The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-09-11
The BAND Of tha stata.

We copy. from the Anderson Gazette
the letter, which willbe found below, from
the President Of Tic Bank of the State of
South Carolina, in aDswerto letter OF in
quiry from ]. p. REID Esq, of Anderson
District. The President estimates the in.
come of the Bank to be nt least $21OO00
per annum-which sum, fappied annually
to the payment Of the fire loan debit will be
sufficient to pay it off in about ten years
from lst January ,lS53--leaying he State,
as surplus fund, the whole capital of the
Bank amounting to over $s3,O00,00O. This
is the situation in which the State, in all lu-
man probability, wall find herself in 1863, If
tho Bank should be re.charicrcd until the
fire loan debt is paid off, and lis profits ap.
piled, as the State is pledged TO apply them
"to tho payment OF the interest of the
fire loan and The final redemption thereof"
BANK OF TIE STATE OF SOUTH CAROLINA,
Charleston. 18th August, 1850.
DEAN Sir: Your favor of the 9Th instant
has just been received. The Iron Works
have been sold, as you have seen stated in
the newspapers. The land, machinery, and
part OF the negroes, brought ID
GOO nett. The purchasers have formed n
new Company. At the head of it is MIR,
hamerscoid-not the HanerscoId whose
witc is teacher Of music-but an indvid.
uaj who has been engaged in conducting
iron works in Sweden, and who is under
stood to be thoroughly acquainted with the
business. The Company has sent out for
Swedish, workmen, who have hecn hereto.
fore IN the employ of the head of The Com
pany.
The parties who compose this new com
pany, are all residents Of Charleston
some OF them arc men OF very considcra-
bic mcats-othcrF, not Of resources so
abundant, are substantial, and perfectly
competent to meet their cngagemcn,s.-
The Board have canrassed tho matter with
care, and are perfectly satisfied with the en-
tire adequacy oil the security. The indi-
vIdual In whose opinion you refer, is either
unacqnaIn,cI with the means of the people
III Charleston, or is disposed to give unia-
rorab!e Impressions. The sale, together
will! the sale Of tho balance Of the negroes
covers al! the debt which you see stated in
The report of the Committee of Invcstpa.
ton, with the interest (sec Reports last
SESSION. except about $S2,100 To meet
this We have the judgment against Elmorc
and Hampton, SdO,OOO; pledge OF stocks
$4,000, and the mortgage of E!morc's
plantation and negroes in Alabama, spcci-
tied i'll the above report. SO you perceive
wc hold tho most ample, even redundant
security.
In reply to yonr other inquiries. may
remark, as we are now approaching the
termination Of our fiscal year. VIC are able
TO form some Judgment as 10 the results of
our operations Our income this year will
not be under $3.50, ,0O0-;t viii. in my opin-
ion, exceed that sum. This would not on
y enable US 10 pay off the interest on the
public debt rs usual, but also 10 meet the
Payynen, oi The debt which falls due in Jan.
1882. Tha, debt consider provided for
out OF the profits OF his year. This beug
the casq. the only debt which we will have
to meet from the profits oil The Bank, is the
Fire Loan debt. payable in lS:1s-186O-
lS6S--IS70. Wearo then in this si,ua.
ton. The income of tho Bank is
rs s:Ss tntsfsst. 5iis:i. On Fire So >'s,se
Loan dubs 100000