The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-05-05

the amount thereof with the(' balance oil
the amount Of bills discounted in the
General Leger: they shall also count the
cash, and the printed and imprinted paper
i'll the possession of the Cashier-examine
the evidences of the public debt and pre-
perty of the corporation, make an inven.
tory of the same, to, be compared with the
books, in order to ascertain their, agree
ment and report to the board" The Gus
tom appears to have been for this COM
mlttee to confne their examination exclu-
sively to the cash, Bills discounted onper-
sonal and other security, the issues, and the
printed and imprinted bank paper on
hand. The account, however, of the
general state of the bank, submitted to
the Directors at every stated meeting,
contained the items of "Bills Receivable
on Bank stock and other security" which
included as well the bills receivable for
sale of branches as the loans made in the
manner heretofore adverted to, and go
reign Bills of Exchange" under which
head was contained the advances on ship
ments of merchandise. Thus, on the
2sth of June, 1888, on which day an ex-
animation was reported by the Commit
tee on the state of the Bank, there stood
to the debit of "Bills Receivable" the sum
of l3,lO6,074 dollars IS cents, and of
Foreign Bills of Exchange" the sum of
6,2l6, ,lO9 dollars "a cents. The commit
tee annex to this Report a list Of the d.
rectors and the several Standing Commit
tees of the Board since the re.charter.-
(Appendix L.) .s-. r.a -'.suy.-
Not only in regard to loans and settle
ments, but in relation to the purchase and
sale of stocks, the establishment OF agen-
cies, and other important measures of
general policy, the Board of Directors
were not regularly consulted. OF this
the committee must be permitted to pre-
sent some instances as illustrative. In
September, 1885, the Bank purchased the
|"Merchants' Bank of New Orleans" of
the capital Of 100000 dollars for an
advance of 76,25O dollars, and estab-
lshed it, as the agent of this Bank at that
place. On the eighth day of November,
1886, in like manner purchase was
made for 3s4,OO0 dollars of "The 1nsur-
ance Bank of Columbus, Georgia" In
August, 1888, arrangements were made
for the purchase of the charter Of "The
Hamilton Bank" of Baltimore, and the
purchase effected, but as the Bank never
went into operation the advance was but
small. There was taken from Mr.. Jos.
Cowperthwaite, on the lst of March,
1888, eighty nine shares of Bank United
States Stock, at l20 dollars, the Bank SELL
ing the same day at 1ls dollars, less bro
kerage; and on the 9Th January, 1910,
there was received from him as cash one
hundred and thirty shares at 100 dollars,
the market price Of that day being IS dol
lars rs cents. On the 18th Of March, 1889,
Messrs. Joseph Cowperthwaite, Thomas
Dunlap, and Joseph Cabot, agreed to
purchase of the Bank two thousand
shares Of Philadelphia and Reading Rail-
road Co.'S. Stock, at forty five dollars per
share, on a credit of two years, and on
the application of these parties on the
18th February, 1910, the said contract
was annulled. 1t is stated in Report of
the Exchange Committee of August 2s,
1910, and entered on the minutes OF the
Board, that the Philadelphia and Reading
Railroad Co., had made a contract with
Mr.. Joseph Cowperthwaite for a loan OF
100000 dollars in his individual capacity,
(although supposed by the company to
have been on account of the Bank) to be
converted into sterling Bonds at dollars
80 cents per pound sterling. At the pc
Rod of that report, the sum OF $4,000
dollars of this loan had been taken up, Of
which the Bank was then the holder OF
272OOo dollars, and on that day, [with the
assent of the Board, ] assumed the balance
unpaid of the contract. Upon the elgh-
teenth day of August, 1898, the Bank
guaranteed contract made by Mr.. Nlcho-
las Biddle in his individual capacity, tor
the purchase of two thousand five hum
dred Bonds of the State of Mississippi, OF
two Thousand dollars each, amounting in
the whole to 100000 dollars. The sig.
nature of MIR. Thomas Dunlap, then Sc
cond assistant Cashier, was affixed to the
guarantee, on behalf of the Bank upon
the verbal authority Of the President
Upon the 29th January, 1889, the Bank
guaranteed to the State of Michigan. the
punctual ful6lment of the obligations OF