Wlliam Gilmore Simms
The History of South Carolina, From Its First European Discovery to Its Erection into a Republic >> Appendix >> Page 345

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Page 345

History | S. Babcock & Co. | 1840
Transcription APPENDIX.345
His EXCELLENCY PATRICK NOBLE, President.
W. B. SEABROOK, Vice President.
COL. W. BROOKS, ""
CoL. W. K. CLOWNEY "
CoL. JAMES GREGG,
CHANC. B. F. DUNKIN,"
B. R. CARROL, Corresponding Secretary,
DR. R. W. GIBBES, Recording Secretary and Treasurer.
On motion of J. H, Hammond, Esq., GEN. GEORGE MCDUFFIE was unanimously appointed anniversary orator for 1840.
Gen. McDuffie proposed to consider the constitution clause by clause, and the resolutions separately; all of which, after some discussion, were adopted.
Whitfield Brooks, Esq. introduced the following resolutions, with a request that they should be laid on the-table, which was agreed to.
Resolved, That in the opinion of this convention, the multiplication of banks in this state, invested with the legal right of substituting credit for capital, to three times the amount of the latter, and the imputed and ruinous practice of many, of exceeding their chartered limits, from five to seven fold, has had the effect of changing almost the entire currency of the country, from gold and silver, to paper ; of substituting for a metallic currency, of permanent and intrinsic value, one of paper, of uncertain and fluctuating value�that one of the natural and inevitable effects of this system has been, to drive the more valuable currency from circulation, to be transported to other countries, or to be hoarded in the vaults of these chartered institutions.
Resolved, That another consequence, no less injurious to the country, has been produced by the prodigal issue ofa paper currency, of producing two standards of value in the markets of Europe and this country; the one foreign, which is regulated by gold and silver metals, of intrinsic and uniform value among all nations, and the other domestic, which is regulated and controlled by paper, that to two-thirds of the amount of its circulation depends upon credit for the standard of value, which is, therefore, always fluctuating with the expansions and contractions of bank issues. That in consequence of this state of things, the planter of cotton is forced to sell his pro-
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