Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1852-12-01
EDGEFIELD, S. c., DECEMBER 1, 1852.

indulgence has secured the final payment OF th
debt, aud ut tho same time enabled the cTedto
to secure 4 competence to his family, when th
sudden calling in Of the debts would have re
suited in heavy losses to the Bank, and brough
ruin and bankruptcy upon the debtor.
1t is much more creditable 10 the management
of this Institution that it should have erred il
this particular, than that it should have provct
relentless creditor, by forcing sales of propcrI!
at ruinons sacrifice. If any real abuses dt
exist, they ought, most certainly, TO be reformed
The existence of them in 4 system Is no proc
that they are incident to il, or that the system
itself is n bud one.
The Charters of many of the Private Bank:
arc about to expire and in all probability appli
cation will be made TO you for 4 renewal o
them. Whatever may be thought of the polio!
of the Banking System, were the question o
lis Introduction amongst US for the first time
made one thing is certain, it has SO completely
interviewer itself into all our habits Of business
that to abandon it now would greatly embarras:
the commercial interest, and probably bring ruiz
on the country. II perhaps would be wise to
rc-rlarlcr them all yet sVme check ought to be
placed upon them. know of no other better
than strong Bank of the State.
Another argument in favor Of lis re-char:cr i.
the amount of taxes it saves our citizens. Du.
ring the past year, as have already stated its
profits have amounted TO S279,725, which, ol
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 Safe is pledged TO it should have
greater influence with you than anything else
! When the Fire Loan Bonds were negotiated in
England by Ex-Governor McDuliic, The profits
of the Bank were pledged as a security for their
payments Thus it would appear that Il refusal
to re-chartcr this Bank at least until these bonds
are lqudatcd, would involve violation of the
pledges, affect the credit, snd tarnish the honor
of the Stale, which every Ca:olinian should re-
gard rs sacred as his own.
Without making positive recommendation on
the subject, suggest to you the propric!y of
considering at this time whether it would not be
wise, under existing circumstances 10 increase
the capital of the Bank of the State The great
increase of all kinds of business, caused by our
Railroads, calls for additional Banking Capital.
Some oi the large manufacturing establishments
which have recently sprung up amongst US, have
been greatly embarrassed during the past sum.
incr for the want Of Bank accommodation. In
fact, the complaint is very general on this subject.
! No doubt this state of things will produce ap-
plicatiuns for charters for more Banks. Now,
as the Banking system has proved so hghly pro-
titaGle, would it not be wise to appropriate 4
large portion of it to the State, and thus in II
measure free our people from taxation.
But a still stronger reason for an increase, is
to give it the power of acting us Il check upon
the private Banks. They are certainly much to
be dreaded, If left entirely uncontrolled. When
the condition of the country is prosperous, the
temptation TO expand their currency, and thus
Increase llcr profits is almost irresistible. Such
expansions cause all kinds Of properly to assume
Il fictitious value, and the whole country runs
riot in the widest spcculations. Scenes of great
distress always follow such periods as these, and
is generally hasteucd and rendered still more
terrible by the sudden calling in of The debts,
and the contraction of the currency. In fact the
value Of the property is almost entirely at the
mercy of those who control The currency Of the
country. An expansion always runs it fur be-
yond its value, and Il contraction far below
Even the price of our great staple can be affect
ed by the Banks refusing TO lend money
freely, and thus seriously njure the planter.
There should be some check upon this i'm
mcnsc, this fearful power.
know that great fears are entertained as to
| the political power wlicl, strong Bank of The
State would wicld-but these are rather imagn-
ary than real, if you will reflect that it will be
entirely under the control of the Legislature.
Its officers are elected annually, and of course
could be removed ii found cXcrting any nhu-
ence at variance with the true interests Of the
people. All the arguments which 60 to estab-
lish our fears that Il c0rrupiing influence would
be equally applicable to other Banks. If there
is any rea! danger of such influences from mon
eyed monopu!ics, it is far better that they should
b. under the control Of the State, than that they
should control the State The Bank of the
State is directly responsible to the Legislature.
while the private Banks are perfectly indepcnd-
cnt Of it, from tho time they receive their char
tsrs, until they expire;
If you, in your wiEaom, should dceri that it is
incxpcdient 10 increase the capital Of the Bank
of the State, SO m TO give it the controlling in
fluence, prudence requires that you should grant
no charter TO any private Bank with capital OF
sufficient size to give such influence 10 it. No
Bank should be chartered with Il capital beyond
q million Of dollars.
The Lunaic Asylum, that charitable Instiu-
ton so credtable TO the humanity of the State,
demands your special care and attention. JUS
ticc requires that should again report TO you
not only the admirable order OF its arrangement,
but the devoted attention of its officers to the
delicate and laborious duties they are called upon
TO perform.
During the past year forty-four (lI) new pa
ticnts have been received, thirty of whom arc
pay patients, and twenty.eght of those hereto
fore under treatment have been dismissed, either
entirely cured or greatly benefited. The build
ings are now not only full, but crowded. was
particularly struck with the want of room in the
enclosed grounds. They are altogether too
much confined either for the comfort of the pa.
tients, or the degree of exercise which nigh,
conducc TO their final cure The Improvement
of the age have shown that the original build.
ing was improperly constructed; but the addi
tions which are hereafter made can be done in
accordance with those improvements which will
greatly remedy the defect.
If the Legislature will grant further aprro.
priaton. it is proposed TO enclose with wal
four acres of the lands belonging to the Asylum
on the east side of it, and erect suitable build
ings to accommodate the female patients. Fol
this purpose the Regents, Physician, and Super
intendcnt ask al appropriation of thirty thous
and dollars. This will enable them better to
provide for the reception of pay patients, which
will greatly relieve the State Of tho burthen oi
the Institution, perhaps TO sufficient extent
even to reimburse it for tho amount Of the ap
proprialion; as for the want of such accommo
dations many, who arc able and willing to pay
highest, ure carried TO other Institutions. Al
must feel it TO be the duty Of State to pro
vide for that unfortunate class of our fellow
Creatures who have been deprived of reason