The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1854-12-05
NUMBER 49.

/ In Jnne last received from Mr. Antbau,y; !
HYDE. of Washington. a treasury draft for sl7'-
7S6 05. which I have placed in the blink 10
tho credit of the State. This is norton of
the sum apnronriated bv,4he last Connress In
satisfaction Of claim made bv tbis State fot
losses sustained in eouippiug n regiment of vol
untcers, in 1886, for the Florida war. 1t an.
pears that there is the further surfeof sL5S3
\ charge of ten per cent. for commissions
was asade by Mr.. Hyde for collections, but l.
did not conceive myself authorized TO nav II
without authority from the Legislature Until
this question IS determined by You, i have sui.
fered the Sl5s3 above mentioned to.reniaiilin
! the United States treasury, to meet such COM
pensation as you may allow 8
herewith lay before You sbUth Mr.. IIyde's
report upon the ease, sl'd otsssrp apers cmnec.s
ted Herewith. 3
At the last annual meeting Of the Legisla-
tnre, IN connection with the Comptroller Cell.
eral, 4 was airected Dy act, TO issue ponds OF
the tne pate to the amount OF two hundred and and 2
n'sS 'housaho sS ooilarS, (soo'ooo) t.r tue pafs
pose ol 'or%arans 0 ane scohstractloh OF NE
new otate oaPltoi; me-. ne nonds were @ accord.
''isly prepared uhaer tne immaculate auspices
OF tue ffeslaent OF the BANK, were duly exc,
cuted' and offered IN the market Tor SALE But,s
owing to monetary difficulties, there was lrtle
or no demand tor such securities, and but9as
portlon OF them were disposed OF. Under I.
these circumstances, alter consultation with the
President of the Bank, it was deemed ad3isa- z
BILE for him to proceed to New York, and offer
them in that market. There he found similar
~ al klof
that the bonds were made payable at the State
Treasury, and not in New York. as was pre- :.
ferred.
He nevertheless effected sale to the amount
of. $4,000 90
Upon which a premium was re. -
5ceived nett Of. 1898 Ga i
There remain unsod bonds to the -
amount Of. ............ 10000 co. 4.
OF these there are lodged in the
Bank of the State 10000 90
And in the Bank of the.Republic,
|, New York 100000 90
T, oon,oct;on with tb;s ct,toment of onr. a..
n,ncisl Affairs T desire with Great siefsrence.
~ submit . fow suggestions With regard tn The
present condition Of banking operations. their =
efFsct unon the moncv market and unon the
neonle and business q ,ho State.
The Ien:slature two, ycars since acting nm
der what appearcI then to be general demand
for increased banking facilities, established a
number of new banks, thereby enlareins thea
bank;no canitaI to the extent of two millions
SIX huidred and eighfy1ve rllousanu Iour nun:
dred and seventy fye dollars, (S2, ,6s5,475f
The impression, seemed generally to prevail
that this step would make money more abun-
dant and that the increased want of it, both
for commerce and internal transactions, would
be amply met Those. who dealt in stocks,
and in foreign and domestic exchange, joined
the agricultural interests in the demand; and
the result, as has been clearly demonstrated Ly
experience, has disappointed the expectations
of both. Instead of increased discounts by
notes in period of unusual difficulty in mo.
ney affairs, and an increased amount of money
in circulation the discounts are less than they
were previous to the. establishment OF the new ,
banks, and the want OF money greater thanat.
any period since the commercial disasters .ot
1887. Both those who deal in stocks and ex-
alike camorous for some legislation to remedy
existing pecuniary evils.
1t is proper to inquire into the causes whica )
have led to these results, and to ,endeavor to 4
suggest remedy, which l shall do as briefly
as possible. - 81.
1t is well known that, previous to the cfeas
tion of the new banks, at least one.third of 6
the capital and credit Of the old banks was
employed beyond the limits Of theState, WHICH
would go to show that even. then there was
too much banking capital. With therecentin- !.
crease of it, the amount sent abroad is greatly