The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-08-21
F" Gou-amu our Ratfss nasru."


"reSponSipllitics, mean one nnd the
same thing? If a Director borrows
money Of the Bank, and gives his note
or bond he is indebted; and if he owes
more than one Of such notes and bonds,
the aggregate is his Indebtedness. But
if he endorses the note Of another or
gives guaranty or letter Of credit, or
is security, these constitute "respon.
sibilitics, not indebtedness.
The resolution was drawn by an able
Lawyer; and every Lawyer recognises
the clear distinction, Zone Of reality und
not Of mere sound) between the two
classes OF liabilities, which Mr.. Treville
defined, one as 'sindcb,edness," and the
other as Responsibilities" Every man
Of business sees and al once acknowl-
edges the justice and propriety of this
classification, and every man Of cons
mon sense, and fair disposition, rcfus-
es 10 contound them, but al ohce assigns
10 each class its true and separate mean
ing. The Indebtedness of,he Dircc.
tor being what he owes on his own nc-
count--hs Responsibilities" are whit
other persons owe, bu, which he has be.
come liable for.
II is not Just or fair to confound the
two classes and to say that ::rcsponsi
bili,y" and Indebtedness are synonv
nous. Ii is not true in any sense; and
most esPecia ly does it convey a very
false impression in commercial iransac
tions, where, in addition to the rcsponsi>
bility Of his principal, the cndorser is
offer fully protected by collateral se-
curilies--produce, deposi,cs, mortgages
Of property, &c. Ii is not fair or Just
to say sof any man, whether he is Di.
rector or not, that he is "indcb,ed 10 the
full extent Of all he owes, and all he
may be made responsible for as cndor-
ser, security or guaran,or for others; it
gives false idea Of his debts, and it he
is Il man in large business, affects inju-
riously his credit, standing and influ.
encc; and. if he is Director in your
Bank, il is the more unjust and unfair
not only for all have said above as
affecting him personally, and in his pri-
vn,c business, but it is unJus, to him as
public servant, because il weakcns
his standing and shakes your confidence
in his uprigh'ness, integrity and official
fidelity; and your confidence in him be~
ing shaken, his standing and usefulness
with the public is impaired.
Since 1916, nothing has been more
urged by its enemies, than n charge
iha, the Officers and Directors Of The
Bank, have got oul off "for their own
"sc," large proportion Of its funds.
he most exaggerated statements have
been current, swelling i, up from sum
10 sum, until Mr.. Mcmminger. who be.
gan il in 1916, has ended, by putting
down in n table, n carefully summed
up statement, which, he says, was taken
from the "last "prvatc" report, thai
their ",otal Indebtedness" reached the
enormous sum Of 81 ,O9l, JIG; "lenving
for the rest Of The State $3l,344 Of the
whole actual capital Of the Bank !"
Here are his own words:
"The following abstract Of the report.
made at the last session of The Lcgislu-
lure, will exhibit this fact:
Total Indebtedness Of the Officers and
Directors of the Bank Of the State.
CHARLESTON.
Officers, $2GG,062
Directors, $llO,53S
SOTO, 900
COLUMBIA.
Officers, $90,226
Directors, 222,33G
-$3I2,5 2,5Gl
CAMDEN.
Officers, Sl2,S5-
Directors, $4,000
$lOl, ,T55