Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-12-02

SOHil'tlpiS.
The same report will present ,nv ".....,n,y
exhibit of the condition of the banks. Within
ten years the number Of banks has been in
creased to twenty, which arc returned monthly,
with an aggregate capital of Sll ,S5l Oil 70,
with specie bilsis in September Of 999.3J9,-
7i, and a line of domestic exchange amounting
TO S!0,2G5, ,l309S OF the last sum: six OF the
banks i'll tile commercial city OF Charleston
having Il capital Of S,l3G,Gi2 25, returned for
their part only S3,U27 .GjII -. The capital of
the ten banks first named in the exhibit amounts
to $50 III .Gl225; their circulation for Scptcni-
bcr was ESQ S2i; their specie on hand for
the saline month, Sj!1 ,949,lj. The circulation
of the same banks, as shown in the month Of
October, wa, $3,S0G504. and their specie
amounted to $;;l3G, ,SM:9j. The ten banks last
named, having together capital of 81, 100000,
returned for their circulation in September S',-
7l5y344; specie on hand, $lOl ,43O2l. The cir
culatiun Of the same banks, as shown i'll the
October exhibit, Was $3,2lS,3lj 80: specie Oh
hand: :S2G7 :S07,ll.
p, the first half Of the year, was pleased to
learn that the bills of the principal banks i'll
South Carolina constituted still Il portion Of the
most approved. currency in the West, and were
available also to travellers as far North as the
CITY of New York. Those of some uf the small
Ter banks, it was said, were sometimes iound at
certain points in the Western States, circulating
too freely and in too great numbers. In grant
inr charters hereafter, think it would he well
to conlinc the banks To dealing in exchange,
discount and deposit. The issue Of bills for cur
rencv should be the l'rcrogatire OF the Bank OF
the State, which, in its turn, should he denied
the privilege Of tliscounting notes or dealing Ill
domestic exchange. The corporations which
demand circulating mc'lium Tor their business,
should apply 10 the State authority lor the same,
,lcpositing one third of the amount desired in
! specie, and the remainder in satisfactory Secllr-
tics so rs to assure the public nl the Sn'lntnrSS
and convcrtibility OF mixed currency. his
suggestion is made on the sllrpoSilnn that the
State will adhere tu the Bank Of the State as
its fiscal agent, not because prefer il rs such.
Unless some such modification of tlr system Inc
adopted, am of the opinion t.at it would con-
.llcc TO the SountlncsS of the currency, AMI more
to the interests Of the Whole community, to
have the banking business of the State done by
six corporations, instead of twenty.
recommend that the laws against llSlry nc
repealed, leaving the legal rate of interest ut /
pcr cent. where no contract is made. Acknow-
lodging the principle Of this reform rs soun,l,
have hitherto, in another capacity, refraincd
from pressing it, believing that the public mind
SHOULD be prepared for it ny full discussion. [
am now Of opinion that It should no longer be
postponed. Money is entitled TO the hcleiit cI
!: market as we'll as every commodity; and the
owner of money should not be denic,l the privi-
lcsc of lending it except through the artificial
and sometimes costly, medium Of a corporation.
Banks too, should be allowed to take, for the
Use of money loaned, whatever it is worth in
the market and be thereby relieved from the
tempting facility of cvading the law in order to
increase their profits.
SUSPENSION OF Specie PAyMEHTs.-Regard-
inr the recent rcvulson in finance and the cur
rcncy, will not attempt to cnumeratc in eau.
scs, but will venture to direct your attention
not so much to the banks, as to the system o
banking. a system which sanctions the issue
of paper money to SO large an amount, leading
to inflated Credits inflated prices, cxtravagant
habits of living and reckless speculation, may be
supposed calculated to produce crisis sooner Oh
later. The unhappy sinking Of a ship with bul,
lion from California, or any event sufficiently
exciting to create a momentary panic, was
enough to precipitate it. 1t has had the effect
to pbralyzc the arm of honest industry, wher.
ever labor is opposed to capital-to depress the