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

increase; Of balance of Sl0, 1853 of 81 blHsjs-
sued lSl3-24, none has been cancelled the cur
rent year; and only S32 in six years before OF
this first issue. Of balance Of Sl7,266 of 81
bills issued 1880, one dollar was cancelled
the past year. So on does the proportionate
probable loss increase as to the 50 cent, 25 and
IL 10 cent bills, Of which upwards of s7S,OGO
arc lost The honorable Chairman of Ways
and Means (Mr Memmiagcr cannot now deny
to inc the legitimacy of some such conclusions
as to lost bills. For in the able and elaborate
report which he, as chairman of the Investiga-
ting committee for til, Bank, made in 1889, he
speaks of corresponding tabular statement
las presenting an exhibition Of facts, on which
The most reasonable conrihsioas may lie founded
of the large amount rf profit which the Stlte
through its Bank, will have derived from this
source (lost bills) and particularly from bills
under the denomination Of 5 dollars, and on
change bills" Bank Comp. p. l95.
Deduct then 100000 for lost bills, and you
haveleft only 81 Is, 960 10 ior which arrange
mcnt is to be made in case ola run on the Bank
How isit provided to meet such liability? lis:
he held, itcould place some reliance Oil its diz-
count. The Bank has Of notes and bills dis
counted 81, CrS, ,225 Is, from which MI yht be
fairly expected enough to meet so small lia-
bility, But il not dollar was received from
collectors on those notes, the Bank could go
into the market and raise upon them sufficient
sum to meet pressing liabilities. In addition to
this the Bank OWLS stock, Bank, State, &c. to
the amount Of Sl3465 81 and could not this
be used as pledge On which to raise money!
Another resource is S450, 300 of bonds secured
bymortgages, and about S7S2,92 81 Of Bonds
andcr act ofrebailding Charleston. And as
Last resource, III case aH Of the foregoing should
fail, the Bank has the right, under its Charter,
to borrow 100000 on its own note for ninety
days; and if it be said the time allowed be too
short for the purposes required, could it not re-
new the note from time to times Every re-
newal would be a.distinct act, and within the
charter. lie would her, take occasion to say
that the Bank had never exercised this charter
ed power during its existence for SO years.
Much had been said in reference to the loan
by the bank to the Georgia Rail Road Banking
Company whose bonds are held for S90,00O.
While he lid not pretend to advocate the policy
of such measure, yet all must admit it was aid
extended towards the completion of line OF
railway which was looking to an ultimate con
nexion with the Nashville and the immense val
ley of the Mississippi, which is destined to pour
in upon our Stltc, and Commercial Metropolis,
a wealth Of untold millions.
Great apprehcnsions has been manifested as
to tie item o. of5l40,0O0, in Presid .nts report,
"of Bills payable" This is snail when com
pared with many private banks; the Bank Of
Charleston, one of the most ably managed in
stitutions in tie South, has often "Bill payabl..
under another name of "due to Banks and
Agencies" ranging from 100000 to $2,00o,-
900. This DOES not indicate insolvency, and is
not 50 understood BY financial and commercial
men. The operation during the past fall has
been made one of profit What is it The
bank sells bill Of --- dollars at GO days
Oh New lo:k at to 2 per cent for specie or
specie funds and goes into the market in Charles
ton and buys Sterling bills at 6 to per cent
and sells tie same in New York at s to 10 l.2
per cent premium in the same week. THUS sup
plying itself with specie and making profit Oh
the whole operation. The same operations
were made by nearly every Bank in Charleston.
When the channels OF commerce are broken up
and commercial credit destroyed, as to great
extent has been the case for the last year, lheu
paper money sinks with credit, and from "being
a means OF power becomes source of weak
ness" in the exactiou OF coin In settlements
In times OF such disaster, Banks are compelled
to hold on to their means and employ them in
protecting their vaults by operations in Ex-
change, aud replenisliug their specie.
10 be continued.
STEAM BoILERs--Iinw tn MANAGE THEM.