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 61

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Page 61

Documents | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 61
scarce ; and a season of prosperity is evidently about to
open on us.
I think, however, it can be made manifest, that
these purchases can be effected without serious incon-
venience to any class of the bank's debtors. There is
now, and is usually due the bank on notes discounted,
over two millions of dollars ($2,000,000). The Bonded
Debt exceeds six hundred thousand dollars ($600,000).
The Suspended Debt, and Debt in Suit, amount to
upwards of four hundred thousand dollars ($400,000),
and the Fire Loan discounts to above a million of dollars
($1,000,000), making an aggregate amount now due the
bank, of more than four millions of dollars ($4,000,000).
With its specie and other funds, including its invest-
ments in other than State Stocks, and five hundred
thousand dollars ($500,000) of these debts, it should be
fully able to redeem its circulation and deposits, and
pay all other demands upon it at any time´┐Żleaving
three and a half millions applicable to the public debt.
Besides this, the bank owns, or did own on the 30th
Sept. last, upwards of four hundred and fifty thousand
dollars ($450,000) in stock of this State. This stock,
with only fifty thousand dollars invested in the same
way, might constitute the redemption of the first year ;
and for that period no debtor need be disturbed. It
is understood that one million of the amount of Notes
Discounted, consists of accommodation paper, at short
dates. These accommodations might be curtailed during
the second and third years without inconvenience to the
customers of the bank, who could readily obtain dis-
counts elsewhere in the present redundant condition of
the Bank Capital in this State. In the mean time the
Fire Loan Discounts would be falling due to a con-