Newspaper Page Text
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
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
"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$39, and it was
set down at the anormous sum of ninety -five
millions of dollars, besides one hundred and
fify millions more, which ho estinatas for los
ses through fluctuations of the currency and
other~ incidients of the banking system. With
out insisting upon the accuracy of these figures,
it is obvious thit apy reasonable abatement
from thema will still leave a surm; the magnitude
of which will prove that these bank stuspens~ions
are among the greatest injuries to tlie puly4
" If we apply the same principles of political
economy towards makting an estimate of the
loss to which the country is now to bo subjectedc,
we will find results of proportional magnitude.
The fluctuations of currency produced by the
banks in their expansions anid contractions are
among the most powerful agents of mischief.
This is apparent from the fact that the currency
is the life-blood of the country, and that those
who control the money power, control every vi
tal function of society, To use the language of
a great master on this subject: " The currency
of a country is to the commutunity what the
blood is to the human system. It consti
utes a small part, but it 'circulates through
every portion and is indispensable to all thme
(qg4goois of life. The currency bears even a
smaler$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
" 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
" 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
"In 1857 the circulation of tho
while their specie in -but about $60,000,000, or
about 7& 'ollars of,immediate liabilities to one
"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
"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
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
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.
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
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.
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.
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
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
Breadatuffs are generally dull, and all qualities had
Late and interesting news had been received from
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
A fearful eruption is now issuing forth from Vesu
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."
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
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
"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! the d--l!"
" Left no fish for as ?"
" Not a sign."
" What's to he done ?"
" Camp here."
"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
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
"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
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
.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.