Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1849-10-06

COS OF that fund have been used an enpl.
tal; and to tho capital, thus increased, has
peen added the surplus revenue from tho
United States, amounting to Al,09i, ,499.
%, and also tho loan' amounting to o. O..
lO,s65,e7. Owing TO the varying amount
OF the sinking fund, sometimes running up
TO sa4s, 900, and then reduced to three
or four hundred thousand dollars by pay.
mentS on account Of tho public debt, H. h
difficult, without entering Into an elabe.
rate calculation, to spsnk with entire and
minute accuracy. But we hive drawn
from tho reports ofthe Bank Itself enough
to satlsfy us that, Without taking Into
consideration tho sinking fund al ALL the
Bank has never made seven per cent on
the capital Of s4,0l7,6 ,6es 04, made UP Of
the three Items above stated, yls' capital,
fire loan, and surplus revenue For sev.
on per cent on that amount would be a.
el,95b bfj and we find the largest
amount OF nett profits Of any ono year TO
DO S2a0,059 II. And, indeed, it Ia not
even pretended even by those devoted
to Bank, that for the lap! twenty.seven
years nine md half per cont has been
reached In any one year on tho actual cap
ital employed. The average nett profits
OF those ycnrs too does not rench seven
per cont pcr nnnum. AS wo have moth.
ing In view but tho development aud es.
adjustment Of fncts In connection with
this institution, we trust that we shall be
set right If we err In our statement. Our
design 10 not to impugn motives or 10 i'm.
peach tho fidelity TO their trust Of those
who have managed tho institution We
deem their fidelity and integrity most re.
mafkablc, and every way worthy OF tho
community which has reposod confidence
In them. II 10 with tho institution that
we have to doal, and that we deem un.
sound in principle. That II Is not no
very profitable as to cause us to wink ut
tho vices Of its constitution, we think we
have proved; for surely fow will bo found
to contend that any pieeo Of property IL
very valuable which cannot be made 10
yield seven per cont; and still fower, we
opine, will hold that opinion where tho
property consists Of funds employed In
banking, where the profits should at least
reach tho alrato, and something over
ana above for insurance against the atten-
dant hazards. And moro particularly
should those profits be large In tho case
OF Bank like this, whose operations must
eTer be liable to be trameiied by pepular
erlegislatlve interference, or, pefehanee,
caprice, and whose MANAGEMENT NAV
afford eEemplifeatien Of the old saw
aeitrant reees, pieetantar Aehipi.
We, know that the attembs has been
made by the friends of q feeharter to
prove that the Bank has already refund.
cd 10 The State the whole amount of tho
original capital invested In 1t, and chat tbe
clear gains Of the Bank In thirty seven
years have been upwards Of Ai 900, 900.
But we think that they have failed In
tbeir proof. Instead Of the Bank hay.
Ing earned surplus Of this amount, IL
appears to us that II sHll owed the State,
ten months ago 81, ,353, $3.50 ID; and we
make out the account thus:
We debit the Bank WITH
]. Capital paid in, Sl,372,2So 60
2. Interest on do for thirty
five years. throwing up
in 1914, 'l5, 10 and ~
as two years only, and
putting Capital at g..
156,3l8 4e# $3.50. $50 ls
8. Interest on Surplus rev.
enue for eleven years, 1876, 9o5 40
4. Surplus Revenue, 1851. 400 90
8. Railroad bank dividends
and Interest, s7.34o 90