The Camden journal. [volume] (Camden, S.C.) 1836-1851, March 08, 1850, Image 2
Tfee Camden Journal.
PUBLISH KD nY
THO. J. WARREN & C. A. PRICE,
EDITOK3 AND PROPRIETORS.
TEUAiS.
For the Semi Woek.'y, Tiiroc Doll.irs : n<l Fifty Ccnls !
if puitl in >i(lv;ifii*o, ?r Four l)oll.tr.< if |>:>vmvut if do
rlir.-n months.
* I
For tlie Woekly, Two Dollars nml "Fifiy Tents in
ctlviincc, or Tltrco Dollars after the expiration of llirso
months.
"speech of be\jam?x c.Yancey, esq. '
OK i:i>G '.Ktttt.D,
In relation to the Bank of ilia State of St u h
Carolina.?Del ire ml in Committee of the
Whole House, December Scission of 4he Leg
is!attire, 184 Q.
Mr. Y an coy sail:
TT : ' ~f* dm I'liivvtmnn nnd
ne was cmiYiuccu
magnitude of the subject, aid a;?j?ro icliedto i s
discussion with diffidence in his ability to do it
justice. Complex and abstruse as thw finnnei I
auestion has been correal}* represented to be by
ie honorable chairman of the committee of
Ways and Means, (Mr. ?Jcinmi.)ger,) lie lilt as
if he were about to tread uport a quicksand in
which he might be submerged. lie felt that,
like the benighted traveller, lie might be {>ossiblv
led towards the light which seemed to prom.
? ? : .a ..Jim;!,. >tf( ivilizntinu
lse to ins wc.iruu iuiM'9 * 'v ........ ...
and hospitality and find that it receded before
his advance, until encompassed by morasses
and lost i:i impenetrable glo un lie realized the
sad reality that he had been in the pursuit of an
Ignis-fatuus. Yet he regarded ii a duty alike
to himself, and the public whom in part he represented,
to express his opinions on the questions
involved in the Resolutions on the table. Thev
were the honest convictions of his judgment,
and in giving expression to. them he a^ked neinf
rim lmnlt nor feared the effects of
iiici ia?vi v? vi.v
external influence.
'The gentleman from Charleston (Mr. Memminger)
has made an argument of great power
and eloquence; but he invoiced members, liefore
voting for the stringent measures involved
in his resolutions, to examine and analyze that
argument, and to pore, ive the ingenuity and
sophistry with which it is characterised. It is
alleged that the Bank has legislative power of
taxation, and is irresponsible to the people. He
would not consume time in following out the
different phases in which this position was elaborated,
as its sophistry would he apparent to
the reflection of the House. No analogy can
be traced between the Treasurer and other ministerial
oflicers of the State, who are required to
give bond, and the Directors of the Bank. The
President, Cashier, Teller and Clerks?all who
are intrusted with the handling and safe keep
.1 i* i r ii _ r> i_ i |
ing 01 tne iunas 01 me ikiuk, a:e ivljuuuu uj
the Charter to give, and do enter into bond and
security, (see Charter, sec. 1, a t. 14th.) But
the Directort stand in the po. ition of supervisors,
and advisors in the exercise of such powers
and authority as may be necessary for the
well governing and ordering the affairs of the
Bank, and of promoting its interest and credit.
In tin li itik i:i the world me Directors reouired
" to give bond, because they arc not the agents
who have charge of the fun 1.5 a.i! c try the keys
of the vaults. They arc counsellors selected
for their capacity and integrity?which are ever
surer guarantees to the faithful discharge of
their duties than a mere nioni d penalty. Character
is valued by those who have if, as the dearest
jewel which nam can possess and as affording
the highest possible incentive to a correct
course of action. .No Livcioris entitled to
draw a dollar from the Bank hut upon the condition
of all other men of olieiiug pap ir secured
by endorsement, and its approval by the Board.
.1.1 ? i ?'. _j c. j.e_
I rue It IS, uiill io. ses nave uccuneu irnui uie i
notes of Directo.s; for li:c\* at:d their endorsers
like all men, are liable to u\\..-e of fortune.?
But if bond and sreurih/ were exacted of them
as Directors, would the g 'itlemnu hold that
such parchment would prove a:i elfectual talisman
against all errors of judgment in the management
of the iiauk? lie had never heard of
bonds to secure mlaliihilitv of judgment, lie
ould not enter upon the detail* of the argument
as to the constitution .lily of the Bank.?
That question has been practically d< "ided by
the action and acquiescence of our Legbl.iture
for thirty-six years; its constitutionality has
been-decided by our courts, and it may be regarded
res adjudicate.
It had been said that thoState of South Carolina
has ever been opposed to the establishment
of a linited States Bank, and yet, with
st rail ire incoiisisteiicv. bus established a similar
institution. The reasons for opposition to the
one do not apply to t lie other: in fact, they may
boused i:i favor of a.State Hank. Whence arose
our opposition to the L itiled States Hank. True,
the Stale, adhering to her opinion i t lavor of a
striet consti tu tion of the Federal Constitution,
contended that the < Jeneral Coverntaenthad no
power to estahli h such an ia-iitation. liut it
was not merely a <piesiiou of lVdernl powor.?
There was a higher, broader, nud more profound
reason for ouroppo >i;io:i. This Dank, with its
immense capital, possessed t!ie power to tax the
people of all the .States, by driving out of circulation
the hills of their Hanks. And l?y expanding
and curtailing its circnntion, could elevate
and depress the prices of our property and produce
at pleasure. 15v curt liiiag its issues and
producing distress in the community, it entered
by its secret agents, as :i spec dator in the market;
by a sudden inflation of the currency it
would produce a corresponding elevation of the
value of property and produce, and avail itself
of the prosperit y by a sale. Thus the value of
your lands, your negroes, your cotton and all
produce, and your commerce were subjected to
the speculative schemes of a motiied monster
beyond the control of your State (Government,
and having no special int'Tcst or sympathy in
the prosjxn ity or adversity of your people.?
These reasons constituted the profound philo.s..
. ..... ..IT J It.. ..I, * _.i
opny OI Our Oppusuiou m ii *.>. naun. /\uu,
if the reasoning be applied, we shall bp opposed
to all private Hanks on the same principle. Hiey
are alike tempted to speculate upon the industrial
pursuits of the country, and are beyond
the control of the people, lie did not propose,
however, to discuss the policy of refusing ail
charters to private Hank*, involved 111 tlie icso-1
lutions of the gentleman from Spartanburg,
(Mr. Henry.)
His opinion?, now expressed, might possil.ly
be considered by Borne, Lvnx-eyed, to d.tect
shades of variance, as inconsistent with views
utterred elsewhere; but such construction would
be erroneous. The reflections of the Studio
had led to the lormation of an opinion adverse
to our connexion of Liu.uk and State?(not upon
n /.f t?\ > T*1 . 19 A*ArVt
UIC l?Uir&UUiJ IM UUlI^llLUllWIKllUJ ^ UllClllg II VU1
the possible danger of the political intiueuce
which might be exercised by such an institution.
Aud were we now free from the connexion, and
a proposition to establish a Suite Bank presented
unr.tr, he should be opposed to it on the
ground of inexpediency?that divine precept
44 lea.l us not into temptation." But it is a
source of proud congratulation, and a striking
comment upon the incorruptibility of the distinguished
men who have been placed at the head
of its direction, that they have never converted
it into an .engine o* political power. Intima
turns to the contrary arc thrown opt, but he
challenged gentlemen to b.ing the instances to
light; he had .never known one. But if the
liauk has exercised political power, it ceitainly
lias been a wise and beneficent dictator?and
exi.rted taut inlluence to elevate the sta dard
and character of the State.
lie would now approach to the consideration
of the practical operations of the Bank, in
1812 it \va3 chartered lhr a term of 23 years.
About two years before its charter expired, the
.,A?l.nKfn,l fill 1 Si"fi Sir* tn?f fir*?* Mf? n?;i Ai
VJlillVJ 1 ICVI liU iWV/l WV liMAV IVt WW J v*?? W
you have had a Hank. it coiiimenced its operations
ia the latter pait of 1813. The State
did nol give any Tixed amount of capital, but
set aside.various stocks and funds for the purpose
of providing one. The actual amount of
capital then varied each year as these stocks
and fund:* were converted into ca-h, till 1819;
at which time the whole anion at jwid in on account
of capital was y 1,372,250 00. [See
*-> 1>~ L> 1
v^uiiijitrujiur veiierui b ivi|iu< i ? u<m hua,
1847, pages 210-7-8.] In 1810 tue Hank redeemed
ol' Revolutionary debt 8170,0*20 95;
in 1828, 839,902 17; i.i 1814, 83*2,900 75;
making in all paid on the Revolutionary debt,
out of capital $248,802 87. [Comptroller Generals
liepo;l?ilep. and Res., 1817, jfctge 248.]
Deduct liiis ainouiit lroin $1,372,250 00 leaves
fcl I.HI III* f'J ... ?!._ Il.l y?
O 1 , 1 v<),lX) I IO <13 IIIC UiljflUlt jll U[H'I> l-'U CUl- l
tid and reported to tins Legislature, and published
inoiiluly since 1844. At the extra session
of the Legislature, 1838, an Act was passed
for the purpose of procuring a loan on the
credit of the Stale, of $2,000.000, to rebuild
Luit portion of ue city of Cliai lesion, then laying
in ruins, from a most calamitous coutlagration
; which money wiica realized was to be deposited
in the Lank of the State of South Car- |
oltna, and become a pa:t oi'the capital thereof j
[See section 3d ol the Act for rebuilding tlio city ;
of Charleston.] 81 ,035,555 55 of the Fire J
Lo.m was negotiated in Europe in 1839; the i
balance 8901,444 45 was negotiated in the '
home market u ten. I he su plus revenue, I
$l,051,idd 00 was received in iSd7, f.om liic
United States; the amount of dividends received
lioin the bouth Western Rail Road Hank,
from time to time, reach $10,000 ; add thereto
Kail Road 5 per cents, transferred to tiie JBa..k
in IS Id, Sdd.ddG bli. You now have a stato.neut
of all the funds received by t ie Hunk of
tae State op to the tirstol'Ociober, Id id. They
reacu the aunvot > 1,100,000 55.
The question arises, how lias the Ba.ik, the
iiscal age.it of die Suite, managed t.?ese lUims i
li was iiio purpose to proceed to answer tae
question, a.ul lie invoked too altentiou of t..<,
ilouso to tiie statistical analysis.
it is charged Uiat tne Bank has mismanaged !
i'iii. I li-iw Wl^.iwl . i.m.iii il -i.ni in i
uiipioiitnble concern to the fciuie. it" such allogalioii
be ttie, lucre is no doubt but liiut tiie
people should refuse vo leciiartcr lite Bank, and
iiiivct it to be wound up.
But he would proceed to present to members
auoluer view of t.ie pic tun, which ho iouuu
traced in the documentary history of the linn..,
mil tiu? m.iii.nnl'liip I 'i1.1iiitr<lili?r* (iiMicrjif?
The Ihiuk paid i:ilo the Slate T:easu y, piovi- t
oas to lb'J'J, ~l). [See Couip. lit'ii.
Kepo.t?ilep. and ties., 1ft 17, pa^'j *?i!S ami uU
jvoui t uud.r resolution ui lueoe.uia.1, Dec. 17lu,
i?47, tuuue Dee. 7, KS1S, oxhib t .No. 4.] Since 1
ift^ ili?* profits ot'tue ...auk have been divert* |
ed, by the Legislature, to pay the principal and :
interest ol your public debt. This public debt.
was contracted .,y the Legislature i.i 1S20,2*?i,
21 and' 1620, lor internal Jnip.ovcnients ; in
1?36 to rebuild Charleston, and i.i 1600 as an
advance lor feute subse iplio.i to I'teRail Road. \
its amount reached upwards of 6>1,G00,000.? 1
[Acts, Rep. and ties. 1610, pages OS and 00 of
Reports.j This diversion oi' tue prolits of the i
Ikart from going into the Treasury was not tue j
Rank, but tue -act of the Legislature. Had I
tiiese debts not been contracted, and liie Bank ,
I m-nHta irn.H'iill.> Iiw>'I'rrt'iciirv IIn* imkii.Ik vvrtuld I
r.. & . J
I have been very f^vatly relieved from taxation.!
ll is because l.io p. outs have been divo?tea to
the payment oi' the puc.ic debt, that t.ie people
have not sensibly felt and appreciated the advantages
which the Dank has conferred upon tliein. |
\Vliai has the Bunk done in relation to tue
public uebtIt has paid of principal, includ- j
t.i" two iiundred thousand dollars Kail llo.ul
suoscnption, 5>2,4id,t)20 UtS; it lias paid ol'in-I
tcrest thereon$2,^U0,128 US. Add theamount
paitl into the State Treasury, and tlie Bunk has
paid for the people of the fetate !$o,Nd2,0ol) do.
1 o these payments the capital and prolits of the
Bunk co.iuuAited $ I,8d5,0 Id 01; the balance
was provided by tlie citato and put iuto the
Bank lroin tne surplus revenue, and an iusiguiii-1
cant amount of Kail Koad dividends. For the j
accuracy andauthority of tiiese figures he would |
refer members, who felt inclined to the labor, to j
the examination ol items when paid, ^anu tne
addi.'nn to be by them made,) contained in tlie
Special Report of the Comptroller General, un
der Senate Resolution, made Dec. 7th, lSlS,
exhibit iNo. 2.
I f those be facts, and they are undeniable,
then all should rejoice. Whence then the ne( ( Msit.v
firii* tlie Rtrin.irpnt measure of lumidntian
uuw proposed to be adopted (
it has been said, uud the statement seems to
be warranted by tne exhibit of the Comptroller
Ceneral, tliat if an account were now taken
with the Uank as trustee or agent of the State,
it could show, that it has refunded to the State
the whole amount of its Capital proper, the sur
plus revenue deposited in the Bank, all the div- i
idends received from the Rail Road Bank, with s
legal interest on all, including the fire loan, aud r
would have assets left to redeem all the Bank li- t
abilities, and leave $3,450,303 14 to return I
what would be the full amount of her liabilities t
to the State, on the settlement of $'2,033,285 [
04: showing a el^nr siirnlns nrft ruin for the 1
State of 81,423,078 10. He begged leave to a
present a tabular form, presenting an aggregate a
of the statement he had made of funds placed in t
llank, and payments made thereby; as also d<?- a
monstrating the result to which he had just ad- r
verted. I
Aggregate amount of funds placed in the Bank of the State g
as capital, n rid to he banned upon ?1,496,009 55 .
Aggregate amount of interest on the funds
planed in the Bank, 6.369,325 84 /
Whole liability of Bank to the State, ?7,365,335 39 |
Amount of cash paidbytlte ' *
bank to the State.and the g
State creditors for the interest
due th<-m, ?3,333,129 37
Amount paid to tho State C
creditor*, Arc..on aocount
of the principal of their ,
debu. $2,443.920 93? 85,832,050 65 '
- I
Balance dne by the Bank to the State, $2,033,285 <4 j
Now the aggregate of funds in Rank, as per
statement for the month ending 3dth >ept. ,
1S4S, $5,919,026 51
Deduct Bank liabilities t ? <
Issues, $1,691,830 00 f
S uto Treasury, 65,150 00
Depositee. Ate., 558,6:13 40
Bills payable, 140.000 00 $2,455,663 40 C
Would leave of assets, $3,456,303 14 '
Deduct the amount above due tlte Slate on ?
* settlement, 2,033,285 04 t
Leaving die balance of nett profits, $1,423,078 10 j
But it is said that the amtlable assets of the
Biiuk, nou>, are not sulKcient to meet its liabil- j
ities. And witli an air of gratulation, gentlemen
who lead tliis onslaught on the Bank point '
to tlic present Report of its President and Directors
as developing an alarming condition of
its finances. But the true state of the case is,
that the Bank is in as good relative condition 1
as it has been for a majority of a series of twen *
tjr years. He had examined the tabular state- r
meats, accompanying the reports of.the Pres- 1
idents lor that number oi" years, exhibiting the (
cash liabilities,, cash means to meet them, and *
Wiiat is termed, in banking parlance, liabilities (
uncovered. They are from the present to the
y\.ar 183J inclusive, and for the year 1821.?
iictwccii tne years lbdl) and lt>21 exclusive, ,
and anterior to 1821, there are no such tabular
exhibits to be found. This review shows that 1
for eleven of those years the liubililict uncover (
nl were irreater than at present; for four of 1
- 0- - ^ 4
them, the liabilities unentered, exceeded those of
the present year in a range from ?272,981 to .
?419,548. lie was proceeding upon the prem 1
tees of those w bo were alarmed?assuming for !
the purposes of the argument, the uncovered liabilities
now at ?1,297,598 90. He referred J
gentlemen to the annual reports in the Bank
Compilation in the Library; he dealt not in as- i
sumptions. When Lc asserted facte, he spoke
advisedly from the book. In the whole period 5
alluded to, there had been but two years, 1848 1
and 1888, in which the uncovered liabilities ;
- ' i n? T? i molj i
were beneath one million 01 uouars. in 1000
t.iey were only 8805,191); hut he proposed to 1
ea./y back the honorable Chairman ol' Ways '
and Means, (Mr. Meinminger,) to his own revoided
opinions in 1808, wueu in his oliicial report
he said me issues of the Dank "could with (
perftxl sufily be extended to 82,000,000." Lot '
us then see wiiat the relative condition of the 1
Bank now and in 1838 would be. The issues ;
ol fao Bank in 1838 were ?1,502,115 31; the 1
honoiable gentleman I hen thought it would have I
been perfectly safe u> have added ? 137,884 lib '
?tliat is to say, to have suklt'ii 1^7,884 G'J dollars
to the thou uncovered liabilities of 8Gi),15V.>
?making oi' uncovered liabilities -$1,303,U8b ;
GO. 'luc uncoveied liabilities of the p?esciii '
year, as assumed by himself i.i the argument, '
are 1,^97,503 9G dollars, showing a diilerenec '
in favor of the present year of ?o/i69 73. \? iiy '
tiien ti>e aiarui of tue gentleman, when lie sees
Ue Dank now ia a better financial condition '
tha i mat i>i wuich his own recommendation ^
woi lit hu?e placed it in 1838 I
Hi,i lie lic:-.i i.tat notwithstanding the uucovcivil
li.tuiliiicb were technically 81,297,51)3 1)0,
there was no reasonable probability, nay posJbiliij
oi way * uii la-big made on thclhmk wnic<i }
it could not meet. Personal depositee were in- ,
eluded i.i tiie estimate of uncovered liabilities.
It was fair to deduct them from liic amount o
any possible run on tiie liank. For, if gentle- (
men would refer to toe labie of average depoa- (
ilea in the li.iiik from Iblj 10 1847 inclusive, ,
tiiey would dlocover tnat no material change j
lias occe -ei' i ilieamonntof I'eposiles beyond ,
wlial iniglit tie lalculated upon l'roui me ordi- |
nary riuttu.uioos ol business. (See Hank Com j
pilalion, page531.) in tne yea s lS37-8,wiien
the whole country was laboring under disas- ,
trons commercial convulsions, toe in tensity of
wiiicii was heightened, wkilellie panic inrouguout
tile land ijcieased in 1809, by the suspension
oi'specie pa\meats by (lie United 5>uutj
Hank at Hltiiadelpiii.i?struggling to sustain ita
credit abroad by sacrifices at home, follower
by suspension ol' nearly every*l)ank South, ami
by all iii Charleston, save the Bank ol the Stale
and Hank of Charleston?the deposites remained
neai ly the same. They sund in the present
Keport at 9551,02-1 77; deduct llietii, therefore,
and the liabilities to a run are technically or
nominally 8745,909.19. Hut there is another
element legitimately lo be iviied o.i in the scale
of reduction?that o['lost bdls. On tliis subject
of curious speculation, (and often profitable
one to Hanks!) lie would refer to Hank compi*
* ? ? ** * o I i _ 4..I.L.
laliou, pugutf /-n, auu iu uium )
K. of the President's report, 1848. Ho would |
cite but a lew instances to show that, on a rea- j
sonable calculation, from an examination of all ,
the issues of the Bank, there might Ik? regarded
lost and destroyed ?.'100,000 of Bills, which (
would never be returned oil the Bank. Ofbul* ,
aiieo ?10,000 of ?100 hills signed in years j
1S17-vL1_ mil v three have been cancelled bv the ,
Bank since 18-1 J. Of balance of ?23,000 of j
$100 bills issued in 1831, not one has been can- |
celled since 18-14. Of balance of ?41,000 of
?20 bills issued in 1813-30, only ?1,800 were
cancelled the past year. Of balance of ?47,- I
000 of ?10 bills issued 1831?33, only ?400 can- j
celled in 1844. Of balance of ?11,045 of ?5 J
bills issued 1813-22, not one dollar cancelled
during the year! As you go down to bills of
smaller denomination, the probabilities of loss c
b?mw?mtr3p ? i baseekgaag i-uulu
ncreilse; of balance of ?10,263 of 82 bills jsued
1813-24, none hug been cancelled the cufentyear;
and only ?32 in six years be/ore of
his first hsue. Of balance of ?17,266 of ?1
>ills issued 1813-30, one dollar was cancelled
he past year. >So on does the proportionate
irobable loss increase as to the 50 cent, 25 and
[2 1-2 cent bills, of which upwards of ?78,000
ire lost. The honorable Chairman of Ways
md Means (Mr. Mciwmnger) cannot now deny
o mc the legitimacy of some such conclusions
is to lo.-.t bills. T'or in the able and elaborate
cport which he, as chairman of the investigaing
committee for tii? Bank, made in 1831), he
ipeaks of a corresponding tabular statement,
'as presenting an exhibition jf facts, on which
he most reasonable coiirhisioh* may be founded
>f the-large amount <f profit which the 8tnte
hrongh its Bank, will have detived from tnis
wurce (lost bills)' and particularly fiom bills
mder tlie denomination of 5 dollars, and on
jhange bills." Bank Com p. p. 195.
Deduct then 8 )00,00J for lost bills, and you
lave'left only 8115, 909 19 for which Jimingenent
is to be made in case of a run on tac Bank,
low is it provided to meet such liability? l i s.
le lit Id, iteould place some reliance cm its dis:ount.
The Bank lias of notes and bills dis:ountcd
?2, C'S/i&S 18, from which might be
airly expected enough to meet so small a lialility,
But if not a dollar was received from
lolleetors on those notes, the Bank could go
nto the market and raise upon them a sutiicieut
mm to meet nressini? liabilities. In addition to
1 o
his the Bunk owns stock, Bunk, State, &c. to
he amount of 6131,053 81 ; and could not this
)c used as a pledge on which to raise money?
Another resource is 8150,300 of bonds secured
>y mortgages, and about S7S2.02G 87 of Bonds
indcr act of rebuilding Chaileston. j\nd a3 a
ast resource, in case all of the toregoiug should^
ail, the Bank has the right, under its Charter,
o borrow 8309,000 On its own note for ninety
lays; and if it be said the tune allowed be too
short for the purposes required, could it not relew
the note from time to time? Every relewal
would be a.diotinct act, and within the
charter, lie would her-, take occasion to say
hat the Bank had never exercised t'.iis eharter?d
power during its existence for 30 years.
Much had been said in reference to the loan
)y the bank to the Georgia Rail Road Banking
Join pan y whose bonds arc held for 890,090.
LIM. M . 1 11 1 .. .i. i 1 1 A ? A' I!
??mie uc ma hoi preuMiu to uuvucuic wio pwicy
>f such a measure, yet ail must admit it was aiil
extended towards the completion of a line of
railway which was looking to an ultimate con
lexion with the Ncuhville and the immeiu.e val
ey of the Mississippi, which is destined to pour
n upon our fc'tite, and Commercial Metropolis,
i wealth of untold millions.
Great apprehensions has been manifested as
;o the item of 8140,000, in President's report,
'of Bills payable." 'l'his is small when toip arcd
with many piivata banks; the Bank of
Jha. Ieston, one of the most ably managed institutions
in the South, has often "Bill?payabl
under another name of "due to Banks and
Agencies," ranging from 700,000 to #2,003,)00.
This does not indicate insolvency, and is
lot so undent od by lin.mcial and commercial
lien. The operation during the past fall has
lieeti made one of profit VVhat is it ? The
oaiik sells a bill of dollars ut GO days
in New York at 1 to 2 per ceht for specie or
5j?ccie funds, and gors into the market in Cha; lesion
and buys sterling hills at G to 7 per cent
ind sells the same in New York at 8 to 10 1-2
per cent premium in the same week. Thus supplying
iuelf v ith specie and making a protit on
the whole operation. 'The same operations
were made by neatly every Bank in Charleston.
When the channels of commerce are broken up
mid commercial credit destroyed, as to a great
extent has been the case for the last year, Ihen
paper money sinks w ith credit, and from "being
a means oi jnnver becomes a source bf weakness,"
in the exacliou of coin In settlements.?
in times of such disaster, Banks are compelled
to hold on to their means and employ tliern in
protecting their vaults by operations in Exchange,
and replenishing their specie.
[ To be continued.]
Steam Bojleus?Iln\v to Manage Tiikm.
?A correspondent of the Philadelphia Ledger
makes the following remarks touching the management
of steam boilers :
Having once owned un engine of six-horse
power, and having, for weeks together, been
Bmrineer and firemen myself, I, for the sake of
convenience, kept the water iu the boiler lull at
the upper gauge cock, some six inches above the
tire line, and leaving but a very small space for
steam. The ellect 1 found to be as follows?
[the fireman being threatened with discharge,,
in case the water did not show at the upper cock)
? 1 was never under any apprehensions that he
would so far forget his duty as to allow the water
to fall to a point that was dangerous.
On taking up the said boiler, three years afterwards,
and which lunl been in use some seven
years previous to my purchase, one- of Messrs.
Itush and Mahlonburg's boiler makers called
my attention to it, and taking a pick of some
three pounds weight, with a punch point of one
fourth of an inch, struck the said point through
the boiler, along the lire line, in various places,
expending but one blow, and that not a very
liard one, as, also, through the sheets which were ;
exposed to the lire. '1 lbs engiue was worked 1
to its lull power, and the steam in the boiler
kept up to lot) lbs. o the square inch. 1 mention
this to show tha' it does not require u very
strong iron to withstand the pressure.
What I wish to impress upon those who have
the charge of steam engines is this?keep the
uoilors as full of water as possible?in effect so
:ull that the water will not tiow over into your
jteam cylinders.
lly this plan you not only insure in a great
neasurc against explosion, but what is of still
i iJ .... !
jreater importance, snouiu an c.\|uumum ume
place while so filled, the number of square feet
iiccupied by steam is greatly lessened, and
probably nothing more than a mere rent will
,ako place, water being incompressible.
An Equestrian, named VVm. Kelly, fell dead
from his horse in the ring of Stokes' circus at
Franklin, La., on the 1st ult. He belonged to
Patterson, New Jersey.
Deaths in Philadelphia, last week, 130 ?by
:onsuinptioirl4.
ME WHMMAIL* I
CAMDEN, S. C. f
' FRIDAY EVENING, MARCH 8, 1850. H
.. TELSGRAJPHIC INTELLIGENCE.
?~ * >" '
Reported Expreusly for the Journal.
CiiAB.L.zan>N, March-7?9 p. m.
The e was a good demand for cotton to-day.
2000 bales changed hands at ll? to 12? cents.?
Sales of thu week, 6000 bales. Receipts 5600.
W.
. THE DISTRICT. MEETING.
We invol e the at:ention ofevery citizen of Ker- i
shaw to the call by our delegation for a District
meeting on the first Monday in April. Will there
be a citizen"of the District who will -stay away?
There may be; but we are sure he will have some
good excuse. Do any feel careless? Let them go 1
to the battle fields which cover our District, and
think that their forefathers fought and left their
bones bleaching on Hobkirk's Iliil for far less cause
than now calls them out. Let them go to the
grave of DeKalb, and think how the gajlant Ger?
m hi forsook his native land, his boyhood's home,
his friends and all, to fight for us. Mcthinks that
when the glocin of the night of the first day of
April comes over earth, that the hallowed spirit of
the departed patriot German will visit him who
was careless about that day's proceedings,?who
caine up coldly to the meeting, or staid at home,?
and upbraid him in language which will wither
upon his heart?the phantom curse of the Eurorwan
nnfrint trlin rravii hfs Iifi? mirrhaf.p a '
jr-? v " - e ? ? " r
dom he will not maintain. >
NEW PERIODICAL
We have received the Prospectus of a monthly
journal, to be published in Charleston, S. C., by
D. K. Whittaker, entitled "The Rights of the
South." Mr. Whittaker's thorough identification
with the South, and the strong inducement for the
South to support a Southern literature, entitle
him to a liberal patronage. We do sincerely hope
that every subscriber to Northern periodicals or
papers will stop. Read Col. J. A. Calhoun's letter
to the Editor of the Saturday Courier, Phlladelphia?look
at the course being pursued by the
Ddi'ar Newspaper?both p'eJged too, to be neutral
in politics. Why, the North take3 none of our papers.
And, though they be able, from the cheap*
ncss of labor resulting from their degrading system
of slavery, and from the patronage of the
South, to publish papers a little cheaper, is that
little difference worth the poisoning of the youthful
Southern mind ? Give the Southern papers all
your patronage, and the South will publish as
cheap as the North. Remember every Northern
paper you take, Is like warming the viper in your
bosom to sting you to death.
MR. HUDSON '*
Closed his entertainments on Tuesday evening
last, having appeared only twice in this places We
are quite sure those who had the pleasureofheariug
liirn, will embrace the opportunity, i^iould any
occur, of doing so again. His delineations of Irish
character are excellent, and cannot, we think, be
surpassed. His songs are good, his anecdotes
rich; and altogether, he is a line specimen of Irish
wit and cleverness. We hope he may be induced
to give ai least a no tlier rouvd or two from " Rory's
Rifle" on his return to Camden, Thursday next
JUDGE OhvEALL
Ha3 been nominated as a delegate to the Nashville
Convention, to represent the Congressional
District composed oj Aooovme, j&ageneia, Lexington,
and Newberry. A better nomination, in our
judgm.-nt, could not be made. In such hands,
the honor and dignity of the State may bo safely
confided. ?
TRUE TO THE MARK.
Texas has spoken out Her first four resolutions
are those offered by Mr. Calhoun in the U. S.
Senate, in 1847, and were adopted uot only as a
matter of assent to the principles declared, but as
a compliment to Mr. Calhoun, whom her Senator
had so maliciously villified. A resolution introduced,
tendering the thanks of Texas to Houston
for his course in the Senate, was lost by more than
two-thirds. Finally, the Legislature appointed 8
delegates to the Southern Convention?four from
each Congressional District This is Texas. The
following is the sixth of the berice:
Re sol ceil, That knowing no parly names or political
divisions upon questions involving in their
nature and consequences, the character, property,
and political existence of those we represent
are prepared lo make common cause with our Sister
Stales of the South, in defence of the Federal
Constitution, and'that our rights being identical
we will cordially co-operate with the rest of tin
South, in any measure of defence of our Constitu
tional rights that may be best calculated to pre- serve
their inteirritv.
CITIZENS OF KERSHAW,
In accordance with the following resolution,
which is the fourth of a series passed by a meeting
held by the members of both Houses, at Columbia
in December last, you are invited to assemble at
the Court House in Camden, at 12 o'clock oath,
first Monday in April, as proposed in the resolution
:
4. Resolved, That still further to carry or,
the recommendations of the people ofMississipp
we respectfully recommend to the people ofth
State, to nuet together, on the first Monday it
April next, in the various Parishes and District
of the State, to nominate as many Delegates?'
they have members of the Legislature, to me
on the first Monday in May succeeding at soi
central and convenient point in their respecti
Congressional Districts, then and there to nom
nate two Delegates to represent such Congre>
sional District in the State in the proposed Co.
vent ion. W. J. TAYLOR,
A. H. BOYKIiN,
JAMES CANTEY.
Naval.?From renorts to Congress itanne: 1
r o" * i? |
that 28 officers of the Navy died daring t
year, and there were 47 dismissals and 37 resi
nations of officers.