Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-01-19

'''h V''N b'llh ltSSl. LAS lOi VIC OH Oc-
fore them, 1t stood upon the decision of
the Legislature.
The bill being so based three qucs
tions arise with regard to it. l. Whcth-
cr a change in the plan of conducting the
bank was necessary. 2 Was the plan
proposed proper.
The gentleman went on to discuss
these points. Did not the decision of the
Legislature impose the necessity of chan
ging the plan Of conducting the affairs of
this institution?
1t did so, he said, for if not changed
they would be obliged to rc-chartcr it at
the expiration ofits chartcr--thcy could
ont stop it then, because they would be
obliged to compound with its debtors.
The gentleman would ask the House if
any man, being member ola co-pmt
nershlp, alter a time had been appointed
lor It's termination, would conduct his
business on the same scale as ifthc CO.
partnership were TO continue forever If
1t were revealed from Heaven to an indi
vidual, that he would die at a certain
time, would he not set his house in order?
~ sucha condition was the Band. bv The
decision of the last session, and the cues
ton was, would we not prepare for the
e?cnt. But further, as it was deter
mined not to re-chartcr the bank, we
were bound to say what we intcnGed to
do-what we will do.
On the second point, the gentleman
would have but little to say. 1t was cv-
I'd IA that in time of panic the bank
could not be wound up. At past time
OF pressure and panic, he dared not sav
what he believed of it, But now fortu-
nately everything was prosperous, and
the community in a sound position. He
himself had heard factor after factor saw
that they had money in thei. hands of
their customers, not asked for; money
was easy everywhere, and now was the
time toprcpare for its liquidation. Had
the bank now to meet its engagements at
once, its cash liabilities were over one mil
lion more than its cash assets. But bv
the plan proposed, could call in enouoh
to- to- meet its demands as they became due
The gentleman further said, that W.,
have to tell debtors what we arc poipn
to do, and if we do not begin now, VIC
ncverwll', for the bank will engage aid
ron every sourac, from the mountains TO
the Atlantic, yes, across the Atlantic
they had brought aid. Would thcv
sleep in 1856, when the charters of the
other banks expire, or would they not
combine to produce panic and produce
action. Under all these circumstances.
now was the time.
With regard to the plan proposed: It
had four leading features; first, the reduc
ton Of the number of directors and sala-
red officers; second, the continuation of
the charter, except taking away the DOW
or to make new loans third, the extcn-
sion of ten years to the debtors of the
bank; and fourth, regulating the payment
of the foreign debt.
1he first feature was aplain PROPOSE
tion--to have one president ana four di-
rectors. Was this reduction of the
board adverse to the profits of the bank?
why, twelve men laid out $3.50, 900 of
The money, in all a million and half
three hundred and fifty thousand dollars
more than the capital of fhc bank! Does
any one doubt but that it will be cheaper
to pay the di c;tors? True, our doors
are beselged now by men begging to be
allowed to serve them in that capacity,
but theirpurpose was the discounts. By
paying a 81 larry we will get men we can
rely upon, and who will be responsible
Are four too many to transact the busi-
ness? 1hc salary of one thousand dol
lars was not too much, but with il we
could secure the services of competent
men, as it would not require all their
time.
49, But we would save expense elsewhere
The bank, by its own showing, had made
iO3, 600 for the past year nett profits, but
1t had paid $40,9I6 90 to get that profit
a fine concern, whose expenses to make
100000 was $4,000, upon capital
which, if fmerely letalone, woul produce
$4,000 at simple interest---a sum al
most equal to the entire salaries of the
State officers! This bank, he said, had
palaces to conduct her business in; the
building In Charleston alone cost $40 900
the rent of this, lost to the State, and the
lr1erest on the investment. This sum
ought to be added to the stated expense.