Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1857-11-26

ted ANY Bank which should, for more than
thirty days consecutively, have circulation OF its
bills greater than three dollars for every one IN
specie in its vaults, should forfeit ten per cent.
per month for such excess. The existing law pro.
hibting any Bank from paying out the bills OF
other Banks should be so modified as to prohibit
only their paying out the bills Of the Banks OF
other States.
That some such wholesome laws or regulations
should be made to correct the evils Of the present
system, is clear and indisputable. Can any sys'
tcm which yields such an enormous pront Oh caPi-
tai be Just and wise, as is now enjoyed NY Tue
Banks of South Carolina? The citizen can only
realize per cent. on his loans, and yet, when his
capital goes into Bank, through its mutitari9us
and iegitimate operations he realizes, by de-
clared dividends and reserved funds, which is
merely q dividend to be paid in future, the enor'
nous sum of 20, 80. and, in some instances, 1t IS
believed even 40 per cent This is the range Of
interest which the Bank capital of this State mas
yielded for the last fiscal year. Are the prohts IN
agricultural, mercantile, or other capl,nl 10 DC
compared with il? And can charter merel
Justly give such n decided advantage to Banks
over all other capital? The Comptroller General
apprehcnds not
it is to be deeply regretted that the Bank OF the
State led the way in the recent suspensions, nut
the most casual observer can easily detect inc
cause This Bank and its Branches at ColnmDla
and Camden are the only Banking Institutions IN
the State that have extended my reasonable al" 70
the farmer and planter, or that has shelaeu the
property of that largest and most valuable class
ofcitizens from the greedy spirit OF gam so rile
amongst the other Banks. At the close Of the tls-
cal wear it will be seen that this Bank and its
Branches had expanded themselves to the utmost
limits of prudence by accommodation loans III the
shape of Notes Discounted on personal security"
HBouds' Monies invested in "State Stocks, by
advances for the State, &C., &c. The loans DIS
counted on personal security alone, the bulk OF
which is in the hands of planters. factors ana
merchants amounts to So, 08G, ,SS4 I'll, being near.
" one third of the whole of the sum thus invested
by the whole of the twenty Banks in the State
To shelter themselves, therefore, under the wings
of this Bank, it was doubtless thought to be go q
policy to drive it into suspension first. hence 'ne
run that was made upon this Institution compei-
led it to shield its own and the States interest oy
promptly refused any longer to be thus used, and
at once suspended. Some apprehenslons nave
been felt in various quarters to the sovency OF
many of the Banks. Should any of these prove
insolveut, or not have abundant assets to meet
their liabilities, the country has double guaran-
ty in the fact that each and every stcckholder is
liable for double the amount Of his Stock for the
twelve months next preceding its TT nsfer. BY q
close analysis of the reports. it will >e seen TINT
the suspended Banks are in as good, or well-nlgi
as good position, as the non.suspended ones, and
that the depositors could drive any one OF them
into suspension at their pleasure.
The Comptroller has notified the Presidents Of
each of the suspended Banks that he will enforce
against them the penalties prescribed in the "a
Section of the Act of 1910, and should the Legls'
lature not arrest him, by some Act at the ensuing
Session, he promises to make all those who have
violated that Act disgorge themselves of some OF
their ll-gotton gains, and save the country there
by of some Of the burthens of taxation.
J. p. ASHMORE, Comptroller General.
November, 1857.