The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1849-12-19

the works might not stop, and YET not De
carried on at the risk and expense Of the
Bank, directed the person who was put IN
charge of them TO carry on the business IN
the name and on the responsibility oi HIM
self and Col. Wade Hampton. The Com.
mi,tee have no account Of the operations Of
the establishment whilst matters renamed
in this condition. No account Of them was
rendered to the Bank. J. B. MIntz, who
had charge of the works during that time,
states that they made no profits, and that
he was barely able to keep them in opera.
ton, on account Of the scarcity Of provisions;
hit the particulars cannot be stated, because
The accnunls and memoranda have been
&Ecs s,urH:.
1t appears from the minutes Of the Board
- 'hn 3Gih October, AS, that they had then
r"csYAJ euer from the President with an
advertisement, for a resale of the property,
and that tie consideration Of The matter was
agai, postponed. On the 2Olh November,
!he President submitted a written report oi
.be sale Of The property and purchase for the
Baek and he having retired. the Board pas
I'D RESOLUTION declaring that by the pur;
chase OF account Of the Bank, he had acted
in the manner most conducive TO its interests,
and authorizing ,he President and Cashier
To negotiate the sale Of the property iu con-
forinilv with the resolusions of the 1egisla'
| ture.
II appears to the COMMITTEE, looking to
the security of the debt, there was no good
reason pr purchasing The property on &C.
count Of the Bank. and that il would have
been better not to have done 80. Perhaps
if he;Bank had not bought, The property
might no, have sold for quite as much. as il
did, but the deficiency could not have beer
very considerable, and could have beer
made up BY other securities held by The
Bank. On the 10Th February, 46, the Presi
dent having reported that the sale was con
6rmcd, the Board ordered the proyerty tc
be advertised. ,wi,hs,anding they had no
tice of appeal. On the 20lh April, they re-
solved 10 add to The advertisement, thai
sealed offers would be received by the cash
ier until the Is, May. On the 18th May
a letter was received from Col. Elmore
making, in behalf "f an association, bid ir
general terms, the particulars Of which wa:
to be afterwards explained, and the Bearc
thereupon appointed committee to confer
with him. On the 2lst May. he addressed
a letter to the commit,c explaining more par
,icular the terms Of his offer, aIledged to bs
made for himself, Wade Hampton and Mrs
R. A. Brown, and such other persons al
might cnme in. The SUN offered wa:
sl47.557.02, which was saia to be the true
amount of the debt Of the Company to The
Bank. For though it was considerable more
if interest was computed on The Bond. anc
compounded, as it is in the Masters report
which makes the amoun, due on the Bond
including interest to the lst March, ls47
sl4O,256.62 yet as the bond and mortgage
were intended only as additional and coIlai
eraI security for the notes; The amount du'
on the notes was the true measure OF tha
portion of the debt, viz: $s7.OOO.W
Interest to 10Th Sept. le45, 35,ll5 OF
Notes Of w. Clark and others ut
the Columbia Branch, 1900 OF
Iuteres, to the 9Th May, ls46, 1900 On
Balance of amounts paid for judgm'.s,
by Insurance and Trus. Company
vs.. Hampton and others. s,l2o 81
In,cres, to 18th May, 1916, 6l3 3: