The Lancaster Ledger

South Carolina Legislature.

As might have been anticipated from the result of the first and second ballotings for United States Senator, published in our last Gen. J. H. Hammond was on the third ballot elected to that distinguished position

A report of that day's proceedings, (Monday 30th ult.) giving the ballot in full may be found on our first page. Col. Chesnut's name was withdrawn, and Mr. Hammond was elected by a majority of 26 votes over Col. Pickens, and 12 majority over all

This is the most extraordinary election of modern times; a worthy imitation of the golden days of the Republic, when office sought the man and not the man the office

It is stated that Mr. Hammond has signified his willingness to accept the place so flatteringly tendered. His election seems to have given general satisfaction through the State; occurring as it did in the face of his positive declination, indicates plainly the general preference of the people. He is a man that the State may well be proud of.

The proceedings of Tuesday and Wednesday, we give elsewhere in a condensed form

It will be seen that the most important matter under consideration, is the subject of suspended Banks and Bank reform. Several preventive measures have been proposed. Among the rest, in one to restrict the Banks to the issuing of bills of the denomination of gold and silver.

This is to give us a larger specie currency in the place of smaller bills. If adopted by all the States, this plan would have the desired effect, and our banking operations would resemble, in this respect, those of England, which are ten times more impregnable and reliable than ours.

Mr. Memminger, in the House, seems to be the leading champion for the people against the Banks. We give elsewhere a synopsis of his speech, upon some resolutions, the tenor of which are also indicated in the notice and synopsis of his remarks.

He proposes to place our Banks upon a footing similar to the New York Banks, secured by deposits of stock, dollar for dollar. He is for exacting from the Banks the full penalty incurred through the act of suspension. The opposition contend that if the collection of the penalty is not remitted, the financial pressure will be greatly increased, as the Banks can only redeem their circulation by forcing collections from their creditors.

A condensed report of Thursday and Friday's proceedings will be found elsewhere.

The Carolinian, publishes a set of resolutions offered by Mr. F. D. Richardson of Charleston condemning the acts and policy of Gov. Walker in Kansas, and expressing in substance the conviction that the Administration, in failing to remove him, had acquiesced in his acts if it had not substantially endorsed them. The resolutions were ordered for consideration and to be printed.