University of South Carolina Libraries
e >, Jl IIk 't-l -V - - - O'-el~ W-~ I~iidhin iL M i4T ly Gv, fi I na r it jehn p s e o nj d lityd'y114 v ih lCa t * -iR Oiilfigo. W8.111~s cheihed nalitueis ~I YX es- d finwin r Iico f it. a iai yiitilnoes a Aw11 -t Ci'nonv tos~ isugt 1! nslu. his b ~U~t~qof t Op diessnd ye 11Vbnn -irrnkrn Wlfi ~''h condi ion, bpAd~cuwil ula hJint .laigh ils Wisdom wi ofi theriio z -1 d nd!'df i#dit acanst his 1iand& n d2 that if there 4vaa no Bsnk'fthein e h pnt~ the sameatjfemr a ea th d t the , tou o hre p - ng.R stAinovself.eignSteio* ise ett4le e pIc!stibe mese Io efifjainR on the question. Wolrii evsenprjtip cnt to close thaiank in sd wind up its concerns ntithis timo? .Tliere'are very many reasons'whv in' my judgmenti, iis tbAvo e inexpiriieit. I 1 *ilI'hotica '~wdnly *hich itl lkl tne ad entirelv .ifii-y '3d1i"' the repor of tt Oinptroller Gne(a.tIsI liabilities of theWBansk of all sortis ialnount to and the citizens of the Stat4,' if- nit the ole, are the' principa[l debtor-- The credit systemtis unhnppily-se 'interoven, with our hiabits of business, that eaiiteK severe li'&bris that ve iii heen tabght fromr time io ti6 e by dq : :iost. in .the price our at piemd the con sequent darange ment injll of our pro-du,-u. tive pursuits, have not. been' enabled to . corrret it. - We, are therefora now, in cosquenti of Ih'e low prioe" bfourag1i Clt url pr6ditriis, Mn! the 'itst of one ofthose-revulsions of co.tmerce which inevitablv brings with it scaroity of-cir. I culatingrnediutr, 'awl an "increased c-A mant fur it. .Close the Bank now,11anl stop its insnes, r.nd at least one source of supply bei.mit Ot. Voluntary payments to the BAnk,. and exery iebtor that has the meansswould be disposed toget rid of that leApops ititv, vouli fo tbot extent dimiiish the circ i., tion; and to force ,cplections, wvpuld. be productive of incalculable. distress to the oommuunijy. - There is another consideration of einal, if not greater importance.; The capital stock and the profits of the Bank, aigsol emnly pledged on the.'faith 7of the State for every dollar Aho has. borrowed, from the year 1820, down to this tine. The4 act of 1838-authorizing iwhat is calledihe I fire loan: o'F(wo million 'of dollars;(62, 000,000,) which' ide h' irst.the ast, makes the uiame pledges, andIhe siderOno spad onyun itournidslhos ihat te agent who efoetlisis loaiiand he] chaseraolh siok,hadl regard to themN, In the negntiniion f'or the loan. *The char. hater of- thei~unk citelfvir involved in these pledges--he neglect to fulfill therm, would-involve her in disgrsee, sand) comrn. eel her tn shlta het' doorsW ft is, therr'fure,i reasonable to suippose, that it flacilitated the negotisation, and increpped the nppre-. ciation of the stock. I can add nothing toswhut lias been saidain the report of the1 Committee of the Senate, at the seksion in Decemrber. 1840 to-show thtat closing iho Bynsk uiow, and - thus: entiing.;off. -thei profits, would violate these pledges, and pesan.act ofa/ #desundl thenworse thait thte creditor lt withut rebireek~ The' Bank is the nwrc creature of the pi'te,1 wvhich may dhispose of its funds ha naught be thought fit.; Shse is ntot liable to'sail sand the onsly sdcaunty which the creditorI woulhl hove, would beathe fasith of the St atei eslrendsy violsated. Itis true, thaot by shut-. ;insg sp the H~ai, and -pallinsg in th~eI h-ehtsdueto it,-nes might hba twovided j'rrr. he psayrpent o9f: i.. pyshlo dybi. Hut t46'fget af cuitmrg ofli thid seurit o hs--psnyjiint, -woesId ineavitably, spater-5 inflly nfl'raithe prise of ,theo utookas, -nnsd operatos insjuriotusly 'to the holders-a con' P~'saquen which I am bare-uve~y clietin of the Stitfe wo~uld deligeeoe. Iti:'hdsk'Ad,'if t hiisinsitatin is to be perpetuated pad rivetel-tpaont~ pros. periy .fr alstin~tscom? Ihope nsot. Th~hefng ia hpdilcomb, .wkteittwll-hus 'itae and prudent to eloen wr g to feltqss Ct ev itt .wouldk?9 de0 pftun vorihy and di~lia~f~npL ~. ehayestittle~ to- ap. txpel ar e 61. eO tI .hditi hMi41 0 CO istlet the int ruIodb 1 YNe~ ufht giternmentj the'13is kall '(ariId ead r"i ty and bidedaeig withi 11 i euauejirlation angaionu Lbs:_R tudet!gand e'Wa increeqed ,;nlito 0h ldntGnainreoseddy"imltion to noquir, knowledge are the -necesary AThe etcside dditional acoomiieban ora Ijet&4.epfAi pjected~the IAlsq4 et sanOL his ~ ~at. aItst n B" CT I 'Ad I,6 Pmeted n a manner i a ?aytothe Ifbet and" bet iihii blcge Buildings'and" yet there A!n onrm to . pa'e. 'hie stndenutaniear low two-hundred and fifly.fve ieilding ho graduating class/,which is thirty.e1ght n .ngber;,butitJ i probable. tht ei lace will be suh Hed by the form Ian I a ,new Frs ian glas. i inii1 ah Carolina,-Tennesse, 1corg, P. riailik1ppl, Lulsiana and ras; ali hedeiesentahives aniongst 'the stut patton thiatithelightia otbsetiaeitend lte iture eminating ftemthis cherIlednis slttiionwill beseen thtoughout ithe. en. Lirnetent.ofithsk8outhern portIoni of our Dor.federacy. ;It ay,.Asnd the time may aven now have arrived, when- it will be indispensably necessar to enlarge the use. ruinjs of he Colle17y vfdig for in. itrition inasome brah of the'iecdes ind literaturethat ari et now taugh in t.But the-subjet:.belongs more appro. ritely to the Board of-Trustees, to.wahose indsit has beens wisoly confided, pud here 1- willingly Icave it. I should be gratified to present you with an equally Ilattering.account of.thoe con. lifion of our Free Schools. Defective in Lhe frame work of their original structure, hoy have.drage on as 'wretched eis. erice, i f,-indeethey can be sadtoexisi t all, down to this-day, at an immense yost, without any ,rpaent benfits, ol. !spt in'thptownsifi ottes whore, from he!dneness of the population, the funds ppropriatodfor their support can-be con. ontrated so as to maA-its Influence felt. repr aner yearihe attention -of the' Leg. alatureshas been callad-to:thAi subject by Wiypredeeewsirs in office; and: again and again legislative corinnittess .havo ign~ lireocted t9 exnmninpinto their c.6nditini; and whilst all concede and exposethiedes rective. operation of the isystem, no Imea. mures have been token towards its im. arovement.: The will to do i i cetainly io/ant ,fo# it is a subject in which very inidividual has an intereiit, and i san only accotant for the apparenu apg. hy, by supposing.tbut no one -jcgeys,. or has thedsensofsknowing what is wanted .o carry it into successful operation, with. ma the means appropriated to that ohject: rhe defootA 'of thzei.systenm Were' early seen, and having bestowed'abnie attention 0 9i o reai herja4 j iloppor. l mengma pewrsonaliknowedge coEthe 10. slIties and population of every poriion of hei States) l.amiutterly unable to suggest any improvernent likely to produce re. suIts correspondling irrupy reasonhule pro. porti itollh&fvdel liaI-g Ishi~nnially rtxpendadd: iiitheir usupport.- The lcsal Boardis of Commissioners cannot be relied in ior the naeoeM&Ihafonnaisi~ e thqy wt without equeertor~ un iformity odf'As. um;- and I sufe to the .Lr'glslafird at Its last nstilo'thie (l'npriety 'Ip~n6 heoto vfmit every paraten ofihe ta.o g ~all; Qharged, especially..wh.acallectingl all the information-he could obtaIn from Iu~as;sand td ode aflialssuItedto the icasin.' Witlet plan'Iti beIvis B4d3 (m vr onin ,isat~ ill bie RIaWd that heo iitbsgeat d lpoy ~comtnItinotora even in the 'pr mydprnients o'f~nmanglishrdues~ Ion. mIt is possible that there~wIll be fodnd rn everyidlhtriot, afew young persons of both sexes who would * f lipi iesqnntr I on I ansneseso4wno 4 T ~Jb401 --- re1" t n 0 lf ' tat nret n oq di th h ion tfencV7 gen u Ib linlt tical rif on- ini lIAM follofil ths tain ing sofbnsfditinal iIsFi tioneon-the sub'e'et of normal-coli. -The Cihdl ylei i n h t - t rt Islout a A6ii Otio' tng to y t pten Nal[sFjpn.. e a;F some repetit nsi r tn. IrI w the ipe r portoo i the expe'nse of transpotation lia the ori nary means fd@-Wurk~t '.iniddleave any proftiisto 6tilpd ree t rIdi eotion, whidid stgre region ern that, at the presentjoyAo ..3s't a small nett incomp when the oharg iof transpotation afddyidn Al c~i. malfketsi from iny of-thkN~tfie ra' itii at-a less expense than froni the rnountuin region, gvh.ereritis grown i;t abungey and. wth 4.0 mighijgqd~ wo ld be ncfpp d~a 1 L any. extorwt j i aljIupne in y s a ~I~ tricts, isnierrh ,is frionitheinaiket in tiis dM cif ol'the difTieice itfb&li p naW ii the amo reason our great marts t losed against thA iro produced in thei f ho Nprther dtR nTjosqrrwa)e) marks will apply t9 nlmot~ everyu~.~t~ *of prodiletion,tie ranapgrationo~lh is expenswe on acuntof i the o nark; and vr.ti*e6 fdIhK~t'heh1)g n g(Sati- f'elih E*i rl.1,1isfii t$ reio totirds f ing t4 ib4 d IiCrt f the State ill heibteaiton s fleretofore .theythtve found a: mark.'k or their agricultural 'productibnassamng their cotngeigieihir resent. ow sepries tiO ,The4i Columbinaand ,GCla~ion An a Greenv joi ~p iirgaJbi;~~ng .t of construtior. whAnpWpj g yt a a, resn 6 "M In por tionsof the nfrythrough wi I' pas; b. t iflie former siould at lern Coirt Hoi:ehich liitiy bable, bothifltriiate~ iF'I~dt6E regiorld Uetei'aeily mountain dlsatts, aind vill leavei pa I of more tha r ndrddemif I eirnt i7 On Idird bi9y hWop Without the, rd 8f9hurie in t (owehds their idoen liit slw- kndri onidd mend toynrbsdrt~ of aflording them some a s the completion. nf4 ladal omd ratrioticonter~~ $ionto wna iiitf'f tion ar~e deatinedl 10 remai~~~h ryesn sp -~:**-*mpra-' * - . ; p -- -,*' - 2-~ 2 I-D ;; I" - .K2% II-- X o -~ si r . .- - -'- * - ~ -* 14. im OL A A nu _ - *sI q ~ * a - ;, - s t -- -I--t - . . n -7 ; .4 4. 1 & 4T -0- - a ~ ..;y