The independent press. (Abbeville C.H., S.C.) 1853-1860, 1858-06-18
Debate In the Sena'e.-Tuesday, May 25.

tsr toan not crcrc,!ing Mc xum cf Sl5, ,OoO. 900.
Mr. Simmons. of Rhode Island. have be.
Tore me statement rs to failures, taken from n
paper called the Commercial Agency and
these people have the failures with wonderful
accuracy. have made comparison of the
failures III the different cities and find flint
the more wealthy the city, the larger the fail.
ures INC more com III II city in proportion to
tho circulation. the more failures there were.
The aggregate Of the failures during the pres.
ent revu'sl"n IN the United States up to the l-t
OF January amount to about $500 600, 600 Of
winch St30oOo,000 was in the city Of New
lork, S42Oo0.O00 in Boston. $32, ,Oon 900 in
Philadelphia. and $4,000, 600 in New Orleans
have looked over the bunk returns of those
Ionr cities to see the relative proportion ofthcir
coin and circulation. and | found that they re.
Gently had $5l 100000 of coin in the bank
vaults to about $4,000, 600 of bills in circula
tion-hetween three and four dollars in gold
and silver (" one IN paper. Then took the
city Of Chnr!rst,n. which did not run into over
importations They have believe, about one
hundred thousand people, rs was told bv the
late worthy Senator from that State and
heard his successor say, the other day in the
Senate that the imports this year had been,
tw" thirds what they r,lnarily were
Mr.. 1layn", of South Carolina. We do not
wish to appear under borrowed co,nrs The
population pf Charl, l,son is about sixty thuu
SIND.
MIR. Sim5-on,. Well. it is pretty old city,
aud good one. and, think. a very rcsrcc,,
bic, ono. 1h" failures there did not amount to
over one million dollars
MIR. Nnyr", Ei"ss my soul sir we had not
single failure that know Of
MIR. Simmons These things are pretty ant
TO be correctly stated hy such I'apers as |
quote from.
Mr.. Hayn". The Senator SAYS that Charles.
ton Is not an importing" city Although We de,
not import directly from England, we do no,
from New York, and from Boston, mud from
In ladcirhia, any pay just as much, and more.
thnn If imported from abroad directly.
.Mr Simmons If can get this sy>:rm 60.
ing, nope TO give Nou n far share OF the in-
rortations find that in the city of Trovi
dencc. with population of about fifty thou
sand population less than that Of Charleston,
shc failures amounted to $t,5uO,OoO. We are
connected in trade with the large ci:rs we
sell our products in New York, where it, is
mingled with the inr"rtations, and m over
importation Is ':st as fatal to the pro,l,ccr who
sells l,is produce in these great markets, us if
he has engaged in importation himself Cor the
produce is sold to the same class Of pun chascrs
and their failure involves everybody that deals
with then. The Senator from South Carolina
IS mistaken: find IN reference to the figures
that the failures in Charleston were thirty. one
III number, and amounted to :992, 900
Mr.. llaync. think tha, is mistake.
Nr. Summons. l think my statement is Ger
rect. The failures in Charleston were the least
ct my seaport town Of any magnitude in the
United States. The city OF Providence has
bank capital Of sid 900, 600 lust about the
same as the bank capital of the whole State of
South Carolina; ard We had circulation at
the time of the suspension Of about one million
eight hundred thousand dollars with coin TO
the amount OF, perhaps. five hundred thous-
and dollars, deposits in other banks. and eth
or means that We could draw on 10 meet il.
oTN No,
circulation
Mr. Simmons All over :hc country-wcst,
and everywhere: That city had failures to the
amount of sl.5po,ooo. five times as
much MS the the city Of Charleston and the
banking institutions Of South Carolina, with
$4,000, 600 Of capital had $l6, 200, 600 Of i'm
mediate liabilities i'll the form of circulation
and deposits. with less than million in specie
10 meet them; aud yet that was the most
eo"nd city IN The United States, showing that
the proportion of coin had no more to do with
the revu:s'on than the cotton which is to be
raised next year had to do with it. Over i'm.
poftations upset the country. 1t seems, low
ever, there Is the same feeling in South Carroll
ha mat there Is in the Senate and ] received
nspeech from gentleman in the South Caro-.
INA Legislature, which he made in December
last on the subject; and the Senator from South
Caroiina gave me copy of their bank returns
-the report OF their comptroller on finance
The comptroller Of finance recommended to the
Legislature of South Carolina, in nr.rmorc Sc
vereiy to chnstise the delinquent banks, to in.
crease the penalty on them for issuing bills
"hen they were under suspension, from five
PER CENT; asi ;hen was 10 ten per cent, and
ncno'nclng them in the strongest terms The
gentleman who sent ME his speech did not fall
INTO that notion, but proposed to repeal the
penalty altogether, and carried it through the
South Carolina Legislature.
MIR. llnyne. Not altogether. Here let me
say very few words, with the Senator's per-
mission. think the cause of our stopnine
was that we-had Bank of the State of South
Carolina that kns not shadow Of responsible.
tyottnched 10 it. 1t ,iss:ihe Pcoplc's Bank:
the capital is owned by the State government,
and 1t is public property. to be stolen and spec.
uinted upon and that Bnnk had accommoda.
ted almost every person in the community that
VassHot well Oft and when the crisis came,
she went by the board first. Ifsllc could have
stood, there would not have been n single bank
IN the State OF South Carolina that would have
suspended.
Mr.. Simmons. think it is very likely.
MIR. Haync. In Alabama they tried the e3.
pertinent, and my friends can say they lost the
whole of their capital there.
mar; S'mmons. / never knew banks that
would be likely to suspend if they never nc.
eoinmodated customer Everybody can man
age bank SO that there will be 10 suspension,
by not lending think. the Bank of
that deserves banner in the State. ifthc rest
'dia not loan their mony and they did I hon.
or them for it. 1t is what they were incorpo.
hF. Aayne. They MI did it but the Char.
leston Bank and the Union Bank.
Mr. Sinmons.-Tell me about the banks sus.
tap!ng themselves against pressure. when
the whole mercantile community arc falling
about them, and not loaning money! They
Will tndfno sympathy from me in such course.
! am not condeming the suspension am on.
" saying tint. nfterahis denunciation Of the
banks by the officers Of South C.rolina, they
had intelligent men in tie Legislature who got
this law repealed and they continued suspen.
,ded after the Banks in the Northern cities had
resumed, and wisely SO continued. Instead of
layingt revulsion on the banks, / think
thatthose who continued to accommodate the
) sc! community, and sustain The crops acted wise.
l,y.-Atahe time resumption was talked of in
'Soutb Carolina, cotton in Liverpool was five
Tx