Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-03-09
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" ne Special Joint Committee. o., tie part of
ne Senate appointed to examine The Branch
Bank Of Tie State. at Colombia s. c.
The Special Joint Committee, appointed at
the last session of the Legislature to examine
tne econditionofth the branch of the State Bank at
Columbia, ask leave to report: ~
That in pursuance of the duty assioned th,.,,
q quorum met in Columbia, and commenced
the examination on the 10th of May last. and
continued for several days. They then ndionrr.
ell with the intention of again meeting imme
t.iately before the session of the Leoislot,re
AS the charter of the Bank prescribes the
rule OF action for those that conductits affairs
careful examination Of its provisions will he
iiecessafy' AZ me outset, to compare the man
ngemento OF me Bank with what it has been re-
quired TO do. a Bank cannot he said To he
well managed that violates its charter: and the
more frequent and palpabe the violation. the
less IL deserves the oofiiae CO of the ,,f.s,,,i
1t is not sufficient that temporary good Hyns
effected by it; for the moment violation oftbe
charter is excused 6or that reason, every thing
Is left TO the dscretion,ofthe Ulcers, and the
unlimited control of the whole finances of the
Statepasses from the people-.-its leoif;,nate
o'wners7-into the hands of a set of men ipresnon
sible to them or their representatives. Nor enn
former precedent be considered as nm e>cuso
for ay violation of the charter, es eciallv In ref.
erence to Bank which is secretly conducted
and not accessible TO the people, excent
through committee Of the Legislature, who
are, themselves, not at liberty to disclose all
The 4th section of the Bank cbarter ia "
follows, "They shall receive money o., denna;te
ana away the same to order. free of ex-
Pense-Tdisconnt, bills of exchange accented
and payable within the State of Soutb CnroT-
na, and notes with tw0or more rood nn,,es
thcreon;or secured bya deposite of Bank or
'other public stock, at a rate of interestnot nv
'ceedmg one per cent discount for so days. ami
sShal aso nus, nave peYer to niake loans to citi.
zeIs ol tns State, IN the nature of discount, ,on
rear or personal property, secured by aanortoooe
and power OF attorney to oconfess i,idgn,ssnt ~,
default OF payment: Provided, that the snn, so
loaned shall never exceed one third mart oe tha
reai unincumbcfei value of the nronart, -,
mortgaged; and provided further. fiat tbe
loan shouidneyer be for a longer term than o,,a
ysar, nor draw a greater interest tbnn sevnn
peT cent, Which shall always be paid in nd.
r,.., nauys, ani ~ siau always be payable in the
"ontnsc ct February or March next s,ccee,l;ne,
such loan. unless an earlier tlay be- fSest q, hsgs
she borrower; and provided further. that No
aoan oe, tn any case whateyes. renewed ,,nIass
inc iRteres for the ensuing year he nail 4, al
sanoe; land provided further that mo- IN s,;v;a,'ei
pe permitted to borrow, on his own occo,,nt
on me security Of real property, a greater snm
than two thousand dollars = ~; :, '1lFNt'ip' '1lFNt'ip'
aec.son 6th, The Directors for The time
oetnng shall call in one-tenth of each loa, ~
each year, and shall have h in tla. .O.'n "
calm an each year, one fou rth mart of tfe
!oans made on real and personal secorit o;s' ,iss
ing notice, Of not less than sixty dave in
some o. the Sazettes of the State. and ali nov
sons s, wsio shall fail to make such payment sbajl
DC uepnvSg, IN future. of credit in the said
Dahs ana Judgment shall be inmediateiv e,,.
ssaeu ss.0 upon the power of attorney. given ne
t':,oss AZ Iequlfel and execution shall be imme
Rsn y tle name and onbehalf Of the
1's pans, hgahst such peryon or persons Cor fhe
whole amount Of the debt which NAV he d,,s
Rs'Secticn stlS The sums Of monav lo.noa,,,,,
on mortgage ofrenl property. shalt he annor
TONED among the Election District. fir :, Hon,
9l tne otate, IN proportion to the number Of Rem.
Issen.atyes V, ofthe State Legislature in each
4sscs'oii s Distrct-and whenever the sIr1 allot.
~ ~. my district cannot be loare(i ON good
terms TO the inhabitants Of, s,,cb sists;a, eou
reasonable time. it tshai chen be ,osned =, az ar
inhaoitants any other district who NAV sn,aIs
for thesane.p - "a - ''s'V = = ppaay s'ppty
c.T Sho ACT @ OF l8l7, amending The charsers isaS
ioiiows: "fhe President, Directors ~ Lii
'oe authorised tomake loans ON i,is ,sa
per Tor any period not exceeding twelve monks
sna also 70 open an account and eiqa a credit
~. ~ ny other Bank or Banks in any OF the sis.
~. ~ States The Act Of 1924, .tii,end;ng tIe
That 1, = 70 these words eIse is enacted 10,
Ahas y shall DO the duty 81 tbs several con,
shl.secs, with the CompItoIlsr General .oan
., anime minutely ino Tie affairs and s;tnat;on 20
Ene prlpclpsl Bahk and its Branches for Which,
tney are appointed and 70 ~ re,or, mtsn
~ " Legislelgfe At their next session. tbs 70.
SUN .neseo5 y and particularly ali nismanogc.
dent y uc affairs of tho said Bank or its bran.
~ 1n y ny snch have occurred; that in case
sne SeFa aptroller General should cot attend ~
any Of sBe Investigations authorised bv u th;s ~
sne sald comm toes. or majority of each sbsii
!. -. y ana are hereby authorised, to make sucb
,,nye@sligation, g in the absence of the ConntroI.
aes oenefal; that all clauses, or parts Of Clan.
o. Ia any Act Of the General Assembly OF tbis |