The independent press. (Abbeville C.H., S.C.) 1853-1860, 1858-01-15
a director of one Of these suspended Bauks

| lhe President of these Banks, or some
authorized person takes lodging at some fash
ionahle Hotel, and he soon makes it known
that he has funds there which he would like |
to invest IN good Southern paper. lie is |
soon waited upon by some of the merchant |
princes with large bundle OF notes upon
Southern merchants. The Southern Banker |
selects the best, aud those having the short
est time to run, and a share is made, at the |
rate Of Is. 20 and 80 per cent. discount.
oae would naturally suppose from this opcr.
ation, that the New York merchant is doing
Il !oo<ng business if he submits to such
Shoriny. No: dollar does he lose by the
who has to pay for the sAuuc. The New
York merchant puts on his tariff to suit the
standing of the Southern merchant. If he
is ~. No. l, this tariff will not be high but
if Il. No. Q, he will have to pay dear for his
goods, for the New York merchant will al
ways keep his eyes opon to the question,
what can such paper be sold for. The
Southern merchant has tot put his per cent.
aye on the goods in order to make profit,
and the back bone and sinew of our country
have to pay the Banks Tor these shaving
operations Instead of loaning our mer-
chants the money here ut home to enable
them to buy goods cheap for cash, they pre-
fer letting the Northern merchant tax our
Southern merchant to the utmost that
they can bear, and they shave their
! paper at enormous discounts. In fact.
said this Director, that while many OF
our Southern merchants arc engaged in ne
g"il: Eg the terms upon Which they can buy
Il bill Of goods. a runner is dispatched from
the store TO the Southern Banker, to know
what he will do such merchants paper
for. The trade is made with the Banker,
and the goods are sold in accordance with
the rate of the share The note given for
the goods frequently reaches the roin, where
II Is to be paid before the merchant gets
home and opens his stock Of goods.-Let
every Senator now ask himself the question,
are these Institutions Banks of discount, de-.
posl' and circulation, as is understood by
their charters, or what are they They arc
nothing but shaving shops, and if it is the
intention Of the Legislature to let them 60
on in such open violation Of their charters,
we ought to amcn1 their charters, strike out
the word discount and insert Shaving, and
let them be called shaving shops at once.
The question, then, that addresses itself
) to each member Of the Senate, what are
we called upon, as Legislators, to do in the
present ,lerangcd state of our currency, and
in view Of the Frustrated condition Of the
Agricultural interest Of our State?- Shall
we sit here and filter away our time until
the hour of adjournment comes, and leave
the Banks to carry on, As some of them
have heretofore done, their unjust and usu-
rious operations? Shall we leave our peo-
pie at the mercy Of these soulless sharing
shops2 Shall we permit them to be Bank
ing institutions for other States and cities
, Shall we, ?ermitthem to flood the country
with their bills, without ever having de.
, cent show Of silver and gold in their vaults 2
Shall we realize, or countcnance, their sus-
5 pensions, rs is now asked for by, remlling
f the penalty! The Hon. Senator said, no |;
he, for one, was prepared to stay here until
: something was done for the relief of the
country, and to prevent in the future re-
: turn Of these disasters to our CURRENCY
lie was willing to let tho suspended Banks
, remain just aohere they have placed them.
; selves 10y their own mismanagement. They
: kenw full we'll that they were oyer issuing
= their means to redeem. They knew at the
! time that they were carrying on these shav-
t ing operations. that they were. buying un-
3 convertible paper, and in the event. Of a
I panic, il could not be made available. In a
1 word, they knew, as sensible men, while they
j were extending every nerve ofthe Banks to
r make these dividends any bonusus, that ifa
. pressure'ever came, upon them, they would
!. he obliged. to suspend.-Forthes sake Of these
= large gains. .theyapreferred to rnnthe gaunt-
Iat MI 1af rf.l-. fhos
: eos. ~1a
Why have not the, other Banks Of our
e State suspended. They form a part ofthe
t great monetary operations Of our country,
j. and are subject TO the present money pres.
D sure as much as other Bapks2 It is he.
y. cause they have been, ,prudeptly managed
t YOU find silver and gold in tlieirsvanl,s, suf.
j ticent TO meet the demand inade'upon them
J you do.not find their assets locked up in en-
& orInous amounts Of I, Domestic .Ezchange
! They have been oaning their capital to their
9 customers. apd the people Of. the country.
1T is then idle nonsense for these suspended
= Banks to tbis'Legslatnre, they could not
: avoid suspensions, and pray to bave The
: small pittafce Of, ,thea enallyaof per cent
) per annum RENTED" Their suspension was
! obliged to follow from their own admissions.
; for5t they admit in their memorial that they
8 had funds locked ,ap at the !. North, which
b could not be available, but they took care
tSl sa7 nothing about the pumber of dollars
= Eiocked Up in kites. They shavev brought
4 these disasters upon themselves, and nov
T. let them reinststs. theirs credit and 8 resume
J Especis payment IF their resumption 81
!. specie payment depended alone upon, this
8 H., s1a,, I, - 3: