The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1849-12-12

estate, balances aaaIrst Its branches and a.
against the State fo,tntercst and expenses
on the loan for rebuilding the City of Char
lesion, foreign and do'nesr'. exchange, aud
balances against Banks and olser agents and
correspondents abroad and ncidcatal expen.
seS.
With view to the greater facility and
dispatch afforded by the orderly arranss,
ment of business, lhe committee before they
entered upon the investigation which they
had to make, caused schedules to be prepar-
cd. exhibiting under one view, all the lmpor.
tant particulars of each item ,of the general
statement of the credits of the Bank. For
example 10 begin with the largest aud most
important item, the bills and notes discount
ed. The schedule of these contained, in dis
tinct columns, the names and residences OF
the makers and endorsers, the date, amount
and time of payment of each note or bill,
with the nature and location Of the proper.
iy and securities if any With this schedule
before them, the committee in the first place
verified, by inspection, such of the parllcu-
lars above stated as appeared from the pa
pers themselves. Having done this, they
proceeded more deliberately to consider
each note or bill with reference to lis CHAR
acter aud sufficiency as security Tor the
money ii engaged to pay. Where the COM
mItlee were not themselves, Or some ot them,
acquainted with the circumstances OF The
parties, they sought and obtained lnlornia-
ton from the best sources within their reach;
in many cases by sending for, and examln.
ing the persons who were believed to pos
sess the information they required and IN
other cases, where they were at distance.
by writing communications. The bills and
notes in this schedule amounted on the
whole TO $l,l76,Osl 81. 1t includes few
notes, which though their time OF payment,
is long since past, have not been put in suit,
and therefore dc not appear under the heal
OF bills and notes in sull, Notes, and parts
of notes oftlis class amounting 10 S5,5OS Al,
arc hopeIessly bad aud ought in the opinion
OF the committee, to he carried TO the debit
of profits and loss account, other notes IN this
schedule. not of the class last mentioned,
amounting to $3.50 90, appeared to the
committee to be of doubtful character. The
bulls included under this head, are only in
cluded under this head, are only inland bills.
Other bills appear under the several heads
Of Foreign aud Domestic Exchange. The
sam. course was pursued IN relation 10 each
of the other heads.
Bills anu notes in suit. These amounted
in the aggregate to Sl4l,327 81, Of which
the sum Of S2O,975 81 Is desperate, aud
ought to be taken out oilIie statement, and
carried to The account OF prof; and loss, aud
the sum of SlS,>0i l6 is doubtful. But
there were arrears OF interest on good debts
in this schedule amounting to $23,Gl3 40,
which do not appear in the statement, and
more than sufficient To replace the bad debts
to be withdrawn.
Bonds. The aggregate amount Of bonds
is S4SS,225 81, of which SS,4l9 can never
be recovered. and ought to be carried 10
profit and loss. But the arrears of interest
on good bonds amount to Sl4, 070 SO, by
winch that loss would be more than repair
ed.
Bonds taken for loans under the act for
rebuilding the City of Charleston. Oflhese
bonds there were 1855, amounting in the az
grcga,e to S74O,767 70. They are all St.
cured by mortgages Of the land, for build
lug on which The loans were made, and hav
lny the additional security Of guaranty OF the
City Corporation. are undoubtedly good.
Judgments, The Bank has obtained judy,
mcnt on most Of the bills aud notes in suit,
but these are not included in the item Of
'judgments" in the general statement, which
embraces only few judgments OF which
the Bank has become possessed by assign.
mcnt, either in part satisfaction Of other ue.
mands or because the possession ani control
of them promised some advantage towards
the security of other debts. The balance
due upon them amount together TO Sl9.259
62; but their cost to the Bank was Sl7.95S
So, at which sum, they stand in the state
mcnt. They are all good, and as To su'ne
of them. which are of old date, the Commit.
tee see no good reason why they have n,l
been long since collected.
Stocks The stocks held by The Bank OH
the first oi Junc last, are specified IN delaI! III
the accompanying schedule ID. They stand
upon the l}rnks Of the l;ank as representing
the sum $l7l,57O 05, the balance oG 1enn
in the book account, but they arc actually
worth more, for though some Of them could
not be sold tor as lnucn as they represent, 9th
crs would realize a considerable advance.
So that their aggregate value exceeds thai
at which they are sci down in the gcncraI
statement, WHAT'S designated as the SIX per
cent stock Of the Southwestern Railroad
Bank, is a certificate OF deposit, by which,
upon the reduction of the number of shares
in The Louisville, Cincinnati and Charleston
Railroad Company, and the Southwestern
Railroad Bank, the Bank refunded tho