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

in Georgia, a certificate for one hundred and
eighty shares in the South Carolina Railroad
and also mortgage, or Obligation TO mort
gage, plantation in Alabama Of seventeen
hundred or eighteen hundred acres, and fifty
negroes on it, which offer the Board resolv-
ed it was expedient to accept, at the ssme:
time declaring that they had not required
any such measure. and that the offer was
voluntarily made. The certificates Of stock:
were deposited with the Cashier, and were
in his possession when, In the course OF their
examination, the Committee came to this.
debt; but no mortgage Of the property ir
Alabama had there been executed. A mort.
gage of plantation and fifty seven negroes;
has lately been executed and is now in the:
possession Of the Cashier. From this action
of the Board it lsto be Inferred that the offer
to purchase as stated above, was accepted.
but the terms have never been complied
with: and the whole matter, though II. stands
on the books OF the Bank as bond, is, in
fact, an unexeculed contract for the sale of
the iron works, lands, and negroes for Sl47.-
557sO2, to be secured in the manner men
toned in the offer. The Bank has not even,
taken deeds of conveyance Of the properly
from the Master in E. Equity; and the bonds
and cash arising from the sale Of that part Of
it which was bought BY other parties, and
to which the Bank is entitled, still remains,
in his hands.
In the meantime the securities which the
Bank holds for this debt of fSl47,55s OF, with
in,eres, from 18th May ls46, are as follows
viz: ]. The lands, iron works and negroes.
These have lately been appraised by the
Hon. David johnson, DR.. Samuel O'erson,
and Dr.. VIM. B. Mott, three Of FIVE gentle
men Of the neighborhood who were reques.
ted by the committee to perform that service.
BY their appraisemen, which is appendea
hereto, the lands improvements, machinery,
&c. are valued a, s60,623 so. The ne-
groes l95 IN number at l0l ,675, and the live
stock, wagons, carts, &C., at 81, ,760, making
an aggregate OF S2lO,O5s SO. But the i'm
provements, machinery, &c. aJe estimated
at $4,000, and as their value depends al
most entirely upon the success OF The enter-
prise, and 81 of the negroes are valued at.
$1,000 each. The Committee are OF oPin-
ion, that regarding the property as a security
for the payment for money, il would be pru-
dent to make larger deduction from the
amount of the estimate, and it " ould scarce
" be safe to rely upon II al more than $780,.
600. End. The Bank holds a further secu-.
rity in two joint judgments against F. H.
EImore, Wade Hampton, and others, stock
holders of the Nesbnt Manufacturing Com
pany. These judgments were obtained in
January 1912, BY the Charleston Insurance
and Trust Company on two bonds one for
$4,000, and the other for $4,000. In
March 1916, when there was balance Of
at least sl7,l4S due on them, they were
by arrangement assigned To- The Bank to be
held as additional security for the debts.
of the Nesbit, Manufacturing Company and
its stockholders. Sd. The bonds and cash
in the hands Of the Master in Equity. sta
ing from The sale of that part Of the property
sold to other parties than the Bank s5'l4O.
4th. The certificates deposited by +. IL.
Elmore for $50 shares in The South Carolina
Railroad. and 100 shares in the Macon and
western Railroad, aud the the mortgage
of lands and negroes in Alabama.-
So that the securities, without computing
interest on The judgments and honds, may be-
summed up as follows:
Lands. iron works, negroes, DC. Sl5O0OG
Judgments VS.. W. Hampton and others, II, l4o
Bonds and cash in the hands Of the
Master, 5,l4U
100 shares South Carolina Railroad, l2,7OO
NJ Rol
road, 5000
Plantation nd negroes in Alabama, $4,000
.S2l4,9S6
The Committee are Of opinion that this mat
ter nuGht To be closed as speedily as possible.
The debt of the Limestone Springs Cnmpa-
ny. This debt originated in January. 1887, in
the form of note OF the President OF the Com.
pany, endorsed by several responsible Stock
holders. 1t was understood that the money was
to he laid ont in erecting buildings and making
Other suitable improvements at the Limestone
Springs, which the Company were ahoHt to "'-
tablish as a public watering place, and that
when the property should he so improved as TO
render it sufficient security for the money,
the no,e should be taken mp, and the bond oi the
Company, with mortgage Of the property, sub
sliu,ed for it. Accordingly, in January, 1888,
when lhe-honses had been built and other i'm.
provcments made ON the land at cos, far ex-
ceeding the amount of the loan. and when The
enle' Prise seemed 10 be successful, the note was
Withdrawn and replaced by the Companys
bond, with mortgage of,he property. Interest
on the bond was paid up to January, 1889, but
the principal and interest after that time re:
mained un paid. In ls43, the property was sold
under the mortgage. and bought by the bank,
nominally, for $4,000, but the whole principal
of the bond was debited to The account OF real
estate. In September. ls45, the account OF