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\ " i * " 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? ? ~ tiie KKOWDE CWUKlfltfg, I'UINTED ANI> rUBLISHKD WEEKLY 11Y W. H. TRIM Ml Kit. J. W. NOltRIS, Jit, ) viurt,? E. M. KEITH, I h,lltorf'- rfT TKKlflS. ' * One Dollar and Fifty Cents for one year's subscription when paid within three months, Two dollars if payment is delayed to the close of the subscription year. AH subscriptions not clearly limited, will be considered as made for an indefinite time, and continued till a di -(continuance is ordered and all arrearages pai l. Advertisements inserted at VK cents per square for the first insertion, and n"? 1 -2 cts. for iirtnU 1 *' v..v??vuitiiuuu msuruon. liiOerul deductions made to those advertising bv the veur. fcir All Communications sliould be addressed to tlc-t Publisher post paid. 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. (CONCLUDKD) 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 dorsers. | 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 niWMiamrMaiaNma^KHMM^UbHMnHHONUHHMavri | 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 ed. 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 I it unit*. 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 I Senate. W. A. OWENS, E. P. SMITH, >F the 7/ouse. I do not concur in the above report. JNO. S. PRESTON. CONGRESS. 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 tho Union. ) 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 AND COLD, 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 my support.' This is Mr. Toombs, February 27th 1 1850. On the 11th March, 1850, hcin~ dites the following characteristic epistle: Copy. 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 by Congress. '?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. R. Toomjbb. To Ilia WfceUoncy Geo. W. Towns, Govern of Georgia | 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 inapt. Improvement.?The manufacture of cotton and wollen goods has been intraduccd, with much profit, into the Missis* 1 aippi ponitentwry.