Wlliam Gilmore Simms
Selections from the Letters and Speeches of the Hon. James H. Hammond, of South Carolina >> Message to the Senate and House of Representatives of the State of South Carolina, Nov. 28, 1843 >> Page 56

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Documents | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 56
and forty-two cents ($20,769 42). The net profits of
the last fiscal year amounted to two hundred and
twenty-six thousand, seven hundred and thirty-two
dollars and seventeen cents ($226,732 17), leaving a
balance in favor of the bank, of thirty-six thousand,
seven hundred and thirty-two dollars and seventeen
cents ($36,732 17). It is obvious that an annual
accumulation to the amount of the largest of these
sums, would not discharge the debt in much less than
a century. Nor is there any just ground for anticipat-
ing a great increase of profits for the future. The
period for immense returns from banking operations
has passed away and, it is to be hoped, forever. Such
is especially the case with this bank, since the monop-
oly which it so long enjoyed in this State has ceased,
by the incorporation of other banks, and cannot be
revived again.
It is also said that the State has received and still
retains equivalents for a large proportion of her debt
which can be converted at the proper time for paying
it. She possesses eight thousand (8,000) shares of
railroad and railroad bank stock, which it is gratifying
to state is rising rapidly in value and, it is to be hoped
will one day be worth to her the eight hundred thou-
sand dollars ($800,000) which it cost. She holds also
the obligation of the railroad company for upward of
$400,000 more, which is doubtless perfectly secure.
But these investments could hardly be made available
to meet a crisis and, unless converted very gradually,
can only be done at a heavy loss. Nor do the small
dividends declared materially assist in paying the
interest of the stock issued to make them. For the
rest�the sinking fund, the fire loan, and the surplus