Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1848-02-09
[BY REeUEsT.]
From, the Charleston Mercury.
RAILROAD MANIA-No.X Xxx

~ D.
RAILROAD MANlA-No. XXI.
/ thinkI Ineed scarcely say more to show
how much power the Back possesses 10
South C arolina, and how5utterly irrespon-
sible ills, both TO the people aud the Le-,
gisiature in practice, whatever il may be
in theory. The truth is, that The only Sc
curity;the people of South Carolina have
forttie proper administration Of 50 large an
amount of their money, is in the personal
characters Of the individual officers and
directors ofthe Mother Bankan bl anches.
We see the monthly and annual exhibits
they make, and we have no alternative
bur TO take il for granted that they are oil
correct. lSamp personally acquainted with
few. .ofihess gentlemen. ! nave no reason
:losbelieye that any one Of them is other
than an honest man, and will do his duty
fully.ssIn fact, lin common with the rest Of
NV fellow ci,izeils, i know nothing about
theSpriyate manag cement of the Bank. 70
impeachs be to spend my arrows
in thetdark, lis true that The President
and Directors sof the Mother Bank are
elected The Leg sistature annually. But
every body knows how:the election is cou=
Quoted The members have very lillle OPP
pof,nnity of: knowing who they. are chocs-
ins;s aud Directors; have been elected for
many. successive years. who ultimately
proved not only completely insolvent, but
utterly tunprincipled. The post is for The
most part eagerly sought, aad not unire-
quently conferred on needy men. 1t is
also true, that since 1889 The President has
made: TO the Legislature a pricate report
ofthe liabilities, direct and indirect, of the
officers and directors Of the Bank. But
WHY'S it private? There are powerful
public reasons for making it public. For
merly the Investigating Commuters re-
ported those liabilities. In 1872 they were
stated at 1868, ,006, aud considered large.
They diminished from That time until
1925, when they amoun,edto Sl2i, ,O0O.-
Andiuihe report of that year the Com
mitiee, through its Chairman. the Hon.
Henry Deas, stated: :E..T hat for the greater
portion of The losses which the Bank had
incurred could be traced 10 the facilities
possessedsb by Tie directors, by their scat at
The Board, of obtaining for themselves and
for Others loans, which, under other cir
scutnstances aheir pecuniary responsibility
would not have: :endtled Them to receive" )"
(Bauk Comp p. 1887 From that period
10 1889 only partial statements of these
liabilities are TO be Ffould. aul since then
they have been prisately reported 10 the
Legislature these reports are, i pres
sumo, isieuded, 80: be confidential; !; but
during siEez recent session, a writer from
Columbia for the Charleston Courier said
il had been declared ON the floor of the
Selale:tha Ihe liabilities Of f2lhe President
aud sDIrectors ol Sths Bank aud Branches
had been reported this year TO amount TO
stf,e eprfh lous sum ofs s. 765, ,090 3 Here is
Thirds Of ssts original Bank CaPilaii
IA oyerf oas=sSxt6 soff hole sum In
sVested The iiscr s6fs b anks 10
slheE hands sof iis ON Rrefs S0pe,a
stFu Ii; Edo mol sssis ss
expfessia any ais
ass sisell secured sas any oi slie aa loans'
ceFtainly cg aoIli hing std lass GO asIaFsg
s q <. ifaf clio
people y t Is
sBank officers for;s heir u = esiso.
md Ihatpf3, f3,heiE INN friend cal:
Quilted Ia awak ah;a just and; anxic1s dssire
I'd. .leaoi lifSre of yais mace geiheHl
sof Tie Rank dill l,ese ore ifojig
reasons swhy these lia6iIities Of {thes Bank
officers should be made public. s 20 fdI,
ther. think The. liabilities OF every mem;
berSof THE Lesislaiure5to The Bank ofSlhe
State should be also lald before the peo-
ple. That Bank, 1t must be remembered,
stands on a different footing iron other
Banks. It's funds belongto the people
They belong TO The Stale Treasury, The
BaDksisin:actthe Treasury. The Treas
urers are required annually 10 publish
every item Of their receipts and payments,
and 10 addition the Comptroller gives
every year list Of the debtors Of the
Slate, down 10 those owing even 9 ceuts,
and embracing defaul,ers in public office
for the last half century or more. Why
this partieularily aud want Of delicacy in
one branch of or Treasury, where such
small sums are concerned, aud such pro-
found reserve in regard to an institution
which holds;tbe great bulk of our collected
,reasureo lfdebtors and defaullers TO oul
nominal treasury areto be annu'lly para.
ded before The world, and not even the
yenera,cd memory ofGer Hloa!,rie is 10 be
spared, why is such a sacred mystery &c
be preserved with regard TO the debtor:
and defaulters Of the real Treasury? Iii
is said .ha, they whose, names. are thu:
published are or were PUBLIC OFFICERS
and that the principles Of Republican 60,
veramene require that The most rigid and
enduring public scrutiny must be main.
tanned in regard to the management Of The
State funds by The State officers, then
say,bat the members of the Legislature,
ard officers and directors Of the Bank,
are also STATE OFFICERS, and all the
moneyin the Bank STATE FUNDS. The
people have right To know. and oughtto
know, when they constitute these officers
the guardians Of their treasury, how much
each one appropriates out Of il to his o,un
use. They will then be able 10 judge what
confidence they may properly place. in
their statements and votes in reference to
The Bank. do no, mean to impeach the
Legislature or the Bank officers collective
ly or individually. | have moi the slight.
est grounds for suchimpeachment. re;