The independent press. (Abbeville C.H., S.C.) 1853-1860, 1855-03-23

will give place to 'corn dodgers" So our
boarding house Threatens There is in this
city and in thirty miles around sixty thou
sand cotton bags, which if sold at n fair price
would bring s25O,ooo. This amount put
in circulation would surely relieve Tie mo-
ncy market for a time at least The scar
city of Banks in this State makes capital
very scarce. There are but two in the
State, one at Mobile an,! one at Huntsville
This city gets no benefit from either of fthcm.
The public capital of this city consists of
one horse-bank, under the free banking
system, called the Bank of MONTGOMERY
with capital of 100000, and the Mont
g"mery Insurance Company, of some larger
capital, but which cmts no bills. Besides
this, there arc Il dozen brokers, with per
hans s25o,O0O. But the most of the cap
ital here is furnished by the agencies of the
Carolina banks. There is not a onc.horsc
bank in South Carolina that has not got
its bills in circulation here. BY this they
gain double advantage. They get
,surlous rates of interest, and get their bills
far from home, which secures them against
rush upon them i'll critical times. 1t is
benefit to the business Of this place, but it is
an outrage on good faith and honesty, which
your Legislature ought to inhibit. There is
not commercial town in Georgia, Tenncs-
see, Alabama, Mississippi, or Louisiana, that
is not largely supplied by the money of
your banks. Your Hamburg Bank, which
[ believe has capital of 100000, lends
$4,000 at home, and uses the other nine
tcnths abroad. said this was an outrage
on good faith and honesty. Now, it is evil
dent that, when the citizens of any town in
your State, ask the Legislature to charter IL
bank, in Columbia for instance, that it is the
implied agreement between them and the
Legislature that the Bank is to benefit the
people of the State, and particularly of the
locality. Cnquestionably this is the prom
isc they hold ont, for with what face could
they ask for a charter to lend money upon
fictitious capital to the people of Mississippi !?
And when your Banks transport their cap-
tai to foreign States, and refuse it to its own
distressed communities, they do commit an
outrage upon good faith and honesty.
know that it was Mr.. CUNN1NGnAM's in
tcntion to correct this evil. What was
done i'll your Last Legislature am not aware,
| y = | rJ,nll rnn,} ,f tl,.,
"A large Bank is soon to go into opera
ton here. Its capital is about 100000,
and large surplus is already subscribed
AS is usual, however, there is quarrel
among the subscribers, several parties con-
tending for the control Of its capital and op-
erations. Whether they will compromise
or engulf the institution in 'thc delays Of
chancely" has not yet been seen. Strange
to say, cotton still keeps firm. \ decline
in Europe and low water have no influence
on some crazy spectators here. Cotton
goes now at from to cents. Of all gam
blers, cotton buyers are the most tool-harly.
L heard OF one case, here, when cotton was
sold i'll the morning at l-2, and tn" same
article sold the same evening ut ; 81.
Before dismiss the subject of bant:,,,,
must say, that in your State, it has reach
ed the degree ola public nuisance AgricuI-
tural communities have no need of banks,
and they never work well among them.
The fact is, the banks in your State were ere
atcd to supply capital to foreign States.
The confidence which is felt in Carolina
Banks is the cause of this. From the Po-
tomac to the Mississippi, and from the sea
to the Alleghanies, the Banks of your State
pass freely at par. 1t is a asingular fact, and
is not true Of any other State.
Your State deserves credit for avoiding
the late liumbug Of free banking. BARxUM
never invented more unmitigated humbug.
The great principle Of the system, "the ul-
innate security" will never suit the cxigen-
cles OF commercial community, When
a Bank or all individual suspends payment,
however ample the assets, their bills will be
at discount. Fact is better than theory,
and the fact that dozens ofthcm have bursted
proves thefallacy Of the argument, however
specious, which claims for them the impos
sibilty of failure. But have said, enough
on this subject.
IN December there was meeting here