Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1843-12-06
Eagehela Court Mouse, $. c., December 6, As4S.

portion of her debl which can he couver'
ted Il, the proper time for paying it. She
possesses eight thousand (S,0OO) shares
of Rail Road ard Rail Road Bank Stock,
which it is gratifying to state. is rising
rapidly in value. and it is to be hoped
will one day he worth 10 her he eight
hundred thousand dollars, SoO0,0OO}
which il cost She hulls also the obl
CATION of the Rail Road Company for up-
ward Of SIn0.00O more, viii, h is doubt
less perfectly secure. But these invest
ment> could hardly he male available to
meet a crisis, and unless converted very
gradually. can only be done al a heavy
loss. Nor do the small dividends decla-
red materially assist in paying the in'e-
resi- Of the Stock issued to make them
For the rest-thc Sinking Fund, the Fire
Loan. and The Surplus revenue. they are
all Banked on, and alhnnsh separate ac-
counts are kept Of them in the Bank
books. they are rs as essentially part oil
the Bank Capital as the comparatively
small PARTON which is acknowledged to he
such. They have been loaned ont, aud
10 he used to pay the public debt mns'.
like other discounts lie collected frnm The
debtors Of the Bank. In short, what are
supposed 10 be equivalents for the State
drhi, are securities of no higher value
,han those in which NIL The nther funds Of
the State have been invested BY he Bank,
nor are they more readily convertible in
to money.
II is said again. that one million ISL.
000,00O of our internal ;mprovementdeht
has heen redeemed. and this is taken as
proof of the capacity Of the Bank to re-
deemed. The whole debI. II is true. thar
one mill on has been paid, but i has been
made The preiexl for issuing slock TO The
amount ofnnc million seven hundred and
SIX thousand. one hundred and six dollars
aud ninety. four cents. (Sl,706. LOG 81 J
thus actually increasing the public deb
seven hundred thousand dollars instead of
it.
This can he readily made to appear.
In Il moment of geDerous enthusiasm.
worthy nf The character Of the Stale and
her citizens. bill was passed al the ex-
ira session in 1898, almost by universal
consent. to borrow two millions nl dollars
(S2 .000. .000 fnr re bnilding the City nf
Charleston, after Ihe calamilou. fire Of
thai year Ofihis amount, one million and
lhr.v.fvc thousand. five hund:cd and
fifty FIVE dollars aud ffiy FIVE cents Si.
O35,55 S. was ob'aire,l in London, N,
5 per ccnt. bonds. This WI, loaned 10
the citizens Of Charleston for building
purposes. and supplied all their w.nt,
Faith aud justice 10 the people
Ut he Sale. required that the ha
hIanre ul the bonds not snl,l Ior the pur-
pnse roi which they were issued, aud MI
wanted for il should have been destroyed.
The hank, however. Obtained .he Cover
nul'S cmnScul To raise them 10 per cent.
bonds, tn The amount Of nine hundred and
sixty four thousand. four hundred aud
dollars, fnriy -four ccuts 1904.
Ala 44. and took possession Of them as a
loan from tic State To itself and merely
charged itself debtor TO the State in THAI
amount on The books of the hank though
1t still continues tn report the whole two
millions as The Fire Loan" The pre-
lrxr 'or This, was 10 pay the inslamenls
of ,hr debt of eight hundred rhonand dol
lars $500, 0,000,) which fell due in 1910:
and Of Two hundred III usauh dmllars
(S2O0O00) which fell due in 1922. And
IN thai ground, the Legislature aIicrward
in 1871. sanctioned The conduc, of the
bank. by laying on the table resolution
In cancel this remainder of the Fire Luau
Bonds.
But this is moi all. Al The regular Ses.
sion; in December, 1898, lhr Legislature
passed an Act confirming The subscription
of the Government to the Rail Road Bank.
and auIhori-ing The Comptroller General
to pay it by drafts upon he Bank ri the
Stale, or Ivy an issue of 5 per cent, in
case The President and Directors of the
Bark found it embarrassing 10 advance The
funds. Although the Sinking Fund at
thai time amounted 10 eight hundred and
twenty four rhonaand dollars 1881 .000.)
and the Surplus Revenue to nine hrimircd
and fflv v-one lhuusand dollars 1851 0GO)
and the large balance of The Fire Lnan
Bonds before mentioned was absorbed Wy
the Bank during the current fiscal year, the
5 per cent. stock was issued to the amount
of two hundred thousand dollars $780,
O0O.) though afterwards reduced 10 one
hundred and forty-one Thousand. six hum
,Irrd and sixry.twn dollars (Sl4l .662.)
And again ut the Session of 1899. The
Legislature transferred 10 The Sinking
Fund. TO aid :. The liquidation Of the pub
lie drbt. six hundred thousand dollars
(S6O0,OO0.) Of the Surplus Revenue.
which hal been pledged to the payment
Of the subscription of the Slate to the
Rail Road Company, and issued for that
purpose the same amount of six per cent
Sinck. The operations in both these in
stances was precisely The same as if these
stocks had been created 10 paw the public
debr, the appropriate funds in the Bank
heing withheld on that account. Thus in
the whole was seventeen hundred lhnusanh
dollars borrowed to pay the one million