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

and the people thus become virtually endOrser
of this Bank Director. Can anything be more
unsound in principle, or corruptng in practice
And yet this is the legitimate result oftEc union
of Bank and State.
think, then, may fairly take it as demon
strated, that the Bank of the State is an institu
ton at variance with the spirit Of our Constitu-
ton founded on erroneous principles, and con-
trary to those Republican maxims which lie at
the basis of all constitutional liberty.
5. The next proposition which, will cndcavor
to establish, is that the Bank of the State from
its very nature, operates to mislead and lnfiu-
ence in wrong direction, President, Directors,
and the Legislature itself; and that, il the Pres
ident of the Bank be a politician, the Bank vlr-
tually gives a master to the State.
Let it be obse~cd in the first place, that the
Directors are appointed by the Legislature; and
when once in Office, there is nothing to check
them in making returns to those who have help
ed them into place. In Il private Bank, the ill.,
terest of the Director in the Stock, or the inter
est Of the Stockholders themselves, would fur
nish some check. But on neither side do these
Influences operate in the Bank of the State
The member of the Legislature is tempted to
favor lis Director the man who is likely to IA
vor him with accommodation and on the other
hand, the Director is inuch more likely to favor
a man of political influence in the Legislature,
than Que OF mere pecuniary credit. The ten
dcncy of such system on both parties must be
most unfortunate; and the experience of our
Bank has most thoroughly verified it. For ev-
cry enc admits that the scramble for scat at
the Board of Directors, and the scenes of elec.
tioncering which are exhibited about this Hall,
are anything In: edifying to the friends of morals
end good order, and must even shock the sensi-
bilties Of the friends of the Bank ITSELF
But the most bancful influence is that which
is produced upon the councils of the country, by
the secrecy which is wrapped around the cou-
cerns ofthe Bank. Members OF tia Legislature
become the subject of its influence through both
hope and fear. A man may have procured n
large loan which it may ruin him to be called
on to pay. A measure vitaly interesting to the
Bank may come up for discussion, and this very
man may be a member Of the Legislature which
is to act Were it known that he was in the
power of the Bank, his influence would be lost,
and his words would be unhecded. But shroud-
cd in darkness, he is allowed to stand up here,
and commend himself to his Bank supporters,
or lie may even be constrained or urged by
them to take their part, and assist in sustaining
their power.
Again The natural tendency of all power
and influence is TO seek its own increase. The
President and Directors are ever on the alert to
increase the funds of the Bank, and thus to ex-
tend their own power andiltlucuce. Every oc-
casiou is seized to stave off the payment of pub
lie debt, or other demands winch may diminish
their resources; aud the result is tlat Govern.
ment Banks are ever the active fosterers of all
schemes of extravaganza and wastcful eXpcn-
tliturc We shall see in another part Of this az
pument whether our Bank has escaped this evil
tendency.
The last consideration which shall urge Oh
this head, is that State Bank, which ought in
fact to regulate the currency and keepit sound,
operates the direct contrary, and furnishes an
unfortunate and evil example to other Banks
This consequence results from the impuuity a.
tending their delinqucnces. They know that
the State will exact no punishment from the
Bank for trying to make money. Instead there
fore of keeping on hand large supply ofspecie
to redeem their paper, they increase their issues
on the one hand, because that is profitable, and
diminish their specie on the other because they
lose interest by keeping large amount ofcoin;
and having thus increased the disproportion to
the greatest degree, they furnish an example,
bchind which the private banks gladly shelter
themselves. The Legislature iisclfis prevented
from doing its duty, because of the influence of
the bank itself upon their deliberations; and be-
cause of the just application of the adage, that
the physician should first heal himsef The
State is obliged to sit down, and see the best
interests ofits people endangered by NJ unsouHd
and fuctuaing currency.
g. Having thus established the radical un-
soundness of principle upon which the Bank OF
the State is founded, proceed i'll the next place
to show, that the experience Of other States
unitcs in condemning all similar institutions, as
bancful to the welfare of society.
The Bank of the United States has furnished
striking history on this subject, that our peo,
pie (who lost three millions in its catastrophe)
need not be reminded of its details. Its con.
demnation is written in those deeply traced
characters of national suffering and abhorrence,
which trust will never be erased from themcni-
ory of our people,
The Pct Banks (as they were Familiarity term
cd) furnish another example of the disastrous
union between Bank and State. Our State
from the earliest moment, wro;e her condemna-