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For the AdvertieN EANKS AND FINANCES. Ma. Entwoa :-At this time, when strange opinions are promulried as to :anks aQi their operations, I think it would he well to publish, for the consideration of the peo'ie of this Dis trict, h- subjoinel Ext racts from the Report of the Comptroller General. and also Extracts from the Speech of Mr. MtisenMINGit, of Charleston, (than whom no man is more fully conversant with Banks.and Finances,) both of which were made last winter to our Legislature on the sus pensiof specie paynents by our Banks. Yours, &c., B. EXTRACT FROM TiHE REPoRT OF THE CoMPTROI. Liat GEsNaa, TO Til LeIaSs.AvuaE or SouT CARo1a.A, NoVr1um n, 1817. "Again at the clos! of the fiscal year (30th September)'the total li.bilities of the Banks amounts to $3:,005,739 91, with only $999,1399 76 in specie. They then had on desposit $2, 839,170 51, with Domestie Exchange to the amount of $10.265,531 ) and only $231,55. 15 in Foreign Exchango. This showing is tru!y ilarming to the financial interests of the State. The whole of our H-mas are in the hands of mere speculators, who wantonly disregard the teachings of experienee as to safe banking, and hence our Banks are at any day at the mercy of their depositors. The Comptnrller has so often brought these speculations in exchange to the attention of the Legislature to no purpose, that he has despaired of seeing any wholesome law made to restrain them. He9 will not, however, shrink from a fiithful and fearless discharge of his duty, although he has not succeeded hereto. fore in arresting the attention of the Legislature. The remedy is in your hands, and notwithitand. ing the arrogant claim of the private Banks, that they have power under their charters to do as they please, and are not amenable to the pub lie for their acts, there i< little doubt but the courts of the State would soon bring them under the law of t'ie land, and teach -! em to know that they are pub!ic institutions WiLi certain private rights, and that they are at least not omnipotent to do evil. Whatever remedy you may, tit your wisdom, aply to arrest their abuse, in the judgment of the Comptroller, should bie prompt, sharp and severe. If the full measure of pun ishment was meted out to them that they de serve, there is not one of the new batch of banks chartered in 1852 but as richly deserves a forfei. ture of their charters for the course they have pursued, as any political traitor ever merited de. capitation for treason to his country. They have prostituted the former well-tried and legitimate system of Banking in this State to one of mere speculation in exchanges; or, in other words, they have changed the legitimate system of banking, and their Banks into mere shavin shops; and at their own counters, or through their agencies at every point in or out of tie State where their own, or other citizens' papers or sight drafts, or drafts on time, can be bought on speculation, until their operations would shame the denizens on Wall street in New York, or the Bourse in Paris. There is no citi zen in South Carolina wore familiar with all the facts set forth i' the Ifetions, memorials, argu. ments and entreaties made to the Legislature in 1852, to induce that body to grant thi6 charters for these institutions, than the present Comptrol Jer General, who was an actor and active partici. . ipator, both as a member of that body and as charged with the interests of those desiring a Bank; and it is now in his power to give a most minute and detailed account, or history, of the circumsta'nees and facts under which they ob tained their charters, not one of which has per formed the functions for which they were created, or redeemed the p ledges made to obtain them. They are not, and cannot be called, Banks of loans, depoliits and discounts, bat are mere huck sters for paper shaving, under cover and form of dealing mn exchanges. The words " Domestic Exchange" should be stricken from the form of their monthly tenorts to the Comptroller, and those of "shaved paper" -substituted therefor. They should be comp;-ied.t6d delar" every dol y~ .J fhei/profis-adgari baanmlsmual. dividends, and the words. resen ts," by .which they conceal from many of their dupes. the enormous profits they are making, stricken. from their statements, They should be com pelled to keep at least one dollar in specie for every three dollars they have in circnlation, and no private 8ank shouiJd be allowed to isue bills under the denomination of twenty dollars. Tihe profits that some of these Banks are making by their shaving operations are enormous. Take, for instance, the Bank of Hamburg. The re prt from that Bank, for the month of Septem br, shows that its last semi-annual dividend was at the rate of 12 per cent..per annum, and the amount declared in dividend was 3 0, -whilst the amount of "reserved profits" was $124,360,96. When the Bank of Hamburg de clared its last extra dividends is not known to the Comptroller, but if the above sums are added together, and the sum of $39,000 yields a divi dend'at the rate of 12 per cet. per annum, the sum of $154I,360 %, will yield at the rate of Gli per cent. per annum. Notwithstaniding' these enormous profits, there is not a solitary one of them that could redeem ini specie one-half, one fourth, one-eighth, one-tenth, one-twelfth, andI some not over oue-sixteenth, of their bills in circulatioii, and this by their own showing, if any great or sudden crisis or emergency should throw them upon their counters. It i~s true that. " Exchange Sterling" is regarded as scie, but no well informed man or banker will claim the same for "Domestic Exchange," or if so, will assert that it can at once be snade available. The course of the new have driven (no doubt willingly) many of the old Banks since their re charters were obtained, into a similar system of speculation, whilst others of them have only con tinued in an old and beaten track that they have followed so long and with so much impunity they doubtless thinik they have a prescriptive right to do as they please. The old should, therefore, be made to share the same fate anid penalties of the new Banks. By a close and critical exafinationi of their monthly reports to this office, it ill be seen that an exaggerated picture of their shaving operations could not welt be drawn by the most fertile imagination. What remedy the Legislature will supply to ar rest this great and growing evil, one destj:ed ati no distant dhay to overwhelm the country with ruin and disaster, and which will inevitably in - volve us in great monetary d 'ciies, the Comnp troller can neithe-r foresaae or deemie He feels that he has faithfully per-formed his 4.sy, and his whole duty, in thus bringiug it forcibly before your honorable body, as it has long beep his purpose to do, and to leave to time and cj eumstances the wisdom of the act. He is aware that the severe strictures he has indulged in will grate harshly on the feelings of individual mem bers and Bank stoekholders, but he is not to be deterred from the full discharge of is duties by that or any other consideration of favor or of policy. That.eyour honorable body may deal with these offending institutions in no very mea sured terms, and with an unsparing hand, so as to arrest the wild, reckless and oxtravagant sys tem of speculation they have inaugurated in our State, is his earnest hope and desire. No-rE-Since the foregoing report was closed. at the end of the fiscal year, no less than twelve out of twenty Banks have suspended specie pay ments. The evil is upon the country at even an earlier period than the Comptroller anticipated, ~although he apprehended senious financial em barrassments fronm the illegitimate course of the Banks in this State, and called the attention of the Legislature to their spegulations in his An nual Reports as early as the year 1854, '55, and '56. It was his convictioja that they would sus tain thetnselves until after the expiration of the approaching session, but the outside pressure from other Stanas and banking institutions~ was tyo great to be resisted, and the have been drir e2c into suspension. Whatever diversity of opin i in may prevail as to the wisdom and policy of r/aeir auspending, that grcat blame attaches to a aem for placing themselves in the condition that r~ndered suspensionl necessary, njo onie will queti . tion or doubt, and they shonid iha made to suffer the penalties therefor. The C~iom ##p fJsicral, as chief oflieer of the finanW departm-4 pf the State, in view of the crisis which has be Sprecipitated upon us, feels it ineumbent on him to prsent, with great deference, his opinious as to th.proper rem:zedy to be adopted to punish the4 detneuent lhuks, anad to preyen~ in futurea .....e uS afr..: wlinc must lead Ro as smilar a mit. The penalties imposed by the second see ;ion of.the Act of 1840, to provide against the muspension of specie payments, should be firmly Lad rigorously enforced. Should eithetr of the ,uspended ianks neglect or refuse to pay the penalty already prescribed by law, a provision ,f law sbould be made by which legal proceell igs could at once be instituted against such delinuent Bank or Banks, for the purpose of vacatiig or declaring void its charter. To pri vent future speculation, and secure a suflicient metallic currency for the ordinary wants of the people of the State, no Bank should be allowed to issue bills of less denomination than twenty dollars. The shaving of paper, now described as " Domestic Exchange," should be prohibited. Aiy lank which should, for more than thirty days consecutively, have a circulation of its bills greater than three dollars for every one dollar in specie in its vaults, should forfeit ten per cent. per month for such excess. The existing law prohibiting any Bank from paying out the bills of other Banks should be so modified as to pro hibit only their psying out the bills of the Banks of other States. That some such wholesome laws or regula. tions should be made' to correct the evils of the present system, is clear and indisputable. Can any system which yields such an enornions profit on capital bu just and wise, as is now enjoyed by the Banki of South Carolina? The citizen can only realize 7 per cent. on his loans, and yet, when his capital goes into a Bank, through its multifturious and illegitimate operations, lie real izes, by declared dividends and reserved funds, which is miercly a dividend to be paid in future, the enormous sum of 20, 30, and, in some in. stancti, it is believed even 40 per cent. This is the range of interest which the Bank capital of this State has yielded for the last fiscal yea. Are the profits in agricultural, mercantile, or other capital, to be compared with it ? And can a charter merely justly give such a decided ad. vantage to Banks over all other enpital ? The Comptroller Gjeneral apprehends not. It is to be deeply regretted that the Bank of the State led the way in the recent suspensions, but the most casual observer can easily detect the cause. This Bank and its Branches at Co. lumbia and Camden are the only Banking Insti tions in the Statethat have extended any reason able aui to the fitrier and planter, or that has shielded the property of that largest and most valuable class of citizens from the greedy spirit of gain so rife aiongst the other Banks. At the close of the fiscal year it will be seen that this Bank and its Branches had expanded them. selves to the utmost limits of prudence by ae. connodation loans in the shape of "Notes Dis counted on personal security,' " Bonds," Money invested in "State Stocks," by advances for the State, &c., &c. The loans discounted on perso nal security alone, the bulk of which is in the hands of planters, factors and merchants amounts to $3,086,884 64, being nearly one-third of the whole sum thus invested by the whole of the twenty Banks in the State. To shelter them. selves, thlioaflore, under the wings of this Bank, it was doubtless thought to be good policy to drive it into suspension first, hence the run that was made upon this Institution compelled it to shield its own and the States' interest by prompt ly refusing any longer to be thus used, and at once suspended, dome apprehensions have been felt in various quarters as to the solvency of many of the Banks. Should any of theso prove insolvent, or not have abundant assets to meet their liabilities, the country has a double guaranty, in the fact that each and'every stock holder is )jgble for double the amount of his stock for the twelve months next proceeding its transbr. By a close analyss of the reports, it will be seen that the suspended A'anki Are in as good, or well-nigh as good position, as th. non supjended ones, and that the depositors could drive any one of them into suspensIon at their p leasure. T~le Comptroller has notified the Presidents of each of the auspended Banks that he will en force againset them the penalties prescribed in the 24 Sectioa of the Act of 1840, and should the Legislature not arret him, by some Act at the ensuing Session, he promis.a to make all those who have violated that Act, disgorge themselves of some of their ill-gotten gains, and save the eountry.thereby someof to buhe of tUsislon. rhep ExTRACTSs aox TuES Mpgsen cv *a. C. G. MuM MI~CoEt, BEFOaE TE LANT LNGIeIS[ , oN THE BANK IssU'iCs .AND) SesPuxszoxs, " From this point of view, it is impossible to regard a general suspension of specie payments othirwisethan as a public calamity. The moral and politieal cyils which attend it, are injurious to the best interests af anciety. That high sensie of commercial integrity whitih is Ihs main -up port of all extensive commerce, is impaired. T'he groat centres from which radiate the ave nues of public and private faith, in the fulfil ment of contracts, are filled with distrust ; and individuals are induced to excuse their own breaches of duty by the example of those who have hitherto ben the teachers of punctuality and good faith." * * * * * 0 C " Not less tangible and apparent are the politi cal evils attending these suspensions. The ag riutural interest of the South, but for its inigh ty self sapporting power, would now have beeni utterinig its loud denunciation, Jt-a few weeks ago, and the markets for southerni li-GiThic wore firm and tranquil. Cotton and rice found ready pur.hasers at good prices, and no one saw even a cloud Upma the horizon. Suddenly the Banks in this country ezidibit si..ms of disturbance. The immense flood of pape'r which. for years, they had been letting out to speenlatona, - iiowx back upon them; and in the agitation of its rush, a pane ix greated in the European world, which at once redue. the produce of the South one-third below its former price. Cs4ton, which had been selling at 15 cents, is reduced to U). Rice is reduced from $5 to $3 ; and thus, in a few weeks, without any loss of crops, without any cause in the natural world, by the inere caprice of banks, after disregarding for years all suggestions of prudence and' duty, a great artificial calamity is produced-our share of which will amount to a fuss of at least five mil lions of dollars. "Large as these figures arc, they form but an item iia tha aggregate of the public calamity. When it is considend how many contracts be tween individuals are defeated i iow mnany works discontinued ; how miany persons thrown out of employment, and the amount of suffering and oss thergby endured, we may embrace more justly the extent ,f this great circle. It is only by feeling the pulsatnons 4 f great heart of soiety, the middling and lower elkneu, ;; we .reeigs the real chai-reter of these sufferings. Many is uaa .em+ily whose distress has been most rgent, but its exppeaajan has been heard only by those who jre geng4 f. annister to its re lief. "If we extend our horizon to .embrge ony whole country, the result is o startling as to ibe well nigh incredible. Upon a call made by the U. S. Senate, in 1841, upon the Secretary of the Treasury, that officer made a report of the loss sustained by the suspension of 1$39, and it was set down at the anormous sum of ninety -five millions of dollars, besides one hundred and fify millions more, which ho estinatas for los ses through fluctuations of the currency and other~ incidients of the banking system. With out insisting upon the accuracy of these figures, it is obvious thit apy reasonable abatement from thema will still leave a surm; the magnitude of which will prove that these bank stuspens~ions are among the greatest injuries to tlie puly4 weal, " If we apply the same principles of political economy towards makting an estimate of the loss to which the country is now to bo subjectedc, we will find results of proportional magnitude. The fluctuations of currency produced by the banks in their expansions anid contractions are among the most powerful agents of mischief. This is apparent from the fact that the currency is the life-blood of the country, and that those who control the money power, control every vi tal function of society, To use the language of a great master on this subject: " The currency of a country is to the commutunity what the blood is to the human system. It consti utes a small part, but it 'circulates through every portion and is indispensable to all thme (qg4goois of life. The currency bears even a smaler$aportion to the aggregate capital of the on unilty r4suhe blood does to the solids in the human-syst.em. What that portion is has tot been. anid perhaps cannot be, accuratelyv as . ..:.:.ne as i pmoaat. .ub.ecn ino c m.... go on--to.-continue their busiess-to make profit on every legitimate operation--even to in crease their issues. The single chck applied, is what my friend and colleage onj.the other side (Mr. Mitchell) has properly called a Spring. This spring applies itself to the'uiost powerful instinct of the bank-its interest. It simply makes it its interest'to return to'is duty." " It was not, however, unt.il thcourts of jus tice had formally given judgne'nt. of forfeiture against our banks, that any of "them accepted the 'rovisions of the Act of 1840.1. But since that period, all have come inand for nearly seventeen .years they have beeideriving the profit allowed to them- from pioviding for the currency of the State. The Legislature.pre scribed no form; it simply required converti bility of notes into coin, and legj to the banks the amount of coin to be kept.e Ihe tables, above referred to, show how .ery stinted has been this supply, and how the banks have re sponded to the confidence re&'osd in'them. And now, .when for the first timq the other side of; the contract is to be puti midcson, we are beset on all sides with their oissairies, and urged to repeal or suspend the li. . " And what are the reasons*iged fea such a suspension or repeal? The first is, that un less we do so, the banks will not issue the cur rency requisite to bring to sale the planters' crops. This reason comes withanarvellously ill grace from those who for seventeen years have been receiving about $400,000 per annum from our ople for providing them:with a cur rency. Why will the banks doeline furnishing the amount of currency ? Bas~?use they will only make one per cent. upon it For how lung a time would this currency be .'required, and how much would it be? Certainly not more than two millions additional, and only for three months. The intere.t on this amount for this time would be $30,000-every.dollar of which they would receive from the people. But be cause they would have -to place badk in the Treasury $25,000 out of ~this 30,000, they refuse to perform a solemn contract, uidq which they have been receiving about $400,000 for seven teen years. " Unt do the binks receive only six per cent. upon the money they issuo to purchase the crop? Every one knows -that the crop is sold abroad, and is represented by bills of.exchange, and not by promissory notes. The premium on the purchase and sale of exchange is,' therefore, the measure of the banks' profit, and a moment's considertion will show that aairge surplus will remain to them over the amout to be paid into the public treasury. "Another argument advanced in favor of the suspension of the act of 1840 fi'tlat it has proved ineffectual to prevent suspension. The very structure of the act shows tli .it did not ex pect to prevent all suspensions It was evident ly designed to check them, .and to indwze the banks to resume their obligations to pay coin as speedily as possible. If.the Legislature will now have the constancy to test the matter, this will be found to be its silent and certain effect. As for the objection thit it ,as not prevented suspension, as well might yoitrepeal your whole criminal code. Murders, rlberies and forge ries continue, and will conti u, in spite of hu man punishments. But in wit c ndition would the people be who, on that account, should re peal all laws for their punishiment ? "This suggession that unless we suspend the act of 1840, the banks will ubt furnish a curren ey to move forward the oropis somewhat more revolting, as it assumes. to my view the aspect of a threat. The first hint of it seems to come from the memorial of the, suspended banks. They say "that should the penalty of interest on circulation, continue t' be exacted from the suspended banks, it must imgpose upon them a course of stringent contraction. They must call upon thejp 4pbtops far paymneifts th*(? will cause general embppqsapmgn1, Tliy mRst, *s spppdi ly as possible, withdraw their notes which now constitute the exclusive circulation of the Stat. Under such a cour-e they can do no new busi ness, andI the consequence m'ust be disastrous in the extreme to the custom of the banks, and to the value of the' staW rpoducts of the State.''*. " gentlemeni, such as the Presidents of these banks, never thppalel in terms. They merely give comn teous .intimation of unpleassa ponse quence.e which may follow certain nets. But let us enquire a moment of these gentlemen, even putting aside their obligations to save'their country frrn these awful conserquences, what in fma4 weil4 it cqs th$pir bnks to furinishi the means necessas~y to bring tbrnard thp crop,. They are already liable for the issues 'now uin circulation. How much nelD budni~ess must they* do to save thme value of the staple products of the State ? I have klroady shown this amount, and that there would be no loss at all, unless we 4a flo p tbank pi asoogy, and call that a loss Whir-4 4;Ids ocrtgig gico~stiqaces thpy are bound to Irfind, "But noiie know better than those memorIal ists, that so 'long as the Bank of the State is under suspension, the withadrawal of the circu lation of the other banks would be altogether harmless. No~hing would be easier than for thg~ Bank of the State to fill up the vacuum, and thus take tihe prvofit of $ll~Wils circulation, and some slight approximation to justicb would then result by throwing into the bank the profits which, under the net of 1840, should have gone into the public treasury. "' A"ntow1 Mr. Chairman, the problem to be solved is, whedhos thp 0ngJai.l power of the banks will not prove an overmiatch for thme con stancy and firmness of thme Legislature Thme time has come to hold thme banks to their duty ;ind to the performance of their engagements, by whish, for th!0 4rst tirne, they are to assist the community without pm'cson$ gain, F'or sev enteen years they have been making large prof its, declaring large dividends, and even now they have yet on hand reserved profits. They have syfered no losses--they -have already reduced the currpnocy Wih sa suddnness munprecedented, to nearly the loupat puiqt of' gentratiton jthey llavp so manaagpd thmat curreney, as to send away the entire specic basis, and now when they are comptdled to declare thcmsoives unable to ro doem theIr obligations In coin, thoy turn upon the public authorities, and upon pain of refusing even that paper currency which is now all that we have, they demand a repeal or suspension of the only checks which remain against an incon vertible paper currency. I say the oinly checks which remuain. For the penalty of forfeiture which existed before the act of 1840, has been released by the acceptance of payments under that act; and now if the Act of 1840 be re moved, the banks are left in uncontrolled pos session of the currency of the. State. Hero then is the real issue. Will. the State follow the vacillating and temiporising course of other Legislatures; or will she stand firm, and insist tipon the faithful performance of all contracts by banks as well as by individuals--by the strong as well as by the weak ? I'venture the prediction that constancy, on' the part of thes jpublic agthorities, will bring about a resumption of' specie payments within thpee utntls, *'A striking commentary on the necessity for the stringent contraction threatened by this memorial, Is furnished by tihe dividends just doelared by the banks. The memorial informs the legislature that the exac tibu of 5 per cent. per annum upon their issues. al though distributed In monthly instalments ovor the whole year, will prevent the banks from doing any new business, and will.produce most disastrous con sequences to the country. And yet within two weeks after the adjournment, these very banks are able to pay dividends to their stockholders, amounting somie of them to 8 per cent. per annum; and that too, while every other interest in the country is suffering from drangement of this omypnoy, p -Qen. Jim Lane, of lancs, gus of iii. ieadpp of the Republican party of the Territory, and a Bon! atom of the United States, under the bogus Topeka State government, is looked up in the emmon jail of Leavenworth city, to protect him fr-om the vengeance of thme people of Lawrence, who have been outraged by his murder of their fellow-citizen, Mr. Jenkins. ga" The Macon 'Cgzen says: Culuimbus Ga., is in the midst of a religious awakening, the like of which was never known before." Churehes crowded every day and night and nothing else hardly talked of but tho revival in progrer. Over .i00 additions, we learn, have heen mnado to the various Churches and the in trest-suffers no derease. ble variations. It is, however, probably between twenty-five and thirty-five to one. I will assume it to be thirty to one. With this assumption, let us-suppose a community whose aggregate capital is $31,000,000, its currency would be, by supposition, one million, and the residue of its capital thirty millions. This being assumed, if the currency be increased or decreased, the other portion of the capital remaining the same, according to the well-known laws of currency, property would rise or fall with the increase or decrease; that is, if the currency be increased to two millions, the aggregate value of property would rise to sixty millions ; and if the -curren cy be reduced to $500,000, it would be reduced to fifteen millions. With this law so well estab lished, place the noney power in the hands of a single individual, or a combination of individu. als, and they, byexpanding,or contractingthe cur rency, may raise or sink prices at pleasure; and by purchasing when at the greatest depression, and selling at the greatest elevation, may command the whole properly and industry of the commu nity, and control its fiscal operations. The banking system concentrates and places this power in the hands of those who control it, and its force increases just in proportion as it dis penses with a metallic basis. Never was an en gine invented better caculated to.place the des tiny of the mianey in the hauds of the few, or less iv.rable to that egnality and independence which lie at the botton of our free institutions. " None hut those in the secret know what to do. All are pausing and !ooking out to ascer taiii whether an expansion or contraction is next to follow, and what will be its extent and dura tion; and if perchance an error be committed if it expands when a contraction is epected or the reverse, the most prudent may lose, by the miscalculation, *the fruits 'of a life of toil and care. The consequence is, to discourage indus try, and to convert the whole community into stock-jobbers and speculators. The evil is con. tinially on the increase, and must continue to inerease just as the banking system becomes more diseased, till it shall become utterly intol erable." 3 Calhoun's Works, 115. "A few figures will show the relevancy of these remarks to the preseti state of things. "In 1849 there was supposed to be in the United States $120,000,000 in specie. Of this, the banks held $413,000,000, upon which they issued a Bank Note circulation of $114,743,000, holding at the same time $91.178,000 on deposit, making a total of circulation and deposits $205, 921,000, and of specie $43,000,000, or about 41 dollars of immediate liabilities to one of specie, "In 1857 the circulation of tho Banks is.....................$214,778,000 Their Deposits............,230,351,000 Total....................$44-5,129,000 while their specie in -but about $60,000,000, or about 7& 'ollars of,immediate liabilities to one of specie. "1This diminished proportion- of specie is not owing to its scarcity. For the California mines have been pouring it into the country, and it is estimated that not less than $2130,000,000 ate now in the United States. " In qqr own State, the same extraordinary disregard of financial facts is exhibited. In August, 1847, the total circulation of all the banks in South Carolina was about 84,091,000. In February, 1857, it was expanded to $12, 440,000, Tn August, 1857, it was reduced to $7,618,000. In October, 1857, it was further reduced to $6,614,279." * * * * * * * "With these figures before our eyes; with this great disproportion between the liabilities of the banks and the specie on hans, runnig haelg for tw'o years, can it be gravely maintained that thy banks haye fulfiled their duties to the currenoy? fs it niot appaent, tlist wile they have not hesitated to expand and oontraot Issues to a ruinous extent, from 112,40,000 to $6, 814,000 in eight months, they have lniformly saved themselves the expense of providing the specie basis necessary to meet their engage ments in coin? Could they possibly expect to avoid suspension with ten times more immediate liiabilities than they had means to pay?7 ' At this point of the argument, Mr. Chair .man,. it:..iteeomnes neceSsary ,te notice that on your table thiere are two sets ot' measures, with distinct and separate aspects-one proposing a relaxation or repeal of the existing laws in re lation to banks, and the other proposing to add preypntiye igpasuzres for the future. Those who askc a relaxation amf e.jitting laws, claim for the banks exemptiotn from all blamno, qi',4 insis that the existing state of things was pi'odueed by the Banks in New York and elsewhere, without any concurrence or fault on the part of the banks here. The act of 1840, which requires oiy banks, while in a state of suspension, to pay e p r4p annum on their issues into tepuia Troaslwy, they FagaFd is a ppnaltyi and as such, it ought not, (<ay they,) to lap t3: acted of innocent suffercersYn * * * * * * * "It was not until after the second suspension of specie payments by the banks in 1839, that tlig Legislature of our State found it necessary to intarecg, glyl spfipusly turned its attention to measures of prvnia Th tjing away of charters from the banks while thle uio'mmunir ty was groaning under the troubles of a money crisis, served only to add to the calamity. The snl.p3;Ion of specie payments by the banks, was t in itsif t4'@ single fault to be con demned. On the eontsary, oirpgrasfageps might exist which might make suspension a seiief fcp the time. The real evil was the previous ex pansion of the currency, the subsequent con hmationf Was its necessary consequence, and a suspension for a tium n;jgl4 1hp a ntecessary pal liative. After long-deliberatona, ,and aftpF 84lw cessive discussions, the Legislature in 1840, en acted a lawv in which they offered the bank~s a rslagsp from forfeiture of their charters in cases of suspensiqn, nponu ecndition that they would accept two proytstqns qs a sqbstityfo, The first was that whenever they Fefussd to pay poin for, gbpir aptos aInd suspen)ded specie payrnents, they should pay Jive per pent per annum into the publie troasury upon such; notes as they had in circulation. The scoond was that theo banks shoulu publish monthly atatements of thoir true condition for public information. " The first condition was evidently founded upon the fact that the issue of currency be longed to the State itself; that she delegated this trust to thme banks, and that so long as the banks fulfilled their duty in furnishing such a currency as met the obligations of the State, under the Constitution of the United States, the State was willing that they should take to * plselves the whole profit of such currency. the pqag ut gipculation in our State be set down asig se ilioay, iprassush y. thue banks de rive at least six per cent. tipon all their loana, it is obvious that the profit of .his circrlation would amount annually to $30,00; a rent one lyould tlhinIk nuite large enough to ensur-e in re p~ n.cawpr~tbIp currency. " But whenever ths br~aks should fail to per form this duty-whenr they go loggp er ad redeem their notes in coin, there no longer ex isted the reason for permitting them to receive the profit on the circulation; an( they were simply.required, after retaining one per cent. for contingencies, to place in the public Treasu ry the remaining five per cent. which they had collected from the citizens. A t any moment they could terminate this payment by returning to their duty. The Act simply applied the best of all correctives. It took away the motive to gantinne the wrong. Moreover, with an eye to perfect justica, it Uiok away from the bank-none of'its legitimate profits. Jt touched none of its income received from its capital or its deposits. It singled out only the currency--qnly thgt which the bank circulated by puriiege(Fe, t~e Sovereign, It said to the bank, the State per mits you to lsuu your notes without paying i tereut, because,, you undertake to keep coin enough to redeem them. You have failed to keep that coin, and now your notes must pay interest like all other notes. But inasmuch as the necessity of the case prevents any one indi vidual from retainting thoem to claim the inter est, the whole public, which pays that interest, claims it from you through the State Govern ment. "So far, therefore, from the Act of 1840 be ing considered a measure of piunishiment, it is really one of relief. Irptead of holding the banks liable to forfeiture of their charters for suspension,,.as is the case in England and in other States of this Union, the proper and ap S-yj Whperiser. ARTHUR SIMKINS, EDITOR, . DGE*i t), 3. C. WEDNESDAY, JUNE 23, 1858. RULES TEAT XUST IN FUTURE BE OBSERVED. All advertisements from this date, not amounting to more than $10, must be paid for in advance. Merchants and others advertising by the year, will be required to settle-every six months. No paper will be sent out of the District unless paid for in advance. . Allletters on business connected with the Office, to receive prompt attention, must be addressed to the " Edgefield Adverliscr." To these rules we will rigidly adhere. Therefore, take notice and aet accordingly. BANIKS AND FINANCES. We this week 'give place, at the request of "13.," to sundry eftracts from the Comptroller's Report and Mr. Memminger's speech on the Bank Question. At tontion is directed to these extracts as throwing some sun-light on an important matter,-one which it is well the people should become conversant with. If the facts of Col. Ashmore and the reasoning of Mr, Momminger are adverse to the position of any single subscriber, that subscriber shall have the use of our columns to ianimailvert thereon. ,*We shall indeed es teem it a fortunate thing, to have the discussion of this question put in full before the people of Edgefield. During the next dull month or two, our columns are at the disposal of all who will enter properly and in good spirit into such a discussion. The people want, light upon the subject. They are tired of receiving the dicta of so-cealled financiers as gospel. Let rea sons be given, not cmpty arsertions. Again we say, our columns are open to any gentleman who desires to argue this all-important question of Banks and Finances. . LAST NIGHT OF TiE DRAMA. Attention is asked to the splendid Bill of the Times PTANS & ReAs for Friday night. As it is positively the last night of the season, it is earnestly hoped that the gentlemen and ladies of the town and vicinity, and from the District at large, will turn out in great numbers. Give us a brimming farewell,-and let our Dramatic sun set in resplendent brightness. HODGES INSTITUTE. Before us is a Catalogue of this Greenwood'Semi nary for the past year. There appear to have been some 45 o'r 46 students in the two departments of the institution. The next session begins on Tuesday 24th August. OUR GOLD DIGGINGS. The Dorn Gold Mino still continues to yield bril liant irofits to its fortunate owner. It is an old thing now, and does not attract the attention it did at the outset. Yet it is still a mine of great value, ranking inded but little below the foremost of its rivals. Our information is, that it is now paying from $1500 to $2500 per week, at a total expense of $200 per week. We have recently seen a superb specimen taken from its richest vein, and which reminds us for-' cibly of what 'they tell' of California and Australia. The Dark Corner Gold Mine is also, we believe, being worked with much success. SUMMER RESORTS. In seeking their recreation for the summer season, now at 'band, it is to be hoped that our people will not overlook the favorite resorts in their own good state of South Caro!ina. It is crabbed and illiberal to say, go no where else. But it Is certainly sound philosophy, to advise every one who can do so, con formably with his inclinations, to patronize home wa tering places wherever they deserve it. Among these, none ocupies a higher place, whether in its sanitary influences or It. soil plenamreos, then the well known Glenn Springs of Spartanburg District. During the present season a delightful time is anticipatod at these Springs. The Hotel is under excellent management, and all the arrangements are ready for the aceomo dation' and amusement of visitors. To invalids, It needs not that we recomumend these admirable waters. Their fame is fully tested and established. And to mere pleasure-seekers we would say, if there is any better placp for genuine enjoyment south of Virginia we have never happened to Arhid It out. But Williaston is also well worthy of patronage. Its waters are considered very superior for many of the ills that flesh is heir to; and W. R. HI:DGE~ms keps a house there which our travellers would do well to #ind out as soon as they reach the place. SERIOUS ACCIDENT* A very distressing accident occurred at Major Con LUT's Threshing Mill on Monday last, resulting in the loss of an arm by young MAnmx, son of Mr. Gvsongs MARTIy of this District. Hie was engaged in nianaging the mnachino andi, while doing so, his .hand was caught sadt hIs arai terribly mangled be fore ho could extricate it. Amputation was absolute ly necessary, whioh was immiediately pierformled by Dr. E. BLAsu of this place. We are glad to learn that the young man is doing well. Let his unlucky fate be a caution to others. R EV. DR . W. 15. JOllNSON, Thmis venernbhle awil mulh beloved f.athmer in the ministry has removed to (ireenviihL., (wn;;s thec Enter prise,) andI will hereafter reside withi his son-in-law. Col. ti. F. Tfownes. Considerations of health have induced bima to make thme cebnnge. Respecting the Johnson Female College, of which he is President, he says, in a letter to tihe editor of the Southern Bnp tist: "I trust that no one will suptpose, that a dimni nution of interest in the Johnson Female University influences my renmoval. On the contrary, its I shall now be more at liberty to act in its hehalf, I trust I shall be able to do more for its advancement." LATEST FRIOM EUROPE. The stuamaship l',aurlerbilt, from Southanmpton,with ]European advieus up to and including the 9th inet., the day of sallng, arrived at Quebec on the 17th inst The Vanderbilt left Hlarro on the 9th instant, and we have by this arrival news from Europe earlier than ever before received, except on a former occam sion by the Vanderbilt at Cape Race. Sales for the three business days 22,000 hales, of which speculators took 5,000 and exporters 1,000 bales. The market opened buoyant, but closed dull, quotations being barely maintained. Advices from the manufacturing districts continue favorable, and prices were steady, although the trade was quiet. Breadatuffs are generally dull, and all qualities had slightly declined. Late and interesting news had been received from India. General Ross had defeated the rebels, who are maing another stand at the Culpeo, a jungly and unhealthy position on the Hloogby river, about thirty. four miles from Calcutta. Non& Sahib and hip robol army had attempted to escape to Central India, but a detachment of Euro peans and Ohoorkas repulsed his movements in the mountains. A fearful eruption is now issuing forth from Vesu vms. DeBOWV'S REVIEW. The June number contains an artice on the "Southern. Commercial Convention," and also the " Proceedings" of said Convention. Other articles of superior interest are 1. Min. MIvNTui, on the .Negro Apprentice Dll, S. Wtsu'mvn Crrn. &. TqowAs JEVF5FIIUN The usmal spice Is allotted to Agricultural and to Commercial matterr, to Manufaotureu, Mining &o. gg Our "Imp," who has been taking after sever al pretty girls of late, and has been "kicked" as he terms it, by all of them, feels completely outraged with the sex, as the following lines, which he requests us to publish, will conclusively show, " The girls are all a fleeting show, Fur inan's delusion given: .Their smiles of joy, their tears of woe, Deceitful shine, deceitful flow, There's not one true in tureanly seren ! g' A speial train on the Canada Trnk Rail wy, ran 28 miles ia 25 minutes last Monday--a rate of 0-f wilemsn .mr hour. FISH NO 1. Our caption has no reference to the first grade of mackerel or any other particular kind of fish; neither does it moan any Individual spediuean of the Sony tribe having such superior endowment, as entitle it to be thus pro-eminently characterized. No,-it has allusion neither to a fine fish, nor to a big fish, nor to any one fish among fishes, as fish. It simply means "A fish" in the Piney Woods aseptation of the, term, tlit is to say: a Fishing Expedition. Now if there had been any ladies connected with said expe dition, it would not have boon admissible to speak of it as "A Fish." The phrase would then and that in case have been too blunt by half; It should then have boon styled a "Fishing Excur sion" o's "Fishing Party," or a "Fishing Re-union." But as.there wore no ladies along; as they wore all mcn,-sometime .designated " ganders," sometime "stags ;" and as there was nothing of sentimentality about either the trip or the tripsters; we have thought fit to call the piscatorial expidition "A Fish,"-brlefty, pithily, and in pig-town parlance, "A Fish."-It may be-nocossary further to promise that the expression, "No.1," is not here intended to imply any such signification as attaches to it when used, as it frequently is, in conjunction with that fa mous first-letter-of-all-alphabets, "A."-No, sirre! it was not an "A No 1, Fish." Neither would we have any one imagine for a moment, that we so say, or that we so mean, even in the remotest manner. Observe that our expression simply is, " Fish, No 1," the entire scope and compass of:which expression has this ext~nt, no more, viz: that it was our first fishing expedition of the present season. Hoping that the intelligent readef will comprehend us with out further dilation, wo proceed. Ah! that pleasant drive on Tuesday down the Co. lumbia road, as we cracked our whips and conceived ourselves so certain of an abundant success! And dh ! that delicious dinner, at the hospitable board of Mrs. W., composed of nicest meats, and breads, and vegi tables, and pies, and preserves, and cog'eo! And ah! that joyous meeting of the expeditioniets at L. W. Y's well on the road side! and that magnificent sup ply of horney-heads with which we were to entice the jacks and trout of the ponds below to leave their sandy retreats beneath the limpid waters and unite their fates with ours. And ah ! that long and brU liant cavalcade of buggies, hacks, pple-carts, wag ons, et onue id Venue, which took up the line of march in front of Mrs. B's residence early on the second day of the trip ! and the rattling of the bait-buckets ! and the clatter of the fishing poles ! and the jests and ha-ha's of the hopeful party! and the tooting of flutes, the scraping of fiddles, and the twanging of guitars, which accompanied the progress of events as we hurried on to the scene of action. It was like a great beginning of a great occasion; and every one rejoiced in anticipation of the royal sport ahead,-the glorious fish-suppers, and fish-breakfasts, and fish dinners that were about to be spread out bfore our hungry eyes. Alas! vain visions of Epicurean bliss! how soon to be exchanged for the stern reality of 4 nothing to eat." But we overrun the subject. " Halt,"-preently shouted the man in the fore most buggy; " Here's BAnn's pond, and it is propos ed that we wet a few lines In passing by, just to test the condition of our tackle." " Agreed." And at it they went. "Whooppee,-come out you rascal,"-and B jerked up a beautiful brim. "Got him now; steady pull; here you are,"-and the editor did likewise. "lHurra for our side," came from the opposite bank as P--v drew out another specimen of the same family. Then some one else pulled, but caught nothing. After a while others succeeded in catching some little fellows,-"right pretty little fellows," as one of the party described them. And then no body could get another bite. "Confound this plae; there's no fish here; let's go on to where we cans catch lots of 'em." Of course the preposition was an acceptable one. Back to the vehiceos rushed the fishermen, one and all; quickly ransacked the prevision-baskets fur lunch; "dook a trink;" ate a fdw mouthfuls ;' water ed horses ; " dook a trink;" packed away cold victu als; hitched up horses; "dook a trink ;" and vamos ed from BAnn'S. "Now for Sand Dam," was the cry, as the procession of buggies, hacks, and so forth "as aforesaid, again filed off on the march, desperately determined to drive deeper down into the depths of the desert than we had yet done. And so we went on, still hopeful, still josyful, still tooting flutes, still twanging guitars, still singing songs, still scraping fiddles, until we arrived at one Mr. Merritt's "away down in Lexingtun Deestrick." Hero we halted to enquire for L. J. and IR. S. who had preceded us a day or two, and whom we had promised to join that evening. It was a great point to reach them as it was to be expected that they would have a plenty of fish readly for supper by the timie we got there. But Ilo! a whispecr gets abosut, that they hnve left " Sand Damn" andi gone to "lHufman's." What now ? Some say one thing; some another. One wants to go to "Sand Damn" any bow ; another sees no propriety in doing so if L. J. and R. S. have gone to Huff's. Con fusion here entered the ranks. A schism hadl nearly ensued. But it was concluded to hold together and g" on to Haffmnan's. And to Huffman's we drove, full tilt. Found no L. J., no R. S. there. Diamnyed at the circumstance. Feelings got into a ferment. " Dook a trink." 'Twould'nt do any good. Dissen sions still increased. Some would stay, some would not. Agreed to disagree. A friendly split followed. Part of the party staid at Huff's. Part of the party wont olf to search for Sand Dam and L. J. and R. S. By this time it was 5 o'clock P. Mt. We were of the Sand Dam part of the party. (Got lost in the wilderness. Retraced our tracks. Got lost again. Stopped at a branch and "dook a trink." Retraced tracks a second time. Overtook a Lexington beau going out a-courting. Asked him the way. Huckle berries being in full blast, got a saucy answer. Found the way nevertheless, and just as the sun was setting be.hind the frog-ponds, reached the long sought "Sand Dam." " Where's L. J. and R. S.?" " Gone." "Gone! the d--l!" " Fact." " Left no fish for as ?" " Not a sign." " What's to he done ?" " Camp here." "Where ?" "Under these oaks." " In the open sir ?" ." Sub Dio." It was done accordingly. " 11'e got N5 lowe ,cood1 As mrel as5 we od, and cooked such a supper as might bo, out of sanjty corn meal, a pjeee of dirty middling, and a fass little fshes. Sung znotwithstandling, and daced, and laughed, and talked, and spread our pallet. on the banks of the big Sand Dam pond, and "dook a trink," and went to sleep. And such a sleep ! Woke up by dawo the next day. Fished, and fished, and did't get a nibble. The other part of the party came from Hulman's; reported similar bad luck. " Heard any thing of L. J1. and U. S.?" "Not a word." "Well what's the use of staying here ?" "Not a bit. I'm for home." " So am L "So am I," "S5o anm L" 'ISo am L And the word passed through the line without ~isent, Then lifted up all of us our voices and sang: Cant stay in the uIlerness Fceo day., fews doys Caa'* atay in the wildernses For I'mn goinag hom~e. Reader.-And is this all of the mighty " Fish N'o. l " you commenced to tell us about with so elaborate tpreface ? Editor.-All told; "If the bowl had been stronger, My tale had been longer." Render.-Now you dent pretend to say you have old us all. Editor.-Yes I have-all at loist that is germainato he matter in hand. To be'sure we saw an alligator or two, but what of that? They were not fash. Also we killed a snake, but it was'nt a fish. Moreover we ate blackberries, -plums and green apples; and thAey wero not fish, certain. But hold on. There winas'e thing we saw that might be considered " Ashy," inas much as it was a little ambiguous in its character. In a lonely part of the Lexington pine forest,s a certain green box pinned to a tree, with a pigeon -hole .en trance in Irout, and bearing this superscription: "RIFLEVILLE, P. O." As there were no visible In. - dications of human life any where in the vicinity, a doubt arose amongst us as to what ibis establishmeat was intended torepresent. Some said "P. O.''stoodlfor 'the tree to which the pigeon-box was- attached, -4 eraggy old Post Oak. Others thought it might mea Post Ojice ; while another por'ion of us opine# that Pickled Onions (for which the Lexington Dutch are famous) might have had something to -do with the construction of the unique, remote and suspiciour looking affair. After various gueqses however, it was agreed that the initials must denote the disagreeable catastrophe of "Perihed Ou." - Riflerille had ex isted-Troja-fait; and this frail monumentjm in ,nemoriam was merely designed to "tell where the garden had been." Reader.-But about Sand Dam - Editor.-Say no more, gentle reader. Above all dont mention Sand Dam again, unless you wishto' raise our party's dander up to the fighting -point. Say Jinrizantal to Old Mr. ' if you like; iut as you value the integrity of your countenance, dont say Sand Da4 to any of that party. MR. LEQUINIO KERLAY. It will be recollected that some month or two ago, we asked for information respecting "one Lequinio, (so the name was given to us).-and suggested a hint or two as to his character and probable fate. It af fords us pleasure now to do justice to the dead'by correcting the wrong impression our first paragraph was calculated to make, and possibly may have made on the minds of many readers. We are enabled to do'this, through information afforded us by an intel ligent and reliable gentleman of Augusta, Georgia. Mr. Loquinio Kerblay (so we now read the name) wa.e, it is not denied, an actor of some sort in the French Reign c( Terror. It is not however to be as sumed that he was a very inferior actor in that dread. ful drama. Such at least were his qualifications that he was aftewards appointed, by Napoleon; Fiench consul at Newport, R. L, which post he seems tohave occupied for a time. He subsequently removed to. Edgefteld' District, and settled a plantation upon Horn's Creek and a farm also in the vicinity of the present site of Hamburg. He owned slaves.and is said to have treated them with marked humanity, which would seem to contradict the ferocity of dispo aition imputed to him in connection with his former experience. He was regarded by those who knew him, as an accomplished gentleman. " His published works," says our correspondent, "show him to have been a man of fins literary taste and fond of sien tific pursuits." And this again does not sustain the surmise of his having been a man of low or unworthy propensities. He died in Hamburg, in the year 1815. His wife was, at the time of his death, on the plantation 18 miles distant. Not only was she never suspected of, being in any way the cause 'of her husband's death, but she was universally esteemed an excellent wo man. She was a member of one of60e, most distin guished of the old and noble families of Frie, and sustained throughout a long life an unblemished repu tation. The whole tenor of her condict, "her amia-' ble disposition, warm heart, and unostentatious vir tues," (we use the language of our presentinformant) "'should forbid the least imputation of impropriety on her part." She died -in Augusta; Ga., in 1822, possessing the most unqalified 'respget of the com munity. - ff We repeat, that it gives us~inisistygfetton $hes to relieve the dead from any odiamwe sAy .~ebeen. instrumental in attaching to thi e ~ ,uit is perhaps better that'thfataire'lsh in piredithan that vague aoubts eotane to rest on the mind of any onasla. e actualceir cumnstances of the deceased ia: .leclosing portion of their lives. -May we reqws .of our sotempora ries as copied our Arsylaragra bpuiblish the pre..'. cut statement also. It is from a'.genuine senroe, and we think may be fully relied upon ase For the Advertiser. Mn. Eurron :--As an appropriate celebration of the unniversary of Independence, IL would resipectfally. suggest that a Public Dinner be given on that day by the citizens of our Village and its vicinity, to our dis tinguished Senator Gen. HAxxoxa and our immedi ate gallant Reprosentative Gen. Bomuwu. The former since his assumption of the Senatorial toga, is al ready winning the distinction Priecepe Senarntie by his manliness, dignity and transcen'lent talent ; the latter has well sustained the ancient prestige of hjs State and District by that high chivalric bearing so peculiar to him; andi it is but just, that Edgefield, which has the honor of filling these positions, should tender a suitable ovation to both of these deserving public servants on their return from, the labours and. excitements of Congress. Iu licu of an oration, I would also suggest that Glencrals HAxxnomI'.and Box usxm, be reqguested to give us their views on the mo mecntous issues of the day. Will not our citisens make a move in this matter ? TARQUIN. Ti:ID~LE STEAMBOAT AvU('DET.-The Mem phis Alcalanche, of' Tuesday last brings us the details of the most terribmle accident that has. lately occured in the Western waters. We ex tract from the A valanche such items as we think most interesting: .The steamer Pensylvania, Captain John Kleinfelter, of the St. Louis and New Orleans line, exploded a boiler while under way, at Ship Iland, about seventy miles below this city, ata six o'clock yesterday morning. The boat im mediately took fire, and burned to the water's edge. As a result of the explosion and subse quent conflagration, we have a loss of life alto gether unprecedented in the history of .fatalities on the Mississippi and her tributaries. From the best information we can obtain among the conflicting accounts,. there were three hundred and fifty persons on the Penn sylvania, one hundred of whom are killed or missing. The majority of those who are saved are indebted mainly to the officers of the Kate Frisbee, and the passengers on that boat, for their lives, as the Frise came up soon after - the accident, and remained in the vicinity; un til she had picked up every unfortunate sufferer that could be found. THE RivER.-The Mississippi is about two inches higher at this point than it has been at any time during the season, and is still rising in a ratio of two inches in twenty-four hours, Fpom the best accounts above, there remains a heavy rise yet to ome down, Thle water can Riot attain a much greater beight -at our levee, as it will force its way through the country on the Arkansas aide. The suffering and destruc tion which Is destined to accrue to the planting interests from this succession of unparalleled overflows, are fearful to contemplate, and will exceed all definite calculation.-Memphis Ava lanche, June 15. THE OvERF~owv AT CuAIo.-Our attentive friend, Eugene Latapie, clerk of the steamer Woodford, which passed down yesterday from Louisville, has furnished us the following pain fully intei'esting memoranda of news In regard to the upper rivers: - At Cairo, the levee broke on Saturday even Ing, at four o'clock. The scene of the break is about three hundred yards west of the ' tion of the levees. It was suppsdtilevee had been cut, but the supposition, as ascertain ed subseuently, is improbable. Bynine o'clock on Saturday night, the town was .twelve feet. under water, and the inhabitants .commenced moving out. On Sunday evening the left wing of the new hotel, (building not yet finished;) fell down. Most of the women have left town --those who remain are collected on the levee and the wharf-boats. Both warf-boats are filled with baggage, furniture, and pol.There was 3feet on the floor of the Talor House parlor. The water was higher insid than out ide of the levee, and is still rising. A meeting -.. of the citizens had been held, and on Monday evening a Vigilance Committee was .inted, to protect the lives and property of t -lef. -Memphis Aalnce.17th Inst.