Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1848-06-28

can be seeking nothing in the attainment
of this office. than pecuniary facilities OF
some sort" And the Committee for remedy
of The evil. gravely suggest the despairins
expedienl Of making changes in the direc'
ton but rarely, because say they, "cVery
new direction, becomes new borrower"
In the Report Of the investigating Com
mtlee for 1913, the aggregate of The debts
lost to The Bank up to the lst October OF
that year, is sci down at S490, ,4S6 81 cls..
and Of this amount il is stated, that The
Bank losl by lis Directors. SlS3, ,76S 72cts.
From The lsl October 1913 10 the Isl Oc-
tober lS47, there were added 10 the losses
of the Bank, SSS.G55 sc cts. S25, 600
Of which are reported TO have been occa-
stoned by the delinquency of one of the
Directors. On the day last mentioned,
The losses Of The Bank were in the uggre-
gate S579.072 28. and The sum total Of the
debts of the Directors lost TO The Bank
amounted 10 S205, 5,765 81 cts. When TO
this, it is added that the liabilities Of the
President aud Directors Of the Bank and
its Branches were reported 10 The Lesisla-
ture at its last Session as amounting 10
S765 900, sum equal to two-Ihirds Of the
original Bank capital, it would seem that
the necessity for some more effective
remedy than at present exists, was fully
aad indispu.ably established. But it is
.nost manifest, that the Members of the
Legislature stand in the same category
with he President and Directors of the
Bank and its Branches. True it is, they
have no sea, at The Boards, and Can not
vote directly to lend money to themselves.
They however annually elect the Presi-
dent and Directors of the Bank, all Of
whom are rs.elisible. They exercise
experimenting and visi,orial power over
them. They may at any moment, dilnin.
sh or add 10 the capital OF the Bank, and
en'arsc or abridge the power and influence
of its Directors. Through h them it is, tina,
lie Back and all its functionaries live and
nav: their being Ii would be preposter-
ous to deny. that Representative Of
scanty means, but of abundant personal
influence, mus! possess faci!lies in borrow
ing from lhe Bank, iucomparably greater
than those enjoyed ny lis felnw ci,izens
ant of office, though Of equal pecunlary
esponsihiIi,y.
In 1889. the Legislature by joint resolu-
tinn Of both Houses, required that a private
Repurt should be annually made to that
body of The debts duo the Bank by its
several Directors.
have the authority Of the last examin
ins Commitlee for saying, that these pri
vaIo Reports have mol accomplished their
object. Will tho publication of such a
Report, embracing also, the names aud
liabilities of the Members of both Branch
es of the Legislature, prove more eifica
ciouS! r.
have come to the conclusion, that such
publication ought to be made. II would
deter the Bank Officers and Directors and
tho Members of the Legislature from
seeking, and tho Bank from .gEansing
qtoans 10. an aan,oanf greater ,hauI Ille
snisry e ha
-wua,d IaIFIy warrant. II would have Ibis
effect, because The Directors would know
thatsu pnjuslifable acts would We speedi.
iy exposed TO the public eye, and would
subject all concerned in them, 10 severe
and unsparing ceusure. In respect TO the
Members of the Legislature, its operation
would be especially salutary. As they
shopd not be permitted by their Official
positions, 10 exert an undue influence over
the Bank, 80 also, il is Of equal, Indeed of
greater importance, ,ha, the Bank be not
allowed 20 exercise any such coutrol over
them. TO put 10 stronger exa,nple,-a
Representative may be indebted so largely
to Tie Bank. that his ability 10 retain for
himself and family, all their accustomed
comforts and eujnyments may be entirely
dependent upon the lorbearance of its
Directors. In that event he could be
scarcely regarded as free to consider only
tho pubic interest in any measure involv'
ing The cur,aiiment OF the issues of Inc
Bank, tho collection Of its debls, or the
dlniuution in any mode of its capital, or
means. Thus situated (himself perhaps,
unconscious Of The iuhucuce) il would
prove comparatively easy 10 stimulate him
into becoming the ardeuI and energetic
champion of tho Bank. forgelful of the
PuOi'S SVNo' n ulSSiUSOiO vi pCSu-
MARY relations with that corporation
would arrest him in his course. 1t would
deprive him OF The moral influence that
he might otherwise WELD. Ii would al
least enable his constituency to decide
unders'andiusly, how far Ills dependence
upon the Bank consisted with lbe discharge
u! his duties TO them. In respect to the
other Officers Of the Bank and lis Branch-
es, for reasons that will readily suggest
themselves, the same line of policy should
be pursued.
The proposed publication Of names aud
liabilities. should however be prospective
ouIy. This is demanded by the spirit, il
not by the letter Of the Bauk Charter, or
at all events by the implied understanding
that must DO supposed 10 have existed,
when the debts now subsisting were
Incurred. Ii is not as a mode Of punish
meat. but as means of preservation that
the measure recommends itself 10 me.
The losses sustained by the Bank through
its Directors have beeu referred to as illus
trallvo OF the inevitable evils arising from
irresponsible power TO whatever hands
committed, and as proof Of The necessity
of aduitiOnai saieuuprjs bur with mn Vie ~