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

Then letus use our. better will 'sA'f
To make them rife with good. s' '.''i.,(t
Legislative Proceedings. inia
The following elections have been made
10y the Legislature: Henry Prescott, Rce.
lister of MeSne Conveyance for Charleston.
James w Gray has been elected Master,
and Thomas }. GGahtt, Register, in Equity
for Charleston District, VIM, laval
Treasurer of the Lower Division; r., G..
NJ. Dunnoyant, Adjuta1t and Inspector
General; w. A. Ovens, Solicitor for tho
Southern, and III. NIcIycr,. Solicitor for the
Eastern Circuits; Il. Stobo Farrow, Conil
missioner III Equity for Spartahburg G.
j. Patterson, for Chester; ". ID. " : Jam
isoh, for Orahgcbprg; r.. j. pavapt, for
Beaufort; }. q. Craig, for Chesterfield;
j. A. Wallace, for Williamsburg; G. ID.
Evans, for Marion; IT, s.. Cooglcf, for
Clarendon; j. III. Withcrspoon, for Lam
caster; A. o. Norris, for Anderson. %
RESOLUTIONS AS TO THE, BANKs,s ny MR..
aNfEMMINGER ita'+ At.hit
1. RcSolDcd, That the issue of Notes as
currency is a privilcg9 granted to the Banks
upon tho implied condition that they will
redeem such notes with coin, at tic pleas.
ure Of the holder; that the failure to, per-
form this condition Justly forfcits the priv
ilcgc, and should deprive the Banks of the
profits arising from such issues that the
Act in relation to suspension of specie pay
ments simply contemplatcs such privation
inithe form of q penalty of five. per cent.
per annum upon the circulation of each
suspended Bank, and the State should in.
sist upon payment OF the same, so long as
the Banks shall continue to refuse payment
iii specie. ~ 'i''Ftf7SI '7if ,.N
2. That the paying out by the other
Banks of the Notes of the suspended Banks
is in effect the issue by them Of. deprccia-
tedcurencyin the stead Of their own notes,
redccmable in coin, and is plain violation
of law, for which proper proceedings should
be Instituted by the Attorney Gcnesal and
Solicitors. tii4
8. That the supposed copvertibility of
Bank notes into coin at the pleasure of the
holder has hitherto been relied upon to Sc
cure their use as currency; but the sus-
pension nov in existence exhibits the fail
ure Of this security aud renders necessary
resort to Increased securities.
4. That one of the chief cnuses of these
convulsions is to be found in the power to
expand. and contract tho currency, which is
exercised Mt pleasure by every Bank Of
issues, and that the first step towards pre-.
vcntion should be to limit OF, withdraw this
power. tf' }%,N
s. That awithdfawal Of the rowor, would
involve the adoption of an entire metallic
currency, or acireulation of the Bank notes
of other States both of which schemes
being obviously impfacticable on incxpcdi-.
ent, we are brought to the alternativeof
providip pmc efficient checks and limit;i-
tions to proper currency.
6. That among these checks, ono of the
most snlutary Is to be found in d reduction
Of the amount of paper cifculation, by fil.
lug the clennels Of tradc with the smaller
coins; and iuasInuch as paper of the same
denominations will always dfsplace coin, it
becomes necessary to withdraw Ssom circu-
latidn Bank notes of the snaller denonli1s5
fionsj that ia this end all the Banks of this
State should be required to withdraw fyon
circulation within two, years all notes under
five dollaps, aud within three years ali notes
pnder ten dollars.
a. That to make this measure more ef8
feetiye, il should be proposed to the neigh
boring States OF G eorgia and North CARROLL
ma 20, place q like Eestricticsron tile isspes
oftheiE Banks, 100
8. Taat the pra ations to paper
currency are sll attach tn it, as
early as possible tial features of a
cWieney in coin rs which The most
ij8pogtsnt ayc actss exchangeabIo vals.o.,.
and Comparative freedom from fluctuations
D. That the first gepture to Wit, an actu.
al exeh9ngcahlt Yaluc, may be sccnred by
requiring esph bark 10 addition to the pro.
vision requisite so'redeem Ia, issues ia coin,
to .deposite as collateral security for their
redemption, M equivalent amount OF Pub.
lie Stogks and The second feature may be-
secuscd BY limiting the total amount of
Bank rnseT issued, to that Sana tgbieh OK.
pcFleDcc haa settled t6 bo tile circulation
which unGe efany ciFcunstA viii remain
current in our Siatc that each Bank should
be pcrmistedBto issue no more tll3Ti it,s rates
bic, part Of this supitip pYopot ioH h fiS
capital, except pp,n the deposit Of ceI 4 Ia
an equal arAossnt set apart for the rcdenp-
tion of such increase