Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

MMHeaBnMSWSBBMW jw SOUTH CAROLINA LEGISLATURE. ^ Reports of the Committee on Federal Re- n laaons. u> The Committee on Federal Relations, nE to whom was referred so much of the pe Message of his Excellency the Governor, m No 1, as relates to the election of Prcsisident of the United States, the construe-! ^ tion of the Constitution, and the future > 0f arrangements as to the Tariff of duties (j, on imports, have had the same under con-' f0 sideration, and the subjects may be di- j vided and considered into the following,! i - ? P( ncans: w 1st. The propriety of South Carolina ta uniting in the election of President and |a Vice President especially when, by so do- bi ing, she will give expression to her true n( principles. n< 2d. The causes which have led to the be overthrow of the administration of Mr. sv Van Buren, whose policy and avowed a( principles of action are in accordance ar with the doctrines maintained by this dj State. This head will properly embrace j at an inquiry into the pecuniary embarrass- J w ments which have induced the people to! C{ lend a willing ear to those misrepresenta- j pj tions which have contributed to the sue-, u, cess of the opposition. The policy and J o o..natitntmnn1itv of a Bank, chartered by | t|i the United States. The causes of that j b, combination of the different elements jn which united to produce a change of ad-1 Cl ministration. The discordant character I 6j of those elemen?s. The security which j 6i the avowed policy of the administration Sl: afforded to the peculiar interests and in-1 $ stitutions of the South; and the strange y< delusion which has distracted so many of the Southern States, and led them to|t|] unite and make common cause with par- p] ties, whose avowed principles are at war cl with the best interests of the South.? 0f And lastly, the confident expectation that w a developement of the inconsistent inter- q est and views of this coalition, will in the m end vindicate the wisdom and policy of m the d jmocratic administration. pr 3d. The growing corruption of our Fe- th deral Elections. , ci 4th. The Resolutions from Connecticut, ^ relating to a Tariff of Protection. ki a rn Upon the first matter, your Committee, , concur with his Excellency, that every - *T-:? -- tr, imito in _ State in tne union is uuum? ^ ?>...? ..... the Federal Elections, without regard to the fact, whether the successful candidate 1 agrees with us or not, for candidates can j always be found, whose principles and ^ character will well merit such an expres ? sion of approval: and the conduct r:i the ^ State, at the present Session, has . -i.Jra- ^ ted the propriety of such a course. ^ Second. The complicated difficulties sv, which embarrass our momentary affairs, ^ arise from the pei version of Banks, to fn purposes wholly incompatible with a pr sound circulation, and an utter disregard su to the elementary principles of Banking. jn] No idea is more fallacious than the belief St that an abundant circulating medium increases the real value of property. The js kindly fruits of the earth and human la- br bour, bestowed in adapting materials in ni their original state to the use of man, are tv the only sources of wealth and trade, or B; commerce, consist simply in the ex- w change of them. Barter is rendered ca more convenient by fixing on some one ^ ic on nnivprsnl nrn U1 lltic VI ug w .* ? I' - - aL perty, exchangeable for eveiy other, and n this is called money. Gold and silver, Va have, by general consent, become that it universal property, so that he who hat- de it, may exchange it for whatever other go property he wants. Thus, if a man has fo] an ox to spare, and wants a horse, he sells tfo his ox for gold or silver, and then he ex- nc changes that for a horse. This is trade bj and the use of money. It is clear then, Si that money must be itself valuable. It Co costs labor to procure it. It is useful for to furniture and the aits. So that money th only facilitates baiter, by being exchange- ha ble for all articles. No more money then pi; is needed, than is sufficient for that purpose, and to thus facilitate all the ex- of changes of a community. Wherever a ha country has more money" than it will noi sv Ic :>se, if unsuccessful, more than a fourth pe of the amount embarked in the enter- is prize. In a word money is only a ma- na chine to circulate properly, and paper th costing little or nothing, is a cheaper ma- of chine, but it always supposes its redenip- th tion in coin unquestionable. These are th the ligitimate uses of Banks. They are a not designed to loan money to govern- pc ment, and when employed for that pur- th pose, it is a fraud uj>on the people, and ci< operates as a forced loan, if it is made in B bills of the Bank. Money loaned to gov- d( crnment, represents no property, It is a expended in gun |x>wder, and leaves, b< when once used, nothing behind, any p; more than the powder itself, after it is ol exploded. But it swells the circulation, oj and thus depreciates its value, and when bi carried to a great extent, leads to the a measure adopted in England, a legalized jn suspension of specie payments, and a tc ' compulsory tender of Bank promises, in- tc stead of real actual money. The pre- ^ vailing notion, even among merchants, a] that Banks are ncccssarv to facilitate ex- ei changes between the States, especially d that a United States liank is so necessary, j ci is a fallacy, which is capable of demon-1 p stration to those who w;ll forget their pre-' ti dices, uud submit themselves to the lidance of reason. First then?Banks tver have been Ufed, and are intended deal in exchange between nation and ition. The quantity of exchange de;nds on the amount of property transitted, generally speaking, and bills orinate with the merchant. If a merchant Charleston transmits a thousand bales ' Cotton to Liverpool, he has funds to aw upon, and the importer who owes r a cargo of English goods, seeks that II to remit in payment. It is the prosr duty of a Bank to discount the bills >ming to maturity, where its own capi1 * ?' ?ko Dank nf P'.nOT. i IS IUCUICUi x uus iii^ uuiin v* nd discounts bills, payable in London jt a bill payable at Charleston, would )t be discounted at the Bank of England; ;ither should a bill, payable in London, i discounted in Charleston. It tends to veil the current of exchange beyond the :tual transactions on 9th October, 1839 id most of the Banks, South and West d the same. The statement of the situion of the Banks on 1st January, 1840, 111 nrrwp that fhis irerifiral SUSDension m be traced tc a total disregard of the inciples of safe banking, and the most ljustifiablc use made of Bank capital.? 11 that day the whole Bank capital of e Union was $358,442,692, of which it $33,105,155 was in coin; yet their imediate liabilities, were, for their eirllation, $106,968,572, deposites $75,36, 857, making an aggregateof $182,35,429. It is not astonishing that they ispend specie payments when they owed 149,660,274, more than their specie: it the public owed the Banks at that time, 162, 896,522. If the public had paid ieir debt, the Banks would have had ame means to have redeemed their circulation and deposits. But no small part ' this enormous debt due to the Banks, as for loans to. Governments and to orporations. who were trying experients, and individuals who borrowed oney to buy property on speculation, at ices swelled out of all proportion by ese very loans, which augmented the rculation beyond the exchanges, and us gave a fictitious value, not by ma* ng property dear, but money cheap.? liese ficticious values have given way, it the notes of the borrowers from the ank must be paid in specie or its equiva nt. Hence that pecuniary cmoarrasscnt, which, by being falsely ascribed the measures of the General Governent, enable the old adversaries of Deocracy, under the new disguise of rhigs, to delude the debtor portion of e community into the belief that a lange of administration would restore at redundant paper circulation which relied the nominal price of property, id enable them to extricate themselves )m their embarrassments. They are omised a United States Bank?a meare which, if it was possible to carry it to effect, would not fail to bring every :ate institution and all their debtors, to imediate bankruptcy. But a short time necessary to expose this imposition, and ing down upon its authors the bitter demciations of its victims. There are but 70 modes of -creating a United States ?1_ mi? ? ? ciiko/imnftAn inn. i ne nrsi 19 u nt >? ouuoi/i i|/uvn) hich would, if taken from the specie ipital of the present Banks, about *3,000,000, effectually destroy their ility to continue specie payments. The ;xt is by a species of Legislative Galinism, to resuscitate the old Bank, give a Federal Charter, and constitute it the positofcy of the Public Revenue, under me guarantee to be furnished by its reign Stockholders, for the safety of e public njonies. This necessarily sup sesthe resumption of specie payments r that Bank, and her control over all Late Banks. This measure will give the ntrol of all the Revenue of the Union the foreign holders of that stock, and us perpetuate the Federal dynasty who ive so successfully employed the means aced in their hands. It would enable the ealthy capitalists to bring the property the debtors of the State Banks to the immer, at depreciated prices, and thus rell the fortunes of the rich at the ex:nse of the public. Such an institution so utterly at variance with the whole low nnd nrovisions of the Constitution, at it is to be hoped the Representatives the people will resist it. It is clear at the new dynasty must stand or fall on e Bank question. If there is created United States Bank, the Inde:ndent Treasury will be abandoned, and ic people must at the next election dede on the justice of its fate. If no such ank is created, the only alternative is to jposite the revenue in the State Banks, measure repudiated fry a majority of >th the creat Federal and Democratic irtics, or to continue the veiy measure * Mr. Van Buren's Administration, in jpos'tion to which was rallied the celerated coalition called the Whig party; proceeding which would at once place i bold relief the flagrant injustice done > that statesman. While your Commit? duly appreciate the value of Banks, 'hen properly conducted, they consider ay connection between them and Govrnment, except in the ordinary course of ealing as customers, of the most sinister onsequences, and inconsistent with the urity and independence of both. The uc objects of Banks should be known. as on their conduct depend* the future Wei fare of our whole country, and a righ understanding of tne subject, will proven unfounded prejudice on the one side which may refuse to the public benrfiti which, property regulated, they caji be stow; and, on the other hand, ward of those evils which their abuse has already spread over our whole country. The real uses of Banks, 1st. To affort safe places of deposite for money; 2d Expeditious and safe means of payments by checks in lieu of counting, 3d. By re quiring a similar amount of coin to con duct exchanges, by dispesding with i part of their specie, and substituting thei bills, when ly judicious management, th? credit of the Bank is preserved unques tioned. The money thus released, is ac lively employed as capital, and by tem porary loans, gives renewed and reiterat ed activity to trade* The very fact, tha tliey issue bills exceeding their mone; capita], requires that their loans shoul be short, that they may be always read; to redeem their circulation as fast as i the round of business it is brought in. 1 Loan Office only lends its actual capita and as long as the interest is punctual!; paid, requires no change of investmenl 4. They enable commercial men to ex tend their dealings beyond their actua capital. Thus, if a merchant has tei thousand dollars capital to invest in ai enterprise, he can 6afely borrow thirt; thousand dollars, and the Bank can se curely loan it, if his known character fo prudence, warrant, that by insurance am other precautions, he will not loose, i unsuccessful, more than a fourth of th amount embarked in the enterprise. In word, money is only a machine to circu late property, and paper costing little o nothing, is a cheaper machine, but it al ways supposes its redemption in coin un questionable. These are the legitimat uses of Banks. They are not designei to loan money to government, and whei employed for that purpose, it is a frau* upon the people, and operates as a force* loan, if it is made in bills of the Bank.Money loaned to government represent no property. It is expended in gun pow der, and leaves, when once used, nothin, behind, any more than the powder itsell after it is exploded. But it swells the cir eolation, and thus depreciates its value and when carried to a great extent, lead to the measure adopted in England, a ie galized suspension of specie pay men U and a compulsory lender of Bank promis es, instead of real actual money. Th prevailing notion, even among merchants that Banks are necessary to facilitate ex changes between the states, espvcialf that u United States Bank is so necessary is a fallacy, which is capable of demonstra lion to those who will forget their preju dices and submit themselves to the gui dance of reason, Frst, then?Banks ne ver have been used, and are not intende* to deal, in exchange between nation am nation. The quantity of exchange de pends on the amount of properly trans ..nanllv tn?llliniT Anil hill.4 ori tlitfcTCUf gCllVI Ul?^ w...? ... ginate with the merehant. If amerchan iu Charleston, transmits a thousand bale: of Cotton to Liverpool, he has funds t< draw upon, and the importer who owe for a cargo of English goods, seeks tha bill to remit in payment: It is the prope duty of a Bank to discount the bills com ing to maturity, where its own capital i located. Thus, the Bank of England dis connts bills, payable in Charleston, wouh not be discounted at the Bank of England neither should a bill, payable in Louden be discounted in Charleston. It tends t< swell the current of exchange beyond tbi actual transactions of trade and introduce that species of bills termed kites, bj which two parlies at each end of the line by drawing and redrawing, use exchang* as a species of accommodation paper ti raise money, not to facilitate exchange o actual products or merchandise. All legi timate exchange is calculated . upon th< basis of specie; the ouly money of com merce. There is no real difference be ' 1 a.-.-- ?r .u:? tween me sevcrm oiaits ui mio umun and the sereral countries of the world who deal together. The value of the billi of the Bank of England or France, d< not affect exchanges. It is not necessarj to the trade between France and England that the bills df either kingdom should b< current in the other. They are not so it fact, and exchanges are not impeded.? The truth is, Bank paper, not oonverta ble at will into specie, is no currency a all, but'is worse than a delusion." If eve ry State permitted no Bank paper not re decmable?if suspension was death, as i ought to be every where, a United Statei Bank is altogether useless. But even i United State3 Bank would not make iti bills redeemable, except at the Brancbei where they were issued. The formei Bank, even to avoid this, even in relatioi to five dollar bills, drew five dollar drafl on its Blanches, which, of course, became payable only where accepted' The com mand of the exchange of the country, gavi the Bank the opportunity of making bill of exchange the substitute for local dis count, thus overburdening the exchange enhancing the prices, and thus avoidinj the restrictions on the rate of discounts and causing the balances of exchange l< depend, not on the balance of trade but on the balance of kiteing. When thi revolution of 1837 took place* millions o this fictitious exchange was brought t< light. It is now \\ anted to loan its promis es to Government; for when Government i under the necessity * f ! 'rrtiwi-jg, *?hi?'i ought i:.ti-r to b , xrept un t mpora ry emergencies. its ow n security, by be ing taken as an investment, would nut de ; range the currency, and is the legitimati security for public loan*. The privilege Um i of having the notes of a United Stales sti t Bank, wherever redeemable, receivable ho , for duties, would at once enable it to crip. tri s pie the State Banks?they in tarn, must hi - insist on the payment of the four hundred f millions due them by the people, and in re 1 less than two years, the' bitter fraits of an Whig experiments would be tasted. So ts 1 far from making money plenty, it would . reduce the circulation of the State Banks, , and reduce property to its value under the re hammer. ac [Conclusion in our next.] a Si r From the South Carolinian. se e S. CAROLINA HOUSE OF REPRE- w SENTATIVES. hi Friday, Dec. 18, 1840. n< i- Mr. B. F. Hunt called up the Report of ar - the committee on Federal Relations, on pt 1 the memorial of the citizens of South pi y Carolina, relative to spoliations by the rij d French government; which was agreed to th y and ordered to the Senate, n The House resumed the consideration qi V of the Resolutions accompanyingthe Re- in il port of the committee on Federal Rela- to y tions, on the several messages of the Go- w U vernor, in relation to the Federal govern- b( :- menl: Mr. B. F. Hunt offered other resolI lutions as substitutes for them; and on a ol n motion by Mr. Adams, to lay them on the e< n table, the yeas and nays were called for, d< Ir ordered and taken as follows: Yeas 27? N Nays 59. r So the motion was rejected, d The first resolution was again read as at f follows: di e Resolved, That in the opinion of this a Legislature, a Bank, chartered by the U. bi i- States, and whose notes are made receive- g< r ble in payment of publie dues, is contrary w I- to thespiritand intent of the Constitution; S< i- is not warranted by any express grant of e power to Congress; and is unnecessary F d and impolitic. n On a motion made bv Mr. Adams, to th d strike out this resolution, the yeas and 7*j d nays were railed for, ordered, and taken - as follows: Yeas 16?Nays 81. c< s So the first resolution was not stricken >o - out. bt g The second resolution was read as fol- cr r, lows: la Resolved, That the collection of the m i, revenue of the United States in gold and ar s silver coin, is strictly constitutional, and m i- wall onlpnlit 1p<1 in nrpflprve a sound circu- JO i, lating medium; and the keeping the pub! lie funds in the Treasury of the U. States, e instead of entrusting them to the custody th i, of any incorporated company, is in con- th - formity to the provisions of the Constitu- h< y tiun. On motion of Mr. Adams, to strike it w i- out, the yeas and nays were called for, ori dered, and taken as follows: Yeas 18? bl - -Nays 77. 0 th t- So the second resolution was not strick- 01 i en out. of 1 The third resolution was then read as a - follows: / "" ta Resolved, Jnat the power given to Con- * gress, to lay and collect taxes, duties, and P& t imposts, docs not authorize Congress to s collect money, except for revenue, and "i j that a Tariff to protect the iudustry of one i portion of the community, at the expense t of any other, is a violation of the spirit in r and letter of the Constitution of the U. - States. R s Mr. Tradewcll moved to amend by ad- " ding the words: " and that a nullification Si 1 Df such unconstitutional exercise of pow- w >r ic the ricrhifnl remedy." fh I V. *W ? , , The amendment was advocated 4by 3 Messrs. Tradewell, Adams, Black, and e Myers, and opposed, as uncalled for tin* s seasonable, and unnecessary by Messrs. c? j Rhett, Elliott, B. F. Hunt, and Burt. tk i, Mr. Colock, moved to lay the amend- 01 e ment on the table, and cited as authority he i> for the entertainment of such motion, the ro f proceedings of the House of Representa- fa - tives, in the case of the 44 Compromise'' Pa e of J834. The Speaker decided it to be P? out of order: Mr. Colock took an appeal *i from that decision; and on the question of , over-ruling the decision of the Chair, a ?h , division was taken and the Chair over- 811 s ruled. of j The motion having been decided by the r House to be in order, on the question of ha , laying Mr. Trade well's amendment on the i table, the Yeas and Nays were called for, i ordered, and taken as follows: Yeas 79? - Nays 29. pa So the amendment was laid on the table, in t .Mr. Rhett then moved to amend the fn third resolution by adding the following ha - words: * and when such a case occurs, the pc t several States will decide for themselves th i the mode and measure of redress." no ? On n mntinn hv Mr. Rlakenev. to lav ve , . - "J J. > this amendment on the table, the Yeas s and Kays were called for, ordered, and as r taken, as follows: Yeas 6?Nays 97. up ) So the amendment was not laid on the flii s table; and the question recurring on its sn i adoption, it was adopted, and also the mi third resolution, as amended. wi e The fourth resolution was then read to s and adopted, as follows: he "Resolved, That the general principles sti , arWl policy of the administration of Mar- en I Tin Van BunEN, are approved by this mi , Legislature, and are well calculated to ne 3 preserve the perpetuity of the Union, by in , an equal and just protection of the rights eo e of every section; thus avoiding the neces-i ne f 8ity of any State resorting to her own pii ) means of sp|f?defence, to secure unimpair- ly - .ed her institutions and her rights." so s The filth resolution was read as follows: mi ''Resolve.I, I hat the State has seen, of Mtth great satisfaction, the steady and su - consistent adherence of her Senator, John be * C. Calhoun, to the well known, avowed, pi c and mature principles of the State, and p< ty accord 4o hi to - their deliberate and onf approval, for vindicating tod op* Iding the Milled end well known doe- ? nes of the State from Which be hold* s high commission." On the question of agreeing to thie solution, Mr. Henry called for the Yeaa id Nays, which were ordered and taken, follows: Yeas 83?Nays 13. So the resolution was adopted. Mr. Rhett then moved to amend the solutions submitted by Mr. Hani, by Iding the two following: "Resolved, That the people of thif tate have cause to congratulate themIves, that the party feuds Which lately eakened the vigor of its counsels, have ippily ceased, and that South Carolina >w presents to the enemlefof her policy id peace, an undivided front; and ia preired, as she is resolved, /o repel, by all oner means, everv iffrtesaion nnon heV ghts as a sovereign republic, the*instant at aggression ia attempted." " Resolved, That the jGovernor be retested to transmit copies of the forego* g Report and Resolutions, lo oar Senars and Representatives in Congress, ith instructions to submit them to that >dy." On the question of agreeing to the first f these two resolutions, Mr. Rhett call* 1 for ihe Yeas and Nays, which were or* sred, and taken aa follows* Yeas 71 ? ays 19. .. So the amendment was adopfetl. The second resolution offered as an nendment, by Mr. Rhett, was then a* The whole of the resolution offered af ibstitutes by Mr. Hunt, and amended, to;ther with the Report of the Committee, ere then agreed to, and ordered to the enate. AITH OF AN INDIAN MOTHER, The following is an extract from the iri volume of Mr. Burner oft'8 His to!>' ' " If a mother lost her babe, she would )ver it with bark, and envelope it anx'usly in the softest bever skins. At the jrial place she would put by its side its acfle, its beads, and its rattles: and, as at service of maternal love, would draw ilk from her bosom in a cup of bark, id burn it in the fire, that her infant ight still find nourishment on its solitary urney to the land of shades. Yet the ;w born babe would be buried, not, as iual, on a scaffold, but by this way side, at so its spirit might secretly steal into ie bosom of some passing matron, and ; born again under happier autpieies." On burying her daughter, the Oiippea mother adds, not snow shop, and >ads, and moccasins only, butj(sad emem of woman's lot in the wftjernps!) e carrying-belt and the paddle/** 1 know y daughter will be restored to me," she ice said, as she dipped a loek of hair as memorial; birth 's lock of hair I shall ke it with rae^?alluding to the day hen she too wiflper carrying-belt and iddle, and the relict j*f her child, kouid pass through the ajme to the dwtlriftplace of her ancestor" ' * ? Suicide?On Sunday evening, the 20th stant^NfTan whose name, fr.om papers und in hispossession, is supposed to be obert B. Hamilton, put an end to his irly existanee, at the house of James M. mith, in this village, by hanging himself ith his pocket handkerchief fastened to ^ e bed post. What conld have induced m to co limit this rash act, and thus rash ibidden into the pressence of his Maker, s has left no clue by which we can as:rtain, or even conjecture. He came to e house of Mr. 8mitb on Saturday eveng in the Southern stage, complained of dng indisposed, and went to a private om, where he remained until he tied the tal noose on the next evening. From ipers found in his possession, it is supped he had heretofore resided in Abbelie, S. C., and that he had recently hern Spartanburg C. II. He had with him out $150 in money, and copies of notes pposed to have been placed in the hands some person for collection, to the nountof about $1600, which are in the inds of Air. Smith. Pendleton Messenger. ? ' > Presence of jViW.?Napoleon 'was so rtial to snuff that he used it to excess, general, supplying his nasal organs 3m his waistcoat pocket. Many reasons ye been assigned for his adopting* the icket of his waistcoat as a substitute for f e article generally used, and as we hare t met with the following before, we nture on its insertion. On the ere of the battle of Waterloo, Napoleon was ruminating in his tent, on what might be the erent of the eonct about to be commenced, he took his off box off the table and proceeded to ike use of it, but so familiar was he ith the quality of its contents that as he ok a pinch between his finger and thumb ! perceived it felt gritty to the finger insad of being as usual, though the differce was not visible to the eye. He iraediatelv, by way of trying its genuine ss, gave some to a dog that was lying the tent. It had an almost inslatntan* us effect on the animal, and in the end priveri it of ixistanee* Buonapart's sua. cion was now confirmed, he saw plain* that an attempt had been made to poi* .f n him, but such was the presence of 4 >nd that he took care to let none of the licers composing his staff kuow of it at ch a critical time?his only precaution ing to prevent a like occurrence taking' ace, was the substitute* of bio waistcoat >cket for his snuff box.