Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-02-16
Road, and the mortgage Of lands and

negroes III -IlldDtuid tfa
SO that the securities without compu-
ting interest on the judgments and bonds,
may be summed up rs follows, viz
Lands, iron works, negroes 100000
Judgment VS. w Hampton and
others 7,15G
Bonds and cash in the hands Of
the Master $40
1sO shares South Carolina Rail
Road 1900
100 shares Macon and Western
Gail Road 5000
Plantation and negroes i'll Ala.
bama $4,000 .
214,o8G
The committee are of opinion that this
matter ought to be closed as speedily as
possible.
The debt of the Limestone Spring Com
pany This debt originated in January,
1886, in The form, of anotc OF the Presi-
dent of the Company, ndorsed by sever
irresponsible stockholders, 1t WAS nm
dcrstood thut the money was to be laid
out in erecting buildings, and makiug
other suitable Improvements at the Lime
stone Springs. which the company were
about to establish as public watering
place, and that when the property should
be so improved as to rcnderit sufficient
security for The money, the no G should be
taken up, and bond Of the Company,
with mortgage of the property substi
tuted for it. Accordingly, in January,
1888, whcu houses had been built and
{ other Improvements made on the land,
at a cost far exceeding the 9mount of the
loan, and when the cnterprize seemed to
be successful, the note was withdrawn,
and replaced by the Company's bond,
with mortgageo OF the property. Inter-
k est on the bond was paid up TO January,
i 1899, but the principal and the interest
1914, the property was 9? sold d'an5di Hndcr TIE Il
G nlolr,tgagc, ant So~eht By the bank, nom,
4 mally, $4,000, but tho whole uinc;nol
: OF the bond was dcbited to The account
: of Real Estate. In September, 1915,
c the account of Real Estate was credited
, with 1,G77 carried to the account of
profit and loss. Towards the close of
t the same year, the bank sold the proper
ty for l0,004, and took the bond of the
4 purchaser for that amount, with a mort
1 gage OF the property; so that there was
2 loss sustained Of 200 of the princi-
pal of the original debt, besides interest
| Tor several years. The bond of the pur
, chaser OF the property was made pava-
: Die IN i've instalments Of 1000 each, of
| which the two which have become pay
able, are paid, and theres no doubt that
/, / Of thn Ill 4.
, Among the liabilities of the bank, on
) The lstof June, appears an item of Bills
Pdga6Ie.' This item may be supposed
by some persons to be an indication that
ihe bank is in weak and unsound con,
dltlon, and been forced to resort to shifts
and cxPedients, for the purpose of eva
ding or postponing pressing demands up
omit. 1t is proper, therefore, that the
matter should be explained. Most of the
banks IN Charleston are dealers in cx-
change, and purchase bills to sell them
again at profit This branch of their
business consists mainly of buying bills on
England and France, the greater part of
which they sell again in New York,
whereby they place funds there upon
which they draw and sell bills generally
payable at sight. But ifthey become
bill merchants, they must conform to the
natural laws which govern that as well
as every other trade, and which require
that the wishes and demands of BUYERS,
as well as those of sellers shuuld be CON
suited. Itdocs not always happen that
the purchaser of bill wants one paya-
BILE at sight. a pcrsonwho desire to
have funds in New York at the @ liza
ton of sixty or thirty days, will not
place them there much earlier because
in the mean time he would lose the inter
est on his money. He would not, there
fore, buy bill payable,at sight, but pre-
fer one payable about the time at which
he desired 10 have his funds at New
York. And he would of course have to
pay less price for such bill, because
in the meantime the seller would have
the use of themoney. There is NO more |
reason why bank dealing in exchange
should not sell a time bill, than-one paya-
bic at sight provided il can make a pro.
fit by the transaction hey cannot of
cn,,rso bn colJ - o.. I,.e.l