The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-12-04

n these ways employed is greater thnn
ho interest on the capital derived from
he cotton husbandry. The amount
invested in Bank stock alone is equal TO
i. May il not, then, be asked, whether
VIC ourselves have not been warning
against our peculiar ins,itutions2 The
Of the southern community
depends on The strength of,hc tie which
lniles The master nnd slave, and that
again depends chiefly on the profits of
agriculture. Every dollar not actively
employed, directly or indirectly, in the
main business Of our people, or some
other industrial occupation, is OF little
worth in estimating reliable wealth Of
the State. The moral effect, however,
is more serious. BY diminishing the
sources OF direct production which en-.
rich the streams Of industry and pro
gross, you multiply the number Of that
class among lis. whose bond TO the COM
muniiy nigh, be cancelled in day.
AS long rs the interest OF money is lc-
gai'y forced beyond the point which, if un-
restrained, it would usually reach, an equal
ity between it, and the profits Of capital
can scarcely cnsuc, especially, as the lat
ter require skin, labor and management,
while The former is acquired without cXcr-
ton OF body or mind.
The widow and the orphan who are in
capacita;cd for Tic business of Southern
agriculture, have generally their entire
property in bonds and stocks. a portion Of
our male population likewise, from many
causes-thc high rate Of interest for the
use Of money being the prominent one
in changing their avocations, have given
the same direction 70 their capital. They
tind it easier and more profitable TO deal in
Prpe, securities, than 10 encounter the haz-
ardsSof culiva,ng the ground, or of manu-.
facSnring or commercial enterprise. This
is a natural feeling, but for public rulers
TO encourage it by law, is opposed to sound
policy, and at this juncture, obviously de-
trmcntal 10 the interests Of society. little.
larger portion of the capital, SO sclfsIlly
and unpatriotically appropriated, were em-
lploycd in advancing judicious system Of
lii1lernal improvements in draininF and aia.
80 siis laS 81 .ftsfa ard siapk
il, snTetsessr
5ssl 70 oltseft uslr various and h.
tiaiitlr t,fs,iut. milo 5nd ttiie tIi-
| 3yersiEiea .ssatsria
sSs
ilaifsii fiog mont. All n, ibs.
establishment OF direct trade heiwce,,
South Carol;iH;a and The commercial. n.sinn,
OF Europe, We should soon, not only be
enabled TO enlarge The domain OF our MO
pie, over the physical obstacles that so in
jurtousiy creumscribe il, but results of a
political character would follow Of incaIcu
!abie magnitude IN the State.
In nineteen States OF the Union. .b, mn
thcr'zed rate OF interest for borrowed
money is u per cent; in six, it is 7 ner
cent; IN tour, 5 per cent; and IN one. :
per cent. What the regulation is in Ca,;,
iornia am uniformed. OF the old tb;r.
teen States. higher rate than @ per cent
~ allowed, besides our own, only in New.
YORK, Georgia. and New Jersey. New
York being the commercial cmnor;un ~
our country, and the rcccn, sel;lcmnn, ~
a large portion OF Gcorria, are causcs
which have sustained in those a demand
ior money, and gwen it value, which docs
no. exist in South Carolina.
AS gcrmanc 10 the general sub;ec, nm
der consideration, trust that I NAV be ex-
cuscd ior repeating my Recommendation
drainage law, and tho est,
bIishmcn, OF 4 Board TO remove o,,s,rnn
tons in streams.
The imminent peril in which our pccu-
I'ar institutions are placed. thereby rem.
AeFihG u necessary on the par, OF the South.
ho' on!y 10 protect, but 10 strengthen and
peTpctdate them, have induced me 10 advise
nc passage OF law, cxcmp,ing the home.
it sd and one or more slaves from finn,
process.
On ;'I's subject, it is incumbent on mo
hcfcly 10 remark that such an enactmcn,
NouId check the spirit OF emigration. in.
,reaSe INC value OF slave property, en-
,"i'2%c all classes OF society 10 possess il.
~" insure 10 the unfortunate, especially
ne "iH"w and the orphan, perpetual
'"eNing place, accompanied bv the means
}, h'aIin@ !io snpporlab!c, ii not comfor,a.
'G: ~ order That It may not operate pre-
'"'c''i'v upon creditors, the law should be
respective IN lis operation.
inc pub!ic safety demanding the nro,nn,
Accui'"n OF the resolution OF the I.cris.
''"'c, passed IN ISIS, 10 increase tho u,i,n.
c' OF snai' arms To twelve thousand.
"e purchased largely Of tnuskcts and RI
cN' ana caused several thousand ,nuskci r
oT"uirc'nen(S Ia be manufactured princi- :
any ~ ifi's Town. The actual number :
s'"''i arms and other implements of ,
,"' on nHH'! AZ thc time | entered into Of =
&C, G, "n" since pat into the Arscnals by nv b
r9er' 20" '''il ind in Exhibi. a. ' /,
q. ~ an early period Of The present year h
sued Tic most vulnerable situations ~ ,Ln
tate, IN order 10 pro:ide .r tDrtn tho
cans Of safety The result has been tho .
'cctlon OF Magazines for fixed ammunition {,
III dcpois ior arms at Georgetown and
aauiori. As Charleston is not in tho con
t'on o. defence in which her exposed posi-
'n and commercial Importance ent;tlc
'r to be placed, / suggest the expe1iencv y
furnishing her artillery companies with
20 additional batteries, and again rou,,es, !,
at Instructions DC given to remove the r.
agaZme from its present site TO Citadel ri
lnarc Full information on the latter :,
lb)cct accompanies this communication. Il
The State being muca in need of field ra
eces, recommend that the CO 5ernor be D
to purchase, with view 10 be M
posted in the Arsenals, six l2 brass =
'',,'a' six g Founders, and six 4 gt
ttugIur hnnr, c,h,o,,ol |