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. 26, 1844 >> Page 83

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Page 83

Documents | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 83
a_ year. An act was passed requiring the Bank to
provide for the payment of the instalments of the
debt falling due on the first of January, 1845—6
amounting to five hundred and fifty thousand dollars
($550,000), and to deliver to the Comptroller General,
to be cancelled, the evidences of State debt in its
possession, to the amount of four hundred and fifteen
thousand, two hundred and seventy dollars ($415,270).
Of the evidences of State debt held by the Bank, one
hundred and sixty-three thousand, four hundred and
sixty-eight dollars ($163,468) fell due in 1845 6,
so that the whole amount of debt, the liquidation of
which was provided for by the act of last session, was
eight hundred and one thousand, eight hundred and
two dollars ($8C 1,802), or about four hundred thousand
dollars per annum for two years. I am happy to say
that the Bank surrendered to the Comptroller General,
in January last, and that he cancelled, four hundred
and seventeen thousand, and eight dollars and twenty-
nine cents ($417,008 29) of the public debt, being
something more than was required of it ; and I do not
doubt that it will provide for the punctual payment
of the instalments of 1845—6 as they become due.
I will not repeat to you the reasons which induced
me to make to your predecessors the recommendations
referred to. They are stated at large in my last
annual Message. I feel bound, however, to say, that
nothing has occurred since to change the opinions
then expressed. As far as regards the Bank, the
President of that institution, in a report made to the
Legislature near the close of the last session, has
painted in such strong colors its power, and the evils
it might cause, as justly to increase the apprehensions