The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1852-11-30

competence to his family, when the
sudden calling in OF the debts would
have resulted i'll heavy losses to
tho Bank, and brought ruin and bank
ruptcy upon the debtor.
1t is much more crcditablc to the
management of this Institution that it
sllouIu have erred in this particular.
that it should have proved Il relentless
creditor, by forcing sales Of prnptrty
alta ninous sacrifice. II any real
abuses do exist, they ought, most ccr.
tainlv, to BE reformed. Tho existence
of them in a systcn. Is no proof that
they arc incident to it, or that the sys-
tenn itself is bad one.
The Charters of many Of the Private
Baa%.s are about to expire; and in all
probability application will be made
to you fora renewal of Them. What
ever may be thought of the policy of
the Banking System, wcic the question
ct its Introduction amongst us for the
first time made one thing is certain, it
has SO completely interviewer itself in
to all our hali;s Of business, that to
abandon it now would greatly cmbar-
rass he commercial interest and proba-
bly bring ruin on the country. 1t per-
hapS would be wise to re. c.cIartcr them
all; yet some check ought to bc laced
upon them. know of no better than
a strong Bank of the State.
Another argument in favor of its re-
charter is the amount of taxes it saves
to "r citizens. During the past year,
rs have already stated. its profits
have amounted to &219.725, which of
course, has relieved our people of that
amount of taxation. But above all
other reasons why yon should renew
its Charter, the fact that the honor Of
the State is pledged to it should have
greater influence with you than any
thing else. Wien the Fire Loan
Bonds were nssslateI in England by
l:.,.,,,:. Ex:GoyqssE Rs, 5j '.stGa sstt'n,tys f
gor lhefl-f pay lfft'iit.- Thus it would ap-
'pcar hat Il refusal to rc-chartcr this
Bank, at least until these Bonds are H.
qnIda'cd, would involve VOCATION of
the pledges, affect the credit, and ,arn.
lSh 20, honor of the State, which every
Carol gNn should regard rs sacred as
Without making positive recon-.
mrndation on the subject, ! suggest the
pr"pr.c'y of considering Il, tim. whcth-
or 1t would not be wise. under existing
circumstances, to increase the carital of
the Bank OF the State. The great in.
crease of all kinds of business. caused
by our Rail .soad:', calls her additional!
Banking Capital. Some of the large
manufacturing establishments which
have recently sprung up amongst MS.
have been yrcatly Y embarrassed durinr
the past summer for the want of Bank
accommodation. In fact, the conpIuint
is very general on this subject. No
doubt this state OF things will produce
for charters for more
Bauhs. Now, as the Banking system
has proved so highly profitable, would
1t not be wise to appropriate II large
portion Of it to the State, and thus IN a
measure free oar people from taxation.
B"t a stli! stronger reason for an in
crease, is to give it the power of acting
as check upon the private Bn,;ks.-.
They are certainly much to be dreaded.
if left entirely uncontrolled When
the condition OF the country is prosper
onS, the temptation to expand their
and thus increase their profits
IS almost irresistible. Sucn cyran-
slons cause all kinds of property to as
sumo fictitious value, and the whole
country runs riot in the Widest spccu-
IaiIonS. Scenes Of great distress al
ways follow sucll periods as thcsc. and
IS generally fastened and rendered s,ill
more terrible by the sudden calling in
OF the debts. and the contraction ofthc
currency. IN expansion always runs
It far beyond its value, and Il contrac
Ion far below. Even the price of our
great staple can be affected by the
Banks refusing to lend money freely,
md thus seriously iniurc the planter.
There should be some check upon
his immense, this fearful power.
know that great fears are enter
aimed rs to the political power which
| strong Bank of the State would WELD
but these are rather imaginary than
cal, ifyou will reflect that il will be
entirely under the control ot'thc Lcgis-
aturc. It's officers arc elected annual |
y, and of course could be removed if |
"rnd cxerting any influence at vari-
lncc with the true interest OF the pco-
bic. All the arguments which 90 to
'stabllsh our fears that cnrrupting in
f'encc might be exercised upon the
politics OF the country, would equally
pPIy to private Banks. If there is
NY real danger of such influences from
noneycd mon"polics, it is far better
nat they should he under the control of
he State, than that they should control
See Mr. AlcDnfIie's letter to Col. EImo,.
,J,y