Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1849-12-15
THE BANK OF THE STATE.

Much diversity of opinion exists on the qucs-
ton as to the cxpedency Of winding up this
institution; and as it is more than probable that
the question will be referred directly to the
people that they should pass upon it, we deem
1t our duty from time TO time to lay before our
readers such facts as may enable them to ar
rive at tr:;e and proper conclusions.
This institution was chartered in 1912, to re-
levc the distress of our cit zens, and ut first
more Of a loan Office than bankinC institution.
The accommodations to persons upon mortga-
ges ofreal or personal property was limited at
first to the sum of $4,000 each and was after.
wards increased to the sum of 10000, which
was to be distributed in proportion among the
election districts ltrcmeins for us to inquire
how this has been carried out. BY the reports
Of the committees at the session of 1913, is was
ascertained hat the larger portion of the cap-
tai of the bank has been loaned to a few ntdi-
vduals, in n few districts. For instance the
district of Richlandha over four hundred thou
sand doliars;-the district of Fairfield has one
hundred omdGfy thousand doliars;-and Pen
tlleton district has only the sum of nine Hundred
dollars. Now Pendleton has nearly four times
the population of either of these districts on
which the fivorS ufthe bank have been so pro-
fusely showrred. Aud though we regard it as
much to the credit of our election district that
she has been so prudent and pro pcrcus as to
be able to make her way clear without the aid
of bank loans, still it is a question of some con-
sequence for the people to determine whether
they are willing that their money. SHOULD be so
applied for the benefit of the few, while their
property stands pledged to make good all the
losses by the Bank More than this, it is fact
indis puts bic that 2 directors ofthe Bank have
in their bands the sum ofeight hunired and III.
tn thousand dollars and that thirty oftheir
friends have the sum of Seven huadrcd Moueand
dollars more. in all one million and half, md
thet too in the hands Of only ~ favored in liyil-
uals Now five will eXamin. we shall ind
that the original capital of the bank is only
about one million two hundred thousand dol
lars, or in other words, thcse AZ persons have
three hundred ind fifty thousand dollars more
in their hands than the original capital Of the
Bank. aB III a
But the Bank has the funds in its hands which
belong to the State, i'll AL amounting to nearly
five millions of dollars. Then here are few
men irresponsible to the people, who have IN
der their control five millions of the peoples
money, have right to use it as they please
loan to whom they please, and should any los
be sustained it Gomez out of The pee pies pock
et 1t is no wonder that The doors Of the Leg
islaturc are crowded with men asking to be
bank directors" when they hay a right to ,lse
other peoples money and are not responsible
for any losses. These men who have The con
troll Of so large an amount ofthc Stfte funds
have n lager anil more extensive power than
our Legislature, Erthey havcthe right tc con
tract debts to twice the amount Of their capital,
and can at tpleasure place upon the State a debt
ofseven millions Of dollars which the people
would be compelled to'pay, whethcr they ap-
prove or not Of the measure; and the only thing
necessary TO dothis is simple order oftllq
T.. ... b.. H..s T.