The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1854-12-06

herewith have the honor t) lav before Won
sue hnnuai Statement of the Bank to the
~ OF October, 1854, showing total fuads
sne amount OF seven millions three hu
ereu ana eight thousand SIX hundred and
"Ne oc!ars and fifty cents, (s7 1903 COS ,5O)
Donng the year, twenty five thousand
o.lars $4,000 have been been applied to
the reduction of the State debt.
ny comparing the balance I'm the Treasury
on toe Isl OF October, 1853, with that of n
;uorlesPonaing ;P period during the year 1854,
nW'iI oe perceived that there is a falling off
i eSn'y-ole thousand four hundred and
ON "s y-,mfee dollars and five cents, 1881, ,463,.
co' Inc income derived for several wears
ron ron STOCK in the South Carolina Railroad
: ComP'!ny Will be withdrawn from the Trea-
y, III consequence of it's exchange for
tp s.Ich N Other Railroad Companies. On the
sLh' u'uu' 'here is reason to suppose that
III. o"sh receipts from taxes will consider
Gainy exceed those of the last year. In the
oppe' DIVISION alone, the receipts from this
H. tt exceed those of the year previous
tHe sum OF eighteen thousand five hun
cred and thirty ght dolIIrs and seventy.
Two cents, 81 s,53S.72.
IN June lust, | received from Mr. An
thony Hyde, Of Washington, "A Treasury
- !or seventeen thousand seven hundred
anc a,5o etSnty-siS dollars and five cents. ST.
hoo'' Which have placed in the Bank TO
tre cr'dt OF the State. This is n norton
VI tne sum appropriated by the last Con.
ereSS IN satisfaction of Il claim made Nv this
suite Tor losses sustained in eouinp;nr -
IISSsihrht OF volunteers in 1896, for the
r'oIloa war. 1t appears that there is the
.urtner sum OF fifteen hundred and eighty.
tnree dollars 1888 still due under the ap
preparation. '''' "P
"A charge of ten per cent for commits.
S'', o"S was wa made by Mr.. Hyde for collection
uIu NOT conceive myself authorized to
pay IL without authority from the I,orisl,-
'ure' Until this question is d.termined by
you, nave suffered the fifteen hundred ami
e'Shty-three dollars Sl5S3 above mentioned
To remain in the United States Treasury 10
niSeI such compensation rs you may allow.
herewi.h lay before you both Mr. Iyd.'s
report upon the case and other paper. con
nected Herewith. f'f''' 'o'.
AT the last annual meeting of tho Leris-
ihture, In connection with the Comptro7l.r
General, was directed, by Act to issne
eohus OF the State to the amou of two
nunaren and htty thousand dollars, S25O,COo.
tort the purpose of forwarding the construc
tloh Oh the new State Capitol The bonds
were accordingly prepared under the nme.
oiate auspices OF the President of the Bank.
were uuly executed, and offered in the mar
-. tct sue. but, owing to monetary dic.
ficultes, there was little or no demand fnr
such securities. and but a portion of tbam
Were disposed Of Under these circumst,,n-
ces' aiter consultation with the President of
the nanK, II was deemed advisable for him
10 proceed TO New York, and offer them in
''i't market There he found similar diff
cuiues, somewhat Increased from th, fnct
tdat inc oonus We're made payable at the
state Treasury, and not in New York. ns
was preferred ' 80
lie nevertheless effected sale
TO The amount. sI3o Ooo m
upon which premium was re-
celVed nett of. 3aoa az
lhere remain unsold bonds to
the amount of. l3OOOo m
vi those there are lodged i'm
the Bank Of the State. 2oOo8 On
'eeoSheetI6hb ftG i T. this statement of an,
financial affairs, l desire, with great defer.
ehce 10 submit few suggestions with re-
W he present condition of banking
Tperhll9hs' Their effect upon the money mar,
the State. ''''ieSS vi
The Legislature, two years since, aetino
aS ue, Inal appeared then to be a general
nu t'nn:.u 'or increased banking facilities, es-
vi new Banks. thprahv
eElarging the. banking capital to The nxtan,
OF two millions, six hundred and eight = uo
thousand four hundred and seventy. .6vs
dollars, $2,635,475. The impressior soon,
cd generally to prevail that this step would
make money more abundant, and that the
Increased want OF 1t, both for Commerce and
in,ernai l,. Transactions, would be amply mot
Inose who dealt in stocks, and in I,a;s,r, vn
.iid aomestic exchange, joined the apric5i-
tural interests in tho demand and r. ~
suit as has been clearly demonstrates bv
experience, has disappointed the exnect.
uon OF both. Instead of increased Dis
counts oy notes n period of unusuol d;f;
cuity Ia money affairs, and an increased
"uiouhI Oh money in circulation, the di.-
counts are less than they were previous to
tho establishment of the new Banks and
tne want OF money greater than at apv ne
po ou elnce 'he commercial disasters of 1887.
S nosn tnose VINO deal In stocks and exchange,
and those engaged in agriculture. aro aliIn
clamorous for some legislation 10 rer,aJv
existL,g pecnniary evils.
- Is proper to inquire into the c,usoa
Which nave led to these results. and 10 on
GeaNoI 10 suggest a remedy, which [ shall
do as briefly us possible. '""'
It's Wen known that previous TO the
creation OF the new Banks. Mt least ono
third cf the capital and credit of the old
Banks Was employed beyond the limits of
the State. which would go to show that
even then there was too much Banking Can;s
tai. With the recent increase of 4 H..
amount sent abroad is greatly enlarged, and
perhaps Is equal to half of all the BANKING
Ctpisai ~ the State, and whilst Stockhold,
ors are benefited by this mode of onero.
uon' the wants of the great mass Oh the
community are neglected. IL is corto;nIv
10 be expected, that the mon.v of ,he
Banks Will be employed in those places from
Which the largest per ccntagc in business is
70 be derived. and that when the interest NJ
nome non Is restricted to six per cent capital
be had fN' 00"'' 70 W
me utter failure of banking in Miss;s.
slPPi' Alabama and FIorida, Opened a new
ana extensive field for the empIoyment Of
bsnk Capital and the reputation Of the
, banks o. South Carolina, and the credit
which y attached to their issues in those
States, together with the large nor csntaoo
70 be derived there, were Strong tsmnsS