Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-11-29
KEssksE OF TIE sOvKRE0z OF SOUTH
CAROLINA

We End il our Charlsstoa exchanges tbs
message OF Gov. ALLsroF Of South Carolina
transmitted to the Legislators on the 23d inst
On the interesting subjects II Banks, Finance
aud the Usary Laws, be advances the follow
ing views:
In the first half Of the year, I was pleased
70 learn that he hiis Of the principal banks
in South CaToiiRa constituted stili d portion OF
the mosg approved currency il the West, anc
were s~Eailasie also 10 travellers as tar North as
the city Of New YORK. Those Of some Of the
smaller ba-ks- i was said, were sometimes
f0uEd. a certain points ia the Western States,
circulating too fresiy and IN too great numbers.
r. granting charters hereafter, I think It would
be well to coafue the banks TO dealing in ex
change. discount and deposit. The issue Of
bills for currency should be tue pTerogstive o.
the Bank OF the STATE. which, in it. turn, shoald
Be denied he privilege Of discOanting notes or
dealing IN domestic exchange. The corpora
tions which demand a circulating medium foT
their business, should apply to TIE Safe au-
thority for the same, depOsfdRg one-third Of
The amount desired in specie, sGd the remain
der in Satisfactory securities 30 as 70 assure
tie public Of the sounoness asd eonyeItiblilty
Of q mixed currency. This suggestion Is made
on the superstition that the STATE VIII adhere
% the BANK Of the STATE, a. is hscsi agent,
not because ] prefer il as egch. Unless some
such mobilization Of the syssem be adopted, /
an Of opin.on that Il would cOnduce 20 the
s0uuansss Of the curreucy; and more TO the an
tersst q the whole community, to have the
banking bas ness Of The STATE done b SIX cor
0orati0ns instead i # twenty.
Ireoomnend that the Avs sgainst us1Ty be
repealed, leaving the legal rate Of Interest at :
per cent, where ne contract is maze. Ac-
kr5wleiging the principle Of this ref0rm -
rourd, 1 nave hitherto, In another capacity, re-
z aimed from pressing It, believing th2t the
pablie mind should Be prepared Tor X b foil
discussion. / am now OF opinion that At should
"a Longer be postponed. Money is ent.tied to
tie benefit Of a market as well as every com
modify : and tie owner Of money should not be
6suied tie privilege Of lending l. except through
fbs artificial. and sometines cestiys medium Of
: rorporstion. Banks, too, should be allow
ed TO take. for The use Of money loaned, what
ever il is worth In the market, and be thereby
relieved from the tempting facility Of evading
the law IN order to Increase their profits.
The popular sentiment against usuy laws is
daily bseoming more general throughout the
United states. Such laws have long since been
sbolished in Englsnd, and q very serious clog
10 The free and active circulation and uss Of
nOney thereby removed. We hope to see our
own Legislature take some early action on this
SUBJECT
On the subject Of Federal Relations, Gov.
AELsToE holds the following language:
In the occasional discussions OF the political
rosiaon Of the State. I have taken no part.
boarding Il a. yell settled since the CoRgen-
tion Of 1852, / perceive 10 room fer material
da-rences among her citizeas who wish .
aeres. II thsre Be a respectable number who
eszire to sssocia.e themselves with the general
democratic party in the nominating eonvea-
tio1s, lei then DO 60 without committing toe
ststr While indaisiug The spirit Of concilia-
tian. however, il behooves rs 10 beware, lest in
m lind feelings towards distinguished citi-
gsrs al that party, ~ drift into the smooth
~n-.nf az national sfn. The Federal aspect
- Soatb Carolina, 50 far as it is inaaenced by
her 5 sts poity, is obnoxious to many Polit-
clans IL America and sone o. our own good
nsn seen 70 believe, VIII men, mat Il Is