Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1857-12-05
The, Ranka.

We are no apologies for the abuses of
Banks, but we do uot like needless reyolu.
tions. The country is convulsed enough
already with the financial panic, begun in
New York, aud spread over the Union.----
Confidence is recovering; and if harsh and
needless legislation does not take place,
property will soon be restored to its natu-
raj position, aud our agricultural staples
VIII recover their natural prices.
We see it suggested in our Legislature,
that we should adopt the Now York plan
OF securing the people against the failure
OF our Banks, by dopositins stocks, &C.,
with the State Comptroller. This expedi-
ent has not saved the Banks in New York
from suspension, and as to the Banks in
South Carolina failing-when has such a
thing taken place? Banks have failed in
other States, swindling stockholders and
notc-holders to enormous amounts of mon
ey; but when has such a thing taken place
in South Carolina? Atthis very moment,
docs any one doubt the sovency of the
Banksi IN this State They have not sus-
pended specie payments because they are
lnsoivent. Not dollar of their capital is
at any risk. Not note issued is not sure
OF payment. Why then, any new proyis-
ions to secure stockholders or the people
against their insolvency, when neither now,
nor at any time previous, has Bank failed
in South Carolina?
We should remember that no body can
hinder the existence of Banks They are
the necessary fruits and the agents of cred
it; and Credits the necessary fruit of civ
iliSation itself. The barbarian or savage
trusts nobody, for nobody with himis trust
worthy. His commerce is simple barter;
but whore civilization. ariscs-whcre mo-
rality and honor establishes faith-crcdit
springs up. A mans promise to pay be-
comes as good as payment Bills of ex-
change, notes of hand, pass from hand to
hand, and performs the part of money
This is now, mud for half century has
been, the case in Manchester and all the
great trading towns in England. In that
country but one Bank issues Bank notes
but the Bank notes of the Bank of England
docs not constitute ffticth part of the
notes which circulate throughout the coun
try, and perform the functions of money as
aninstrumentof fbuyingand selling. Twelve
hundred Private Banks have arisen in Eng
land toanswcr the demands of credit. They
arc the necessary fruit of credit. In some
form they will and ought to exist. Yet of
the twelve hundred Banks in Great Brit
am, how many have gone down in the late
panic! We believe but two, and one of
these is the Bank of England itself. The
Bank of England acted wisely in suspend
ing specie payments In panic like that
which arose in New York, Banks ought to
suspend; because if they would hold out
paying specie, they must press their dobt-
ors, and wider ruin is produced by this
course than their suspension will occasion
In, the late Bank suspension in South Car
olIna less evil has been produced than in
anyporton of the Union. Our agricultu-
raj Staples have kept up their prices in
Charleston better than in amy other city in
the Union-whilst not a merchant has
failed. 1T thcya dealt harshly with, and
virtually abolished, or obliged to renew
banking by new system and new instru-
mentality, bankruptcy and ruin will spread
over our city. The notes of Banks are on
ly representatives of the notes Of individu-
ais; their Indebtedness of the indebtedness
of others to them. Compel the Banks to
force collections, and where will be our
Merchants and Factors--where will be our
agricultural productions, with broken Mer-
chants all around them? Amend ihe
banking system. Provide for more cx-
tended circulation of specie, by prohibiting
prospectively the issue of Bank notes be-
yond ten dOllats, provided our sister States
will sustain the policy Restrain or pro-
hibit their dealing In domestic exchange
where the chief abuse of banking in our
State has cxisted-rcstrain issues but in
proportion to certain quantity of specie,
but spare the system. Let us not haye
revolution with the tcnfold aggrayations of
financial aud mercantile distress which must
cnsue. AS the Banks hold their charters
amenable to amendments, let not radical
amendments be pressed in the midst of en-
barrassments and financial confusion, but
let them be made (if made they must be)
alta period of calm and confidence. when
the people will not suffer by the change,
and no shock to commerce will paraiyzc its
recovery. q ChaaRss.oa Mercury.
The APPROACHING TWENTY -sEcoNo OF
FEBRUARY.--The Governor and Commits.
soRers Of the Virginia Washington Monu-
mont have taken nieas,lros for the inaue,l-
ration, on tlat blessed day, of the Iloucstri-
an Statue Of sFia3liihgf5liy WHICH viii u iii ,So
placed with its canvass covering on It's
summit pedestal on Che MomtMent, and
will be unfeldsd to public admiration for
the FIRST time on the birth day of the great
-Vlrginian. The official programme Of the
ARRANGEMENTS will he nIIblished baraaftar