The Bank of the State of South Carolina;: A general and political history (Tricentennial studies, no. 2),Used

The Bank of the State of South Carolina;: A general and political history (Tricentennial studies, no. 2),Used

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SKU: SONG0872491471
Brand: Brand: University of South Carolina Press
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On December 18, 1812, 'A Bill to establish a Bank, in behalf of and for the benefit of the State...' passed the third reading in both houses of the South Carolina legislature. Thus, the Bank of the State of South Carolina came into existence, and for more than fifty years it was to be one of the most successful institutions of its type in the United Stats. The act creating the Bank appears to have been passed without much public demand for, or discussion of, such a proposition. It is evident that the Bank was established primarily to help the agricultural interests of the interior and not the entrenched commercial group in the great city of Charleston. But from the beginning the everpresent pressures to make quick profits forced the Bank's officers to seek commercial business. This unique Bank of the State became an institution of great financial strength, and it performed many services for both the citizens and the state of South Carolina. The fact that the Bank was able to survive business vicissitudes and repeated political attacks for over a half century indicates that its management was in the hands of men of high integrity and ability and that its creation was an act of foresight on the part of the legislature. Nevertheless, its management could never resolve the inherent dilemma: the banking business requires a confidential relationship between banker and customer, whereas traditionally in the United State the proper function of government in banking is regulatory and not administrative. The Bank's history illustrates how difficult it is to maintain the necessary secrecy for proper banking practices and at the same time to secure the publicity which alone can provide an adequate understanding of the public business.

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