The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-08

they were pressed. In forming bank all put
in their surplus funds. each knowing that he
can be aided when necessary.
| But apart from our merchants, it is well
known fact that there is at the present mo-
ment large amount of capital in the hands Of
many in the interior of the State, which is hoard
ed up from feeling Of insecurity, and fear
of not being ablo so to invest it SO as to have
it entirely secure, and OF the same time in such
O. manner as to be abkc to realize it when need
ed 1t is, of course, impossible to estimate the
amount OF the private boards so held, but the
amount must, in the aggregate, exceed many
times the amount proposed to be raised as o
capital for this bank. TheAI private boards
yield no income and are liable to serious risks
from robbers and incendiaries, and they would
readily be drawn out and made available if the
holders could be made TO feel perfectly Sc
| cure.
Our second reliance is to be placed upon SUBJ
scriptions by Northern capitalists, for in that
more favored section of our country there is no
lack of capital seeking safe and profitable in
yestment. Why, then, has it not been sent
here, to relieve our wants, and reap the advan-
tages of the high rates of interest which have
prevailed? The answer is simple, and can be
given in three words -"Want of confidence"
CAPITAL is timid, and the same fears which
have induced many of our people to hoard up
what ready cash they had at their command,
have prevented Northern capitalists from send
ing their means here for investment to any
considerable extent. The question: then, re-
solves itself simply to this, have those causes
been removed, and are we now able 10 inspire
that confidence which is necessary to secure
the object We have in view? An affirmative
answer can. think, be safely given.
The Presidential election was an event looked
forward to by many at the North with feelings
of great anxiety, apart from it's mere political
bearing. Grave apprehensions were entertained
that it might lead to serious disturbances at
the South. The mass of the Northern people
believed Ito use their owni expression) that
the spirit of rebellion was dormant, but still
existed in the masses of the South. This be-
lief, unfounded as it was, undoubtedly contribu-
ted greatly to the defeat Of the Democratic
party. That election is now over, resulting in
the choice OF the candidate Of the Republican
party. The election, though resulting adverse
" to the wishes Of the Southern people, was
marked by no scenes of disorder, and the re-
suit has been accepted by them as final set
tlement OF oil the important sectional questions
at issue, including the Reconstruction acts.
The people of the North must now be fully
convinced that the battle cry of their chosen
leader, ''Let US have peace" is the faithful
echo of Southern sentiment.
The good sense and sound judgment OF the
American people being now left free to judge
of the true situation, unbiased by false re-
ports invented and circulated by designing
politicians, will not fail to discover that life and
property ut the South are secure, and their
shrewd capitalists will not fail to perceive that
the South is now rich field, where judicious
investments are likely to yield L large and
safe return. It is therefore reasonable to sup
pose that, il proper representations arc made
to men of wealth at the North Of the great
need OF additional banking capital in this city,
of the certainty Of its yielding good return,
and above all, that capital so invested will be
subjected to no greater and probably less risk
ofloss than similar investments at the North,
no difficulty will be experienced in obtaining
oil the aid we need from that quarter.
That we can give assurance that capital so
invested will be both safely aud pro6tably
employed, does not admit Of o doubt Our
present banking capital IS $500, 900. against
$13, ,0O0, 900 before the war, Our receipts Of
produce, though diminished in bulk to the ex-
tent of one-half, have not largely decreased in
aggregate value. owing to their increased
price. In fact, it might readily be shown that
with increased facilities the value of our exports
would largely exceed in value the highest
amount reached before the war. That under
such circumstances, bank, such as is propos-
ed, would, under good management, do pro-
itable and safe business, must be apparent to
all.
II, then, we will commence by subscribing
literally ourselves, thero can be no doubt OF
success, and it is not improbable that the clp!-
tai might be increased beyond the amount
named.
1t IS scarcely necessary to refer to the many
advantages of bank Of large capital over one
of small capital. Apart from othor consd,ra-
tions, tho expense Of manaSem mt would be
but slightly Increased, making the percentage
of cost infinitely less.
The writer would, therefore, propose the
following plan: Let number OF our lead
ing merchants meet together and select
proper persons to he recommended as presl-
dent and directors of the bank, and let
these gentlemen lake the matter IN hand
and solicit subscriptions, first in this city;
secondly from parties residing in the interior
of the State, and lastly to send ono or more OF
their number to New York to obtain subscrip-
tions there Should this project receive the
favorable consideration of the community,
measures will be- taken to put it into practical
operation. MERCaTOR.
NATIONAL BOARD OFTRADE.