The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1852-12-01

sustained in it by high authorit-. One of
my predecessors called upon ali the Com
missioners of Free Schools to make re.
ports OF the condition of them in their re-
spective Districts, and to suggest such al
terations and Improvements as they deem
ed necessary. These reports were placed
in the hands Of DIR. Thornwell and Bishop
Elliott, who, after a careful examination of
them, recommended the plan which have
done. ,rai @ .'.
The Bank of the State, according to
Report made TO me by its President, is in
a highly prosperous condition. The capi-
tai is 100000 more than last year.
The capital in use may be
set down at $3,45O,OOO
Deduct Fire Loan Bonds 20S,5OO
3,l52,5OO
The profits arc 3O0,4O5
Deduct Interest OH Fire
Loan Bonds 2o,6sO
Leaves 279,725
which is about 0 per cent OH its capital.
The Charter of this Bank expires in
1856. The short time it has to run rem
dcrs it proper that you should consider
the question of its rc-charter ut this Ses-
sion. l think there are many reasons
why it should be re-chartered. This In
stltution has proved itself to be highly
useful, and safe as fiscal agent of the
State, and has aided materially in sustain
ing our people during the severe moneta-
ry crisis through which we have passed.
AS all human institutions are imperfect,
no doubt but some instances of misman
agement have occurred in the conduct of
Its affairs. believe the only mismanagc-
ments that has been complained of is an
over indulgence of some OF its .debtors.-
have not been able to learn, however,
that the Bank has sustained any losses
from this cause. In some instances long
indulgence has secured the final payment
OF the debt, and ut the same time ena-
blcd the creditor to secure competence
to his family, when the sudden calling in
OF the debts would have resulted in heavy
losses to the Bank, and brought ruin and
bankruptcy upon the debtor.
1t ls much more crcditablc to the man.
agcment of this Institution tina. it should
have erred in this particular than that it
should have proved u relentless creditor,
by forcing sales Of property at a ruinous
sacrifice. If any real abuses do exist, they
ought most certainly to he reformed. The
existence of them in system is no proof
that they are incident to it, or that the sys-
tenn itself is bad one.
The Charters of many of the private
Banks are about to expire; and in all pro-
liability application will be made to you
for renewal Of them. Whafeyert may
be thought of the policy of the BAhking
system, were the question Of its intfoduc.
ton amongst us for the first time made,
one thing is certain, it has so completely
,interwoyen itself f--inte all our habits of
||9yS9i93 B fhat t& abapdon il tpow would
= - ~ ~ slie sofR RmerciaI tcrsit,
90. L 6f;,, sl.;h ) Sss ssIs az 81 SSusi : 3
u perhaps would be wise to rc-cllarter
them all, yet some check ought to be plac.
ed upon them. l know of no other bet
ter than strong Bank of the State.
Another argument in favor of its re-
charter, is the amount Of taxes it saves to
our citizens. During the past year, as
have already stated, its profits have a.
mounted to S2T0,725, which, of course,
has relieved our people of that amount of
taxation. But above all other reasons
why you should renew its Charter, the fact
that the honor of the State is pledged to
1T should have greater influence with YOU
than anything else. When the Fire Loan
Bonds were negotiated in England by Ex-
Governor McDuffie, the profits of the
Bank were pledged as a security for the
payment Thus it would appear that a
refusal to re-chartcr this Bank, at least
until these bonds are liquidated, would in
volve violation of the pledges, affect the
credit, and tarnish the honor of the State,
which every Carolinian should regard as
sacred as his own.
Without making positive recommen-
dation on this subject, suggest to you the
Propriety of considering at this time
whether it would not be wise, under exist
ing circumstances, to increase the capital
of the Bank of the State. The great in
crease of all kinds of business, caused by
our Railroads, calls for additional Banking
Capital. Some of the large manufactur.
ing establishments which have recently
sprung up amongst us, have been greatly
embarrassed during the past summer for
the want Of Bank accommodation. In
fact, the complaint is very general on this
subject. No doubt this state of things
will produce applications for charters for
more Banks. Now, as the Banking sys-
tenn has proved so highly profitable, would
il not be wise to appropriate large por-
ton of it to the State, and thus in a mea-
sure free ourspeopie from taxation.
But a still stronger reason for an in
'rease, is to give it the power of acting as
check upon the private Banks. They
IRE certainly much to be dreaded, if left |
entirely uncontrolled. When the condi-
ION of tla co,,t.,, t. ,o.o..>o-s,.. a. |