made by tic honorable Chairman
! of Ways aud Means (NIr Memminger)-that'i in
reference to this Fire Loan the influence Of the
bank MAS interposed, at an unfortunate hour,
TO have her agency connected with the Loan,
and thus steal march upon the people by at.
tempting to create pledge for re.charter.--
lie had no personal knowledge on the subject,
as it was before the time his attention was d.
rectcd to public matters; buthcwas authorized,
by gentleman who served OH the committee
with the honorable Chairman ol Ways and
Means at the Extra Session of 1888, to state
that the then President OF the bank--the late
Judge Colcnck---appcarcdb before the committee
and protested against the bank being connected
in any manner with the Fire Loan.
lie would here say, while OH the subject of
mistakes Though by way of cpisode) that his
honorable friend had, in the heat and ardor OF
debate, fallen into another statement, which the
investigation of the record would prove to be
error. Speaking of certain resolutions in re-
lation to the Bank which he had the honor to
submit before the legislature in 1871, which
was laid upon the table-anl that the humble
boon OF entering protest upon the Journal
were not even allowed to him and his Phalanx
of30 or 40 protesants; he added that they
came back in 1913, fresh from the people, with
new accession of power which forced the
Bank to cancel certain State stocks redeemed
in its possession. Now the rccord-and the
geItlrman's own rccord-placcs this matter in
Il totally different light. The President of the
bank in his annual report, November 23d, 1913,
stated that the Bank sometimes invested its sur
plus and unmpoycd funds, in the purchase, in
a,lrance, of such stocks rs were to be cxtin-
guiscd by its sinking fund; that they thus al
tordrd for Investment, Il desirable resource, be-
cause, while they were in effect, payments Of
so much of the gublic debt, (as in no instance
had any stock thus purchased ever been per.
mittcd to 60 again into the markct) ut the same
time they constituted an available resource in
case of any of those emergencies to which
banks us well is individuals arc subject, should
render Il resort to them necessary, either by
sale or as pledges for temporary loans; yet at
other times it was equally desirable "io delirer
them mp 10 The Comptroller General. and 10 hare
them cancelled anil Mc sinking fund credited
with the amount" And again. "Ihc situa.
tiou Of the Bank ut this time is such. that if
power was now vested in the direction. tEev
woald be prcparcd to cancel such of the cert.
ficatcs Of stock rs they now held. and which
could he disposcd of on the uriucpes laid
down." At the same session lis honorable
friend, then chairman, as now, of the commit
tee of Ways and Means, in his r.port said tiat
they were happy to perceive t.,at the President
and Directors of the Bank had proposed in
their annual report that which was properly
the first step in this reverse direction. They
asked authority 10 cancel such evidences of
public debt AZ may nov bc +, their possession
in Charleston and such rs NAV hereafter be
Purchased by them (l,ank m,iIation, pages
4I2, lib and 60s.I lie regretted the necessity
OF correcting s!lci, errors; but when they We're
a.!va"crd to the prejudice of the Bank, justice
required their correction: "Rcndcr, therefore,
unto C;"sar The things which are CAESARS. y
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