The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-06-04
The Bank has been in operation for thirty.

The Bank has been in operation for thirty
six years, and has realized upon the fund fur
nished her by the State, to be used as capital,
nearly per cent. per annum, and an aggregate
nett profit of s50oO,739 60.
In reference to the influence of the Bank up
on the taxes, will answer, that its profits, as
is set forth above is Il sufficient comment upon
that subject The profits of the Bank have
been applied to the payment of such State debts
and defrayment of such State expenses, as
would necessarily have been extracted from the
people by direct taxation, had there been no
Bank. And it cannot be said those amounts
could have been paid by the capital employed
in Bank, for that would not have paid near
what the profits have done, and in that event
the CAPITAL would have bee extinguished long
since; whereas, the debts to that amount are
paid, and the capital still exists in safe condI'
ton, beyond question, according to the report
of the last investigating committee, the maJorl-
ty of whom were opposed to the Bank. 1t is
true that the taxes collected from the people are
placed in the Bank in June to be disbursed; ;
but very often the Bank makes advances tor
the State in the business season Of the year,
without interest, and is not refunded TIL alter
the taxes are returncd in June following, and,
by this arrangement, suffers much loss, where
as. the people, by this transaction, are allowed
to withhold their taxes much longer than they
could otherwise; thus, in many instances, saw
ing to them much more than their whole taxes
would amount to By giving them the advantage
of seeking, through that intermediate time, an
auspcious moment to sell their produce. In
short the Bank could have no agency in rails
ing the taxes, as her every operation serves to
lessen their amount, by paying the debts and
expenses of the State, and advancing the taxes
as before stated The taxes were raised after
the great internal Improvement schemes OF tlis
State were ojected about 1914 to 1917, u
believe,) to meet the extraordinary demands i'll
Cured by those arrangements, but have gradu-
ally decreased again to the actual wants of the
government But, since the Bank has been
fully established in successful business, the
State has made larger appropriations and sub
(A) In this year the capital was increased by
the share of South Carolina in the Surplus Rev.
enue fthe United States, which was placed as
temporary capital in the Bank, subject to be re-
moved bv the Legislature which was soon gradu-
ally done, and applied TO the payment of the debts
ofthe State and could not be expected 10 produce
profit equal to that ofits permanent capital; for 1t
would have been unsafe for the Bank to have issued
or contracted daily liabilities upon fund subject to
be removed at the very time when it might have
been most needed to meet the Bank notes issued
upon the faith fit.
(B) This year the Bank received small por-
ton Of the Fire Loan fund, which increased her
capital from the year before.
(c) This year the capital was again increased
by the balance of the Fire Loan borrowed in Eu-
rope.
(p) This year the capital was diminished BY
the removal oftle greater part OF the Surplus Rev.
enue and increased again by the addition OF the
balance of the Fire Loan Fund realized upon State
Stock sold in Charleston. There was ofthe prof
its OF this wear S2O657 33 taken to discharge the
bad and doubtful debts of several preceding years,
and therefore ought to be computed nett prof
its of this, and deducted from the profits of those
years in which the money was lent and to do so,
the nett profits would have been about 81 per
cent. this year. And moreover, during this year,
while the Bank stood nearly alone in specie pay
mcnts, and in the midst of one of the greatest pa
MICS and revolutions of monetary affairs known,
in this State, to men of my age, she called up
on to pay for the State over 81 100000, and to
redeem her notes with specie TO the amount of
nearly 100000, and supply the treasury of the
State at the rate of 100000 per month for four
months, during the greatest business season with
the Bank, and was also compelled, by act of the
Legislature, 10 advance or lend to the sufferers by
fire. i'm Charleston, about, two hundred and sew
ty six Thousand dollars to rebuild their lots and
take their bonds, payable in ten annual instruments
Making the enormous amount Of nearly Sl,700,-
600, or more than half her capital, that the Bank
had to pay this year Of unparalleled monetary
distress-you will therefore not only be surprised
that she made any profits at all and sustain her
self as she did, and preserve, as she did, all
doubted currency for the people to whom she be-
longed.
CD This year the capital Of the Bank was d.
minished by the removal of the balance of the Sur
plus Revenue fund and the original capital OF
the Bank was diminished by the purchase of three,
five and six per ce:lt. State Stocks; and also the
Fire Loan Fund was reduced by the purchase OF
a small portion of the Bonds upon which it was
borrowed.
(F) This year the capital was reduced again by
applying further part Of the Fire Loan Fund to
the purchase of the Bonds upon which it was bor-
rowcd.
(G) This year the capital was reduced again by
the application Of further amount of the Fire
Loan Fund to the payment Of the Bonds upon
Which It was borrowed, that were not due till 1858
and 'GS.