Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1845-02-07

ralou Of The Senale.
! They have moi had time TO eyAmiu
Intimately all The Bnnled Dehls set lorll
in The ExhIolr tA), but nave contine'
themselves prinripaIl, to Bond M
whicn is due by The Nrshir Manulac,ur,n;
Company. and which seems To nc the lar
gesr debt due by any Incorporated o
Manufacturing Company, an larger thai
the aggregate anomut of all The debts due
by o;her Incorporate Companies. II
examining the said Exhibit. we find {
statement uf tne amount nov due BY Ii,t
Neshi Company, {S9l ,o9S II. tr which
however, must be added the interest from
October. 1911, US lhe Rcpnr itself inlur,n.
rs that no part nf this debl has been pail
Again, this debt is saul 10 have been con
ractedin 1911. with this explanation thu,
the Cumrany. rs Company confrac. cd
the debt al that lime, bu: That the ,nuney
had been previously loaned 10 an indi,j j,uHI
member of The Company, Tor lis beneii
during ihe administrator of the former
| Prcsidrnl rf the Bank,
The remarks opposite Bond No +" |!
shuw thai this debt is sccnr Il by ii NOR
gage Of Work.. and one hundred nesrors,
ANA also by a Judg'i,pnl covering eighty
negroe, more; which property, of i;sclI,
would not be sufficient, III IIIc opinion oi
'hr Cnm'n''ee. to. pay Tho debt due ~
the Company, III consequence Of lae dill
flrnlty III finding purchaser Of that hind
ol property, although II may be worth
lin'rusically the drhl now due.
The President Of tn Bunk also iuor
med Ihc C0nMiIlee. llrat in addition 70
the security already mentioned, the Bank
Mad individual sccurIt. and HE na!nes Of
'ndl!nals were Civ n, bmi the C'nnuiiltec
noi saving any personal knnwecdsc OF
their >IIunIIon, arc nul prepared 10 give an
opini"n on the subject.
BY referring to the Act of 1912, estab-
fishing the Bauk it will be found that The
Directors are required ITO call in one tenth
U! each loan in each year." ard as we
are not aware of any subsequent altera
lon Of This provision, we are oil opinion
that the law should nave been strictly COLL
piled with unless the previous consent of
Legislature had heen obtained 10 take some
other course The committee have very
little doubt, however, but, that had an
application nern m"de 10 The Legislature,
| he same Indu gcuce would have been eX-
tcnhcd and uudcr tie peculiar cIrcumstan-
ces OF this case. they think no blame Is III
tors of the Bank. " neu we take into con
s,derallon The brneiir tiiat has resulted 10
the State, in the reduction uG he prices OF
Iron, Castiugs, Nails. oSc., anl when eve
~ cXertlOn secus TO uave been use.i To
secure lie Ultimate payment Of The deb.
Believing tha, the State does uot desire t"
Cypress amy portion Of her ciliz, MS. aud
particularly those who are endcavorIug To
dey' lope the resources Of the STATE and,
| 'nu, contribute to the general go ID, the
COMMITTEE are nI opinion hat Il rcasuna,
bile Iud .lgeucc should be still extended 10
The Slorknudcrs of IIe Nrsbn Manulaclu-
ring Company and that further dme
should BE- g,ven them 10 make payment,
IN III" uaruer aud al lh" times hereafter
10 be mentioned, AMI upnn their securing
the payment Of The entire debt. 10 lnc
satisfaction OF The Pr sIdrul aud Directors
Of The Bank. To effect the n.iecr con
Itcmplaled, il VIII be necessary maj lh,,
conccrus oflic pr"senr Company should
he wound up. for vlrInls reasons. which
the Committee think unnecessary IL give.
as they wurld have 10 speak Of The ,llua
rlnn o! individuals, aud as II is understood
the Stockholders have no objection to The
Arrangement proposed. In the event a
new Company is formed the C0mmi ttcc
propose the indulgence heIorr meinionr'I
be extended 10 them upon certain cnndi.
lions, more particularly srl forth III the
following Resolutions, which they rccum'
mend for The adoption Of the Senate
ReSoived. That the S"nat.. approve o
the Determination Vt the Bank 10 cnlurcr
the Judgment against Tie NesbiI Manu-.
featuring Company, and bring the lrau
sacli0n 10 conclusion.
ReoOlred. THAI should a new Company
hr formed tu purctlasr he Nrsht Works
together with The appuilanances necessary
to carry Ln The business. me Presldrn, auo
Directors of the Bank ~ requr~ted 10 i'ar
The said Company nr anuunr (ncluding
iu'ercsl now iur by the Ncsnit MLnutac
turing Company, Ior1he term "!lrn wears
upon the following conditions : ProvMrc
the Bank realizes The *hOle illuunI due
by the soid Company. by the sale of il:
/ property and lis other securities. Ant
proylied further. thai the new Company
to which hr loan 10 granted, shall paw or
HE first day of January in each year iD
five years. The in cres' on the amount loan
: ed, AT the rate of sevru per cent. per IA.
mum, and then ply he principal and int
resi- IN five equal annual inslalmrnts. Aur
pruYnled further. thai the SAID new Com
pany shall give suci security as shal b,
approved by the President aud Direc
Tors Of The bank
A Deer Fight The Jackson MiSsissip
ninn II ates thai Iyn neurn u,pn In H.,l,u,.