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" TO THINK OWN 6EI.F HE THUE, AND IT Ml'ST FOLLOW, AB the NltlHT TH^JAY, tiiou CAn'bT not ti1kn BE FALSE to ant man."
vo1* * Mckens court house, s. c., fki day, march 20, issc no 45
MM im nnnwurtinitaiwiIMM "V? ? ~
I'UINTED ANI> rUBLISHKD WEEKLY 11Y
W. H. TRIM Ml Kit.
J. W. NOltRIS, Jit, ) viurt,?
E. M. KEITH, I h,lltorf'- rfT
TKKlflS. ' *
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iirtnU 1 *'
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Report of the Special Joint Commit tee on
the jxirt of the Senate, appointed to s.va'tiine
the Branch ftunlc *0/ tfie State,
at Columbia; S. J.
It mi^ht be contended that Iheselnrcjesmms
u? were allowed to remain in the hands of the
present borrowers for want of application for it
from others; but such is not the fact, for the
President of the Bank himself informed the
Committee, that there wore ten annlieationa
refused where one was granted, for want of
means toaccommodate. It lias been contended
that in granting Ion in, the Bank should, in
determining the amount, he governed bv the
property or means to pay of the applicant.
This we take to be a very erroneous an I shortsighted
view of the rule; to pay nothing of the
letter and spirit of the charter. A single individual
may have wealth enough to give ample
security for the whole circulation of the Hank,
and yet it will hardly be contended, that a
Bank established expressly to accommodate
the people in a time of pressure, should lend all
its funds to ouo man or a few men. Such,
however, would be the legitimate result of the
principle advanced. The very object in creating
Banks is not to accommodate largo capitalists,
but those of small means. Wealthy n.en
have money without borrowing, ami it is the
tturplus capital *>f the wealthy men which they
arc not able to invest pvofitahlv otherwise that
41._ 11....1? .? .
*uiuv uj> wmj juuiiK^nr is pin in iSuuUs to be
loaned to those that have small means and
. pood credit, Tho idea of taxing people to raise
funds to creatc a Hank to loan inonoy to wealthy
men, never entered into the hands of those
that chartered the Bank. The conclusion,
therefore, reoros to be irresistable, that if the
people's money must bo put in Bank, it should
be loaned in small sum?; by tliat means doing
the greatest good to tho greatest nutnbor. If
wc ure told that more money is made for the
State by loaning large amount*), and the primary
object of the Hank is to make money, don't
stop Banking, but apply the money to all sorts
of speculations; purchase rotton, negroes, merchandise,
an J entei into full competition with
private enterprise. The moment the
State stops beyond the mere ooiiection
of taies sufficient to Carry on the government,
and*pay the money to the money
to the public servants who discharge the
duties, there is no stopping place, and
she has as much, right, and it is as much
her duty to make money in the various
ways it is made by individuals as by banking.
By reference to Exhibit A. it will
be scon that the lonns lmve been very
unequally distributed among the different
districts. A singlo district has half
a million of dollars, whilst some have
comparatively none. We are aware that
the districts of Richland and Fairfield
being so near to the: bank would be more
likely to in iko application for money
than districts some distance off, and that
in consfinnonnr* nf flm -
..WW v. ?.IV vvn II Ul VyUlllVUDlil
being in Itichlnnd, more money would be
needed than in any other district. If,
however, the bank had applications from
other districts, and that they had there
can be no doubt, the Directors should
have complied with the requisitions of
the charter; at nil events there should
I not have been so great an inequality. Hy
classifying the debtors by districts, and
nffixing the occupation of each to his
name, wo found that the planters in ltich
mond owed the bank in round numbers
*170 ,000. This is nearly four times as
much a? >'ny other district, except Fairfield,
received, and was certainly not need
cd for commorcial purposes. '1 his does
inclndn tlio nmmmt ? 1 1
- >?iiuuiiii uuo on uonus,
which would swell tho amount to over
<(200,000, n large, portion of which has
been in the samo bunds for years. The
ro3t of the llichland loan is in tho hands
ofm ^rohanta, physicians, lawyers, Ac.
It is generally supposed that tho plantc.i
is benefitted by the lour to merchants;
such is sometimes tho ease when, bv being
enabled to borrow monoy, hci makes advances
to his customers or gives thorn a
better price for their produce; with re|
gard to Kichlnnd, a comparatively small
portion of the loans are to factors an I
nA^An ? - -i-1 - 1 '
Iwvvuii uuJDIO, flic UUMUI jlll! mosuy Wlllll
may be termed stationary debts, though
the amount h sometimes changed, in contradistinction
to those frequently contracted
and pnid at short intervals. If, howovor,
the planter is benefitted, it h to a
vory tsmall extent; for the amount loaned
i to Merchants, including factors, is only |
*87,000, leaving over four hundred thou
| sand in the hands of Planters, Physicians j
! Mechanics, &c. ,
i The loan to Fairfield is much larger j
i than her share, and there is no reason we :
I can see why she should have more than
the other districts no farther off. With
1 regard to the solvency of the debtors to
I the bank, the Committee are not able to
speak with certainty. Thev have no hps
j i tut ion m saying that they saw very few i
dehts that they know to be b ul, and had
the assurance of I he ofliccrs that nearly all
j the bebts were well secured. Although
/ they were authorized by th<* Legislature
i to sr id for persons and papers to ascer
j tain the solvency of the debtors, the}',
upon reflection, were ratified no good
purpose could be. effected by it. Tn addition
to the time required and the <1 itficullv
of getting witnesses, vorylfew know
the situation of his nearest neighbor, nnrl
I if they knew it, would bo very reluctant
1 t?*cli it. In fact, many do not know
' their own situation or have but a very
j imperfect knowledge of it* An individJ
n il may be in possession of ten thousand
' dollars worth of property with nojudg
mcnt against him. and if we were called
upon to testify would scarcely b? able to
I say he was insolvent, although he may
j lie an indorser for a friend for double the
| amount ho is worth, and you aro satisfied
j in your own mind his principal would
, fail; called upon to act yourself, you
! would not trust him, but upon a mere
j opinion of contingency t) happen, you
1 roillrl not. p;ill In m inenluf ?
, ?- ~ MV| xiiu naiuo
thing may be said of the debts in bank.
A owes five thousand dollars, you know
him to be worth ten thousand, yet you
see his name on twenty or thirty thosand
dollars worth of paper as endorser; you
would hesitate to own his paper yourself,
and yet you would not be at liberty to
call ?t bad. llcnco (he great and almost
insuperable difficulty of a committee
coming lo a satisfactory conclusion.
Take the cisc of a debtor to the bank,
who has given Railroad slock and two
houses and lots ns sccut.ty. At the pres
cut pricc of railroad stock and the estimated
value of the property, by the Pres
idcnt of the bank, enough to pay the
debt could not be realized, and yet iho
property might sell for much more than
its estimate, and the stock for more than
its present price. No two men probably
i could agree as to the value of the house
: and lots, the value of that sort of proper!
ty depending much upon it locality and
! the kind of business a purchaser might
wish to engage in and other circumstances
The committee are of opinion that
there is not much danger to bo apprehended
of the insufficiency of the security in
, * J ?
the first place, nnd of the discretion tlie
Director's have (or have assumed) of colj
lectiqg some debts promptly and allowing
others to remain unpaid, so that the
change of a man's circumstances, after a
lapse of lime, sometimes renders a once
good debt insecuro. Having once obtained
good security and determined to
grant long indulgence, the change of fortune,
in tho multiplicity of business, escapes
tho attention of the Dire. tois until
it is too late. On tho other hand, by
loaning for a reasonable time, and collcctinnr
SI nnrlinn !if. norhiin .....I
?nt ~ I*"* *,w" 4%w v^' v%%"* * <,lo> <4I?*-4 ^ll"
forcing the collection whenever the partics
fail to comply, there will bo very
little danger of loss.
The aggregate indebtedness of tho
O.TiccrH and Directors of tl } bank, on tho
17th jl/ay last, was $308,045, and their
liabilities ns endorsers '$140,399, although
*ho statement furnished us would make
their indebtedness only $170,045 7'he
committoe thought it n roper to add the
indebtedness of tho firm, whenever an
Officer or Director was a member of ;c,
and also their indebtedness ns endorsers,
alt. r the failure of the principal in the
note, and his notorious insolvency, which
then evidently made it the debt of the cn
| Exhibit B is a monthly statement of the
: Branch bank at Columbia, on the first of
Octobcr, 1849, which ends the fiscal
j year, and shows a profit on the capital
of a litllo above five per cent, if we tako
; the average of the monthly statements of
amounts due the parent Bank, and itdd
i thoreto tho average of dopositcs and deduct
fifty thousand dollars as thn sun.
posed amount of (.tic average of t,hi! indebtedness
of (lie treasury. Wo were
informed tlml there should he deducted
from the supposed capital the item of
'drafts' in the monthly statements; but
I not being satisfied of the proprioty of
doing so, and furnishing the data upon
which our calculation is bnacd, no injustice
to the bank can take placo.
The committee called for the personal
Ledger in ordor to ascertain whet or the
amount of ?141, 607 to the debit of the
hv.ik, on tho first of May, on account of
personal deposited where the true nmouut
| as it was accessary to?scertain this fact,
lo know the real imebtedness of the
: bank, and conseouenty whether it was
j able to meet its luibiliies. The Officers
of the bank refused tofurnish the book,
on the ground that tin committee had
no right to see it, and hat it would be a
vinlntinn nf -4 1
. VI l/IHJII UUtV IV I 111 1112911 fl| IUIU
informed us that such wis nlso the opinion
of the Directors. 'D\c connuittce decided
unanimously the} had the right to
make the examination, and made a formal
demand on the Hoard ?f Directors, then
in session, and received a formal refusal,
giving as a reason thai the investigation
of the deposites of private individuals was
kuv vuiuuiupiiituU ill 1.115 iljjpuiiuiuunt OI
investigating committees; that it had never
been done heretofore, and that such a
custom would drive business men and <lc
positors in general, and thereby materially
injure the institution. (?cc exhibit C)
7'hus we have the branch of the bank,
the creature of a creature, denying to its
croator thrs right to invoslignJUj all its
affairs. If the Legislature, through its
committees, cannot examine every thing
connected with the bank, no body else
Ann ?l,r. nt?AtAM ~ t ?
nuu tiiv jynuobuio aic mi ll iC^JJUHBi"
ble boil)', clothed with extraordinary
power to manage the public money as
they think proper. IIow thc^ enme to
the conclusion thnt such an examination
was not contemplated in the appointment
of investigating committees, when
in the act of 1824, the words, 'books, accounts
and other documents' arc used in
j reference to the examination by the comi
mittees, we are nt ft loss to determine;
! and so dififeicnt is the construction nf the
human mind that the next reason assigned
for not allowing the examination, via:
'that it has never been do ne before,' is ti
very strong reason with us why it should
be done now. 7*1)0 third and last rensor
is niso incomprehensible to us. How il
will injure a business manor anybody
else, for it to be known that he lias money,
we cannot conceive. That it would
injure his credit to let it bo known lie
io ltlt*rr/klir Vnnl* I" 1-1
iiiuvuvuvt ill Ulum 10 IWOUIUIUR
enough (and this information is not refused
us,) but if he was known to be r
depositor of one or fifty thousand dollar*
it would displease him and drive bin
from the bank to some other bank where
they will keep tho secret for him, ami
prevent the public from knowing that h<
is wealthy. To say the least, these do
poiitorsare very different from nine
tenths of the community, who try to keej
j no secret of their wealth, and the onlj
! thing that could oxclnde the committet
I from an examination of every paper in
j the bank would be a law forbidding it, anc
I such a law should be immediately rcueal
I ^ A
Since our examination of the bank
however, we have been informed by tin
President of the Hank, in a letter oatec
August 7th, that the board of Director!
are now satisfied we have the legal righ
to examine every thing in the bank, anc
that the books and papers are at our ser
vice at any time; still adhering to th<
opinion, though, that such an exnmina
tion would be injurious to the bank.
To recapitulate, we think the testimo
ny sustains us in tlio assertion:
yhat the loans have not been distribu
ted in the different districts as directed
by tlio charter.
That the amounts loaned to individual!
were too lanro and fn? too long periods o
That, tcj many debts were allowed t<
remain under,protect without suit.
That in many instances but one endor
ser was rcquijed, contrary to the charter
and that sometimes the endorser was ar
officer of the bank, and that the Presi
I dent and Directors endorsed for each
| other, against which practice there ist
special resolution ot the Legislature.
That one-tenth of cach loan has no!
been called in cachtj&Rr.
That instoad of discontiouing the prac
tico of taking now bonds, and co.loctin^
tho old ones, as determined by their owr
resolution, which a former committee
trusted wnnlrl hn/?nrr!pfl nnf ir? rm.iA t'iSiV
... rvr.,v .".vk
thoy have not collected tlio old, and hav(
takon new ones.
That in some instances they require ti
note ronewed in sixty days, and in others
they allow twelve months or more.
Tliat they have allowed an old debt to
Kn rtiiisi Kir o "a*?? ....*1,
WW pmu tij nui/onvui/illf^ n lion IIUWj TV 11/11'
out even paying the interest. If, therefore,
the bank is nllowed so to discriminate
between individuals equally solvent,
of what avail is your charter, prescribing
| rules for its government, and what an im|
menso moneyed influence a fow men wield
| for good or evil.
j committee n^sin met in Columbifc,
at the branch bankfon tho 23d of November,
and availed themselves of the
ehango of opinion in the Directors, to ex
i amine the personal ledger. Not havinc
I allowed tkcnqselvee but two 4ay8f n'u
finding it would require weeks, if not
months, to examine it thoroughly, they
barely glanced at it.
We also turned our attention to the
new business, since our examination in
Afa.y, and found several notes that wore 1
under protest reinstated, and some of the I
other debts had assumed a naw form, and '
nominally a considerable amount had been
paid in; but how much in cash we failed
to ascertain, after adopting the manner
of examining pointed out by the President
of the bank. The committee do not
propose to rccommcnd any particular action;
but having given facts, and in some
cases arguments, clearly deducible from
them; they leave the matter in the hands
of the Legislature.
All of which is respectfully submitted.
WM. II. G 1ST,
Chairman of the Com. on part of the
W. A. OWENS,
E. P. SMITH,
>F the 7/ouse.
I do not concur in the above report.
JNO. S. PRESTON.
On 3/onday the President's message
was taken up in the Senate, when Mr.
/Seward, of New York, took the floor,
and gave his views on the present questions
in controversy. Jn order that it
may be known to our renders how he
means to act, wo give a report from the
Baltimore &un as follows:
It was not true, as had been argued,
; that she had come here unceremoniously,
for we stipulated, whfln wp. torn her from
| the Mexican dominion, thflt. she should
come into this Union. But it as true
| that she ottered hei&clf 1'or admisucn
without the customary preliminar.es.
1 This was justified by the failure of Con'
gress to provide a Territorial Govetnmcnt
for Callionua. Thus California made
J j her constitution and came hAre under the
' prominent law ot cslf-pieservation. He
1 , treated the subject of the boundaries as'
! sumed by California, and show that they
I ,1^4 i :* a - i
mtiuutu iiu wmwij1 uxcupi wnat was
[ commercially connected with tho port of
' San Francisco. lie answered all the
1 several objections that had been mad 3 to
. tho admission of California na a iState,
He urged that no compromise was ne!
cessary or would be successful.
He also insisted that there was no danger
whatever of ft dissolution of the Union
' or any revolution. T e revolution beginning
in a Congressional excitement
' ; would not disturb tMe Union.
. I This government had endured sixty
years, and tli3 crime of treason \.*r.s unknown.
"When it should he exhibited,
the people v.*ould rise and prevent it.
' The equilibrium of this government '.ens
: that between the Kastnnd Ihe West not
between the North and South Theom3
inous lino of dissolution vras bctv.-een the
I West and East.
He considered the consequences of dis*solution
to the South, civil war?servile
} war?and the overwhelming power of
the army and navy.
When Mr. Seward closed, Mr. WebI
?if>r rnap anil ri>nii(icln<1 ftin i 4V-w
the admission of Texas, to be vaported
' by all the gentlemen of the press, to wit:
that all that part of Texas south of 30 30
shall be divided into not more than four
' States, which, at several times, should,
with the assent of To.au, bo adniited into
) Mr. Foote gave notice that he should
to-morrow urge his motion for a committee
of thirteen to ascertain whether a plan
' of adjustment can be got.
1 In the House, Mr. King, of New York
presented the resolutions of the Lccisla
1 ture of that State in regard to the slave
1 question; on the motion tc print, Mr Evans
of Maryland, intimating his intention to
' debate, tho ?peaier ruled the matter
ovor till n?it jdav. Mr King moved a
* suspension of tho rules, to a^mit consid
eratfon of the motion, when the House
1 refused by a vote of 108 to 63. Tho
' California question was then taken up in
1 Committee. ^4fter the Committee rose,
! a resolution was introduced instructing
the Judiciary Committer to inquire into
1 the expediency of regulating telegraphing
1 by Congress, and to bring in a bill, i. they
thought it expedient. Objection was
' made, and the House adjourned.
Tho heart-broken individual supposed to bo
the author of the following linen, wan Been la?t
i S?u. lay with a "card of gingor-bread" under his
; arm, walking rapidly towards tho river, ifc
' has not been neard of since:
[ But flickess and affliction is trial" sent
By the will of a wise creation,
And always ought to bo underwent
, With l'ortitudo and resignation.
> Then mourn not for your pardncr's death
But to submit, ondevvor,
r For sposcn she hadent died so soon,
[ Bho couldout a liyod foroyor.
-' Til" I III V.I.,"' T? m
[From tho Augusta Constitutionalist.]
MR. TOOil/US?BLOWING HOT
This distinguished Representative from
tho Kighth Congressional 1. istrict, is very
much like the Frenchman's flea. 'When
you think you lmvo your finger on him,
he is not there.'
W'c certainly thought in our paper on
Tuesday morning, we had him located
on the admission of California Question.
Hre published that portion of his speech
delivered on the 21th ult., in which 1-9
speaks of tho (California settlers as 'squatters
on the public domain,' and asserts
that 'tho new doctrine asserting their
l ight to assume sovereignty over it in its
territorial state, was concocted only for a
Presidential campaign, and is uow
brought into general contempt.' //o
moreover denounces the bill before the
7/ousc, because, among other enormities
fllirmt. it lip. .-.nvu*
'It ha3 all the objections thntci.-.cd
aga'nst the former bill, with still graver
ones superadded, and is without tho
merit of closing the question. It settles
nothing but the addition of another nonslaveholding
State to tho Union; thus giv
ing the predominating interest additional
power to settle more fully the territorial
questions which it leaves unadjusted. In
this state of tlic question it cannot receive
This is Mr. Toombs, February 27th
1 1850. On the 11th March, 1850, hcin~
dites the following characteristic epistle:
Washington, D. C., March II, 1850.
Sir; I hnve received, under cover of
your favor of tho 25th ult.; the resolutions
passed by tho late General Asscmbly
of the State of Georgia. .
THic 8th resolution of the"?6dw!^^?
clares that 'it will Income the IrhmSoiato
I o..^ ii.. ,.e ii.:.
a:iu iiiipcrnmc uuij Ui mc Ul 11110 UUIl^
(Georgia,! to meet in convention to take
into consideration the mode and measure
of redress, upon the happening of cither
of four contingencies:
1st. The passage of the Wilmot Proviso
'?d. The abolition of slavery in the
Filofi "/* s\f P/\lm?V?5o
1/ 1>>1 I IV< V KJt VU1 U lilUIH.
3d. !The nd mission of California as a
Slate in its present pretended organization.
4th. The continued refusal of thenon
savehdding States to deliver up fugitive
slaves as provided by the Constitution.*
The happening of either the first, second
or fourth of these contingencies
ji.. si ? i...i
nuiiiu juoiuj' tuv jiiuj'uocu uioaouiu, uuif
in my opininion, the happening of the
third contingency would not warrant it.
And 1 deeply regret that a just cause
should be endangered by the assumption
of such an unwise and untenable position.
Congress has the express power to admit
new States. The admission of California
under that power is purely and solely
a question of Congressional discretion,
and would present neither a just nor a
suAloient cause for Slate interposition, or
revolutionary resistance. It vrould neither
present u case of the usurpation of
power not granted nor the abuse of a
granted power I cannot but Helievo
that its insertion waa not based upon a
just regnrd for the public welfare, but
that it was prompted mainly by that dis,
position to promote local party scheMics
and objccta which so eminently marked
and disgraced the action of the majority
of the General Assembly.
As a representative of the people of
Georgia, 1 shall eXQrcise the constitutional
discretion without reference to the
opinions of the General Assembly, and
| shall vote for, or against the admission of
i California, as in my judgement will best
promote the public interest.
As a citizen of the State, I shall oppose
the action proposed by the Legislature,
even if California shall be admitted
against my vote.
I <un respectfully, your ob't. ser'vt.
To Ilia WfceUoncy Geo. W. Towns, Govern
| Now, hor? is the l^onotftble tnember
from tho Eighth District, twelve days nf;
ter his much, lauded Southern rights
i speech, proclaiming that the admission of
Ctdifornia by Congress "would neither
proseut ft cose of ft usurpation of poWor
not granted, nor the abuse of a granted
potocr." He even talks of tho possibility
of his voting for tho California hiU.
This blowing hot and cold almost in tlio
samo breath. As some prospective porl
ridge is concerned in tho now tack of our
versatilo Representative, the figure is not
Improvement.?The manufacture of
cotton and wollen goods has been intraduccd,
with much profit, into the Missis*
1 aippi ponitentwry.