The independent press. (Abbeville C.H., S.C.) 1853-1860, 1854-12-08
ahsnw.


ss. S.ato were paying oniy nve 70 seven per
[cepts per annum in dividends, thus showing
eonclusisely that a very large portion Of our
banking capital Vas, and IS, diverted from
the uses ofsour own people to supply the
Etinansiak necessities of tho people of.other
States: I shall lsSt here refer to the hazards
ia banking, and othsrintcidental objections
Fto such system, where the field of financial
operations is so remote and uncertain. Ny
objectis to statesuch facts as viii form the
Fbasissef. legislation to remedy former errors,
satisfy tue public wants, and correct the
Fpresent evil as far as it may be done with
safety. But upon this head a great difficulty
presents itself as. to mode which will not
embarrass the community, affect the value
OF property, or interfere.with public credit.
/. Undoubtedly the power rests with the
Legislature to alter or amend bank charters.
They are no longer independent as formerly,
mt are in all respects subject TO your revis-
ion, To use.1hat power, however, unless
for the strongest reasons, is always questions
able, and sometimes dangerous, as, eyinced
by the financial history of other States,
particularly in tho Wesk1s
The lazy regulating bankssi Massachusetts
was intended ito Be. an effectual check upon
the abuses practised bys them. That law
restricts them to operations at their own
counters; denying them the privileges a.
broad II such rule is never evaded, ,sit
maybe attributed rather to the honesty 81
othcersHhaip to any want Of financial skill.
An evasion Of the iawiaaepdersd easy by
making loans to.agentsS shall. stpulate
to circulate the Issues of .bankss paving a
fixed sum for their use sobligatine them
selves to make returns at The time agreed
upon, and stipulatihg, also osfor the description
OF assent to- be received by the sbanks in,Tes
turn. tits moro than ssloubtful policy to
pass any which can Be SO easily retfdered
nugatory Besides, if complied with, mani
fest injury would result to a portion or such
institutions. Banks in this State usually
transact large amount of their business
Pttrough agenss and are dependant upon
them for supply of Northern exchange,
wnichsean only be obtained in tho seapofts.
10 prohibit the use Of agents tothe country
banks would seriously. embarrass them.
Without exchangesthey' could not supply
the wants of the interior, and their issues
would, therefore, besdepreciated in the sea-
ports; thus giving ID banks, there located;
great advantage in business. gsfss 3 !
In questions ofsos much compsyify as
those relating to :Baakihg, it is extremely
difficult to point outsS remedy for errors
which exist in the system. : IN Tie ease, Sow.
ever, which I espeaentedtto syon, the
evils will, ias part EFFECT their own cure
When Alabama shall :haya. incfsased ;lier
private banks, and thus sappl the nopeyed
remedy r, Mississippi and Florida vilEfollpWs
the examples lE that event the field ofpps
Grafton Of theSbaaS Of stlta State dvill sbe
eEcumsctlbsd. And banking having it's slss.
ness diverted IRON those chant ls,#in retain
Y. y u 1he state 9 g.eater abund denss Of capital
more eftect1M Ienedy fgn the scafeitY 81