The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1869-11-26

Ills State to make its bonds equal as an
investment to those "f ANY S.ae in the
: Union, even to those of :he General Gov
ern""n'. Il, 'h ni"p' ion OF this plan
we at once fix the vulu" of our securities
where the resources Of tho State snou!d
place them. This measure would attract
foreign capital, enc, urage emigration. and,
as our credit increases, individual prosper
Itv will enhance in value, and the genera!
prosperity Of our citizens be promoted.
Ono important reason why the in-
terest shonld be paid in tho medium
originally intended, and ono that will
strongly commend itself to your
Judgement rs an act Of justice to our
creditors, is that some Of orr liabiIi-
tics become duo during tho coming
year 1870, for which proTision must
he made. Tt is therefore for tho pur-
pose Of arranging these liabilities
with the creditors Is they become due
that is is important that We should of.
tHr them n security. equally as good
"a the original iu:sntmcnt iEot ouly
is this our interest, but good faith and
Justice demand it. It Will be thu
means OF rncsiiuy claims falling due
az he original obligation oontcmpla.
ted. To ,urct ,i.css 'ah!;ties at pre-
sent, would INVOKE the necessity Of "a
large an additional taxation that is
would impose too hcsvy a burden
npoa the .aI payers. Not 90 provide
for these liabilities might lead holders
TO infer ny our silence that we neith-
"r feel nor intend to take any intor-
cat in their redemption, and they
would necossarity become An undosir-
able aed unsought Investment.
Should suca al impression become
current. these securities will be
thrown upon the market, and tho Gre
dit Of oar State bond. will suffer from
a seeming indifference or careiessness
Of our credit. trust, therefore, taat
you will take this matter under earn
est and careful consideration. and
] your favorable action r,ay ho the first
step IN assisting the financial men Of
our country in the gold problem. No
sec ion Of country is no we'll prepared
to both pay in gold and demand gold
in return for the products of the soil,
furnished the markets Of the world
If our business men could adopt tho
specie basis for all transactions. they
would at all times be prepared for tho
financial crash that may come when
tne General Government determines.
to return to specie payment
INSURANCE COMPANIES.
With the increase Of commerce and
Intelligence Insurance upon both life
and property has become a favoritc
security. Much of this business is
is carried on in this State by companies
in nc wise subject to our laws. Their
property cannct be reached by tho
process Of our coarts, their solvency
cannot be determined, and there is no
adequate provision 20 secure the capi-
Ia 1 o'.r own companies to meet
large or unexpected losses. recon-
mend that law Do passed recurring
each company efTecting insurance in
this State to deposit sufficient security
with the Comptrol!er-Ge eneral, indem-.
nifying policy holders = Gains. losses.
The deposit should hc graduated in
proportion to the b.siness and capital
of tie company, making it misde-
meanor, with adequate punishment,
in any agent attempting to effect in
'urance until the company he repre-.
scnts has made deposit of ample Sc.
curities to protect policy holder.
against fraud or attempted Frauds
THE BANKS.
In this connection I would further
fecommend that all banking institu-
tions that were banks of deposit, 9TH
er than National Banks, also Savings
Banks, Trust Companies, &C., be re-
qnircd to deposit with tho Comptroll-
erGencral sufficient securities in bonds
and stocks, to protect dopositors
against loss in case of failure. Some
of our banking institutions are now
receiving deposits where neither the
stockholders nor any Of tho officers r.,
tho banks are in any way nersona1l,
responsible, and if in the event -,
fluctuations of the money market anv
of these institutions should fail, the
depositor would havo no security to
protect him against loss. It has baan
the policy Of all old States to proto ,
tho poor man, tho widow and the =.
phan, for whose benefit these ',..,.
are professetlly used, by limit no thai
Investments to certain seq ,,r;ties
would also recommend.