The Spartan. (Spartanburg, S.C.) 1843-1852, February 06, 1849, Image 1
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A SPEECH
^Mr. James Edward member
SpArtoioburg, upon the vnrioiis rcsoliu R
^?rfnr<ls the Bank of. the tl
in reply to Mr. C. Q. Memmin'cer, of i
KharU-ston
Memmimoer hrmng delivered lirs lertd- *
Keren! j'.nti Hank speech, Mr, Henry,
|P^?M that the Committee of the Whole clp J.
??*wl Proores'' am' ns'c lo;ivo lo
t*eing-'*crrttSelcd to the fiopr, ^
Y ' I am. fullr nwnrc of the many difficulties b* ,
0F Which I tfm surrounded, in pltpmplinx to (h^ -
cuss jlheiwfii important questions now snbmiuotl \ f
W I Acquaint Mr. Speaker with the d.H?U? bfK
bnnlcingl||gpit?oas?that I have diligcotlyj^
now far fVnuBl f?*l 'U?ioW the experienced ^
" gentleman whom I um attempting to refdy j
to, as well as how far experience will run v
k * ahead of incre theory. One 1bing, however,
I vt I may be permittedto say to the gcnflemnn,
) that if any thing could astonish Aim, he will
be astonished to find how very confident some
^ folk will be, both for and against the Bank,
who are as ignorant theoretically, as every
body knows them to be practically?who
never have been nor never will be known
beyond ayi or So, wlien ihey are in the House,
but whose constituents will be taught to believe,
that tltb gentleman and myself, and our
colleagues in this matter, arc the smalt fry
of the House, when compared with the profundity
of their knowledge on the important
Affairs of finance and bauking. I can bear
my part Without repining. I hope the Hon.
gentleman has philosophy enough to bear his
in good humor. Lot him remember that the
solemn Owl, though he says nothing, keeps
thinking?thinking.
I admit the spirit of kind feeling in the Ion
der of litis debate, willi which hecommences ,
;the argument ; and intend to meet it in the *
same spirit. He saVs he intends to avoid (
everything personal-?that his object is truth ,
and knowledge? that he dors not intend {
offence, by woid or by gc.cliiio, to any one (
Avbo may differ with.liun in opinion. This I ,
< <believe. lie savs it is most probable the House |
willY as it has done heretofore, decide against ,
'him, or his propositions. Does the gentle- j
tuan believe this?or is it from a sense of mod- (
*csty, ho admits the probability. Modesty, (
dike cbailty, willcpver a multitude of things: ,
hut I am constrained from chrcninstances, too
w, plain ij*. toe questioned, to think that the
C^*N^|fflfrtgeroleman believes lie has at last hern nblc to '
scomraand a majority against the Bank of the
State. j$o be to. 1 incline to tit ink, *4 is note
,in ,n?i
tlortr, I might hu"q profittled as others have, |
tin winning office and power. But, sn,ontt
^Qwher thing) do metiu to say, and I .warft this (
Honsc not to forget it before I finish w>yud-: (
cfress, that I am truly and sinccrety deter- f
**rr- , mined not to say one offensive word to any;
man who mav he put in a situation to require!,
i.. m : r i .1 I 1
n n-j?iy. i nTijiiuciiui n* i iinvo sum, i.HO
kind feolings of my old friend from Charles- |
Ion, nnd should I say to him or as applied to j
him, one Word, or use one sentence that mny| s
he considered personally objectionable, I take
it bnfck 'in advance. 1 nm, I know, rather (
Tude and nnconth in speech, and may wound j
Svhen and Where I do not intend it. I hope,
however, I shaM not be cramped to the same. ^
extent in regard to others wire may differ with J
tne in opinion.
Yet, sir, I say, 1 hold it a point erf honor, i
of personal honor, that 1 shall put my points a
as s rongly as ST please?abut I shall boldly ?
*tnte my propeshTuna, and as boldly advocate [
Them. I hope not discourteously. c
Nor sir, 4o I intend to wave a single ad- i
Vantage of my jpecuXiar position. I am not n
directly iter indirectly indebted to the Bank |
of the State, nor any other Bank in the World, t
Indeed-, I do not know thnt I am indebted d
by bond, note or single hill to any one whom- s
Ooever. I mean, tWt poor as I am, I am free t
of debt. I never asked, received, or needed t
assistance from any Bank whatever. I trust i
tn God, I never shall. I have never been n
it Bank Solicitor, Bunk Director, nor Bank t
Attorney, regularly* That I have occasion- r
ally done business for n Bank, is true; per- t
Imps as tittle of it as any nrnn of my age nnd t
responsibility in Ihrc State, That I have in i
former years, indorsed the notei of my friends c
ton limited extent is true, but it will proha- f
bly never happen again, nnd the greatest fa- i
vor that any Bank could ever hav . done me, s
would have been to refuse the n^ie on which I
1 appeared as an imVorser. I am independent i
of lllft Banks nnd ltfintf inf1u<>n/<n n.1.1 -
to give, nt least, disinterested testimony, so j
fur as I may speak in favor of the Bank of r
the State* I inean simply to state the facts |
of my own situation, beca?9e I am entitled c
I to the benefit of it, and because I have heard j{
I that it was, or had linen insinuated that 1 hnd c
* participated in Bank favors, and tltereforc hnd \
my judgment influenced by iho fear or the 1
hopo of a continuation of the fnvar?~received, r
I defy nny man to controveit this statement, ?
however rabid he may be in his opposition to o
the Bank of the Slate. Hflving said this I
lunch, I l?eg leave further to premise, that I n
nm decidedly in favor of the resolutions sub- f,
milled by tlic Hon. gentleman from Chester, p
In favor of them, at this time, in preference
to my own, which arc substantially, only, a t?
negation of thott submitted by the Hon. gen- p
tlcmnn from Charleston. p
I admit and declare that so much tins l>ecn
said about and charged against the Bank of the "
State, that public opinion in my part of the ci
country, rerpiiries a thorough and searching tl
investigation. Whilst t oppose every thing n
' ralculated indirectly to cripple the business of n
i be Bunk, and to impair the confidence of tl
the creditors of the State, I am now nnd evei* n
liuvu been in fuvor of the most rigid bciutiny V
i
T-i ;
nVV'its management, state, and condition. S
iffpnld I find that my confidence in uu&feink a
abused, the manager^ past and pre- li
t?h#, fiom, die. highest to tin; lowest, will mid" ft
Uncompromising un opponent as-any tl
pan on the tloor of this House, or ehewhere. li
Jut I heier have nor uover will, perinitMpy- o
<?if to condemn those, I have long Uncton a
ijtf essoined, upon vogue surmise, unsttp- s
ujyleu charges, or darkly insinuated stt%j- r
fan*? 1 hope t. rtiltc friendsrtfW tht? op/to': p
i?iit4ofthe Bank, will with entire unanimity,.
&t<* ftr the resoltitions of th> gentleman ftoisi E
ir flic ant i Bank mrndo not, I shuB a
pfce tfce liberty here and elsewher^ of fhargw u
Bg 'h;^ they shrink from an invcstig^tio.i of a
b ) V! (musca of complaint.^ The peopl* o
?ti JiavW the right, and I trust will fet'l ^ fa ,H
^^^Erfpiy to investigate this isspcufor tlici^^il
^^^^thiT^issuc, I fall in full harness,'nmrtfl
hall never complain thai my const*MUfiiiU?j^
ecule against mo. i pray God, they may I fj
icver have cause to repentany decision they .ft
nay make. Now, sir, I am ready to meet 0
he propositions submitted. Has any man ^
aid, will nnv man say, as affirmed hi my a
irst resolution, that the Bank of the State n
ins not proven itself a safe fiscal ngent of the j,
itate ? This proposition will not be denied n
iy any one acquainted, even in the smallest s
legree with the financial operations of the 0
lank antTStnte. More than fourteen million* a
if dollars have been received and disbursed j.
>y the Bank, without the loss of a single <Jol- f
ar?and without the expense of a single cent i
o the Stale. Is this nothing to the tax-pay- r
ug portion of the community I Is it nothing j
o them that their nocredilcd and approved f
igent, has saved upon common trust princi- |
lies $700,000, in the disbursement of chis mmcqse
in ml I Would you destroy ibis most r
iscful and. profitable agent without a trial, j
.vithotiL hearinc the evidence for and n?r;?itmf i
" Ibl i ' . ^ - - - -, , rO T"
11 i four, whilst 1 hope lo the contrary, that /
lome arc prepared for this course. Admitting, r
ivill be the argument of some, that as a flttfUi; j
;ial agent, the Bank has proven itself all you t
lav, yet any other Bank would haVe dfcne
lie same without fee or reward. Indeed, *iu,l s
ioubt less they would, most gladly would froth j
he monster Bank of Charleston, down tottbc j
nimblest institution existing by legislative <
2[race. We should only have had to risk the |
funds of the State in a private corporation, 4
aver which we have, and could have no legal
control?permit them to take the profits whilst j
successful, and the State the loss, in case ol j
failure and banki u|Ucy.. A ^nioio.selfish view |
nosi worthy of notice. w
The great heading feature in the argument' *'
tas hepti that all connexion between the Bank 1
md the State, ought to be dissolved. If*the
lank ami the Stale wore legally or oven poitically
Connected, I would deny ilie proportion
for reasons hereafter to he given in the
:ourse of the argument, But the Statu in not
tonnecled with the flank of the State, in any
egal point of view?the) are both as tiulelendcnt
of each other, for legal purposes, ns
sthe State, and any other Bank it has charercd.
,
The Bank of the State is a jfrivftte insiituion,
known to the world ns such, chartered as
itch, ami sustained as such,on Constitutional
grounds, by the unanimous opinions of the
lighest judicial tribunal* known to the State
f South Carolina. It is true, that the State
s the sole stockholder in the private incorporition
; but it is also tine, that its sovereign
owcr could not successfully interpose be
ween the Bank and its creditors, foreign ntul
lontcstro. It was chartered ns a private inlitution*
the President nnd Directors arenaliorifted
to sue and be sued in their corpointe !
mine nnd character, and the State had the
inqttestionnbie right to pledge the Bank to
mswer the purposes of State policy. To say
hat the Bank and St.Yte were legally coutecfed
in consequence of the stock owned in
he Bank, would be to admit the connexion
letween the State, and any Bank in which
l owned stock. It does own stock in the Bank
if Charleston, but has no legat or political
annexion with it. Iff were asked whether,
r mo Hank of the Slate should fail in its re-j'
ponsibility to bill holders?the State was j
round to redeem its liabilities. I answer yes,
inhesitntingly. The moral, not the legal r?- "
ponsibility, is self evident, and so far 1 give j
is opponents the advantage. But, sir, in j
miking tins admission, 1 adhere to wh*t 1
tavo already said in favor of the Bank. My V
bject is to slow tho House, that if the Log 1
slntnre chose to pledge the funds and profits '!
if the Bunk, they hat?a right to do ioand ,
hat tin? foreign creditors, especially, wefevery .
ikely to be influenced by the collateral seen- '
ity of the funds and profits of the Bank, as
hanking institution, supposed by them and ''
iir own agents, to bo offered in pledge by the 0
iegisfature of June, 1838, to those who v
night lend the money desired. Was this col- ^
Iteral security so offered 1 If so, then I take al
\ for granted, every member of this House ')
rill ahido the pledge according to its true in- *><
?nt and meaning at tht time. Upon this
oiivt I shall have more to say in a subsequent to
onion of this address. ol
It will bo perceived that I do not deem it at
nnWise and inexpedient," as a general prin- hi
iplef for 14 a State to engage in banking"? p<
irongh a Bauk of its own. Tho State must .1"
I ways have a fiscal agent of some sort, or
n?t if a Bank he used at all fbrthat purpose, br
len I say, a Bank owned by the pedfle, is m
inch hotter than one owned by private itvli- j pi
idtials. Nor do I think flie Bank of tliejcr
itnte, ftfttnded upon the "dlrotH'ous poli#y?'
scribed t?> tin flie gent lentous ?ecoifdJp9i?o
uion. Oil the contrary,^ny opini<3?^is
mnded on nil pn9t experio&e >n th'8/1*^
tuuthe "public fre.nsm y ,*\nnd the / p"t>
ic faith,?' are snfer in the Iptnds of /Ban!
f theStnle, tlmn they probably \vonJfl he, ir
nyother fiscal ngent, whatWter, to iom wi
hould In- compelled to entrust ifo pnbln
uomes, and consequently, to a d?ree, tin
uiblic faith .of the Stale.
f meet thor questions in refcrpAce to tlx
tank of the State, practically, tailing thing?
s thoy are, not running off upin a theory
hich ninv or may not bo corfectX Whefhei
Bank of the State, as an original > measurt
f Statu policy, ought or lo es
tblished* has, I conceive, ""^K0 ,lu Ultl
['on. gt?n?fe:nan,'j thinl res/?iuti<tii, to wit
rat It'is "Inexpedient to hvchartf r tM Bank
f thw State '*?theballntice of tlie resolution
r only the fair and prnj|er ihdifctiop of the
rst clause. Now sir, I avow irf&ll niccrity,
rat t tun wholly yhpreparwl, dight years in
tlvance, to make a dedlnreuon^fflf^alively
r negatively, ujlon this imposition. I dare
ot say it is true or untrue; hut when the
roper lin^jg^omes to decides qjjfefjijtin of so
inch importance as I comfit) ttfis to be, I
hall be as ready as any otlnr fiatf, whether
n the floor or in the ranks^ougivt;. my voice
nrf vote. This much I that it
i utterly indifferent to me, or inrrelt
may require then, iflB'nAi satisfied,
lie honor ami the faith offSohdi Carolina,
r qui tea a re-charter of thtjBhVh until the
jublio. debt, falls due, I waHwote for such
? re-chdYter at the hazaicL^^p^v thing I
told dear htjife. Sir, I ?hl cnough
?not learned e n on ?^-^r*2^PKv enough?
rot politician enough. n^jajflTw lint'ought
o Ikj done eight years htfunjjHlf I live, and
lave Of voice in the cnMtttflrSBul'1 Carolina
hen t luill /In na I Iriluf jHTr linen rl/mi.
five fity voice accord in^Fniy hipct judgment,
rrespcctivc of pbpularjBor, or popular conMr.'Speaker,
I nmjKrm prophet, nor the
ion oif'a prophet,7 iijftc * common clerical
dwase?hut I am aBo^feflt we hove had
irophets, more or lesBh>tre?, since the days
>f B -lifnin. But llnVcal difficulty ii\ and
ins been, to know Bo li'ojc Bnilouk. ?r his
\s* spnke* > It veryM-us-ha^pens that the
flap instead of the >Bfr<3rininis t<r grpenk.-?
$*rl hdimre nndJtoBintfS^V ?o fa? r\s niy
imited capacity' perBs n&'TOnudge?!>ut I
iave<.?ever ft?It inclfwn lo the
ihimal wheels
|t?on upon Um 'persflwS^ cfim-nctfrt ^S^pef
it?cJ honor of t!>os?* to the hd* ltrtii
*ntinn of the n flaw* of the Brink 'entrust,
rl. Thoy must feel nn.l doubtless ,To Tori
al however insutnwi Hio <ufn'?k, tW it i?
ttended to operate, ami ddes &icrniopersdn
lly on iliose genllerfpn. 'ft (s charged thjn
" i j i.unupi JJKI vnrfii()iiN^?'Mini ii
sni ps sovereignty f.irVjyond the poworof (fit
legislature?that it is partial in its discounts,
nd indulgences, unsound and rotten to the
are. If Ih is bo true, then 1 say again, it is
tterly impossible (o discriminate between
>c Bank, nnd the men selected to manage
. i believe none of tbest* thfirges. although
Irelieve it will be useless to challenge instigation.
The Bank ought to have a politd
history thus far, that those who represent
, ought not to stand still, and fold their
rtis, and stiller themselves and their friends
riken down by an enemy, who gives no
tatters. It is due to the people, that the
ank side of the question should he fairly and
lly heard, and no one is more interested
int it should be so done, than the officers
id d ireclors of the Bank and its branches,
lie cry of political influence and inteiven&i?
in matters of Stat", cannot well he loudand
more confident thnn it has been?nor
on hi the pi oof, lb a t gentlemen assailed dictly
of indirectly, thought ptoper to defend
lemselves hefcre the public, avail the assnillts
anything before an intelligent populaOn.
But the Bank has a moral hislory, sir.
^*t upon comparison and investigation,
vontb xt,amc any private Vmhktng insniuuor
n the State, and put its accusers to the blush
f their object was only the truth, the tc/ioh
i nth, and nothing hut the truth. It has dont
nore to prevent emigration, and keep the
nvabic property of the State within its juris
iction, than all the laws upon onr statute
ooks. It Iin9 in innumerable instances, act
ig upon the benevolent principle declared ii
is charter, saved from bankruptcy and ruin
ilanters, farmers, mechanics, merchants, trn
ers, and nil classes of the community. It
lis nothing, sir, in the estitimution of thit
Oily or the people?
It is snecringly asked what business lin
ip Bank to interpose to save one man, whils
ihcrs fall into irretrievable ruin 1 Sir, ihit
iew Of the subject is a very superficial one
ir by enabling a man ol'propoily to save it
ad pay his debts, the benefit accrues not on
to him, but to every man to whom he maj
j indebted.
Take a particular case well known in thii
i\vn. A gentleman of character from om
F the country Districts became unfortunate
ad made an assignment. In th" opinion o
is assignees and iaest friends, to sell his pro
?rity for cash, would not more than pay hi?
dgnient creditors. Their object was to sell
i a credit, and upon an application to the
lynch Bank in this pl^M^BMHfMtrnngp.
n po
as fl| B
for/bur
* "-M Vv'wc4F 1 " " "*""
" <?f r\ cnWtt^mTe. Nosv, sir, tho individual was n?
. ufime benefitted by this arrangement, hut some filf
to sixty t?f" his just'creditors, mostly farmers or i?
boring men, got their demands paid wholly or i
' part. This is no solitary instance?the tmml his
t tory of the Bank will present many, very matr
^ simi'ar cases, innch to the honor of the institutio
and those having it in charge.
I presume, however, it will he said, tint w
' Sfe at this time, more interested in its monted his
tory, than in its fiscal, legal, political or mora
history. Well, sir, let us examine it in this Jinan
5 cia/ point of view. 1 say " financial," with thi
5 explanation, once for all, that as tho Dank repre
I sents the Slate in the whole of its capital, it is i
r question of jintHtce, in the strictest sense of thi
, i
; irurii? s * ***&
Often as it hs? lleen stated?ami familiar ns tht
l House is, with tht mode in which Hank cnpi
taf was made uj< a?id the power of hnftk'ng e:i
- ^s^rrV*-anth- extc.ffo^N^V* ,
tn piit down the staflsTHv^sG
TVecirigina! canital of the Bank
w/f - - ' - ' . . $1,372,250 Gl
/ To that in 1S33, was added the
/ Fire Loan, . - . - - 2.000,000 01
In 1837 and '39, the surplus revenue
from tho CJ. S., ?v*? deposited
for banking purposes> - 1,051.422 01
What has become of this immense ainonrtt o
the capital of the-Statel Gone. lost, intimites thi
Hon. gentleman. He is a man of too tnuch /w
tonal character to any so,directly. We who know
something aoont the matter would be too nne!
astonished at such a declaration. He very pt >
perlv does intend to astonish us hevond a cerluii
point.
Gone, lost, says the avoni/mous writers of news
paper communications and pamphlets, circulate
amongst the people of South Carolina. Tin
anonymous gentlemen do not care a " goober pea'
at the astonishment of those who know better?
their object is to take in, cheat, and deceive tin
people?tho people, who nt last are the true do
positories of the power of sovereignty, who a) way
have an interest, an ardent desire, to know tin
truth. Well, I think they ore cheated, will eon
' tlnue to be cheated, until petty politicians beenrm
honest, and Statesmen, if we hnvo nny such, wil
' consent to bury the'p personal quarrels in ablir
inn. Without pretending to bo unerring in rni
views and opinions, I have, and do pretend ilia
no consideration whatvever Iihs or can influence
my judgment in the discussion of any impnrtan
question, as regards the interests of the State,
i [ am a poor and humble man, nmhitious only
with all my weaknesses of satisfying those win
iukc, and have a ritjht to Inko hii interest in an
public career, that 1 desire to tin what in right,
Olid to the interest of my constituents. Men rnnj
4*4 do diflh-r Jihoat matters of vitnl importance
but tfutrify to^ices me to btlievr, that this differ
erenca*?i? 4?4? as honest as it is permuted to liu
j -otanityv "ft RSlttn to vindicate tny private charac
that bf Hccrtsbffyyt have lived to littfi
! 1, v< >
!; Well,Van.' projMfikMki affirm, that so fa
jt H0hoMT?n timfovuiy kjjagiiecfno.l. the Bank nftfU
t Stnur is m a "^f*4?|)M^hat the Bank t.o
g fj*1* "1 *?? ' " F* '? :'r'g17W^|<Nol, fahdt ilrf riJJi
HJ'il-eannot nudersinnd, I tio vv|,,
' tlru'l undo Sid i^in
^ tien. Perhaps V ?(rn ?? purely iw> WdJft-fl'T ? m,
coJrert *that errtiwT B<*>rke ?Sa?*ti<-.al aftcotlh*
,U the 'Comptroller ^nawVtfeo cnrta'mly has hp interest
in tnisi eprWaejllii^,''tW ti^uth, places this
' . afftrhmtirin beyond wllSfdlMftft. -t^i vff* '<" < ( *
' .The Book wot .*4St* plhsthi hatf *"*
" paid into the State Twiaeury, the
' turn of a ir.'. A . - 9590,901 t9
I It has paid the w*e?est on public
? Jehtsto - - L 2,79JM)23 08
i It hns a'ao paid n! the pohlic '<e*
debts, including Railroad subscription
* - * w k ^.4*3,920 9S
Wild $5,S32,0/50 3/5
Of this amonnt* however, the
State furnished the Dank with 996.10G 7
Leaving the a ""rebate pnid by
U oik at St.S35.943 6
This is a most astonishing etMemknt, f know
? ihtii uuniprrra wim xne cnnvges *"u aiieeat ion
against the Dunk, hut it is literal/y trtte, and can
not b? directly denied.
Many have been induced to belit*ve that rr
sort to increased taxation, has ?*e wiH be nocessnn
in consequence of the creation of the Bank of itv
tttste. This 1 conceive to be entirely erroneoui
If the State borrows money for internal imprnvt
menta of any kind, whether it bo a tJon ?l, a Rai
road or to rebuild a burnt city, of course shh^rfn.i
! "nay, even if the peop'e have r?< la? taxed for i
yarposo ; but if she cum pay her debts by the us
f of a Bank, thus saving tb" necessity of a reiort t<
.(taxation, then I presume the tax payer will thiol
it by far the most enlightened policy. So far ah
has done so of principal and intercut, aa the mm
' fell due, and can continue to do ao-?if y,,o do n?
( ":rru 4**"r and impair k?r tea Jit, I,
striking ot her fiscal agent.
' Taxation has in fant greatly decreased,even wit
an increase of taxable property, ** r|n |>0 show
1 by the follow ing tahie prepared in 18S9, by a f*r
distinguished rr -mborof thin House, H.xi.MS
ont, jr.) The average annual taxation tor the te
' years preceding 1819, was 83 1 0 5 I 9.
The average number of slaves was 336,211
t The average taxation for JO year# pre,
ceding 1820, was $301 71(J.
Of slaves for the same period 235,43'
< Average taxation for the lt> venra pros
ceding 1839, w as 5280,
Of slaves for the same periotl, 208,1 h
It will thus be perceived that between 1819
and 1829. the tieoole were relieved from be b'lr
I g. . 4 I
then of lixaliiiu to the amount ot' ilSS,03i
S Ami between 1389 unci 1339, to the
* amount of 211,31
i - -i .. .i
* Making in tlie .igsfrrp.it? a docrouse of 8399.34
f I am free to confe rs that in my judgment, n mi
further decrease of taxation, rangii j from 325,00
3 to SJO.OOO per annum euu'd take fd .ee wit hoi
? injury t<? the State in any point of view. Tt>
result, 1 donlit not, has boon in part produced b
f the advances made t>y the (><oik, anticipatory ^
the exigencies of the lineal year, and the ooinin
( in?f :ho tuxes. At least it hast Imen n great relic
I to the tax payors hy giving an extension of tli
time they are bound to pay their taxes.
I do not at nil, Mr. Speaker, join in the gentle
, nij^^jercts, when ho cava the State would h
wo; i> a not (or its " fire loans," nn
When 1 look upon n ihr'i
uslies?the railroad fucil
1. " I - IU .?>
)t ties niaittdv existing, ntul others destined exist* I
y cannot myself. with the prospect thai ogr,State is
(. improving, and as iu resources ooulinuu tp be Usn
vt*n?po.], thni it'will Aflotf'lsltb the rank plgraically
i. which it merit*. And the pcfspccliva greatly iny
creases ifi interest, Wtten'I sed that the judicious
ii measures heretofore .adopted by the Stole, are i
likely to be perfected, these great and useful UnP
provernents, wjthout adding one JULu tpjfc* bur
u???n?* ?>i payers. 1 irust that re pre- j
il sentati ves ol^ the people will pause long, and de- >
liberate dee >ly, bnfore they will rudely fleatroy
s tliio promisit g perspective.
I have he; rd with surprise, the attsck upon the
n Honk, on ao ount of its loan to the Georgjp Rail- * 7
[> road?a loot which in connexion with that of ibe "
other Hanks, has brought to the city a large and /
j lucrative trade, which trade now constitutes nr.*
. of its principal sources of prosperity Ha<J I, lki?^ff2|LAy0P'
sefl^tivj of mountain 1 )isf
1 nCcj:uiiij^etl, dobbrfess. with oil tbecbi^unsifaneos.
it is eH0ug|li to Strike us country t Tbtks Juntj) with
I liXa been requested by severnV meqijicrs of
this Hluec, to give the details of this Uunaaclion,
9 and shit do so accordingly.
f ThoKJenfral Railroad of Georgia, ho*) been
? built t'i4m Savannah to Macon, 197 miles, I think
. ?tho |f\ugusta road wns also in operation, 172
r miles, lo a place culled Social Circle. The road
, intend41 to have its ter.ninns' St the Tennessee
. 1 river, fed been bnilt from Marriotts to Xlatanui.
r, j .1 dint a ape of 50 miles,'since c^tthnJed to T/akqh.
135 mles from Atahu.ia, and destined beyond
duuot> In reach tho Tennessee. No\V tfib great
j points (fi the ocean terminus, were Charleston prut
B Savanulr, and the great quest?6ngnsrfc*l \vblcV<city
. should secure this imraenso trade, arid thalt de*
pendedpminly as the result hks shown, upon the
k, fart of which road first interslited- with Ata
lanta. fern Augusta road had shout 60 mile's to
3 Construe, whilst the Central bad something over
u 100. Wit unfortunately the Augusta road was
- ] nnnhln j>r the want of meftna, to extern) iuelf *o
. Atalnnrj. Thus the Augusta ro?<I, as well y? tlie
I South (jleolins, wer^ in great u^nger nl IrfSisnafl
this lat-Jrenrryihghusinoss, lis well os^tlmt Savan}
tmh sliolld monopolize the trndc at ffte sixpence of
i Charloslih. ITiis was so c1e&%. tli# on applici?
tiun, the following amounts AvoreJohp^U by tho
t folfhwin Banks, fn the Augusta (|ompnny,
By th Bank nf.Chsr'fe'itlin, i[. $150,000
By th liailrnnii Bank, 50,000
> r,v th T?ailro?ul Cortipnny, ' 4?0,000
By th Bank of the State, 1 }0O,O0O
The r a<i, with this n?*l was h Jilt to Atlab\% ami
i Chariest h, nccoriling to my iyf.irinuUoo, is resp
ing u rie harvest from thiMrSiIe thu^ Mgyjd to
' i it. * Wh 1 not loart the money, or rather let sp^ ask
resentui vd object 1 la the loan insecyrc^-jJ?*
' |s i^iou il the f'eljt g
v'!i0fl
s aiui """ tj^e on the roail^slthe gtuirant
Hamahle for this exis
tosav. the liaWUtics are $1,400,000 <jj ifeyh '
manic na linnrt ? nrilu OOft MnS^cir t <C.
firm thai snnnd hanking principles, estgl^jjfted by
an experiencu of twenty-seven years., according
to a tahular statoineni 1 hold in my hand and
will rend to the House, the Bank is in just M safe
I h condition now, a.s it was in 1S38, when the gen>
tleman said, and said understundiiigly, I douhr not.
i that its circulation might safely bo extended to
82,000,000. I trust the gentleman will pardon
I me, for quoting himself ugainst himself, however
- inconclusive he muy regard the authority.
I The difference, according to thestatemettt.be'
>, twecn the supposed liabilities and cash assets.?
s is - - - - - $1,230,000
But from this should be deducted the
well ascertained fact of the h>ss of
Bills, and which is a clear profit to the
t Bank of - - - ' - - 300,000
o Also, Rills of other Banks on hund, 56,000
I. Tho deposits ure rarely ever reduced
? below - 651,000
I- and in the time of a panic generally,
if would he much more likely to be in
created than diminished. Tho utter'
a most th*f, in all human probability, thd
n Bank would be called upon for, is - 446,0C0
k Fully one half of this circulation 13 in Bills of
e SI, $2, and $3, 1 submit to the good sense and
ie experience of this House, thnt the Bank hasnoth'
>t ing to fuorfrom this class of Bills. Then w ith all
y llio illlion'f 'filftl' W o J.. - -J, -mS jJ m*?, #?
iggolil he extremely difficult to swell the sum upK
tliil' Riink 000
Tb meet this contingency, the Bank
hua in avaiiible stuck', ? - 8434,653
In BonMind Mortgages, - - 528.130
And thus it on its discount line - - ii,912,107
Besides tlio Fire Loan Bond, amply se).
cured, . - k ? ? 782,038
Will ilie people ask a better showing
than this, on the part of its Bank 1 1 for one think
0 not.
Another objection he made to the Bank, was,
j and i i.m sorry he borrowed this idea, its so phis5
trv was so transparent, even when first given to
>, the public, that the Bank was unable to pay
- promptly, the subscription of the State of 8800,000
0 to tiie Railroad. To this charge, I have only to
say, the it>00,0f>0, as wejl as the other deposits of
0 :!i JtaU1, wore made for the express purpose of
? i banking tt|>on. Mmd iho liatik let this large sum
0 ' he iiilf in its van'ts, nr n loss to the 5t?'fi of from \
II tjsJO.OOO to $40,000 ncr tfmium, it would justly
0 have been ketd .vul| >nhlo, and grmt would have
it iK*en the hue and cry on this trail,
is liul tlie featlsr dors not siy that. Oh
y ho savs it would h?\c been a very " simple opfre- \
f aiinn," to collect llio money from the debtors of
g I the hank, and tliot it oit?ht to have been done instead
of creating new stock. Upon my word, 1
o do not think so. The prompt collection of ?600j,-?
000 would, in rny opinion, have produced a mone? ^
? tury crisis, fatal to the prospects of a largo num- ,
ie hei of our citiacns, a-' 1 fatal, prohahly, to the
Hark itself. The fact is. nnd it will n> I bo deriicd^^^B M
fund is amply sufficient to pay rifl H
i- jery dollar of tliis stock, and that it will, aa it