Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1858-05-06

"S Seat N
'hinting,' but asserting %roundly, that money they
want, and money they must have-peaeeably If
they can, forcibly if they must-and if it is not
forthcoming, settlement will have to be made with
officers, &c. &c.. Well this is all right when mer'
chants and others are concerned, but let n Bank
''hint' any thing of the kind, and the hue and cry
are Immediately raised againstit.
Had there been no relaxation as to the penalty
for suspension, and a repeal Of so much Of the act
of 1852 as inflicted a high penalty for paying out
the Bills Of other Banks, except in settlement
with those Banks, not a dollar would have been
discounted-not a bale Of cotton would have found
its way to market, except at q ruiuous rate. Many
would have been compelled to sell at any price,
and men of capital would have fattened upon the
nisfortunss of their fellow man. Could any man
with refined feelings, or with a spark of humanity
about him, contemplate such n state Of things
without emotion? He must be less than mortal,
who could sit unmoved and look calmly around
upon the scene Of devastation and ruin.
During the height Of the panic, the Banks Of
this State had in circulation about six millions
there was due the Banks abouttwenty-six millions.
The prices of cotton in Liverpool would have JUS
tilted o price here Of from IL to Is cents per h.,
yet not q bale could be sold at any price. Money
ed men in England knowing the Indebtedness Of
our people, and that q large portion Of the crop
must come into market at any price, were waiting
the favorable moment to step in and speculate
upon the misfortunes Of our countrymen. .
In addition to this dire calamity-the calamity
Of indebtedness on the part-of the country, and
the readiness of English capitalists to buy up the
crop at the proper moment for q mere song-the
commercial houses of Charleston had to be sus1
tanned and to the credit Of the Banks, 80. soon as
they were at liberty to do business, they sent re-
lief to the merchants of our Commercial Metrop-
oils, and whilst the banks of New York cut down
between six and seven hundred of her commercial
houses, not q single failure occurred in Charles
ton. ...- ..-.y ..-'
Had the stringent measures proposed by some
been carried out, the whole cotton crop would
have been on hands yet, except what would have
been forced into market, and which would have
gone to swell the already colossal fortunes Of Eng
lish noblemen and English capitalists. There
was none selling at the time, but many would have
been obliged to sell at any price-perhaps at five
or six cents and three-fourths Of the CONNER
cial houses in Charleston must have been over
whelmed in ruin. Many of them could not have
stood out two weeks longer.
The Delegation from the District, who, in voting
for the relief of the Banks voted directly for the
relief of the people, were under no obligation to
the Banks. Not one Of them owed the Banks
not one Of them had received any favors from the
Banks; not one Of them expected any favors.-
Their object was TO relieve the community. Per:
haps the very persons who asperse them, are en-
loving the fruits of their legislation. Certain it
is, there are many in the country waging relent-
less warfare against the local Banks, whose prop
ertyi is exempt from execution, by the operation
Of the act complained of. The onlyfeesible plan
which presented itself to our view was to remove
certain restrictions from the Banks-put them
upon their good behavior, and prevent them from
depressing their debtors while they remain in a
state of suspension. Until they resume specie
payment, they are inhibited from enforcing their
claims upon those who owe them. -" -.-
Perhaps it would be we'll for those whofeel
themselves under embarrassed circumstances, to
enquire how it came about. Certainly the Banks
did not compel usato contract obligations which
We are unable to discharge at q moments warning;
and certain tits, that the Banksb by their charters
came under no obligations to pay our debts
There may be faults with US, as well as with the
Banks. If we do not owe the Banks, We may owe
those who are debtors to the, Banks, and thus
have no inconsiderable hand in Gripping their, re-
sources. - .
This REQUIRES me to advert o moment, before
giving o synopsis of the act, to certain represent
tations made in the semi-of6cial paper referred to,
published in the ENQUIRER of 22d inst. The writer
could not have read, or if be did, must have mis-
.spprehended the import Of the "Act, for the sus-
pension of certain sections of certain acts" &C.,
ratified on the 21st December 1857; and therefore
he ought not so to have written-or if he had read
it, it was hastily and inconsiderately DONE and
consequently Inexperienced. The writer says:
"Banks are instruments of oppression-cramping
the energies of the people, and impeding the course
Of q sound, substantial and permanent progress"
Well, TINT is his opinion, md every man has a
right to draw his own conclusions, provided he
makes a full and fair investigation. 1t is. added,
ssthey have failed to meet their obligations in good
faith" Have the debtors in York, Chester, and
in all the Districts of the State, "met Their obiiga-
tons in good faith ?" trow not. think Iknow
Of many citizens in our District, who are more In
debred to the kind forbearance, humau and chris
tian feelings of our Sheriff, than they are to their
shaving met their obligations in good faith" l
think I know a great many besides Banks, who
have not met their obligations in good faith"
and I think I know n great many who could not
have "met their obligations in good faith" even
with Bank notes, much less with gold and silver,
and he'd no forbearance been extended to them,
which forbearancc they e to withhold from the
Banks, must have ended in their utter ruin. Had
creditors, with one accord, pressed their claims,
our country would have been ruined. A few shy
locks would have possessed themselves of a large
portion of our property, and the streets of York
would have been overgrown with, grass. No one
perhaps knows how much the citizens Of York and
the citizens of Chester are indebted to the kind
and humane feelings of their respective Sherifs,
who suffered themselves to be 'ruled," rather