The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1857-12-03

ing that tho public mind should be prepared
for it by full discussion. I am now of
opinion that it should no longer be post
poned. Money is entitled to the benefit of
amarkct rs well as every commodity. And
the owner Of money should not be denied
the privilege Of lending 1t except through
the artificial, and sometimes costly medium
of corporation. Banks, too, should he
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 evading the law in order to
increase their profits.
SUSPENSION OF SPECIE PAYMENTS.
Regarding the recent revulsion in finance
and the currency, l will not attempt to
enumerate its causes, but will venture to di-
rect your attention not so much to the
Banks as to the system Of banking. A sys-
tenn which sanctions the issue of paper
money to so large an amount, leading to
inflated credits, anflated prices, extravagant
habits Of living and reckless speculation,
may be supposed calculated to produce
crisis sooner or later. The unhappy sink
ing of ship with bullion from California,
or any event sufficiently exciting to create
momentary panic, was enongh to precipi-
tate it. 1t has had the effect to paralyze
! the arm Of honest industry, wherever labor
IS opposed TO capitalize dcprcss the open
ing market for produce-and to impair the
! confidence between man and man. The
banks in this State were effected by the
common panic, and felt the pressure severe
Iy-some of them yielding to its influence,
have suspended specie payments. The sus-
pension of specie payments by bank, is :,
failure to redeem its notes OH demard-a
forfeiture of its promise to pay in gold or
silver, current coin, the full value of every
bill issued from its counter,-a promise, on
which is based the privilege granted by the
State, to issue bills, and TO circulate them
as currency. However, it may be supposed
to afford present relief to the business in
terests of the country, which, unfortunately,
are so wound up with the banks as to suffer
inevitably from the contraction of their
credits and their stringent demands, it i.
de'noralizing in its tendency.
Tho banks of this State, with which !
am Il: all familiar, are we'll administered
Several OF them have braveIy withstood the
shock, and arc prepared to do lecitim ate
business as usual. All, it is believed, are
solvent. If however, there be some, so de.
pendent on the banks and brokers Of New
York, as to fail in their pledges to the pub.
lie, when the Northern banks fail, it is their
misfortune to have to answer for the sins OF
others, as well as for their own mismanane.
ment. The consequences to the quiet, un
initiated, and the laboring community, are
alike distrust and loss, leading to want and
suffering, too often to moral ruin and crime
The State, too, suffers from the abstraction
OF coin and the depreciation of credit in
the sale of her bonds, both for building the
New State Capitol and for aiding the con-
struction of the Blue Ridge Railroad. (Oi
tho former, signed 400 certificates on the
5th March, and of tic latter, 100 on tho
4th May.)
Whatever the exigency, it will be long
before confidence is generally restored, and
commerce can move TRANQUILITY and safely
in its usual channels, though not near SO
long, 1 trust, as in 1887. Then the suspen-
sion in Charleston took place in May, and
lasted fifteen months; now it occurs in Oc.
tober, at the opening Of business season,
with fair, (though not large,) crop of
cotton and rice on hand, as the basis OF
commercial communication with capitalists
of the home market, and of exchange will,
Europe.
The moment of excitement, apprehension
and financial pressure, is not time to leg
'slate respecting the banks. The existing
laws, If sound, will be vindicated in prac.
tice; if otherwise, it will be wise to repeal
or modify them, when the public mind is
calm, and commercial confidence shall have
been restored. In enacting statute law, tho
statesman to whose wisdom aud integrity
the public welfare is entrusted, will not.
for the sake of doing something when in
position, yield either to the crude sugges.
tions of his own observation, or to the out.
side influence Of opinions, created by undue
excitement on the one hand, or by intcres.
ted individuals or corporations on the
other.
Meanwhile, I may not omit to invite at
tention TO the admirable operation of the
system Of finance, separate froms banks.
long since adopted by the Fe ,eral Govern
ment-in sanctioning which, that Govern.
ment has entitled itself to the respect and
confidence which ARE due to superior wis
dom and foresight. Ddfiug the recent
confusion andSconseqaent panic In CONNER.
cial circles, il has done much to break the
crash upon the people of the unstable
framework erected upon. the eredi, system.