Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-02-02

count to the Committees of inspection APP
pointed for them, and any material error
in them would be exposed by their re-
ports.
Agency recently established at Rome,
| in Georgia point at w ich n profitable
Business may be done in [! G purchase of
drafts drawn upon con>ignments of pro-
duce to Charleston, and previously ac-
ccptcd by well known houses there; and
| in addition To tn. direct profits of the bu-
sincsS it promises the further advantage
of extending the circula ION of the bank.
/ The balance dul by this agency on the
first of June, was 3,190 SO. Schedule
| A.
Profit and Loss account Whenever
n debt to the bank is deemed irrecoverable
it is debited TO This account, and nm
equal amount is immediately transferred
from the discount at> )unt to the credit of
tits account so as to balance it. The
effect of which is that the lost debt is
thrown upon the profits and not upon the
capital o. other funds of the bank. The
annexed schedule Il exhibits the amount
carried to the DELFT Of tlis account in
each wear since the establishment ofthc
bank, and also th" amounts recovered on
account Of debts which had been previ-
ouslv carried 20 the debit Of This account.
The act which prov dcs for the appoint
ment Of the Commit ce makes it their du-
ty particularly to lcrort "all mismunpgc-
mcnt in tho nfF irs of the bank, if any
such have occurred Under this head
they feel constrained To report what ap-
pears TO them To he I'm Obvious departure
from the express terms Of the charter,
though the same matter has been heCo e
brought TO the view of the Legislature bv
former Committees, and especially bv
the Commit ce appointed in 1910. The
Act of Incorporation provides that the
bank Shalllaye power to make loans TO
citizens of tEiS State in the nature of dis
count on real or personal property Sc
cured by mortgage and power of nttor-
ncy to confess judgement on default Of
payment. Provided that the sum so
loaned hall never exceed tie onc-;ii d
part of the real and unincumbe,cd value
OF the property so morgngcd. and PROV
dcd further that the loan shall never he
for a longer time than ORG year. no" draw
n greater interest than at the rate of seven
per cent, which shall AWAY hr paid in
advance, and Shall always he p ,yable in
the months Of Feb mry OF March next
succeeding such lorn, unless an calic
dly be fixed by the borrower; and proyi-
dcd further that no lom be in any cpsc
whatever renewed, upless the interest for
the ensuing year be paid in advance; and
provided further, that no individual be
permitted 10 boin ow OIL his own account,
on the security of real property. a 6 cat
er sum than two thousand dollars. The
next section Of the same clause of the
act requires The Directors to cull in one.
tenth Of each loanin euch wear, hu; gives
them power TO call in on, fourth of the
lonns on rcal and person secui'v, giving
sixty days notice in Gazc'ic, and de-
clnrcs that lersons foilinr 10 mike such
payment shall he deprived of credit
withlhc bank and Judgement shrll helm
mcdintclv cntcrcl under powcr of At,o,-
ncy, ard execution issuel against them
torthe whole amount of The debt. The
/ Committee have not d-covercd nv act
oil The Legislature by which these pro-
visions are rcpe;led or allc ed, nor do
they sec anything in the charter or in
any OF the ac'S rrl ting to the bank. 9TH
cr than these ve.v provisions, authorizing
he bank to make loaus on bonds and
mortgages ut MI. They are exp es>lv
au'ho led to discount bills and noes and
TO m k" 10 Ms on mortgages of "eHl md
prr'nn"i u onruty ina crrian mole clear
~ dciirch 'nd cci' ed, which, bvany
/ iairand wnS IN ,bl" intern eta,inn. would
seem notoN!v to WITHHOLD hut exclude the
powc" Of doingi in any other mode. II
m1v hc that a ho rowe. { ON thr hnnk.
on bo'd md mo tg re- no, mNhc in con
fOrmlv with the provi ions ~ the chlrte~.
wonl no, he Howell 20 nvpi himself of
wong. in which he himself wasa pIr.
'icip ITO, 10 csc',Dc ON the Obligation nf
hitcon' ne. bu, il does not follow that
Surhn loan, nadc by the bank is anv less
deNilionfyom the chuter, and tho. e.
foc"n net OF miSman cement Yet.
no'wi'h>i nhihg thee prov-ions the
chHpe m1nv lnins hive been mnde on
bonds nnd mogf0l eS of sums riluchuhoyc
IL. n IL