Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1858-08-18

director, had S6UU0uu clrculatlOn, anu s"ooVo III
specie-H ,ras Aopcless to think Of erer resunsiag
,ri,hom an cy.punsOn. We did expand, rs nenrly as
can recollcct about ssOOUOO principally upon cot
ton drGtts Our weak Bank in few months, becsme
strong, paid its Bank balances in specie, and re-
sumed."
In his letter to THORNTON COLEMAN, at page 10,
Mr.. GErGG again confirms and sustans this very ar
things attending the Bank suspension of 1910, he re-
marks, "Tbc Banks received tho proceeds of tho cot
ton crop which went rapidly forward, and met rea
dy market and soon was it that specie 'eds cont
ing from ono quarter, trhi2c the Iqnh JMs put the
Banks IN payment Of deJts, and go the ship of cur
rcnry by good seananship, righted ITSELF
If tho correctness of the views that have sugges-
ted requires further confirmation it is to be found in
other significant facts disclosed by the monthly Bank
statements published by the Comptroller General.
From them it appears undcnably, that those Of the
delinquent Banks that expanded their circulation
most made the largest per cenagc Of profit upon it,
and that the suSpending banks during the months
ending Juno 80, 1858, could have paid out of their
profits the per cent. under the Act OF lS40, and
thon have had remaining nett profit equal to lO
100 por cont per nnnum npun their circulation,
and exceeding tho rate Of per cent. por annum on
their entire capital during that time.
Mr. GREGG's course in respect to the suspcndins
Banks was unconsciousy influenced perhaps by bis
personal relations towards Of them, the Bank OF
Hamburg. OF that Bank he is now, and has been
for several years. director, and therefore responsible
for its mana agementdurins thatperod When therefore
the course to be pursued with the delinquent Banks
came up for consideration, Mr.. GnEGG's position was
au embarrassing 0ne To vote for the exnction of the
por cent was to vote that the suspension by the
Bank of llumburs cuud not be justified. But this
would have been to NIL intenS and purposes vote Of
censure upon himself and his associate directors
Besides Mr.. GnEGG, rs President Of the Granteville
Company is in the habit, am informed Of obtaining
largo loans from the Banks Of Hamburg to carry on
the operations Of their Factory, some l2 or Ii
months intervene between tho making Of their goods
and the receipt Of tho money for which they aro sold
But il the exactiuu Of the ) per cent would have
caused tho suspendiug Banks, as Mr.. GREGG main
tains to decline NIL new louns advances, during
the term of their suspension, the necessary effect Of
it would have been to cripple the operations Of the
Grantcvillc Company, and to OCCASION perhaps their
being wholly suspended. And there disturbing in
auences, upon the Judgment Of Mr.. GREGG, were GER
taiuy not diminished by the fact Of his being stock
holdor in that Bank, to the amount Of some eight
thousand dollars, as am informed.
Mr.. GR"oG in his letter to Mr.. THORNTON COLEMAN,
betrayed into several gross and pspablo errors. At
pago 9Th of that letter. referring to the state of things
in October 1857, he rays, Old England and every
country that consumes cotton had suspended" Mr..
GREGc is misinfurmed. There was no general sus-
pension Of specie payments by the Banks either of
England or France who arc the chief consumers Of
cotton.
At page Of that letter, he asserts that when our
delinquent Banks had suspended all the other Banks
in tho whole country were in state of suspension.
This is a great mistake. In our own State, of the
seventeen private Banks nine suspended but tho re-
naming eight refused to suspend, and continued
throughout the redemption of their notes in coin, thus
nob!y sustaining the commercial honor and integrity
Of the State md these, tho specie paying Banks,
it will perhaps surprize this community to learn had
in the aggro gate capital larger than that of the
guapcnding Banks by tho SUM Of S724,I25.
Mr. GREGG denounces tho new State House now in
process Of erection, as "the most magnificent monu-
ment Of folly over commenced by sensible people"
And yet it is entirely true that at tho Sessions Of
1856 and 1857, Mr. GREGG voted for the Acts author
zing tho asue of State bonds to the amount Of $780,,
OoO for continuing the construction Of that building
How he can reconcile his former votes with s present
denunciation, it is difficult to understand.
In speaking of Graniteville and its population, Mr..
GREoG uses this language "thc labourng man there
finds employment, and Lis children are educated free
Of churge Graniteville will be monument to the
memory Of its projectors. The children now growing
up and receiving education at Granitevle will recol-
lcc us aud what zee have done for them when the ac
tive men of this day shall have all passed away" Mr..
GREGG here cluims for himself and the sprojec
tors OF the Grahicyle Factory the whole credit and
honor Of therO establishing and supporting School
where the children Of the aboring poor educated
free of charge What foundation there is for such
claim will appear by the following facts: There is
free school at Granitovllc, but how is it supported
Mr. kER BoYcE some five years ngo, generously be-
Uucathcl ten thousand dollars to DO put to interest,
and the intrrest to be appropriated annually to the
Support of school for the education Of the ciildron
of the poor at and about Granitevillc. Seven hun
drcd dollars annually como from this and 80
to the support of that school. From lS49 inclusive
up to the ls of January last, five thousand two hum
dre and seventy -one dollars have been taken from
the Free School fund of this District to sustain txut
school. Tho school at Granitevillc stands upon the
same footing with the other Free Schools Of this Dis
,rct and has been heretofore, and is now largely sup
ported out Of the annual appropriations of tho Lcsis
lnturc having received for each OF the last two years
alone upwardso $500 from that fund.- With these facts
before them, the community can decide whether the
cluim set up by Mr.. GnEGG is we'll founded or not
There remains but one other matter to which will
REFER In relation to tho petition from the people of
Aiken and the surrounding country for new Dis
trct, which was referred to the Judiciary Committee
of the House at the last Session of the Legislature
Mr.. GREGG, at paSo OF his letter to THORNTON
COLEMAN, says: =" 1 went before that Committee and
made as powerful an effort as capable Of in its
favor, and had the people of Saluda made n move
for ,imilnr object would have worked for them
with as much zcul and carnestnese, Us did for the
Calhoun District" This manfesty implies that Mr..
GnEcG is in favor Of the Suuda Scheme Of dividing
this District II so, Le has undergone extraordi
nary change of opinion upon that subject since the
canvass for the Legislature in 1856.
gentlemen of high intelligence and respeetabity,
from whom have certificates to the effect that in
separate conversations held with him shortly before