Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1848-06-28
For the AdrertiSer.
10 ehe Voters Of Edgeficld
District,

you, IN rfp'y 10 call over tiie sigldtu!e
of "YoTER," in relation TO the Bank Of
the State. A very unfair and :lllberal
criticism upon my article shortly after.
wards appeared in the Hamburg Journal,
which has had the tendency TO misrepre-
sent my true position. To correct the
misapprehension as to my views, ! ad
dress you again. l cannot, without max
ing my article too long, write as fully as
could desire. In the speeches which
I may make during the canvass. | will
enlarge upon the subject. But propose
now briefly, clearly and ezplici,ly to lay
down my principles and views, 50 that
every reader may at once distinctly un-
derstand my position.
In 1912 the State chartered a Bank of
the State, for term Of % years. About
Two years before its charter expired, the
State le- chartered the Bank till 1856.
SO ,ha, for about 55 years you have had
a Bank. The Bauk commenced its
operations in the latter part OF 1873
The State did no, give any fixed amount
oi cap ;;ss, "a, but
and funds for ,heparpose Of providing
one for the Bank. The actual amount
of capital then varied, each year as these
funds we're converted inrocash, ill 1919,
at Which time the whole amount paid in
on account of capital was $l,372, $50
90 TSec Comptroller Generals r.
porl-R~porrs and Resolutions, 1917,
pages 246 z and s.
In 1919 the Bauk paid of Revolution.
ry dcbl sl76,O29 95; IN 1928 $50 ,9o2
lies; in 1914 S32 900 Is; making in
all paid on the Revolutionary debt, out
Of Capital, s24s,S ,S92 81. Bv the char
ter this debt was charged upon the cdpi
tai, and the language of the Comptrtl
le.. Generalsis Tins is the whole "a
mount Of public debt paid from the eapi-
tai. according tn the provisions of the
act Of iacorporation See Complro!'
Ter General Rrport--Repori md Reso-
lu,ions, lS47, page 24S. Deduct then
This amount from 81 ,372. $50 60, leaves
81, 1886 63 as the capital r"opsr.-
So stated and reported to lIi- Lrgls!a,
ture, and monthly since 1874. "The
whole amount Of stock issued by the
State, and placed in The Bank at various
times is S2,232 336 So" See Comp
troler Generals Report-R"potl and
Resolutions lS47, page 249 This by
reference, as above, will show that ii
includes the fre,loan to rebuild Charles
ton, in 1888; "A portion of The surplus
revenue, aud portion Of the 5 per cent
stock, issued 10 The Southwestern Rail
Road Bank, which The Bank Of the
State cancelled IN 1874. The other
portion of the surplus revenue, recrived
in 1887, and dividens cceivrd from the
Southwestern Rail Road Bank, S37,-
$40 is also 10 be accounted for, and is in
the annual Acts and Reports of the Le>
gislature. The two millions fire. load
constituted part of the State debt.
Now the question arises, how has The
Bank, the agent of the State, managed
these funds? This it is The right of the
people to know, and it is their duty 10
know.
First. 1t is charged by writer, who
uses the signature Of "Anti-Deb'," that
the Bank has mismanaged the fund-Ilas
wasted the capital, and been an unpl"ii-
table concern 10 the State. 1fthe state
ment of this wriler be true, there is no
doubt but that The people should refuse
10 re-chalter the Bank and direct it 10
be wound up. This is one side of the
picture:
Secondly. On the other hand, the
published reports of the Comptroller
General of the State show that the Bank
has paid into the State Treasury, pre-
vious 10 1922 S592, ,00l 2S. TSpe G.. G.
Repor,-Report and Resolutions, ls47,
page GAS.
Since 1922 the profits of the Bank
lave been diverted, by the Legislature,
10 pay the principal and interest Of your
public debt. This public debt was con.