Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1858-08-21
A banking New Dodge"


that our Banks have now definitely cntored
upon the policy and practice of not lending
their means at the legal ratcs-1 per cent.
for sixty days, or a fraction over 6
per cent per annum, whenever they can
do better As it IS in thcr power to
place the money market in such condition,
that they can command their own terms,
they adjust it in manner favorable to their
wishes and interests. A repeal of the us,l-
ry laws can alone directly and completely
crcuulvcnt the articles by which the les;ll
terms and forms are avoided, and higher
premiums for the use of money obtained.
y few years ago they commenced the game
by cOnhning themselves, as far as possible,
to loans on bills of exchange, real or nomi-
nal, and thus introduced the practice Of
discounting h,iteS or fictitious bills OF cx-
change, which usually yielded them profit
or premium of from 8 to Is per cent. In
the late monetary convulsion, so large por-
ton of their means, whether called their
capital or their credit, was thus invested,
and SO large an amount of these Kites or in
vcstmcuts concentrated and payable in New
York, and for which the drawers could not
in the crisis make any provision of pay
mcnt, that the Banks themselves were
weakened in their available resources, and
were unable to bring them to bear for the
relief of either themselves or the communi-
ty, Both parties became disgustcd with
this practice, a hue aud cry sent it TO COW
entry, and the Banks came to the conclu-
sion to avoid what they found unsafe and
the community called disrcputablc,
But the clamor on the streets now an
nounces "ncw dodge" and gives to the
public notice that they must stand, in II
new form, the shaving which the contnu-
profits requires. The new dodge is, te dis
count promissory notes at the rate of per
cent. for 60 days, but on the condition that
the borrower shall not receive the money
here, but shall take sight draft on New
York or elsewhere, paying the Bank for it
a per cent. premium. If the note is for
80 days the cost to him is at the rate Of 9
per cent. per annum; and if for 60 days,
. per cent; while to the Bank, the reitor-
alton of such operations realizes compound
premiums, and thus gives it still higher
range of profit per annum OH the amount
loaned. 1t will also be observed that this
new practice relieves the Bank of the trou-
bic, risk and responsibility of collecting the
kites at Now York, and in every case gives
them the double security of two names at
homc-thc maker and cndorser of the note
1t also widcns and intcnsiics the favorito
business of selling their own exchange
drawn on their credits at the North.
The reason assigned by the Banks for
this last dodge is that they dare not let out
their issues or bills here. Now, they have
never had so large an amount of specie, and
so small an amount of circulation as now
The deposit account, too, is not large nor
pressing. Hence their cash liabilities were
never more diminished, and never so small
in comparison with their cash resources
The reason is, therefore, not a very good
and by no means satisfactory one. 1t is
true that at this season of the year the trade
demand for money, which swclls and falls
with the inaowing of the crops, is not large,
and docs not serve to keep any excess of is
The demand for loans shows that money is
wanted. They have the capacity to meet
this demand. Specie is everywhere glut,
there being no call for it. They do under
take to meet the demand for discounts
why not meet it in the legal, as we'll as this
Indirect and shaving manner? Why do
they persist in keeping the currency at two
contracted range, and at the same time
continue to swell the general tide of credit
by these operations. The rcasonis obvious
it puts the people at their mercy and for
ccs them to Fictitious necessity of borrow
ing money at any price. Every man is
thrown by the difficulty of his own collcc-
tions into the very jaws of the Banks. The
notes or bills of the Banks are being con-
stantly withdrawn from circulation by pay
ments into thom-no more arc let out, and
a consequent growing stringency from, scar
city of money will soon be severely felt.
Eooaing Nc'es, 7M.
DOES CnINEsE SUGAR CANE XII, CATTLE |!
Col. A. G.. Summer, in communication to
tho Charleston Mercury, says decidedly, no.
1t the fcoding 0f cattle with an undue
quantity it, whom in a hungry condition.
which does tho damage. Corn, peas, green
corn and green wheat will also kill cattle un-
der tho same circumstances. Col. S. has
used the sugar mile, four seasons in every
stage fits growth, green, ripe and cured
and has found it the best soiling plant he
over raised.-AdccriSer.
Cure FOR RHEUMATIsM.--A gentleman,
who has tried the subjoined recipe, pronoun-
ces it good, and desires it published for the
benefit of all sufferers undcr this torriblc
malady:
One teaspoonful of Aloes dissolved in one
pint of wl,iskoy, the best; one tablespoon full
of 'Fartaric Acid dissolved in ono pint of wa
t0N v.tl an txpfN md .Eo FOL