Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-03-09
@PlckENs COURT HOUSE. s. 9, SATURDAY, MARCH o 1850


state which may prohibit the said committees
ana tiie Comptroller General from investioa-
ting, fully the books, accounts, and other dozen.
ments OF the said Bank or it's branches, be, and
the same Is hereby repealed"
~ he Act of 1881, section 4tl: "1That IL shall
be the duty ofthe Presidents Of the Bra ches
OF the Bank to keep regular minutes of the
proceedings OF their respective banks, enter
ing IN the books kept for that purpose, not only
the weekly discounts but all matters of inpor-
tance which may be transacted, particularly
all lmatters which may relate to any unusuaI
or extraordinary loan, or money paid by the
board, and ofall property bought in or sold bv
them, and OF all resolutions passed by the mn.
rent bank. regulating their course of conduct
Ihe following Resolution was passed in
Is4!. Resolved, that In the opinion of this
Legislature, the President and Directors fthe
Bank of the State should not. directly or ind;-
rectly, endorse for each other" These eT
tracts, from the charter and resolutions of the
Legislature will perhaps be sufficient, with
winch to compare the management of the
bank, and see whether the rules la:d down have
been complied with; but, before going into that
examination, let rIs sec what the former exam.
ming committees have reported. The nyesti-
eating committee in 184l, informs us that the
Bank had passed a resolution, requiring all
Judgment debts to be paid i'm full. by the first
ofJanuary, l842, and the committed have the
strongest assurance that the resolution will no
rigidly enforced" -
ffhey further inform us, 'that they found n
large amount of interest. on some of the debts
had been suffered to remain uncollected 40
Your committee are constrained to saw. that
they cannot approve of this portion of the
affairs of the bank, and were it not fer the res.
olntionns lately adopted by the board of Di-
rectorS, would feel themselves compelled. by n
IN
ton on the subject. These resolutions REQUIRE
the payment ofthirty per cent, on all the bond
debts, by the month of April, lS42-othcrwi.e
the bonds are to be put in suit; also they re.
quire ten per cent on all notes, ut each succe,.
sive renewal, commencing on the tenth of Oc-
tober last (lS4l. and on all notes of long stan
ding, one.half will he required by the return
day, previous to thenext SIrng Court"
The committee, in l343, informs us. atbat
your committee ma le II full examination of ,be
bonds due the branch, anl on this head report
THAT they founi some e hem standing since
1883, ana no payment made beyond tie int er.
est. Your o,nataittee cannot fOi bear the ex.
preston ofopinon, that too long indulgence
has been extended OH obligations of this ma.
tnre' besides the policy az drawing from circu-
lation funds which, by active discounts, would
yield increasing profits; they cannot consider it
consistent with the true vision of banking
principles, to abstract from constant employ,
ment, the effects ofthe institution, and redu-
eng the debts to po ition in which they may
be regarded as stationary. Nor should it be
forgotten that the bank was establj he'd for ii
general accommodation of the v ole conm,ni.
ty, and the more rapid and active The emnlov.
ment OF its means, the greater its facilities for
extending aid anil relief The committee re.
coInmen that the bonds be collected
The committee, in ls45, informs us: ain re-
ri IN tltn hon, ,lo "a, Al
they cnnnot speak in more favorable terms
there appears to be but twenty bonds IN tbis
bank--yet the h,ct presents itself, that soma of
them have been lodged from FIVE 60 ten. ana
n some cases near thir teen years, and in small
sEms too, Comparatively speaking,) due 9y IN.
diyiduals who have had frequent acco,,,,,,,,iis
tions in Bank, from time to time, for more than
double the amount of the bond Your com.
tnittee, therefore. Eecommend that ell the
ponds or mfTtgages, of long standing, due the
Branch Bank of the State Mt ColuIba be e;
ther collected or secured in some other fo,m
before the next annual report to the LegisIa,
turt,.p NG lN8E ta -
H The committee, in ls47, says: "Your com.
nlteee were pleased TO be Informed that the
Branch hayc adopted rule, recurring old
notes to be renewed, succes.ively and semi.
annually, payment of ten per cent upon the
prinelpsl; thus calling in an annual payment of
twenty per cent Your committee recommend
Continuance of this salu,ary rule.p
Whetherthe recommendations of former com
mittees, aud their own revolutions, in regard to
the collection of debts, both bcnded and other
wise have been carried out in good faith will
be seen from examining the following facts. i,
appears. one bond, dnted 9th February. 1894
for little upwards of five hundred dollars WINS
never paid until 9th March, i84e, and then IL
%as Pa,d oy sitsnlng a note, and substituting II