The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1858-06-16
Senator Hayne and the Banks.

Our newly appointed Senator has made
n number of little speeches since his od-
vent in Congress for which he has been
complimentcd by the papers North and
South, and his remarks IN general charac
terzed rs having the ring of the true metal
of "J0cksOnian patriotism" The people
of our own State have generally been con.
tent with this appointment, until upon
late occasion he was pleased to animadvert
in strange and evidently unjust manner
upon that respected institution Of the peo-
ple's,-the Bank of the State of South
Carolina.
The Senate had under consideration the
fifteen million loan bill and, incidentally.
the effects Of the late money crisis upon
the different cities of the country were be-
ing contrastcd. Senator Simmons of Rhode
Island had the floor and seemed disposed
to compliment Charleston for the handsome
manner in which she had weathcrcd the
storm and stated that her failures amounted
in the aggregate to less than n million, which
Is very probably correct, the Senator sta
ting that his information was derived from
source not given to err. Our Senator,
Mr. llayne, here interrupted him with the
remark "l5iesE my soul sri we had not
single failure that know Of" So far. no
material harm VAS done, and The remark on
ly exhibited the Senator'S ignorance of the
iinancia! concerns Of his own city. But as
the debate proceeded, he undertook to en-
plain the cause of the bank Suspensions in
this State and used this extraordinary Ian
guagc
think the cause OF our stopping was
that we had n Bank Of the State of South
Carolina that has not Il shadow of respons.
bility attached TO it. |: is the Pcople's
Bank; the capital is owned by the State
government, and it is public property, To be
stolen and sp"culated upon, and that bank
had accommodated almost every person in
the community that was not well of aud
&" hen the crisis came, she went by the board
first If she could have stood, there would
not have been bank in the State of South
Carolina that would have suspended
To contradict at home such a palpable
misrepresentation Of facts, would be super.
tluous, and 10 Reighbousing states is very
well known upon what rests the security
and responsibility of the Bank of the State.
No one has ever questioned it before. The
people of this State have good reason TO
understand, aud the fact is also well known
elsewhere, that the circulation Of the Bank
of the State during the late money trou.
bles. was the means of bringing a large por.
tion OF the cotton crop TO market and of
sustaining the price of it, Had we been
left 10 the mercy OF the COMPANY banks.
whose officers it appears dictated to cotton
buyers the price they should pay for cotton.
instead of realizing from ten TO twelve
cents for the last crop, we would in a.!
probability have been forced to take about
eight or nine cents
We find in the Charleston McrcWrya dig
niiied reply from President Furman TO Mr.
Haynes extraordinary allegations but as
the Senator'S term has been brief and is
now about to terminate, we may very well
afford TO practice towards him the virtue of
forbearance, promising that another contn.
gency is not likely TO occur wherein a reQui.
sition will be made rpon his services.