Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-12-16

the course of the debate he was afraid we were
in the midst Of a legislative panic upon this
question. He had heard members denounce the
banks for misconduct and for nefarous trafc,
vet he had heard it said that we must not touch
these banks, else ruin would follow. lie would
not say let the ruin come, but lie would let the
issue come and have the question tested. L
The value OF the crops had been mentioned.
He believed we had crops on hand amounting Ill
round numbers to $30,000,00O and yet we are
held at the mercy of the banks. He argued
that with our crops we could buy the banks
three times over. Yet it is averred that we are
dependent on the banks. We are told that our
crops cannot 60 to market without ws suspend
the penalties of the act OF 1910 and permit the
banks to initiate the circulation. friend from
Charleston had SAID that there was not o failure
in that city from SUSPENSION and 1t was well
known that there was less suing and less IN
debtedmess than was ever known.
The crops now are at home, the farmers not
being in debt are unwilling to send them TO sell
for deprecated bills. They have done as Gen.
jackson did, when he issued his specie circular.
The diminished business OF our railroads
showed that the farmers were independent OF
the banks, yet we are told that we must not
touch these institutions less we ruin the plant
ing and farming interests. These bills were not
as good Us cotton-they were selling IN New
York ut 20 per cent discount
He would admit that every country must have
certain amount of currency, but the banks
with us had driven out the true currency-Sold
and silver-and had left us their own bills IN its
place. These bills were not money, they were
simply promises to pay. He would as soon have
the promise to pay of an individual who was
| solvent and there would be this diticrence-hls
would draw interest while theirs drew none
| Solvent men must 60 10 these banks and beg
them to take their notes for their bank bills
1t was alleged that the Bank of the State was
| the first to suspend. The reason was that an
other bank refused to take her bills on deposit;
this created panic, the specie was demanded
and she had to close her DOORS The object was,
he believed, to throw the Bank Of the State in
the breach, so that these banks could say to US,
YOUR own bank was the first to suspend, why
prevent us2
He then referred to the portion of the bill
before the committee to which he was opposed,
viz: prohibiting the issue of bills OF small de-
nomination. He did not believe this practicable
we could not supply them with gold and sill
yer, the small bills of the banks of other State.
would be substituted.
He was also opposed to the repeal OF the usury
laws These laws were to protect the poor
from the rich. The rich men who had the mo-
ney to lend could protect themselves. If the
law was repealed many poor man would be
deuded to pay 10, Is, or 2Oper cent for money
which he thought he could make good in the
future lie thought per cent. was ample re-
nu,neration for all investments. lie knew the
free trade doctrine on this point, but he held
that money was not properly but merely its
counter.
He supported his resolution to appoint acom-
mission, and urged the Legislature not to be
alarmed by these banks, while We had crop
of thirty millions on hand.
In reply to question from Mr.. Mullins, he
argued that circulation Of five Millions or
whatever was actually demanded as circulation,
could purchase and forward a crop valued at
thirty millions to market.
Mr. Mitchell followed, and argued that this
should not be merely personal discussion, but
discussed as question affecting the interests Of
society. The law Of 1910, which had been Of
rered to the banks implied their liability to sus-
pend. The question now was as to the expe-
diency of contenning that law-how it would
effect trade; this was the question to consider,
and not what money should he put into the
treasury. lie did not view the suspension of
the provisions of that act as the infringement Of
great moral obligaton-if he did, he. would
agree TO encounter any pecuniary loss. There
might be muca to punish, and he would hope il
the commission was appointed they would be
| empowered to investigate the conduct OF the
banks.
But he argued, until we could ascertain how
! much of the present condition of things was the
result OF necessity, and how much to be charged
| to reckless miSmanagement, we were not in a
condition to punish or 10 adopt remedy. lie
argued at some length that any measure which
would reduce the currency would reduce the
price of produce. He said the true course Of
the General Assembly at this time was to do
something TO help the currency.
Mr.. Gregg followed in defence of the private
banks, and charge that the Bank Of the State
had caused the other banks to suspend. Had
she been in Is good condition as they were,
there would have been no suspension. Yet the
banks came here with no complaints or threats,
and he hoped no needless accusations would be
brought against them.
Mr.. McCarter followed, but the Committee
rose before he had proceeded far.
Mr.. Mcqueen presented sundry reports from
the Committee on Pensions.
At the evening session, pursuant to notice, MIR.
Sullivan introduced a bill to provide for the
warming OF court rooms where Courts of Equity
were held in the winter.
The bill IN relation to banks was then taken
up, and sundry amendments were offered.
Among them was one by Mr.. Inglis, providing
that so long as the banks refused to pay specie,
they should be barred from collecting their
debts by law.
A motion to lay this amendment on the table
was negatived.
Shortly after the Committee rose, when the
House, at ~ O'Clock p. m, adjourned.
THE PRESIDENTS MESSAGE.
WASHINGTON, December s.
The message of His EXcellencv James Bu-