Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-12-09

...,J t.I...'fI what ne WOulQ nave 10 say
woeld infringe somewhat upon the action Of the
banks; but he, and every member Of this House,
were here in apublic capacity, clothed with the
sovereignty of the State, and it was our dutyto
see that the State suffered no detriment from
our hands. The State had passed. laws and now
calls for tue execution Ut those laws.
The first resolution, which was as follows:
"That the issue of notes as currency is a privi-
lese granted t, tue banks upon the implied
condition that they Will redeem such notes with
coin, at the pleasure Of the holder; that the
failure to perform this condition justly forteits
th privilege, and should deprive the banks Of
the profits arising from such issues; that the
Act relation to suspension of specie payments
snpr- contemplateS such privaton in the form
of a I. nalty OF five per cent. per annum upon
tie cir ,lation of eacil suspended bank, and the
State srcull insist upon payment of the same,
SO long ;' the banks SHALL continue to refuse
payment n Specie" states that the issue Of
banks no. ) as q currency was privilege
granted to anks by the Legislature, upon GER
tain compile conditions; that they should re-
deem such nCtc with coin at the pleasure of the,
holder, and in case Of failure to do this they it,
cured prescribed penalty.
4'hc banks had refused to redeem their issnes
Will coin, ana HOW Tue Stillc luSSlcu tulI lEe
penalty should lie paid.
Could it be said that there were no evils
arising from snSpcnsion2 Aside from tic po-
lit;cal evils, there were moral evils, which cause
lis to shudder when we thought of them.
The banks had issued promises to pay, which
they refused afterwards to redeem, and should
thev not be nm,!c to SITTER for not fulfilling their
ublig igations? Should we say TO the banks that
they were jrls:iliablc in such proceedings, VIC
might with the same consistency say the same
to our merchants and other tradesmen that
lhcy were justiiiablc in refusing to fulfill their
obligations.
These suspensions produced great evils upon
the rcople of the South. The prices OF cotton
and rice were fxc,l in foreign countries. Before
the suspensions these articles brought lalr pri-
cc;, but after, by 4 sort OF machinery, the pri-
ce, were depressed in Europe, and tie South
would lo.c nearly S%0,OUOOOO by these su<lrn-
sOns. Who had forged these claims upon us?
Who were to blame for all this mighty injury?
1t was done by the banks in New York. They
Suspended for Il particular purpose, and still
kept that purpose up, for there is moro gold at
present in New York than had been for several
years lie would not say that the banks ul
this State had been concerned with these New
n iGrM 'i',,tI ,t ,bnr ,.r. sc cnnnected with Them
!n'l; D"S tr.,:'s,cInns t that Wien thc former
en- ca '"S, n,,rs won't wth tLem Did auv one wisl,
W. 900 IL. larls nC this State 10 be dependant
~ su' ,t, l"0 E"m. To,l h.nls for one hr wshcI
1p',' .... ",'d ,;m;t thnm - ~ tn ensnr ca.
cure ami stable currency.
Dcorc the act of 1910 was passed, the banks
wl,eM t'Iy Su,Ien.,e" nS;In,a,, .m ;ns,I,
ou' 'ne ne.''o,e 81. vi tarac'ra th. ,., ISiO
alc rc'',euy "n,. t"s.e'o.. ~. Io ,a ",
was Ssca lla' aet neie, G StuseG ,,i"I ,,'' I -
would never su,peno' , p"t !. ":I' '...e.se" ~
h'' anu rcs',irt r,: tIo "l"HS 81 a. " l''''"'
''.," ''''" VI l'''.''"' -, .;.,
Alr. MrIl''ni's'r ''''' l"oe'''.''' m y" sn'
history I" ,"r ''a!'N> s'n','"! ;,'i ~ 'p'"l't III
men ny ,'l''Nr'Pl"'n =" up = ."''" ~ = ;"a '.
mn III ,.;hs'fT' Procure '':''!',', ""' ',".
"frS. ih'% '';''' u "!.e'' iG'',I M :" E,.' "''S
their capital but 50 soon S AL 'ne e''la'''i w's,
loaned ont, AMI lley 'SS''c :, p'"i'..t' ~ Es',,
these note, were not "Stl''al p't crc'''lS'
The banks are allowed TO charge siN per cS'll.
for those exchanges o! c[ea'!s, so long ns lucy
would redeem win com, put Hne" tney iI'us.o
to DO that they snoulo not prom " Susn sos sIn
pension, ana 70 10 secure 'ls emu & snv a. ~
was passed. Inc just mettoo "ouiu oe ~ man I
the banks pay the nye per GIn', " t"e ,,' o.n'
holder, but the diiicuhy Wo"!o pe " 1''.i '".n'
rs money vas. contlnualiy Ill clrculal.nn; ene
State, therefore, rc4alrcd them 10 pay Tue Ne
/ M r. treasury, i